American Public Education Inc (APEI) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Pam, and I will be your conference operator today. At this time, I would like to welcome everyone to the American Public Education, Inc. Third Quarter 2024 Earnings Conference Call. [Operator Instructions]. After the speakers remarks there will be question-and-answer session. [Operator Instructions]. I would now like to turn the conference over to Brian Prinovo, Investor Relations. You may begin.

謝謝你的支持。我叫帕姆，今天我將擔任你們的會議操作員。現在，我歡迎大家參加美國公共教育公司 2024 年第三季財報電話會議。[操作員說明]。演講者發言後將進行問答環節。[操作員說明]。我現在想將會議交給投資者關係部門的布萊恩·普里諾沃 (Brian Prinovo)。你可以開始了。

Thank you, Pam and good afternoon, everyone. Welcome to the American Public Education's conference call to discuss third quarter 2024 results.

謝謝你，帕姆，大家下午好。歡迎參加美國公共教育電話會議，討論 2024 年第三季的業績。

Joining me on the call today are Angela Selden, President and Chief Executive Officer; Rick Sunderland, Executive Vice President and Chief Financial Officer; and Steve Somers, Senior Vice President and Chief Strategy and Corporate Development Officer.

今天與我一起參加電話會議的還有總裁兼執行長安吉拉‧塞爾登 (Angela Selden)；里克·桑德蘭，執行副總裁兼財務長；以及高級副總裁兼首席策略和企業發展長 Steve Somers。

Materials for the call today are available in the events and presentation section of APEI's website. Statements made today during this conference call and any accompanying presentation regarding APEI's and its subsidiaries that are not historical facts may be forward-looking statements based on current expectations, assumptions, estimates and projections.

今天電話會議的資料可在 APEI 網站的活動和演示部分取得。今天在本次電話會議期間發表的聲明以及任何有關 APEI 及其子公司的非歷史事實的隨附演示可能是基於當前預期、假設、估計和預測的前瞻性聲明。

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements may sometimes be identified by words like anticipate, believe seek could estimate expect can, may, plan, potentially, reject, should, will, would and similar or opposite words, forward-looking statements include without limitation statements regarding expectations for registration and enrollments, revenue earnings and adjusted EBITDA and other earnings guidance.

前瞻性陳述存在風險和不確定性，可能導致實際結果與此類陳述明示或暗示的結果有重大差異。前瞻性陳述有時可以用「預期」、「相信尋求可以估計」、「可以」、「可能」、「計畫」、「潛在」、「拒絕」、「應該」、「將」、「將會」等類似或相反的詞語來識別，前瞻性陳述包括但不限於有關預期的陳述註冊和註冊、收入和調整後的 EBITDA 以及其他收益指導。

Repositioning Rasmussen University for growth, changing market demands and our ability to satisfy such demands and other company initiatives including with respect to future competition and demand and cost savings efforts.

重新定位拉斯穆森大學，以實現成長、不斷變化的市場需求以及我們滿足此類需求的能力和其他公司舉措，包括未來競爭、需求和成本節約方面的舉措。

This presentation contains references to non-GAAP Financial information, a reconciliation between the non-GAAP Financial measures we use in the most directly comparable GAAP measures is located in the appendix to today's presentation and in the earnings release.

本簡報包含對非 GAAP 財務資訊的引用，我們在最直接可比較的 GAAP 衡量標準中使用的非 GAAP 財務衡量標準之間的調整位於今天簡報的附錄和收益發布中。

Management believes that the presentation of non-GAAP financial information provides useful supplemental information to investors regarding its results of operations and should only be considered in addition to not as a substitute for or superior to any measure of financial performance prepared in accordance with GAAP.

管理層認為，非公認會計原則財務資訊的呈現為投資者提供了有關其經營業績的有用補充信息，並且只能被視為補充，而不是替代或優於根據公認會計原則編制的任何財務業績衡量標準。

Now I'd like to turn the call over to APEI's CEO, Angela Selden. Angela, please go ahead.

現在我想將電話轉給 APEI 執行長 Angela Selden。安琪拉，請繼續。

Thank you, Brian. Good afternoon and thank you for joining American Public Education's third Quarter. 2024 earnings call on today's call. We have four important areas to highlight. First at APEI's on all key metrics we have met or beat our third quarter 2024 guidance.

謝謝你，布萊恩。下午好，感謝您參加美國公共教育第三季。今天召開 2024 年收益電話會議。我們有四個重要領域需要強調。首先，在 APEI 的所有關鍵指標上，我們都達到或超過了 2024 年第三季的指導。

Overall APEI's revenues increased 1.5% year over year to $153 million. The fourth consecutive quarter of year over year growth and within our guidance range. Adjusted EBITDA was above our guidance range at $12.9 million net income of $731,000 equaled $0.04 per diluted share and was at the high end of our guidance range. Second, in the third quarter of 2024, Rasmussen University posted its first year-over-year increase in total enrollment since the APEI acquisition.

APEI 的整體營收年增 1.5%，達到 1.53 億美元。連續第四個季度同比增長且在我們的指導範圍內。調整後 EBITDA 高於我們的指導範圍（1,290 萬美元），淨利潤為 731,000 美元，相當於稀釋後每股 0.04 美元，處於我們指導範圍的高端。其次，2024 年第三季度，拉斯穆森大學公佈了自收購 APEI 以來總入學人數首次較去年同期成長。

Next, our fourth quarter 2024 outlook is very strong APUS, total net course registrations are expected to grow 4% to 6% when compared to last year. At Rasmussen and Hondros, fourth quarter student enrollments are actual because of the quarterly starts at these schools. At Rasmussen, fourth quarter total enrollment increased 4% when compared to the fourth quarter of 2023 and is our second consecutive quarter of overall positive year-over-year enrollment growth. And earlier this year, we signaled this positive turn and are pleased that it is occurring. At Hondros, fourth quarter total student enrollment increased 19% year-over-year to approximately 3,700 students.

接下來，我們對 2024 年第四季的 APUS 前景非常樂觀，預計淨課程註冊總數將比去年增加 4% 至 6%。在拉斯穆森和洪德羅斯，第四季的學生入學人數是實際的，因為這些學校每季開學。在拉斯穆森，第四季的總入學人數比 2023 年第四季增加了 4%，這是我們連續第二季實現整體入學人數較去年同期成長。今年早些時候，我們發出了這一積極轉變的信號，並很高興它正在發生。在洪德羅斯，第四季度學生總入學人數年增 19%，達到約 3,700 名學生。

And finally, because of these accomplishments and our overall progress, full year 2024 revenue guidance is $620 to $625 million which is 3% to 4% greater than 2023 and full year adjusted EBIDTA at guidance is $64 to $67 million and 7% to 12% greater than 2023. Both are within the 2024 annual guidance range we provided in one Q24.

