Today, we are announcing several changes at App Academy to set our students and our school up for success in 2024 and beyond. These changes do not impact students in our currently active cohorts. We are restructuring the company and implementing wide scale programmatic changes in service of student outcomes and experience. We are taking these steps in response to several changes in market demand. Since the beginning of the year, we’ve seen a smaller set of students that are interested in coding bootcamps, as well as a more challenging hiring market for software engineers. At the same time, we’ve also seen a move towards employer sponsored models.

To ensure that we can continue to drive best-in-class job outcomes for our graduates now and in the future, we are doubling down on building and scaling the pipeline from our B2C bootcamps into our Enterprise training cohorts. We are already seeing early success sending App Academy grads directly into short, company-specific training programs that we’ve designed with our Enterprise partners to lead directly into jobs.

As we align more closely with employer demand, we will also be making a number of changes to our programs. We are improving our preparatory and deferral experiences so that students are better set up for success. This year we made significant investments in tech and systems to support our teachers and coaches, and we will increase these efforts in 2024. We are also moving our 16 week accelerated bootcamp fully online, opening up access to students across the country.

With these changes, some staff will be moving into new roles. We have also made the difficult decision to let go of 31% of our staff. Several of the impacted staff will be leaving today, while most will be phasing out of their roles over the next twelve months. We failed to hit our goals, and to move forward, we must lose some excellent people. I am deeply grateful for all that these team members have contributed. App Academy would not be where it is today without them.

As we reorient our investments across the company, I want to stress that App Academy is fundamentally stable and that we have access to secured capital. While market demand for coding bootcamps is lower, we’ve seen several quarters where that demand has been stable at a new normal”. The changes we’re making today set App Academy up to operate successfully