I am interested if you can articulate any *specific* criticisms...

I am interested if you can articulate any *specific* criticisms of the *operational* actions of management. As I have previously said, your sentiment (and therefore criticism) appears to be entirely linked to the share price.

The share price of NXD is correlated to changes in immigration policy (or perceived future changes) in a very leveraged way due to the operating leverage in the business model. Small changes to the flow of international students can have large impacts on revenue and greater still on profit.

Education providers are essentially an arm of the government and are entirely at the mercy of policy. The industry will always be exposed to the whims of politicians turning on and off the immigration tap. It is for this reason that operators in the space must be nimble and be able to make immediate shifts in strategy in response to changes. My assessment is that NXD management have been nimble and appropriately reacted to policy changes as evidenced below:

Management have:

• Diversified away from Sydney and Melbourne markets in response to government pushing international students to relative regional areas (Adelaide, Gold Coast, Brisbane). Areas where the housing crisis is relatively less pronounced.
• Managed the post-covid spike with short-term leases (presumably as management predicted the spike would be short lived).
• Opened courses linked to skilled shortages in the economy (Healthcare, Aged Care and Hospitality)
• Gained market share during *both* the post-covid spike and the subsequent recent decline in international student numbers.
• Remained steadfast in their position in being a quality provider. Following a recent crackdown in 'dodgy' providers, NXD's student visa approval rates have been consistently and significantly higher than the industry average.

As i have said previously, NXD is not a high quality business due to inevitable government intervention, but a well operated provider should be able to remain profitable through the immigration cycle. Similar to a mining company, the money is made during peaks in the cycle and the longevity of the business is determined during the troughs in the cycle. The immigration cycle extremes are usually less pronounced and spread further apart, although in the past ~3 years the peak and the trough have been higher, lower and closer together respectively

Although I have previously mentioned that I would no longer engage with your posts as I find them ridiculous and any engagement to be a waste of my time, I have taken the bait in this instance. I would like to restate that I no longer wish to engage with you any further from this point.