Risk Factors Update Summary

• The company experienced a 6% decrease in Subscription Services subscribers and a 5% decrease in Subscription Services revenue.
• The company had an accumulated deficit of $70.6 million as of December 31, 2023.
• Outstanding principal amount of 2026 notes decreased from $500 million to $244 million.
• The Board approved a $200 million increase to the securities repurchase program, authorizing the repurchase of up to $2.2 billion of common stock.
• Outstanding principal amount of 2025 notes decreased from $700 million to $359 million.
• The company had $642.3 million remaining under the securities repurchase program as of December 31, 2023.
• Notes may be redeemable earlier, subject to conditions related to price and financial condition.
• Total undergraduate college enrollment in the United States decreased by approximately 2.8% since 2010.
• The company depends on various search engines and free marketing tools to direct traffic to its website.
• The company may need to request approval for a new equity incentive plan sooner than previously anticipated.