最後，由於這些成就和我們的整體進展，2024 年全年收入指引為620 至6.25 億美元，比2023 年增長3% 至4%，全年調整後EBIDTA 指導為64 至6700 萬美元，比2023 年成長7% 至12%大於 2023 年。兩者均在我們在第 24 季提供的 2024 年年度指引範圍內。

Now, I'd like to provide more detail about the results and trajectory. Starting first with APEI's nursing and health care institutions.

現在，我想提供有關結果和軌蹟的更多詳細資訊。首先從 APEI 的護理和保健機構開始。

As discussed in previous calls at Rasmussen. We have invested significant effort and resource to strengthen its foundation for long term growth. These efforts are showing real dividends with continued improvement in student outcomes, increasing enrollment and positive financial performance. Three Q24 was the first quarter that Rasmussen experienced positive year over year enrollment growth since APEI's acquisition and now in four Q24 the trend has accelerated as the Romans are up 4% when compared to the fourth quarter of last year.

正如之前在拉斯穆森的電話會議中所討論的那樣。我們投入了大量的精力和資源來鞏固其長期成長的基礎。這些努力顯示出真正的紅利，學生成績持續改善，入學人數增加，財務表現良好。自APEI 收購以來，Rasmussen 在2024 年第三季度迎來了入學人數同比正增長的第一個季度，而在2024 年第四季度，這一趨勢有所加速，羅馬人比去年第四季度增長了4%。

Notably, this enrollment growth has occurred even with the enrollment impact of Rasmuss voluntary campus closings in Wisconsin. We are further encouraged by the underlying strength in enrollment momentum beyond enrollment we signaled that Rasmussen system would be even up positive in the second half of 2024, and we affirm that we are on track to deliver on that promise in terms of student outcomes. Rasmussen again produced strong and collect pass rates where year-to-date 23 of 25 programs are meeting the required state threshold.

值得注意的是，儘管威斯康辛州拉斯穆斯自願關閉校園對入學產生了影響，但入學人數仍然出現了增長。我們對招生勢頭的潛在強勁感到進一步鼓舞，我們曾表示，拉斯穆森系統將在 2024 年下半年實現積極增長，並且我們確信我們有望在學生成績方面兌現這一承諾。拉斯穆森再次取得了強勁的通過率，今年迄今為止，25 個項目中有 23 個項目達到了州要求的門檻。

Additionally, Rasmussen received positive news regarding its campuses in Morehead, Minnesota and Overland Park, Kansas were both received six years continuing accreditation. And importantly in Illinois, our Romeoville campus along with its off-campus instructional sites in Aurora Naperville, mckinley, Minna Tinley Park and Rockford received initial accreditation from the accreditation Commission for Education and Nursing or ASIN following reviews and applications.

此外，拉斯穆森還收到了關於其位於明尼蘇達州莫爾黑德和堪薩斯州歐弗蘭帕克的校區都獲得了六年持續認證的積極消息。重要的是，在伊利諾伊州，我們的羅密歐維爾校區及其位於奧羅拉內珀維爾、麥金利、明娜廷利公園和羅克福德的校外教學點在經過審查和申請後獲得了教育和護理認證委員會或ASIN 的初步認證。

From the underlying strength and enrollment trends and rebounding bottom line financial performance to the continued improvement in student outcomes and accreditation results. We remain very optimistic about how Rasmussen is in his position for 2025 and beyond.

從潛在的實力和入學趨勢以及財務表現的反彈，到學生成績和認證結果的持續改善。我們對拉斯穆森 2025 年及以後的處境仍然非常樂觀。

At home growth as previously reported, three Q24 enrollment remains strong with 10% growth versus third quarter of 2023 fourth quarter enrollment in 2024 continue this trend increasing more than 19% year over year to 3,700 students. This marks the 19th consecutive quarter that Hondros course posted year over year enrollment growth demand remains strong at Hondros for both the PM& ADN Nursing program. And we received welcome news at several of our campuses.

正如先前報導的那樣，在國內增長方面，2024 年第三季度的入學人數仍然強勁，與2023 年第三季度相比增長了10%，2024 年第四季度的入學人數繼續保持這一趨勢，同比成長超過19%，達到3,700 名學生。這標誌著 Hondros 課程連續第 19 個季度公佈，Hondros 的 PM 和 ADN 護理課程的入學人數同比增長需求依然強勁。我們的幾個校區都收到了可喜的訊息。

Our Detroit Michigan Campus accreditation was affirmed in July and in several Ohio campuses, we have improved overall retention above the 70% benchmark. With the positive results of both Rasmussen and Hondros along with our efforts to simplify our health care platform, we underscore that these results reflect our continued belief that nursing and healthcare educational programs will meaningfully contribute to APEI's overall future growth.

我們的底特律密西根校區認證已於 7 月確認，在俄亥俄州的幾個校區，我們的整體保留率已提高到 70% 的基準以上。憑藉 Rasmussen 和 Hondros 的積極成果以及我們簡化醫療保健平台的努力，我們強調這些結果反映了我們始終相信護理和醫療保健教育計劃將為 APEI 的整體未來成長做出有意義的貢獻。

As we have previously shared nursing and healthcare practitioners remain in high demand. It is estimated that there are over 200,000 nurses needed every year in this country. Our colleges educate approximately 10,000 nurses per year. So, we expect significant growth as we continue to close the GAAP in the unmet market need.

正如我們之前所分享的，護理和醫療保健從業人員的需求仍然很高。據估計，該國每年需要超過20萬名護士。我們的學院每年培養約 10,000 名護理師。因此，隨著我們繼續關閉未滿足的市場需求的公認會計準則，我們預計會顯著成長。

Now, I'd like to turn our attention to APEI's online university serving the nation's military and veterans segment ATUS. In three Q24 revenue at APUS was approximately 1% higher due to both the overall growth in registration as well as higher average revenue per registration due to modest tuition and fee increases implemented last year.

