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• Netflix for online degrees
• Amazon for online degrees
• HCA Healthcare for higher education

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• Online Degree Programs: Offering a wide range of accredited bachelor's, master's, and doctoral degrees entirely through online platforms.
• Professional Certifications: Providing non-degree certificate programs and courses designed for specific career advancement and skill acquisition.
• Corporate Training Solutions: Developing customized educational programs and training modules for businesses and organizations to upskill their workforce.

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The symbol PXED is officially associated with Phoenix New Media Limited, a leading new media company in China, which operates internet and mobile platforms providing news, information, and entertainment. This company operates in the digital media sector and is not an education company as "Phoenix Education Partners" would suggest.

Considering Phoenix New Media Limited (symbol: PXED), its major customers are:

• Other Companies (B2B): Phoenix New Media Limited primarily sells advertising space and solutions across its various platforms (e.g., ifeng.com, mobile applications) to a wide range of businesses and advertising agencies. These companies are its core customers, leveraging PXED's extensive reach in China to promote their products and services. Due to the diverse and extensive nature of its advertiser base, specific "major customer companies" whose names are publicly disclosed as consistently representing a significant portion of revenue are not typically identified.
• Individuals (B2C): The company also serves a vast audience of individual users who consume its free content across its platforms. While these individuals are primarily content consumers, a segment of them become direct customers by subscribing to premium content, value-added services, or participating in e-commerce offerings facilitated by PXED.

Given its revenue structure, Phoenix New Media Limited sells primarily to other companies (advertisers).

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Christopher Lynne, Chief Executive Officer, President, and Director

Christopher Lynne was appointed CEO of Phoenix Education Partners in March 2023 and has over 20 years of experience in higher education, focusing on career-focused education for nontraditional students. He has served as president of the University of Phoenix since 2022, having joined the university as CFO in 2018. His previous leadership roles include COO and CFO at Northcentral University, President and COO at HotChalk, and owner of Transcend Education Group. Mr. Lynne holds a B.S. in Accounting from Purdue University and an MBA from the Booth School of Business at the University of Chicago.

Blair Westblom, Chief Financial Officer and Treasurer

Blair Westblom was appointed Chief Financial Officer in January 2023 and is responsible for leading the finance, real estate, and facilities functions. She brings over 21 years of experience in publicly traded and private companies across various industries, including higher education, biotechnology, investment banking, and REITs. Ms. Westblom joined the University of Phoenix in 2010 as associate director of finance. Prior to that, she was a Senior Group Controller at Genentech, a subsidiary of Roche, where she managed the fiscal aspects of its $3 billion biologic oncology business. She also served as a financial analyst at Thomas Weisel Partners, which was subsequently acquired by Stifel Financial, advising on IPOs, private placements, and mergers and acquisitions. Ms. Westblom earned a Bachelor of Arts in Economics and a minor in Business Administration from Vanderbilt University.

Raghu Krishnaiah, Chief Operating Officer

Raghu Krishnaiah serves as the Chief Operating Officer of Phoenix Education Partners.

Srini Medi, Chief Legal Officer & Secretary

Srini Medi holds the position of Chief Legal Officer & Secretary at Phoenix Education Partners, also serving as Senior Vice President, General Counsel.

Jeff Honaker, Chief Accounting Officer

Jeff Honaker is the Chief Accounting Officer for Phoenix Education Partners.

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• Regulatory and Reputational Risks

  Phoenix Education Partners, through its subsidiary the University of Phoenix, faces significant regulatory and reputational risks. Historically, the University of Phoenix has been subject to numerous government investigations and lawsuits concerning deceptive marketing and recruitment practices. For instance, in 2019, the Federal Trade Commission (FTC) settled with the University of Phoenix for a record $191 million due to allegations of deceptive advertising, including falsely touting job opportunities and partnerships with major companies. This led to substantial loan forgiveness for affected students. The company's reliance on Title IV funding, which constituted 88% of its cash-basis revenue in fiscal year 2024, makes it highly vulnerable to changes in federal regulations like the "90/10 rule," which mandates that at least 10% of a for-profit college's revenue come from non-federal sources. Persistent governmental scrutiny and past misconduct can negatively impact enrollment growth and brand equity, as evidenced by the complexities and public perception challenges highlighted during the failed acquisition attempt by the University of Idaho.

• Private Equity Control and Capital Structure

  The substantial control maintained by its private equity sponsors, Apollo and Vistria, presents another significant risk. These sponsors collectively retain approximately 70% of the voting power post-IPO, which limits the influence of minority shareholders. The IPO itself was structured as a secondary offering, meaning the company did not receive any proceeds for business expansion, research and development, or acquisitions; instead, the offering primarily provided liquidity to existing investors. There is an ongoing risk of future secondary offerings by these private equity owners, which could exert downward pressure on the stock price. Additionally, the authorization of 1.46 billion unissued shares after the IPO means that future share sales could dilute existing shareholders.

