American Public Education Inc (APEI) 2024 Q4 法說會逐字稿

Good afternoon and thank you for standing by. My name is Kelvin, and I will be a conference operator today. At this time, I would like to welcome everyone to the American Public Education Incorporated reports fourth-quarter 2024 results call. (Operator Instructions)

下午好，感謝您的支持。我叫凱爾文，今天我將擔任會議主持人。現在，我歡迎大家參加美國公共教育公司 2024 年第四季業績報告電話會議。（操作員指示）

Thank you. I would now like to turn the call over to Brian Prenoveau, Investor Relations. Please go ahead.

謝謝。現在我想將電話轉給投資人關係部的 Brian Prenoveau。請繼續。

Thank you and good afternoon, everyone. Welcome to American Public Education's conference call to discuss fourth-quarter and full-year 2024 results.

謝謝大家，下午好。歡迎參加美國公共教育電話會議，討論 2024 年第四季和全年業績。

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首席執行官 Angela Selden；里克·桑德蘭 (Rick Sunderland)，執行副總裁兼首席財務官；以及高級副總裁兼首席戰略和企業發展官史蒂夫·薩默斯 (Steve Somers)。

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

今天的電話會議資料可在 APEI 網站的活動和演示部分找到。本次電話會議及任何隨附的 APEI 及其子公司的非歷史事實的陳述可能是基於當前預期、假設、估計和預測的前瞻性陳述。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與此類陳述表達或暗示的結果有重大差異。

Such as those identified in our Form 10-K under the heading risk factors and those related to potential impacts from government shutdowns or changing federal government policies and practices, including impacts on revenue or the timing of receivables. Forward-looking statements may sometimes be identified by words like anticipate, believe, seek, could, estimate, expect, can, may, plan, potentially, project, should, will, would, and similar or opposite words.

例如，我們在 10-K 表格中風險因素標題下確定的因素，以及與政府關門或聯邦政府政策和做法變化的潛在影響相關的因素，包括對收入或應收帳款時間的影響。前瞻性陳述有時可以透過諸如預期、相信、尋求、可能、估計、期望、可以、也許、計劃、潛在、預測、應該、將、會以及類似或相反的詞語來識別。

Forward-looking statements include without limitation statements regarding expectations for registration and enrollments, revenue, earnings and adjusted EBITDA, and other earnings guidance, repositioning Rasmussen University for growth, combination of our institutions, financing and spending plans, future governmental and regulatory actions, and our response to those actions, changing market demands and our ability to satisfy such demands and other company initiatives, including with respect to future competition and demand cost-savings efforts.

前瞻性陳述包括但不限於有關註冊和入學人數、收入、收益和調整後的 EBITDA 預期、其他收益指導、拉斯穆森大學的增長重新定位、機構合併、融資和支出計劃、未來政府和監管行動以及我們對這些行動的反應、不斷變化的市場需求以及我們滿足這些需求和其他公司舉措的能力，包括有關未來競爭和需求成本節約的陳述。

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 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 指標中使用的非 GAAP 財務指標之間的對帳位於收益發布中今天的簡報的附錄中。

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

管理階層認為，非公認會計準則財務資訊的呈現為投資者提供了有關經營績效的有用補充資訊。它僅應被視為根據 GAAP 編制的任何財務業績衡量標準的補充，而不能替代或優於任何財務業績衡量標準。

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

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

Thank you, Brian. Good afternoon and thank you for joining American Public Education's fourth-quarter and full-year 2024 earnings call. We are very pleased with our results in both the fourth-quarter and full-year 2024 and remain enthusiastic about our path forward.

謝謝你，布萊恩。下午好，感謝您參加美國公共教育 2024 年第四季和全年財報電話會議。我們對 2024 年第四季和全年的業績感到非常滿意，並對我們的未來充滿熱情。

We have four areas to highlight during today's call. First, APEI outperformed fourth-quarter 2024 financial guidance. In the fourth quarter, we exceeded guidance for revenue, net income, and adjusted EBITDA.