現在，我想將我們的注意力轉向 APEI 為國家軍隊和退伍軍人部門提供服務的線上大學 ATUS。在 2024 年三個季度中，APUS 的收入增長了約 1%，這不僅是由於註冊數量的整體增長，也是由於去年實施的學雜費適度上漲而導致每次註冊的平均收入增加。

As we mentioned last quarter, even at margins at APUS declined modestly as the company has invested in 2024 to strengthen its online curriculum, IT infrastructure and better align its marketing spend. In the fourth quarter we are already experiencing increases in registration at APUS based on this work and expect four Q24 registrations to grow 4% to 6% versus four Q23.

正如我們上季度所提到的，即使 APUS 的利潤率略有下降，因為該公司在 2024 年進行了投資，以加強其線上課程、IT 基礎設施並更好地調整其行銷支出。基於這項工作，我們在第四季度已經看到 APUS 的註冊量有所增加，預計 2024 年第四季度的四個註冊量將比 2023 年第四季度的四個增長 4% 至 6%。

Additionally, we have seen some early returns on our extended family strategy to grow registration in our military family's market. Overall at APEI, we have carved out distinctive market positions. American Military University or AMU is the number one provider of higher education to both the United States military and has been named the top choice nationwide for veterans using their GI Bill benefits.

此外，我們還看到了擴大軍​​人家庭市場註冊人數的大家庭策略的一些早期回報。總體而言，在 APEI，我們已經確立了獨特的市場地位。美國軍事大學（AMU）是美國軍隊第一大高等教育機構，並被評為全國退伍軍人使用《退伍軍人權利法案》福利的首選大學。

Both Congress and Rasmussen continued to tackle the chronic nursing shortage by graduating thousands of new nurses each year where the demand for nurses is expected to grow significantly for the foreseeable future.

國會和拉斯穆森都繼續解決長期的護士短缺問題，每年讓數千名新護士畢業，預計在可預見的未來，對護士的需求將大幅增長。

Overall, with Rasmussen and Hondros, delivering revenue growth margin expansion and student success expansion of our nursing campus footprint in the coming years will allow us to strengthen our impact in addressing the large demand for nursing and other clinical roles in our overstretched healthcare system.

總體而言，在拉斯穆森和洪德羅斯的幫助下，未來幾年我們護理校園足蹟的收入增長幅度擴大和學生成功率的擴大將使我們能夠增強我們的影響力，以滿足我們過度緊張的醫療保健系統中對護理和其他臨床角色的巨大需求。

We expect ATUS to continue to grow at a steady rate where we can leverage our strong reputation and value proposition of return on educational investment with students.

我們預計 ATUS 將繼續以穩定的速度成長，我們可以利用我們在學生中的良好聲譽和教育投資回報的價值主張。

We fundamentally believe in our vision that education can transform lives, advance careers and improve communities with higher education is one of the key factors in employment and advancement. We're proud of the value and affordability. Our programs provide to those in health care fields and military veterans and government employees.

我們從根本上相信我們的願景，教育可以改變生活、促進職業發展並改善社區，高等教育是就業和晉升的關鍵因素之一。我們對其價值和承受能力感到自豪。我們的計劃為醫療保健領域的人員、退伍軍人和政府僱員提供服務。

Each of our education units were purpose built to deliver on that vision by attracting and educating service minded students offering accessible and affordable higher education and training across a diverse range of subjects. And our learn to earn focus, enable students to experience a strong lifelong return on their educational investment.

我們的每個教育單位都是為了實現這一願景而建立的，透過吸引和教育具有服務意識的學生，提供易於獲得且負擔得起的跨學科的高等教育和培訓。我們的學習如何贏得關注，使學生能夠在其教育投資中獲得豐厚的終身回報。

With that, I will now turn the call over to APEI's CFO, Rick Sunderland.

現在，我將把電話轉給 APEI 的財務長 Rick Sunderland。

Thank you, Angie. Total revenue in the third quarter was $153.1 million up $2.3 million or 1.5% from the prior year period. Third quarter, revenue growth was driven by increased revenue at HUS Hondros and Rasmussen lesson partially offset by a revenue decline at graduate school. Revenue for the quarter was within our guidance range.

謝謝你，安吉。第三季總營收為 1.531 億美元，比去年同期成長 230 萬美元，成長 1.5%。第三季度，營收成長是由 HUS Hondros 和 Rasmussen 課程收入增加所推動的，部分被研究生院收入下降所抵消。該季度的收入在我們的指導範圍內。

Total cost of expenses in the third quarter increased $4.6 million or 3.2% compared to the third quarter of 2023. Included in the quarter over quarter increase in costs is $1.1 million in information technology transition services costs which are added back to adjusted EBITDA.

與 2023 年第三季相比，第三季的總費用增加了 460 萬美元，即 3.2%。環比增加的成本包括 110 萬美元的資訊科技轉型服務成本，這些成本將重新計入調整後的 EBITDA。

Excluding information technology transition services costs. Total costs of expenses increased $3.5 million or 2.4% primarily driven by higher compensation costs including variable comp and professional fees.

不包括資訊科技過渡服務成本。總費用增加 350 萬美元，即 2.4%，主要是由於薪酬成本（包括可變薪酬和專業費用）增加。

In the third quarter, diluted income per common share was $0.04 compared to an adjusted income per diluted share of $0.02 in the prior quarter which excludes a $5.2 million loss on equity investments. Third quarter adjusted EBITDA was $12.9 million which is above the top end of the guidance range and represented an adjusted EBITDA margin of 8.4%.

第三季度，稀釋後每股普通股收益為 0.04 美元，而上一季調整後稀釋後每股收益為 0.02 美元，其中不包括 520 萬美元的股權投資損失。第三季調整後 EBITDA 為 1,290 萬美元，高於指引範圍的上限，調整後 EBITDA 利潤率為 8.4%。

At ATUS third quarter revenue increased 0.8% as compared to the prior year to $77 million due to a 0.2% increase in net courts. Registrations driven by an increase in registration by military affiliated students utilizing veterans benefits and a tuition fee and tuition fee increases in the second quarter of 2024. For the quarter even though margin was 29% compared to 30% in the prior year period.

ATUS第三季的營收比去年同期成長了0.8%，達到7,700萬美元，原因是淨球場數成長了0.2%。2024 年第二季度，利用退伍軍人福利的軍事學生註冊人數增加以及學費和學費上漲推動了註冊人數的增加。本季利潤率為 29%，而去年同期為 30%。

At Rasmussen third quarter, revenue was 62.6 million an increase of 1% compared to the prior year due to stabilizing enrollment and tuition increases effective in the first quarter of 2023 and 2024 for select programs.

