Adjusted EBITDA is defined as earnings before net interest expense, income taxes, depreciation, amortization and accretion expense, non-cash unit-based compensation expense, gains and losses on disposal of assets, non-cash impairment charges, losses on ...

* Revenues include non-operating revenues that support operating expenses. ** Excludes depreciation and non-operating expenses. *** Includes activities and areas that do not receive any state support. **** Net of scholarship allowance.

CEO Michael S. Exton stated, "When we entered 2025, if you recall, we're still in the early days of our strategic pivot to being an R&D-focused company. And now in the second half of the year, I can say that this transformation has truly taken shape.