• Market Sentiment and Valuation Uncertainty

  Phoenix Education Partners is also exposed to risks related to fluctuating market sentiment and valuation uncertainty. The stock has recently experienced significant price declines, dipping 3% in one day and 20% over a month as of November 2025. Despite reported underlying financial growth, the company's shares trade at a considerable discount compared to its industry and peer averages (a price-to-earnings ratio of 8.4x versus a peer average of 22.8x and an industry average of 17x as of November 2025). This valuation gap suggests market uncertainty regarding the company's future growth and stability. The business model, while profitable, is not characterized by disruptive technology or recurring revenue streams typical of high-growth tech companies, which may limit its valuation upside. Furthermore, periods of low trading volume can increase the general risk associated with the stock.

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The clear emerging threat for Phoenix Education Partners (PXED) is the rapid proliferation and increasing mainstream acceptance of alternative online learning platforms and credentialing programs. This includes:

• Massive Open Online Courses (MOOCs) offered by leading universities and platforms such as Coursera and edX, which often provide low-cost or free access to high-quality content and optional paid certificates.
• Specialized online bootcamps and academies focused on in-demand skills (e.g., coding, data science, cybersecurity) that offer faster, career-focused pathways compared to traditional degree programs.
• Industry-backed professional certificate programs, such as those offered by Google, IBM, and Microsoft, which are gaining recognition from employers as valid demonstrations of competency.

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• For **Online Higher Education** (degree programs, certificates, and bootcamps for working adults):
  • The U.S. online higher education market is valued at over $20 billion.
  • The online higher education market in the U.S. is projected to grow by an estimated $33.35 billion from 2021 to 2026.
  • More broadly, the U.S. online education market, which includes higher education, was valued at $100 billion in 2022 and is projected to reach $686.9 billion by 2030.
  • Globally, the online degree market is forecast to reach $74 billion in 2025.
• For **Talent Solutions for Employers** (including upskilling, reskilling, and corporate training platforms):
  • This segment is part of the larger online education market. The U.S. online education market, which encompasses corporate demand for upskilling programs, is valued at $74.8 billion.
  • Corporate online training programs are experiencing a surge in the U.S., with over 5,000 companies adopting online platforms for employee training in 2024.
  • Globally, the online education market was estimated at $49 billion in 2022 and is expected to reach $200 billion by 2030. Another estimate places the global online education market at $49.99 billion in 2023, expected to reach $324.95 billion by 2032.

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Phoenix Education Partners (PXED) anticipates several key drivers to fuel its revenue growth over the next 2-3 years, focusing on expanding its reach and enhancing its educational offerings.

1. Expanding Employer Relationships and Business-to-Business (B2B) Enrollment Growth: The company places a strong emphasis on growing its partnerships with employers. This B2B enrollment segment has demonstrated significant growth, with a 32% compound annual growth rate (CAGR) since 2022, and is considered a stable channel for future expansion and regulatory compliance. Approximately 30% of degreed enrollments in fiscal year 2024 came through employer relationships.
2. Digital Innovation and Investment in AI-driven Platforms: Phoenix Education Partners plans substantial investments, including $500 million in technology, to advance its AI-driven platforms and data infrastructure. This strategic focus on digital innovation aims to enhance the student experience and improve overall student success.
3. Growth in Student Enrollment and Improved Retention: A core driver involves increasing average total degreed enrollment, which was 82,700 during the first nine months of fiscal year 2025. Coupled with this is a focus on improving student retention, which has already seen significant gains, reaching 71.5% post-transformation. Management anticipates strong revenue growth supported by high retention.
4. Launch of New Digital Products and Services: The company's strategy includes launching new digital products and expanding its online and hybrid educational offerings. This product and service diversification aims to meet evolving market demands and provide flexible, career-oriented education primarily to adult learners.
5. Market Share Expansion in the Online Education Segment: Phoenix Education Partners aims to increase its market share within the competitive online education sector. This growth strategy specifically targets the working adult and career-focused segments, leveraging its resources and technological investments to attract new students.

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Share Issuance

• Phoenix Education Partners (PXED) completed its initial public offering (IPO) on October 10, 2025, with shares beginning to trade on the New York Stock Exchange on October 9, 2025.
• The IPO involved the sale of 4,250,000 shares of common stock at a price of $32.00 per share, resulting in aggregate gross proceeds of approximately $136 million.
• The company did not receive any proceeds from this offering, as all shares were sold by existing shareholders.

Capital Expenditures

• Over the past five years (2020-2025), Phoenix Education Partners has invested approximately $500 million in technology resources.
• The primary focus of these capital expenditures is leveraging artificial intelligence (AI) to improve student retention, enhance student-facing capabilities, and boost internal efficiency.