拉斯穆森第三季的收入為 6,260 萬歐元，比上一年增長 1%，原因是入學人數穩定，部分課程的學費在 2023 年第一季和 2024 年生效。

It is important to note that Rasmussen report growth in total enrollment in the second half of 2024 as compared to the prior year. In the third quarter, Rasmussen EBITDA improved to a loss of $4.5 million compared to an EBITDA loss of $5.3 million in the prior year. As previously stated, we expect second half 2024 EBITDA and Rasmussen be positive.

值得注意的是，拉斯穆森報告稱，與前一年相比，2024 年下半年的總入學人數有所增長。第三季度，Rasmussen EBITDA 虧損為 450 萬美元，而前一年的 EBITDA 虧損為 530 萬美元。如前所述，我們預期 2024 年下半年 EBITDA 和 Rasmussen 均為正值。

At Hondros third quarter revenue was up 12.8% to $15.5 million as compared to the prior year period due to continued enrollment growth for the quarter total enrollment grew 10.4% to approximately 3,100 students. At Hondros EBITDA was $0.3 million in both the third quarter of 2024 and 2023.

由於本季入學人數持續成長，Hondros 第三季營收較上年同期成長 12.8%，達到 1,550 萬美元，總入學人數成長 10.4%，達到約 3,100 名學生。Hondros 2024 年和 2023 年第三季的 EBITDA 均為 30 萬美元。

We expect the continued enrollment growth at Hondros will lead to improved financial performance into 2025. Revenue graduate school included in corporate other was $8 million compared to $8.6 million in the prior year period for the quarter graduate school. I was $1.3 million compared to IBI of $1.6 million in the prior year.

我們預計 Hondros 入學人數的持續成長將導致 2025 年財務表現的改善。計入企業其他收入的研究生院收入為 800 萬美元，而去年同期研究生院收入為 860 萬美元。我的收入為 130 萬美元，而前一年的 IBI 為 160 萬美元。

At September 30th 2024 total cash equivalent and restricted cash was $162.2 million an increase of $17.9 million from year end 2023. For the nine months ended September 30th, 2024, cash flow from operations was $47.3 million compared to $48.7 million in the prior year.

截至 2024 年 9 月 30 日，現金等價物和限制性現金總額為 1.622 億美元，比 2023 年底增加 1,790 萬美元。截至 2024 年 9 月 30 日的九個月，營運現金流為 4,730 萬美元，而前一年為 4,870 萬美元。

CapEx for the nine months was $17.7 million and free cash flow for the nine months defined as adjusted even less CapEx with $23.2 million compared to $24.4 million a year ago. Principal and APEI's term loan at September 30th was $96 million with unrestricted cash of $135 million. APEI continues to be net cash positive. Additionally, there are no borrowings under a $20 million revolving credit facility which remains fully available.

這 9 個月的資本支出為 1,770 萬美元，調整後的 9 個月的自由現金流定義為更少的資本支出，為 2,320 萬美元，而去年同期為 2,440 萬美元。截至 9 月 30 日，Principal 和 APEI 的定期貸款為 9,600 萬美元，其中無限制現金為 1.35 億美元。APEI 繼續保持淨現金為正值。此外，2000萬美元的循環信貸額度下沒有任何借款，該額度仍然完全可用。

Turning now to the fourth quarter, 2024 outlook. A total net course registrations are expected to be between 590,100 registrations representing a 4% to 6% increase when compared to last year at Rasmussen and Hondros fourth quarter, student enrollments are actual because of the quarterly starts with these schools. At Rasmussen Western fourth quarter total online enrollment increased 9% to approximately 8,300 students while total on ground enrollment decreased 3% to approximately 6,300 students for an aggregate enrollment of approximately 14,600 students.

現在轉向 2024 年第四季展望。拉斯穆森和洪德羅斯第四季的課程淨註冊總數預計將達到 590,100 人，與去年相比增加 4% 至 6%，學生註冊人數是實際的，因為這些學校每季開學。在拉斯穆森西區，第四季度線上入學總人數增加了 9%，達到約 8,300 名學生，而現場總入學人數下降了 3%，達到約 6,300 名學生，總入學人數約為 14,600 名學生。

This represents a 4% increase when compared to the fourth quarter of 2023 and is our second consecutive quarter of overall positive year over year enrollment growth at Rasmussen. At Hondros fourth quarter, total student enrollment increased 19% year over year to approximately 3,700 students. In the fourth quarter of 2024 consolidated revenue is expected to be between $159 million and $164 million.

與 2023 年第四季相比成長了 4%，也是拉斯穆森的整體入學人數連續第二季年增。Hondros 第四季的學生總入學人數較去年同期成長 19%，達到約 3,700 名學生。2024 年第四季的合併收入預計在 1.59 億美元至 1.64 億美元之間。

The company expects net income to common shareholders to be between $9 million and $11 million or between $0.47 and $0.56 per diluted share. Adjusted EBITDA is expected to be between $23 million and $26 million in the fourth quarter of 2024.

該公司預計普通股股東的淨利潤將在 900 萬美元至 1,100 萬美元之間，或稀釋後每股收益在 0.47 美元至 0.56 美元之間。 2024 年第四季調整後 EBITDA 預計在 2,300 萬美元至 2,600 萬美元之間。

We are updating full year guidance with anticipated consolidated for full year 2024 revenue in a range of $620 million to $625 million. We expect our adjusted EBITDA to be between $64 million and $67 million for the full year 2024 and capital expenditures to be between $90 million and $22 million. This translates to free cash flow expectations for the full year of at least $42 million.

我們正在更新全年指引，預計 2024 年全年合併收入將在 6.2 億至 6.25 億美元之間。我們預計 2024 年全年調整後 EBITDA 將在 6,400 萬美元至 6,700 萬美元之間，資本支出將在 9,000 萬美元至 2,200 萬美元之間。這意味著全年自由現金流預期至少為 4,200 萬美元。

Seasonally, the fourth quarter tends to see a notable increase in adjusted including as Rasmussen continues to improve in the fourth quarter.

從季節性來看，第四季調整後的收入往往會顯著增加，包括拉斯穆森在第四季的持續改善。

I will now pass it back to Angie to offer some closing remarks after which we will begin our question-and-answer session.

我現在將其傳回給安吉，以提供一些結束語，然後我們將開始問答環節。

Thank you, Rick. During the quarter, we continued to execute on our initiatives to grow enrollment at APUS and stabilize and increase profitability at Rasmussen and at Hondros. We're further encouraged by the performance at those 2 institutions as enrollment numbers, student outcomes and financial performance continue to increase. Market fundamentals continue to support our business strategy with increasing demand in higher education and the online education markets, significant government education benefits for military veterans.

