Good afternoon, and thank you for joining our call today.
Aspen Group continued to experience solid momentum in the first quarter, delivering 28% year-over-year revenue growth in what has typically been our slowest seasonal quarter. Once again, all 3 of our business units, Aspen Online Nursing + Other, Aspen BSN Pre-Licensure, and USU delivered growth year-over-year.
Our 2 highest LTV units, USU, primarily the MSN-FNP program, and Aspen University's BSN Pre-Licensure now comprise 55% of our consolidated revenue.
Let's take a closer look at each unit's growth and contribution to revenue. USU, primarily our MSN Family Nurse Practitioner, or FNP program, grew year-over-year by 39% in the first quarter and comprised 32% of consolidated revenue. The FNP LTV is our second highest at $17,820.
New student enrollments at USU grew by 18% year-over-year from 572 to a quarterly record of 675. The BSN pre-licensure program, offering a bachelor's degree in a 3-year hybrid online and campus based program, was our most significant revenue growth driver in the first quarter, growing 70% year-over-year and comprising 23% of consolidated revenue. This degree program is a pathway to becoming a registered nurse, or RN, and delivers the highest LTV of our programs of $30,000.
New student enrollments in the Phoenix Metro were reduced as planned by 232 enrollments year-over-year from 490 to 258 or by 47%. That caused BSN Pre-Licensure unit enrollments in aggregate in the first quarter to be down by 17%. Note that this planned decrease in enrollments in the Phoenix Metro will cause a year-over-year aggregate decrease in the second quarter as well. And then beginning in the third quarter, we expect to deliver material aggregate enrollment increases year-over-year in the BSN Pre-Licensure unit.
Aspen Online Nursing + Other, our post-licensure degree programs for RNs looking to earn advanced degrees online, saw year-over-year revenue growth of 8% in the quarter. This business unit offers fully online programs with the option to pay using our monthly payment program, or MPP. This business unit comprised 45% of the consolidated revenue in the first quarter.
New student enrollments in the unit decreased year-over-year by 7% as expected, given the previously announced Aspen 2.0 plan to reduce our spending in our Aspen legacy business by $1.3 million in the 2022 fiscal year. On a company-wide basis, new student enrollments increased sequentially from 2,182 to 2,276 or 4%. On a year-over-year basis, new student enrollments for the company were down 3%.
However, excluding the 232 planned enrollment reduction in the Phoenix pre-licensure metro, company-wide enrollments would have been up year-over-year by 7%.
In terms of bookings, the company saw sequential bookings increase of $3 million from $32.2 to $35.2 million or 9%. On a year-over-year basis, bookings were down 2% from $36.1 to $35.2 million.
Excluding the 232 planned enrollment reduction in the Phoenix pre-licensure metro, which equates to a year-over-year reduction of $7 million in bookings, company-wide bookings would have increased by 17% year-over-year.
Our first quarter net loss was approximately $871,000 and adjusted EBITDA was approximately $506,000. I'm pleased with the outstanding adjusted EBITDA performance in each of the 3 business units during a period of new campus investment. Each business unit produced an adjusted EBITDA margin of over 20%, which indicates the company's profitability and cash generation potential. On a sequential basis, the first quarter operating and profitability metrics showed positive sequential improvement. A portion of this performance is attributable to the Aspen 2.0 strategy to decrease advertising spend on our lowest efficiency unit and shift that spend to the higher efficiency business units.
Aspen 2.0 is anticipated to reduce our advertising spend as a percentage of revenue for the fiscal year, while supporting growth in our new pre-licensure metros and the USU FNP program.
As we advance through fiscal year 2022, we expect profitability gains from Aspen 2.0 to have the most significant impact in the second half of the fiscal year, given the expected growth in our highest efficiency businesses.
As we move through the year, Aspen 2.0 is designed to generate profitability by our fourth fiscal quarter, setting the company up for consistent, sustained profitable growth in the coming years.
Aspen Group's active student body at the end of the first quarter of fiscal 2022 was 13,879 students, of which 9,694 or 70% are licensed registered nurses, RNs, studying to earn in advanced degree.
We have the highest student body concentration of RNs among publicly traded higher education companies in the U.S. Thus, it is critical for us to track RN behaviors and attitudes carefully during the ongoing COVID-19 pandemic, which we have done for the past 18 months. Starting in the second half of June and continuing throughout July 2021, we saw lower course starts than seasonally expected among our RN student body.
Specifically, Aspen University course starts for RNs were flat year-over-year in the second half of June, with July being slightly down year-over-year. Candidly, this is not surprising given the rise of the delta variant infection rate and the spike in hospitalizations. Revenue for the first quarter was relatively unaffected relative to our forecast, given that the lower-than-forecasted RN class starts happened in the back half of the quarter. We cannot accurately predict the impact of the delta variant on the company's results for the remainder of fiscal 2022.
However, any impact is expected to be temporary.
For example, the last time we experienced this effect, it resulted in an approximate $0.5 million revenue shortfall from our forecast in the fiscal 2021 third quarter, which was quickly made up in the following fourth fiscal quarter when class starts rapidly resume to historical averages.
As we continue to fund our campus expansion during the upcoming months, while the economy is experiencing the impact of the COVID-19 delta variant, we felt it was prudent to draw down the entire $5 million on our line of credit.
As a result, the company continues to have sufficient liquidity to execute our business plan and grow our business. With that in mind, I want to remind you of our primary growth drivers for Aspen Group this year.
First, these additional class starts to double BSN pre-licensure cohorts at our main Phoenix campus, meaning that every semester, a total of 3 cohorts enter the core program across our 2 Phoenix campuses; second, the continued expansion of the USU business unit driven by our successful FNP program; third, and the most powerful lever of Aspen Group's future growth is enrollment growth at our new BSN pre-licensure campuses that deliver the highest LTV of all of our programs and have significant potential operating leverage.
As revenue from the BSN pre-licensure and USU business units grow, their contribution to the bottom line will also increase.
Our long-term growth goal remains becoming the industry-leading nursing school with affordable, convenient degree programs that enable working adults to achieve their career goals and improve their earning potential.
Aspen Group's strategic road map targets having 12 operational BSN pre-licensure locations throughout the western and Southern United States by 2025, and we remain on track to achieve this goal.
We are supporting our highest LTV programs with the Aspen 2.0 business plan and laying the ground work to open our next new pre-licensure campus in a Tier 1 metro market in the spring of 2022. By Tier 1, we mean a metro market with a population of over 5 million people.
Finally, I am pleased to welcome Matthew LaVay, our new Chief Financial Officer, who joined Aspen Group on August 16. I have enjoyed working with Matt in our first earnings cycle together, where he has already added tremendous value as we prepared for this release today. I am confident that Matt will be an instrumental part of our team in strategic planning, managing our capital allocation strategy, financial planning and analysis, cash management and achieving our long-term goals. Together, I anticipate that we can successfully grow our company and improve shareholder value. I will now hand the call over to Matt to cover the details of our first quarter financial results. Please go ahead, Matt.