在今天的電話會議上，我們要強調四個面向。首先，APEI 的業績超出了 2024 年第四季的財務預期。第四季度，我們的營收、淨收入和調整後 EBITDA 均超出預期。

Importantly, as we signaled at the beginning of the year, Rasmussen in the fourth quarter delivered both positive EBITDA and positive enrollment growth.

重要的是，正如我們在年初所暗示的那樣，拉斯穆森在第四季度實現了正的 EBITDA 和正的入學人數增長。

Next, APEI outperformed full-year 2024 financial guidance. We delivered on the full-year guidance that we first established at the beginning of '24 and then raised.

其次，APEI 的業績超越了 2024 年全年財務預期。我們實現了 24 年初制定並隨後提高的全年預期。

Revenue of $624 million exceeded the top end of the original guidance and met the midpoint of our raised revised guidance. Adjusted EBITDA of $72.3 million exceeded both the high end of our original and revised guidance range, which was $65 million. Capital expenditures were in line.

6.24 億美元的收入超過了原始指導的最高限度，並達到了我們上調的修訂指導的中點。調整後的 EBITDA 為 7,230 萬美元，超過了我們原始和修訂後的指導範圍的高端（6,500 萬美元）。資本支出符合預期。

Third, 2025 will be a year of simplification at APEI. In January, we announced a plan to combine our three-degree granting institutions into a single-consolidated institution. This should provide simpler operations and an opportunity to find both revenue and cost synergies over the long term.

第三，2025年將是APEI簡化的一年。今年一月，我們宣布了一項計劃，將我們的三個學位授予機構合併為一個綜合機構。這應該會提供更簡單的操作和一個在長期內尋找收入和成本協同效應的機會。

Additionally, we intend to redeem our preferred shares prior to the end of the second quarter, which would be accretive to net income and earnings per share. We have closed some underperforming campuses, terminated expensive leases and contracts, and have two corporate buildings held for sale. These steps should simplify the balance sheet and cost structure, resulting in significant earnings growth in 2025.

此外，我們打算在第二季結束前贖回我們的優先股，這將增加淨收入和每股盈餘。我們關閉了一些表現不佳的園區，終止了昂貴的租約和合同，並且有兩棟公司大樓待售。這些措施應能簡化資產負債表和成本結構，進而實現 2025 年獲利的大幅成長。

Finally, 2025 will be another year of revenue and adjusted EBITDA growth.

最後，2025 年將是收入和調整後 EBITDA 成長的另一年。

We're initiating 2025 guidance with revenue of $650 million to $660 million and adjusted EBITDA of $75 million to $85 million. Rick Sunderland, APEI CFO, will provide more details on guidance in his remarks.

我們預計 2025 年營收將達到 6.5 億美元至 6.6 億美元，調整後 EBITDA 將達到 7,500 萬至 8,500 萬美元。APEI 財務長 Rick Sunderland 將在其演講中提供更多有關指導的細節。

Now, I'll provide more detail about the fourth-quarter and full-year 2024 results, starting first with APEI's nursing and healthcare institutions.

現在，我將提供有關 2024 年第四季度和全年業績的更多詳細信息，首先從 APEI 的護理和醫療保健機構開始。

Much of the work over the past two years at Rasmussen has been focused on strengthening its foundation for long-term growth. We have made real progress, and in particular, are pleased with the previously guided financial results in the second half of '24.

過去兩年拉斯穆森的大部分工作都集中在加強其長期發展的基礎。我們取得了真正的進展，特別是對 24 年下半年之前預測的財務表現感到滿意。

3Q24 was the first quarter in which Rasmussen experienced positive year-over-year enrollment growth since APEI's acquisition. In 4Q24, the trend continued with a 4% year-over-year enrollment increase.

2024 年第三季是拉斯穆森自 APEI 收購以來首次實現入學人數較去年同期成長的季度。2024 年第四季度，這一趨勢持續延續，入學人數較去年同期成長 4%。

In the first quarter of 2025, this momentum has accelerated with a 7% increase in enrollment compared to 1Q24, including positive enrollment in our on-ground nursing and healthcare programs.