謝謝你，瑞克。本季度，我們繼續執行增加 APUS 入學人數並穩定和提高 Rasmussen 和 Hondros 獲利能力的措施。隨著入學人數、學生成績和財務表現的持續增長，這兩家機構的表現進一步鼓舞了我們。市場基本面繼續支持我們的業務策略，高等教育和線上教育市場的需求不斷增加，政府對退伍軍人的教育也帶來了巨大的好處。

With our number 1 market position in active-duty military, veterans and a focus on the high-demand sectors like nursing, we are well positioned to capitalize on this growth. We continue to execute against our key milestones, and I believe that we have strengthened the foundation of a business that can deliver value to its students, stakeholders and their communities for years to come.

憑藉我們在現役軍人、退伍軍人領域的第一市場地位，以及對護理等高需求行業的關注，我們已做好充分利用這一增長的準備。我們繼續執行我們的關鍵里程碑，我相信我們已經加強了企業的基礎，可以在未來幾年為學生、利害關係人及其社區創造價值。

With that, I'd now like to hand the call back to the operator to begin our question-and-answer session. Operator?

至此，我現在想將電話轉交給接線員以開始我們的問答環節。操作員？

[Operator Instructions] And your first question comes from Raj Sharma of B. Riley Securities.

[操作員說明] 您的第一個問題來自 B. Riley Securities 的 Raj Sharma。

Hi. Sorry about that. Thank you for taking my questions. Congratulations on the improvements that you had talked about earlier. I have a question on the profitability of Apis is so significantly higher than all the other divisions, last four quarters. On $314 million of Apis, you had about $96 million of EBITDA and then the rest of the business is about $300 million there's a loss of $42 million on EBITDA.

你好。對此感到抱歉。感謝您回答我的問題。恭喜您之前談到的改進。我有一個問題，過去四個季度，Apis 的獲利能力明顯高於所有其他部門。對於 3.14 億美元的 Apis，您的 EBITDA 約為 9,600 萬美元，然後其餘業務約為 3 億美元，EBITDA 損失為 4,200 萬美元。

Just want to understand again, is this, is this fundamentally something different in the businesses? And can the rest of the businesses even though they are at a revenue run rate of $300 million, can they ever get closer to the APUS profitability? Just your thoughts on that would be great. And then I've got just a follow on question.

只是想再次了解一下，這是否是業務中根本上的不同之處？其餘企業即使營收達到 3 億美元，能否更接近 APUS 的獲利能力？只要你對此有什麼想法就太好了。然後我有一個後續問題。

Hey Raj, it's Rick. Thanks for the question. Let me start, and then I'll let others add. Well, first of all, in the $40 million you referenced, that includes corporate and other unallocated corporate, you can see that in the segment reporting. And so that doesn't, in total, reflect the other businesses other than the fact that we do have a corporate element to our consolidated reporting.

嘿，拉傑，我是瑞克。謝謝你的提問。讓我開始，然後我會讓其他人補充。嗯，首先，在您提到的 4000 萬美元中，包括公司和其他未分配的公司，您可以在分部報告中看到這一點。因此，總體而言，除了我們的合併報告中確實包含公司元素之外，這並沒有反映其他業務。

When you talk about the profit margin at APUS and you're looking at the other businesses, those are different operating models. You have the campus-based operations versus the fully online at Hondros and the blended model at Ras. And I think we've talked in the past about not only the direction and the current momentum we see, but also what we could expect from those other campus-based businesses.

當您談論 APUS 的利潤率並關注其他業務時，您會發現它們是不同的營運模式。您可以在 Hondros 進行基於校園的操作，而在 Ras 則採用混合模式，而完全在線。我認為我們過去不僅討論了我們看到的方向和當前勢頭，還討論了我們對其他校園企業的期望。

So, when you look back, which is what you were referring to, we were having a period of challenge at Rasmussen. And as we've demonstrated through this year, and I think you noted the fact that the end of the year is performing in line with what we had previously described to the market, we're going to see improved margins. We are seeing improved margins, and you'll see improved margins in the fourth quarter. We think that represents a good jumping off point for 2025.

所以，當你回顧過去時，這就是你所指的，我們在拉斯穆森經歷了一段充滿挑戰的時期。正如我們今年所展示的那樣，我想您也注意到了這樣一個事實，即年底的表現與我們之前向市場描述的情況一致，我們將看到利潤率的提高。我們看到利潤率提高，您也會在第四季度看到利潤率的提高。我們認為這是 2025 年的一個很好的起點。

So, with that, I'll stop and let either Steve or Angie add to my answer.

因此，我將停下來，讓史蒂夫或安吉補充我的答案。

Raj, this is Steve. I think the other important point as your kind of highlighting the differences in the EBITDA is that there's a meaningful corporate and shared services expense.

拉傑，這是史蒂夫。我認為您強調 EBITDA 差異的另一個重要觀點是，存在有意義的企業和共享服務費用。

So that's an element. So, the other units are not as negative as sort of as you described. So, I just want to point that part out.

所以這是一個元素。因此，其他單位並不像您所描述的那樣消極。所以，我只想指出這部分。

Yeah, thank you. Just, I got related on that what you know, the corporate costs, they seem to be the run rate is about $30 million a year. Now, they seem to have gone up significantly from last year. Am I looking at this correctly? Is there, could you talk about the reason for the increase?

是的，謝謝。只是，我了解到你知道的公司成本，他們的運行費用似乎每年約為 3000 萬美元。現在，他們似乎比去年有了顯著的上升。我對這個的看法正確嗎？有嗎，能說說增加的原因嗎？

Okay, so Raj, we, we touched on the reasons for the increase. Of course, we have the technology transition service costs which we add back. So, I don't know if you're looking at the segment reporting which would be before the ad back. So, there is an element to that. We touched upon and in my remarks, I touched upon the year over year increase in costs noting compensation with the cost increase.

好的，拉吉，我們談到了增加的原因。當然，我們也加入了技術轉換服務成本。所以，我不知道您是否正在查看廣告返回之前的分段報告。所以，這是有一個因素的。我們談到了，在我的發言中，我談到了成本的逐年增加，並指出了成本增加帶來的補償。

In that I said variable comp you can find the year over year change in variable comp and note two of the 10-Q it's substantial $2.4 million. And then, and that's mostly at the at the corporate level, right? And so we are investing in our people, right? We are performing, I think, well against our expectations. I want to check your number. I can't do it here on the fly about the $30 million. But that to me seems high. But I can go back, and we can connect after the call or, later.

