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Jasper Byrn

Vice President and Equity Research Analyst at Truist Securities

Jasper Byrn is a Vice President and Equity Research Analyst at Truist Securities, specializing in financial sector coverage with a focus on regional banks and diversified financial companies. He has closely followed firms such as Regions Financial, Synovus, and Trustmark, demonstrating a solid performance track record characterized by strong recommendation accuracy and positive returns recognized by institutional investors. Byrn started his career in equity research in the early 2010s, previously holding roles at Sterne Agee and SunTrust Robinson Humphrey before joining Truist Securities in 2020 as part of the firm's expanded research team. He maintains active FINRA registrations including the Series 7, 63, and 86/87 licenses and has been recognized for his industry knowledge and timely insights.

Jasper Byrn's questions to Phoenix Education Partners (PXED) leadership

Question · Q4 2025

Jasper Byrn requested more details on the assumed enrollment growth and revenue per student underpinning the fiscal year 2026 revenue outlook, and the expected quarterly cadence of revenue growth.

Answer

CEO Chris Lynne explained that the fiscal 2026 outlook anticipates a reversal of the high revenue per student trends seen in fiscal 2025 (due to students stopping out after initial courses), with normalization expected by Q4 2026. He reiterated confidence in mid-single-digit revenue growth for future years. Regarding quarterly cadence, he noted that headwinds from unusual enrollment activity controls were concentrated in Q2 and Q3 of fiscal 2025, so Q4 2026 is expected to show trends more consistent with underlying fundamentals, driven by healthy new student demand and all-time high retention.

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Question · Q4 2025

Jasper Byrn asked for more details on the assumptions for enrollment growth and revenue per student that underpin Phoenix Education Partners' fiscal year 2026 revenue outlook, and also requested insight into the expected quarterly cadence of revenue.

Answer

CEO Chris Lynne indicated an expected reversal of the high revenue per student trends seen in fiscal year 2025, which were influenced by students persisting only into initial courses, leading to a normalization of this metric in fiscal year 2026, particularly by Q4. Lynne reiterated confidence in the mid-single-digit revenue growth outlook for out years. Regarding quarterly cadence, Lynne explained that the headwinds from unusual enrollment activity (UEA) control implementation and associated productivity challenges were concentrated in Q2 and Q3 of the prior year. He anticipates a return to more consistent trends by Q4 of fiscal year 2026, driven by improving new student demand, growth, and record-high retention rates.

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