2025 年第一季度，這一勢頭進一步加速，入學人數與 2024 年第一季相比增加了 7%，其中包括我們實地護理和醫療保健項目的積極入學人數。

Beyond enrollments, we signaled that Rasmussen would be adjusted EBITDA positive in the second half of 2024, and we achieved that goal with $6.4 million of adjusted EBITDA in 4Q24 and positive $3.1 million for the second half of '24. Of particular note is that this growth has been achieved even with the suspending of enrollments in two Wisconsin campuses and the Bloomington ADN program.

除了招生人數之外，我們還表示，拉斯穆森的調整後 EBITDA 將在 2024 年下半年實現正值，並且我們實現了這一目標，2024 年第四季度的調整後 EBITDA 為 640 萬美元，2024 年下半年的調整後 EBITDA 為正值 310 萬美元。特別值得注意的是，即使威斯康辛州兩所校區和布魯明頓 ADN 計畫暫停招生，仍然實現了這一成長。

These results support our belief that there remain significant upsides to Rasmussen growth and profitability. Additionally, we continue to prioritize student outcomes and then collect pass rates that support real career opportunities and a positive ROI on students' educational investment.

這些結果支持了我們的信念：拉斯穆森的成長和獲利能力仍有顯著上升空間。此外，我們繼續優先考慮學生的成果，然後收集支持真正職業機會和學生教育投資的積極投資回報率的通過率。

In 2024, 23 of our 25 nursing reporting entities met the state's NCLEX pass rate thresholds. At Hondros, as previously reported, 4Q24 enrollment was very strong, with 19% growth as compared to 4Q23.

2024 年，我們 25 個護理報告實體中有 23 個達到了該州的 NCLEX 通過率門檻。正如先前報導的那樣，Hondros 2024 年第四季度的入學人數非常強勁，與 2023 年第四季度相比增長了 19%。

1Q25 enrollment continues a positive trend, increasing 9.6% year over year to 3,600 students. This marks the 20th consecutive quarter that Hondros has posted year-over-year enrollment growth.

2025 年第一季入學人數持續呈現正面趨勢，年增 9.6%，達到 3,600 名學生。這是洪德羅斯連續第 20 個季度實現入學人數同比增長。

We're building on that momentum of '24 into 2025 at both Rasmussen and Hondros, with 1Q25 reported student enrollments as actuals because these quarterly starts have already begun.

我們正在 Rasmussen 和 Hondros 延續 2024 年的勢頭，將 2025 年第一季報告的學生入學人數作為實際數字，因為這些季度入學人數已經開始。

We believe our nursing schools can continue to be a significant driver of growth and marginal expansion going forward. The higher fixed-cost base of these businesses allows for increased EBITDA flow through as we fill existing spaces in classes and on campuses.

我們相信，我們的護理學校可以繼續成為未來成長和邊際擴張的重要推動力。這些業務的固定成本基礎較高，隨著我們填補教室和校園的現有空間，EBITDA 流量會增加。

Further, the market dynamics present for new nurses remains as we as when we acquired Rasmussen in 2021. With an annual shortage of approximately 200,000 nurses each year, and with Hondros and Rasmussen currently educating over 9,000 students per year, there remains significant runway for further growth and expansion.

此外，新護理師的市場動態與我們在 2021 年收購 Rasmussen 時一樣。由於每年護理人員短缺量約為 20 萬名，而 Hondros 和 Rasmussen 目前每年培養超過 9,000 名學生，因此仍有很大的發展和擴張空間。

Now, I'd like to turn our attention to APEI's online university, educating our nation's military, veterans, and their families, currently called APUS.

現在，我想把我們的注意力轉向 APEI 的線上大學，該大學為我們國家的軍隊、退伍​​軍人及其家人提供教育，目前稱為 APUS。

In 4Q24, overall net course registrations increased 7% year over year. Revenue at APUS was almost 4% higher due primarily to the overall growth in registrations.