在我所說的可變補償中，您可以找到可變補償的逐年變化，並注意 10-Q 中的兩個，其金額為 240 萬美元。然後，這主要是在公司層面，對嗎？所以我們正在投資我們的員工，對吧？我認為我們的表現超出了我們的預期。我想查一下你的號碼。我不能在這裡臨時處理這 3000 萬美元。但對我來說這似乎很高。但我可以回去，我們可以在通話後或稍後再聯繫。

And the last thing, when you look at the segment reporting, Raj, you do have Graduate School USA reported in that segment, so you have to parse that out. I think you can get to what that number looks like when you go to the PowerPoint and there's a split, if you will, of the EBITDA amongst all the units. And so you can get a sense between the revenue and the EBITDA of what the costs are in there related to graduate school. Sorry I didn't mention that earlier.

最後一件事，當你查看細分報告時，拉傑，你確實在該細分中報告了美國研究生院，所以你必須解析它。我認為，當您查看 PowerPoint 時，您可以看到這個數字的樣子，如果您願意的話，您可以在所有單位之間劃分 EBITDA。這樣您就可以了解收入和 EBITDA 之間與研究生院相關的成本。抱歉我之前沒有提到這一點。

Great. Thank you. And then just one last question is there an estimate on the EBITDA margin on Rasmussen in Q4? I know you've commented that it was going to be positive. You have out of the overall EBITDA, what is the EBITDA margin on Rasmussen for Q4?

偉大的。謝謝。最後一個問題是拉斯穆森第四季 EBITDA 利潤率的估計嗎？我知道你說過這將是正面的。從整體 EBITDA 來看，拉斯穆森第四季的 EBITDA 利潤率是多少？

Well, let me look at it this way. You know what the EBITDA and the EBITDA margin was in Q3. And we just said that for the second half of the year, it will be positive. So, I don't know that I'm going to give out a specific percentage, but we have turned the corner as we said earlier in the year, moving Ras from an EBITDA loss to EBITDA positive. And the fourth quarter number just to state the simple math, Raj, which you've done, I'm sure, the profit number has to be greater than the third quarter loss, to output a favorable number for the second half of the year

好吧，讓我這樣看。您知道第三季的 EBITDA 和 EBITDA 利潤率是多少。我們剛剛說過，下半年的情況將是正面的。所以，我不知道我是否會給出具體的百分比，但正如我們今年早些時候所說的那樣，我們已經扭轉了局面，將 Ras 從 EBITDA 虧損轉為 EBITDA 正值。第四季的數字只是為了說明簡單的數學，拉吉，你已經完成了，我確信，利潤數字必須大於第三季的虧損，才能為下半年帶來有利的數字

Thank you again for answering my questions and once again, congratulations on the improvements and rest music. I'll take it off. Yeah.

再次感謝您回答我的問題，並再次祝賀您的改進和休息音樂。我會把它脫下來。是的。

You. Thank you, Raj. Okay. Your next question comes from Jasper Bibb with Truist Securities.

你。謝謝你，拉吉。好的。您的下一個問題來自 Truist Securities 的 Jasper Bibb。

I saw the note in the 10-Q about going back to 250 a credit hour for the military rate at APUS Masters programs. I was just hoping you could speak to the change in your pricing there? And does that change have any implications for APUS revenue per student or margin in 25 as you comp the tuition increases that were put in place earlier this year?

我在 10-Q 中看到了關於 APUS 碩士課程的軍事費率回到 250 個學分的說明。我只是希望你能談談那裡的定價變化？考慮到今年稍早實施的學費上漲，這項變更對每位學生的 APUS 收入或 25 的利潤率有什麼影響嗎？

Yea. Jasper, it's Rick. Let me start with that. So, when you look at the distribution of degrees across the institution, graduate level students are a very small segment, but predominance is at the bachelor's level. And then, of course, that carries to the military, which is the largest single student segment at APUS.

是的。賈斯帕，我是瑞克。讓我從那開始。因此，當你觀察整個機構的學位分佈時，研究生級別的學生只佔很小的一部分，但主要是學士級別的學生。當然，這也涉及軍隊，這是 APUS 最大的單一學生群體。

And so, it's a relatively small population. we had increased that graduate-level price back that was earlier in the year, I believe it was April, and thought that, that population that would be acceptable.

因此，人口相對較少。我們在今年早些時候提高了研究生水平的價格，我相信那是四月份，並認為，那個人口是可以接受的。

We looked at it and we said, you know what, our DNA for that military is really no out-of-pocket costs. Go back to Jim Eder, who founded American Military University, military students utilizing tuition assistance should be able to attend and complete with no out-of-pocket costs. And we really felt like we needed to keep that as our core and our core value.

我們看了之後說，你知道嗎，我們軍隊的 DNA 確實不需要自付費用。回到美國軍事大學的創始人吉姆·埃德爾（Jim Eder），利用學費援助的軍事學生應該能夠參加並完成學業，而無需自付費用。我們真的覺得我們需要將其作為我們的核心和核心價值。

So, we returned to that pricing level. To answer your specific question, it doesn't have a big effect on revenue per student. Consolidated for APUS either up or down, right. So you won't see a significant fluctuation because of that.

因此，我們回到了那個定價水準。要回答您的具體問題，它對每個學生的收入沒有太大影響。APUS 的整合要么向上要么向下，對吧。所以你不會因此而看到顯著的波動。

With that, I'll pause and see if Angie wants to add anything.

說到這裡，我會暫停一下，看看安吉是否想添加任何內容。

I wouldn't add anything to that. I agree with what we said. Thank you.

我不會對此添加任何內容。我同意我們所說的。謝謝。

Good question to ask.

好問題。

[Operator Instructions] And the next question comes from Stephen Sheldon with William Blair.

[操作員說明] 下一個問題來自史蒂芬謝爾頓和威廉布萊爾。

You have Matt Filek on for Stephen Sheldon. Looking into 2025, do you expect enrollment growth at Rasmussen to be roughly balanced between in-person and online enrollments or perhaps skewed more toward one? And secondly, can you provide some more detail on the EBITDA margins for an in-person enrollment compared to an online enrollment at Rasmussen?

