Thanks, Chris and good evening, everyone. Starting with Slide 2, although we continue to experience year-over-year declines in net course registrations at APUS, we are pleased that the rate of decline lessened in the second quarter of 2017, compared to the first quarter and prior year period. In the second quarter, total net course registration at APUS declined 6% compared to the prior year period. Although net course registrations by new students declined 9% year-over-year. Net course registrations by returning students decreased 6% compared to the prior year period. We believe there is a difference in the rate of decline of registrations by new students and that of returning students relate at least in part to improvement and persistent and the quality mix of students.

The decline in net course registrations by new students to APUS was largely driven by a 29% year-over-year decline in net course registrations by new students utilizing Federal Student Aid or FSA. This decline was partially offset by 2% year-over-year increase in net course registrations by new students utilizing cash and other sources. We believe that this change was a result of increased activity by students from our strategic and corporate partners. In addition, net course registrations by new students utilizing military tuition assistance or TA and veteran benefits or VA were approximately flat year-over-year.

READ FULL ARTICLE HERE