2024 年第四季度，整體淨課程註冊量年增 7%。APUS 的營收成長了近 4%，這主要得益於註冊量的整體成長。

Even the margins in the fourth quarter were 34.5% at APUS, which was down slightly as compared to 35% in 4Q23 as APUS invested in various initiatives in the back half of '24, aiming to modernize and strengthen its online curriculum, IT infrastructure, and to better optimize its marketing spend while aligning students, support headcount to growing segments, including non-military and military families.

APUS 第四季的利潤率為 34.5%，與 2023 年第四季的 35% 相比略有下降，因為 APUS 在 2024 年下半年投資了各種計劃，旨在實現線上課程和 IT 基礎設施的現代化和強化，並更好地優化行銷支出，同時將學生和支援人員與不斷增長的軍事群體（包括非軍事和家庭）相匹配。

For the full-year 2024, APUS total net course registrations increased 3% as compared to 2023. We're pleased with the return to strong registration growth in the fourth quarter and expect continued registration growth in the low- to mid-single digits in 2025.

2024 年全年，APUS 課程註冊淨總量與 2023 年相比成長 3%。我們很高興看到第四季度註冊量恢復強勁成長，並預計 2025 年註冊量將繼續保持低至中等個位數的成長。

2025 will be a year of simplification for APEI. As announced in January of this year, we are planning to combine APUS, Rasmussen, and Hondros into one consolidated institution, American Public University System, which we are now referring to as the system.

2025 年將是 APEI 簡化的一年。正如今年 1 月宣布的那樣，我們計劃將 APUS、Rasmussen 和 Hondros 合併為一個聯合機構，即美國公共大學系統，我們現在稱之為該系統。

We are targeting the fourth quarter of 2025 for the combination to be completed, assuming all regulatory and accreditation steps have been satisfied. This system will have a healthcare division, which will include Rasmussen University and Hondros College of Nursing. Combining and expanding our nursing campus footprint will allow us to strengthen our ability to address the growing demand for nursing and other clinical roles in the healthcare ecosystem.

假設所有監管和認證步驟都已滿足，我們的目標是在 2025 年第四季完成合併。該系統將設有醫療保健部門，其中包括拉斯穆森大學和洪德羅斯護理學院。合併和擴大我們的護理園區足跡將使我們能夠增強滿足醫療保健生態系統中對護理和其他臨床角色日益增長的需求的能力。

We're very excited that Mark Arnold, Rasmussen's new President, will be leading that division. The system will also have a military and veteran division called APUS Global. We're also very pleased that Nuno Fernandes will continue to lead that division.

我們非常高興拉斯穆森的新總裁馬克·阿諾德將領導該部門。該系統還將設立一個名為 APUS Global 的軍事和退伍軍人部門。我們也非常高興努諾·費爾南德斯將繼續領導該部門。

We have upcoming process steps with our creditor, Higher Learning Commission, and the US Department of Education. We will provide updates and future earnings calls as we complete key milestones. Overall, we're very proud of our results and achievements in 2024. We believe in our future growth and opportunities in 2025 and beyond.

我們即將與債權人、高等教育委員會和美國教育部採取相關措施。當我們完成關鍵里程碑時，我們將提供最新消息和未來的收益電話會議。總的來說，我們對 2024 年的成果和成就感到非常自豪。我們相信 2025 年及以後的未來成長和機會。

Each of our education units was purpose built to deliver accessible and affordable higher education and training across a diverse range of subjects. By aiming to educate service-minded students and their families and by offering classes, certificates, and degrees in fields that will continue to have high demand, APEI enables students to experience a valuable lifelong return on their educational investment.

我們的每個教育部門都旨在提供涵蓋各種學科的、方便且價格合理的高等教育和培訓。APEI 致力於培養具有服務意識的學生及其家庭，並透過提供持續高需求領域的課程、證書和學位，使學生能夠體驗到教育投資的寶貴終身回報。

Our mission reflects those priorities to power purpose, potential, and prosperity for those in service to others. We're proud of the foundation for growth we have built, and we remain focused on setting clear, achievable goals for 2025 and beyond.

