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Reports Q2 revenue $17.1M, consensus $15.55M. "The restructuring initiated in the first quarter of fiscal year 2023 reduced cash used in operations in the second quarter by $4.6M, enabling AGI to generate positive operating cash flow of $1M," continued Mr. Mathews. "At the end of Q2, we issued an 8-K stating that AGI and the Arizona State Board for Private Postsecondary Education entered into a revised stipulated agreement that reduces AU's surety bond requirement from $18.3M to $5.5M and requires a teach-out of the core component of the pre-licensure program, among other requirements. As a result, our surety bond provider has recently agreed to return $1.5 million of the $5 million cash previously being held as collateral, providing additional cash for operations." Mr. Mathews concluded, "As previously stated, we engaged Lampert Capital Advisors to assist with securing an accounts receivable financing agreement. After conducting due diligence on our accounts receivable, Lampert has begun outreach to prospective lenders."

Reports Q1 revenue $18.89M, consensus $18.58M. New student enrollments at AU decreased 46% year-over-year and at USU by 34% year-over-year. New student enrollments were primarily impacted by the enrollment stoppage in the Phoenix pre-licensure program, and the reduction in marketing spend by $1M over the prior quarter. "The revenue decline for the fiscal year 2023 first quarter, which is typically our seasonally slowest quarter, reflects the enrollment stoppage at our Pre-Licensure BSN campuses in Arizona and the effect of the $1 million sequential reduction of marketing spend in the prior quarter," said Michael Mathews, chairman and CEO of AGI. "USU's revenue growth of 12%, primarily due to demand for the MSN-FNP program, partially offset the AU decrease."

Reports Q4 revenue $19.4M, consensus $19.52M. At April 30 , the Company had unrestricted cash of $6.5M restricted cash of $6.4M. Cash used in operations for the year ended April 30, 2022 was $11.3 million. Approximately $1.0 million of the cash used in operations is attributed to our Adjusted EBITDA loss, and the remaining use of operating cash is primarily attributed to increased working capital to support the growth in our monthly payment plans. Additionally, cash used in investing activities for the fiscal year ended April 30, 2022 was $4.2 million. To fund cash used in operations and investing activities, the Company issued $10.0 million of convertible debt and obtained a $20.0 million revolving credit facility.