馬特·菲萊克 (Matt Filek) 替補史蒂芬·謝爾頓 (Stephen Sheldon)。展望 2025 年，您預計拉斯穆森的入學人數增長是否會在現場入學和線上入學之間大致平衡，或者可能更傾向於其中一種？其次，您能否提供有關拉斯穆森現場註冊與線上註冊相比的 EBITDA 利潤率的更多詳細資訊？

Thanks, Matt. It's Angie. Let me start. And we have signaled in the past few earnings calls that we are seeing positive enrollment momentum at Rasmussen online business, and that has not changed. So we will expect to continue to see positive online growth in enrollments in 2025.

謝謝，馬特。是安吉。讓我開始吧。我們在過去的幾次財報電話會議中表示，我們看到拉斯穆森線上業務的積極招生勢頭，這一點並沒有改變。因此，我們預計 2025 年線上入學人數將持續正面成長。

We have seen the campus enrollments rebound. We're very pleased with the improvements that are occurring there. And we do believe that a portion of that is tied to our improvements in NCLEX scores and the confidence that our students and prospects have in the nursing education we can offer them. And so we have a lot of confidence in the campus-based enrollment growth at Rasmussen in 2025.

我們看到校園入學人數出現反彈。我們對那裡發生的改進感到非常滿意。我們確實相信，其中一部分與我們 NCLEX 分數的提高以及我們的學生和潛在學生對我們可以為他們提供的護理教育的信心有關。因此，我們對 2025 年拉斯穆森校園招生的成長充滿信心。

I'll turn the second question over to Rick to Steve.

我將把第二個問題轉交給里克和史蒂夫。

Steve, do you want to comment on how we might look at margin between the two businesses?

史蒂夫，您想對我們如何看待這兩家公司之間的利潤率發表評論嗎？

Yes. I think given that the on ground is heavily fixed cost structure, we would expect to see a rebound in that, Matt. I think we've talked that over the next 1 to 2 years, we would see overall margins at Rasmussen move to the 5% to 10% range over that period of time. And we're at kind of a pivot point on the on-ground moving from slightly negative enrollments to positive.

是的。我認為，鑑於目前的成本結構是高度固定的，我們預計會看到反彈，馬特。我想我們已經討論過，在接下來的 1 到 2 年裡，我們將看到 Rasmussen 的整體利潤率在這段時間內達到 5% 到 10% 的範圍。我們正處於實地入學率從輕微負成長轉向正成長的關鍵點。

And so, we would expect to see that margin accelerate over time, whereas we're already in a positive situation with the online component of it. So I think it's more about seeing a normalization in the on-ground. And so in the short-term, you might see faster improvement in the on ground as we grow our scale. And so, but in general, I don't think that we're anticipating wide variances between the two populations.

因此，我們預計利潤率會隨著時間的推移而加速，而我們的線上部分已經處於積極的狀態。所以我認為更多的是看到實地的正常化。因此，在短期內，隨著我們規模的擴大，您可能會看到實地情況更快的改善。因此，但總的來說，我認為我們預計這兩個人群之間不會存在巨大差異。

And I would just add the difference between the enrollment in Q3 and the enrollment in Q4 showing the acceleration of our EBITDA contribution as the, as the business that hit that inflection point and is growing in both the online and the campus based businesses.

我只想添加第三季度的註冊人數和第四季度的註冊人數之間的差異，這表明我們的 EBITDA 貢獻加速，因為業務達到了拐點，並且在線和校園業務都在增長。

Got it. Yes, that's super helpful context. And then I had one on APUS. Last quarter, you talked about increasing marketing spend there to spur enrollment growth. And I was just curious if you could further elaborate on progress with that revised marketing strategy at APUS.

知道了。是的，這是非常有用的背景。然後我在 APUS 上就有了一個。上個季度，您談到增加行銷支出以刺激入學人數成長。我只是好奇您能否進一步詳細說明 APUS 修訂後的行銷策略的進展。

Sure. I'm happy to start and others can join. We kind of up leveled our marketing team and our marketing leadership last year. And one of the things that, that team did was pay careful attention to our local market strategy, where are we spending our marketing dollars and increasing yield. And we see that really taking hold here as we signaled in the fourth quarter, our APUS net course registrations, we anticipate are going to grow between 4% and 6%. So as those marketing improvements take hold, we really are seeing the corresponding effect now with APUS in the fourth quarter.

當然。我很高興開始，其他人也可以加入。去年我們提升了行銷團隊和行銷領導力。團隊所做的事情之一就是密切關注我們的本地市場策略，我們將行銷資金花在哪裡並提高產量。我們看到，正如我們在第四季度所表示的那樣，我們的 APUS 網路課程註冊量真正佔據了主導地位，我們預計將成長 4% 至 6%。因此，隨著這些行銷改進的落實，我們現在確實在第四季的 APUS 上看到了相應的效果。

And so we are very confident about those strategies and believe that we have found the balance in terms of lead generation. Then the second thing that we have done in the last two quarters at APUS is also strengthened our admissions and enrollment processes. We have added talent to make sure we have sufficient workforce to be able to tackle all the additional leads that are coming in.

因此，我們對這些策略非常有信心，並相信我們已經在潛在客戶開發方面找到了平衡。那麼我們在 APUS 過去兩個季度所做的第二件事也是加強了我們的招生和註冊流程。我們增加了人才，以確保我們有足夠的勞動力來處理所有新出現的潛在客戶。

And we have looked at our policies and our processes to make sure that each of our folks are well trained to be able to do that in a high-quality way and be sure to answer the specific questions that each of our prospects are asking. And so we believe with that additional training and that additional workforce that we have been able to get after the leads in a higher quality way and we also believe, that's part of the 4% to 6% registration growth we're seeing in the fourth quarter, and we don't anticipate that, that's going to subside.

我們審查了我們的政策和流程，以確保我們的每個人都經過良好的培訓，能夠以高品質的方式做到這一點，並確保回答我們每個潛在客戶提出的具體問題。因此，我們相信，透過額外的培訓和額外的勞動力，我們能夠以更高品質的方式獲得潛在客戶，我們也相信，這是我們在第四季度看到的 4% 至 6% 註冊增長的一部分季度，我們預計這種情況不會消退。

And Matt, the only thing to add is that 46% is on a pretty, pretty challenging comp I think if you go to the fourth quarter of last year, registration growth at APUS was 4% right? So we're not coming off an easy comp and we're putting up a really solid number in Q4.

