ADDED
Exhibits 33 Signatures 34 i OVERVIEW In this Quarterly Report on Form 10-Q for the period ended February 28, 2026 (this Quarterly Report on Form 10-Q ), unless otherwise indicated or the context otherwise requires, references to the Company, the Issuer, we, us and our refer, prior to our conversion into a corporation, to AP VIII Queso Holdings, L.P.
equity 291,126 246,774 Noncontrolling interests 2,438 ( 6,719 ) Total equity 293,564 240,055 Total liabilities and equity $ 546,394 $ 493,562 (1) See Note 1.
$ 10,780 $ 16,125 $ 26,234 $ 62,541 Earnings per share: (1) Basic $ 0.30 $ 0.45 $ 0.73 $ 1.76 Diluted $ 0.28 $ 0.43 $ 0.68 $ 1.66 Shares used in computing earnings per share: Basic 35,778 35,560 35,714 35,532 Diluted 38,888 37,898 38,744 37,764 (1) See Note 1.
AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS O F COMPREHENSIVE INCOME (Unaudited) Three Months Ended February 28, Six Months Ended February 28, ($ in thousands) 2026 2025 2026 2025 Net income $ 10,469 $ 16,104 $ 25,947 $ 63,222 Other comprehensive income (loss) (net of tax) (1) : Change in fair value of available-for-sale securities ( 16 ) ( 15 ) 26 ( 58 ) Comprehensive income 10,453 16,089 25,973 63,164 Comprehensive loss (income) attributable to noncontrolling interests 311 21 287 ( 681 ) Comprehensive income attributable to Phoenix Education Partners, Inc.
$ 10,764 $ 16,110 $ 26,260 $ 62,483 (1) The tax effect during the three and six months ended February 28, 2026 and 2025 was not material.
We did no t incur any offering costs in the three months ended February 28, 2026 and incurred approximately $ 5 million of offering costs in the six months ended February 28, 2026.
During the three and six months ended February 28, 2025, we incurred approximately $ 4 million of offering costs.
Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by Phoenix Education Partners on a consistent basis with the audited consolidated financial statements for the year ended August 31, 2025, and contain all adjustments, including normal recurring adjustments, necessary to fairly state the information set forth herein.
The results of operations for the three and six months ended February 28, 2026 are not necessarily indicative of the results that may be expected for the year ending August 31, 2026 or any other future period, and we make no representations related thereto.
Beginning in the first quarter of fiscal year 2026 and after the IPO, we began separately presenting tax withholding for share based award settlements and dividend and dividend equivalents to noncontrolling interests on our condensed consolidated statements of equity and condensed consolidated statements of cash flows.
REMOVED
Exhibits 30 Signatures 31 i OVERVIEW In this Quarterly Report on Form 10-Q for the period ended November 30, 2025 (this Quarterly Report on Form 10-Q ), unless otherwise indicated or the context otherwise requires, references to the Company, the Issuer, we, us and our refer, prior to our conversion into a corporation, to AP VIII Queso Holdings, L.P.
equity 280,408 246,774 Noncontrolling interests 2,749 ( 6,719 ) Total equity 283,157 240,055 Total liabilities and equity $ 549,572 $ 493,562 (1) See Note 1.
$ 15,454 $ 46,416 Earnings per share: (1) Basic $ 0.43 $ 1.31 Diluted $ 0.40 $ 1.23 Shares used in computing earnings per share: Basic 35,650 35,505 Diluted 38,891 37,630 (1) See Note 1.
AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS O F COMPREHENSIVE INCOME (Unaudited) Three Months Ended November 30, ($ in thousands) 2025 2024 Net income $ 15,478 $ 47,118 Other comprehensive income (loss) (net of tax) (1) : Change in fair value of available-for-sale securities 42 ( 43 ) Comprehensive income 15,520 47,075 Comprehensive income attributable to noncontrolling interests ( 24 ) ( 702 ) Comprehensive income attributable to Phoenix Education Partners, Inc.
$ 15,496 $ 46,373 (1) The tax effect during the three months ended November 30, 2025 and 2024 was not material.
We incurred approximately $ 5 million of these offering costs during the three months ended November 30, 2025 and did no t incur any of these offering costs in the three months ended November 30, 2024.
Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by Phoenix Education Partners, Inc.
on a consistent basis with the audited consolidated financial statements for the year ended August 31, 2025, and contain all adjustments, including normal recurring adjustments, necessary to fairly state the information set forth herein.
The results of operations for the three months ended November 30, 2025 are not necessarily indicative of the results that may be expected for the year ending August 31, 2026 or any other future period, and we make no representations related thereto.
Seasonality Although the University s non-term academic model, encompassing a series of courses taken consecutively over the length of the program, reduces seasonal enrollment fluctuations, we have historically experienced, and expect to continue to experience, lower net revenue in our second fiscal quarter (December through February) compared to other quarters due to the University s holiday breaks when no related net revenue is recognized.