我們的使命反映了這些優先事項，即為那些為他人服務的人提供動力目標、潛力和繁榮。我們為已經建立的成長基礎感到自豪，並且我們將繼續致力於為 2025 年及以後製定清晰、可實現的目標。

With that, I will now turn the call over to APEI's Chief Financial Officer, 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 fourth quarter was $164.1 million, up $11.3 million, or 7.4% from the prior year period. Fourth-quarter revenue growth was driven by increased revenue at all of our education units. Hondros, in particular, delivered a 20% increase in revenue compared to the fourth quarter of 2023.

謝謝你，安吉。第四季總營收為 1.641 億美元，比去年同期增加 1,130 萬美元，增幅為 7.4%。第四季營收的成長得益於我們所有教育部門收入的成長。尤其是洪德羅斯 (Hondros)，其營收與 2023 年第四季相比成長了 20%。

Fourth-quarter revenue exceeded the top end of our guidance range. Total cost of expenses in the fourth quarter increased $5.7 million, or 4.2% as compared to the fourth quarter of 2023. The increase was primarily driven by increases in employee compensation costs and bad debt expense, partially offset by a decrease in advertising and depreciation in amortization expenses.

第四季度的收入超出了我們預期範圍的最高值。第四季的總費用成本與 2023 年第四季相比增加了 570 萬美元，增幅為 4.2%。這一增長主要由於員工薪資成本和壞帳費用的增加，但被廣告費用的減少和攤銷費用的折舊部分抵消。

In the fourth quarter, diluted net income per common share was $0.63 as compared to $0.64 in the prior year period. Fourth-quarter adjusted EBITDA was $31.4 million, which is above the top end of the guidance range and represented an adjusted EBITDA margin of 19.1% as compared to 16.8% in the prior year period. Fourth-quarter adjusted EBITDA represented a $5.7 million or 22.2% increase as compared to the prior year.

第四季，每股普通股攤薄淨收益為 0.63 美元，去年同期為 0.64 美元。第四季調整後的 EBITDA 為 3,140 萬美元，高於預期範圍的最高值，調整後的 EBITDA 利潤率為 19.1%，而去年同期為 16.8%。第四季調整後的 EBITDA 與上年相比成長 570 萬美元，即 22.2%。

At APUS, fourth-quarter revenue increased to $82.4 million, an increase of 3.8% as compared to the prior year period. Fourth-quarter net course registrations increased 7%, which was above the top end of our guidance range.

APUS 第四季營收增至 8,240 萬美元，較去年同期成長 3.8%。第四季淨課程註冊量成長了 7%，高於我們的指導範圍上限。

The increase in fourth-quarter net course registrations was driven by both military and military affiliated net course registrations. For the quarter, APUS EBITDA was $28.4 million and EBITDA margin was 34.5% as compared to 35% in the prior year period.

第四季淨課程註冊量的增加是由軍事和軍事附屬淨課程註冊量所推動的。本季度，APUS EBITDA 為 2,840 萬美元，EBITDA 利潤率為 34.5%，而去年同期為 35%。

At Rasmussen, fourth-quarter revenue was $57.5 million, an increase of 9.3% as compared to the prior year. In the fourth quarter, online enrollment increased 9% as compared to the prior year, and total enrollment increased 4% to approximately 14,600 students. On-ground enrollment continues to stabilize with first quarter 2025 on on-ground enrollment increasing 3.2% as compared to the prior year period.

拉斯穆森第四季營收為 5,750 萬美元，比上年成長 9.3%。第四季度，線上入學人數比前一年增加了 9%，總入學人數增加了 4%，達到約 14,600 名學生。實體入學人數持續保持穩定，2025 年第一季實體入學人數與去年同期相比成長了 3.2%。

In the fourth quarter, Rasmussen delivered positive EBITDA of 5.5 million as compared to EBITDA of $0.6 million in the prior year. As previously discussed, Rasmussen reported positive EBITDA of $3.1 million in the second quarter in the second half of 2024, delivering on our promise of positive 2H 2024 EBITDA.