馬特，唯一要補充的是，46% 是在一個非常非常具有挑戰性的競爭中，我想如果你看看去年第四季度，APUS 的註冊增長率是 4%，對嗎？因此，我們的表現並不輕鬆，我們在第四季度取得了非常可靠的數據。

Great. Thank you, team and nice work on the continued improvements.

偉大的。謝謝你們，團隊以及持續改善的出色工作。

Thank you. Your next question comes from Jasper Bibb again of Truist securities.

謝謝。你的下一個問題又來自 Truist 證券公司的 Jasper Bibb。

Thanks for taking the follow up. Just wanted to ask about the horos segment. The enrollment growth there has been really impressive. Like how do you think about maybe over a longer term period bringing that segment up to, you know, profitable margin or kind of the target midteens margin that you outlined for Erasmus and given what you're doing from an enrollment perspective.

感謝您的跟進。只是想問horos部分。那裡的入學人數增長確實令人印象深刻。就像您如何考慮在較長時期內將該細分市場提高到您為伊拉斯謨所概述的利潤率或十幾歲左右的目標利潤率，並考慮到您從招生角度所做的事情。

Thanks to ask a great question and certainly something we pay careful attention to. There are a few things that hro tackled this year, namely, a few of its locations were getting end of life on their and needed to move. So there were some some investments that needed to be made in order to be able to move to more favorable locations. We are seeing the positive enrollment growth that we talked about 19% year over year as a result of moving those what will 10 year leases to new, more favorable locations? The second thing that that we are continuing to focus on is adding those programs.

感謝您提出了一個很好的問題，當然也是我們密切關注的問題。hro 今年解決了一些問題，即它的一些地點即將結束生命，需要搬遷。因此，需要進行一些投資才能搬到更有利的地點。我們看到，由於將那些 10 年期租約轉移到新的、更有利的地點，入學人數比去年同期增加了 19%？我們繼續關注的第二件事是添加這些程式。

So we talked in the earlier quarter about the launch of a the MA program at some of the Ohio campuses. And also as we turn our attention to 2025 we're looking at the potential for new campus locations and and other new programs across some of the, the Hondros campuses overall. All the the key focus area for condro profitability is making sure that we are paying careful attention to student success. And so we talked about in my comments, the retention rate at several of our Ohio campuses being above the 70% benchmark. And that in particular, in a, you know, in a short form course, like a like a or excuse me, short form program like an LP program means a lot because that protection ensures that the students persist and complete. They graduate. They pass the exam and each quarter that they progress certainly is revenue.

因此，我們在上一季討論了在俄亥俄州的一些校區啟動碩士學位課程。此外，當我們將注意力轉向 2025 年時，我們正在尋找新校園地點和整個洪德羅斯校園中一些新計畫的潛力。condro 盈利的所有關鍵焦點領域是確保我們密切關注學生的成功。因此，我們在評論中談到，我們俄亥俄州幾個校區的保留率高於 70% 的基準。特別是，在短期課程中，例如像LP課程這樣的短期課程意義重大，因為這種保護可確保學生堅持並完成。他們畢業了。他們通過了考試，每季的進步一定就是收入。

We don't have to replace by spending marketing dollars and all the core funding costs associated with it. So those are some of the key things that we've been focused on Andros and we expect we certainly expect to improvement at Hondros in 2025.

我們不必花費行銷資金和與之相關的所有核心資金成本來進行替代。這些是我們一直關注 Andros 的一些關鍵問題，我們希望 Hondros 能夠在 2025 年得到改善。

Got it. Last one for me. Also on Hondros, you mentioned some, you know, plan potential program expansions or campus expansions. Is, is there any way to frame where you're at from an enrollment perspective now? Versus the maximum capacity in the existing Hondros footprint? Like how much more room do you have to grow within the existing footprint before, you know, layering on campus and program expansions?

知道了。最後一張給我。另外，在洪德羅斯，您提到了一些計劃潛在的項目擴展或校園擴展。有沒有什麼方法可以從招生的角度來確定您現在的處境？與現有 Hondros 佔地面積的最大容量相比？例如，在校園和專案擴展之前，你在現有的佔地面積內還需要多少成長空間？

It's a good question and we've been as we've moved these locations, we've really been looking to optimize the footprint and make sure that we have the right mix of the way in which the the space is configured so that we're building a purpose building to a an optimal and profitable campus footprint.

這是一個很好的問題，當我們移動這些位置時，我們確實一直在尋求優化佔地面積，並確保我們擁有正確的空間配置方式組合，以便我們「正在建造一座目的建築，以實現最佳且有利可圖的校園足跡。

And so we expect that as we see the full effect of those campus moves take effect in 2025 that we expect to see improved profitability at those locations. And as we open new campuses, we fully intend to apply that playbook to each of our new locations there.

因此，我們預計，當我們看到這些園區搬遷的全部影響將於 2025 年生效時，我們預計這些地點的獲利能力將會提高。當我們開設新校區時，我們完全打算將劇本應用到我們在那裡的每個新地點。

Got it. Thank you for any.

知道了。謝謝你的任何。

There are no more questions. I will now turn the conference back over to Angela Selden for closing remarks.

沒有更多問題了。現在我將把會議轉回安吉拉·塞爾登致閉幕詞。

Thank you, Operator and thanks to all of you today for joining our call.

謝謝接線員，也謝謝大家今天加入我們的通話。

As we conclude, I want to reiterate our commitment to driving growth and delivering value to our students, to our stakeholders and to our communities. The positive trends in enrollment, financial performance and student outcomes across our institutions are a testament to the hard work and dedication of all of our faculty and staff.

最後，我想重申我們致力於推動成長並為我們的學生、利害關係人和社區提供價值。我們各機構在入學率、財務表現和學生成績方面的積極趨勢證明了我們所有教職員工的辛勤工作和奉獻精神。

I'm very appreciative of the outcomes that they have helped our students achieve. We are confident in our strategic direction and the opportunities ahead and we look forward to updating you on our progress and our 2025 outlook on our next call.

我非常感謝他們幫助我們的學生所取得的成果。我們對我們的策略方向和未來的機會充滿信心，我們期待在下次電話會議上向您介紹我們的最新進展和 2025 年展望。

Thank you all for your continued support and for joining us today.

感謝大家一直以來的支持以及今天加入我們。

Ladies and gentlemen, that does conclude today's conference call. Thank you for your participation. You may disconnect. Thank you.

女士們先生們，今天的電話會議到此結束。感謝您的參與。您可以斷開連線。謝謝。