第四季度，拉斯穆森的 EBITDA 為 550 萬美元，而去年同期的 EBITDA 為 60 萬美元。如前所述，拉斯穆森報告稱，2024 年下半年第二季的 EBITDA 為正 310 萬美元，兌現了我們對 2024 年下半年 EBITDA 為正的承諾。

At Hondros, fourth-quarter revenue was up 20% to $18.9 million as compared to the prior year period due to continued enrollment growth. For the quarter, Hondros enrollment, Hondros total enrollment increased 19.3% to approximately 3,700 students. At Hondros, EBITDA was $1.3 million in the fourth quarter of 2024 compared to $1.2 million in the prior year.

由於入學人數持續成長，Hondros 第四季營收比去年同期成長 20%，達到 1,890 萬美元。本季度，洪德羅斯學校的入學人數，洪德羅斯學校的總入學人數增加了 19.3%，達到約 3,700 名學生。在 Hondros，2024 年第四季的 EBITDA 為 130 萬美元，而去年同期為 120 萬美元。

Revenue at graduate school, included in corporate and other was $5.4 million as compared to $5 million in the prior year period. For the quarter, graduate school EBITDA was a loss of $0.7 million compared to an EBITDA loss of $1.1 million in the prior year period.

研究生院的收入（包括公司和其他收入）為 540 萬美元，而去年同期為 500 萬美元。本季度，研究生院 EBITDA 虧損 70 萬美元，而去年同期 EBITDA 虧損 110 萬美元。

At December 31, 2024, total cash equivalents, and restricted cash was $158.9 million, an increase of $14.6 million from year-end 2023. For the year ended December 31, 2024, cash flow from operations was $48.9 million compared to $45.5 million in the prior year.

截至 2024 年 12 月 31 日，現金等價物和受限現金總額為 1.589 億美元，比 2023 年底增加 1,460 萬美元。截至 2024 年 12 月 31 日止年度，經營現金流為 4,890 萬美元，而前一年為 4,550 萬美元。

CapEx in 2024 was $21.1 million and free cash flow for the year defined adjusted EBITDA less CapEx was $51.2 million compared to $45.7 million in 2023.

2024 年的資本支出為 2,110 萬美元，年度自由現金流（調整後 EBITDA 減去資本支出）為 5,120 萬美元，而 2023 年為 4,570 萬美元。

Principal on APEI's term loan at December 31st was $93 million With unrestricted cash of $132 million APEI continues to be net cash positive. Additionally, there are no borrowings under APEI's $20 million revolving credit facility, which remains fully available.

截至 12 月 31 日，APEI 定期貸款的本金為 9,300 萬美元，憑藉 1.32 億美元的非限制性現金，APEI 繼續保持淨現金為正。此外，APEI 的 2000 萬美元循環信貸額度下沒有借款，該額度仍然可用。

I'm going to turn now to our Outlook, which covers forward-looking statements subject to the various risks noted. For the first quarter of 2025, APUS total that course registrations are expected to be between 100,500 to 102,000 registrations, representing a 1.5% to 3% increase when compared to last year.

我現在要談談我們的展望，它涵蓋了受各種已知風險影響的前瞻性陳述。2025 年第一季度，APUS 預計課程註冊總數將在 100,500 至 102,000 個之間，與去年相比增長 1.5% 至 3%。

The first-quarter guidance is negatively impacted by the scheduled maintenance of the Army and Air Force TA portals that extended beyond its planned downtime. The outage lasted approximately two weeks, resulting in an overlap with the March session enrollment period.

陸軍和空軍技術援助入口網站的定期維護超出了計劃停機時間，對第一季的業績指引產生了負面影響。這次停電持續了大約兩週，導致與三月的註冊期重疊。

At Rasmussen and Hondros, first-quarter student enrollments are actual because of the quarterly starts at these schools. At Rasmussen, first quarter total online enrollment increased 11.1% to approximately 8,000 students, while total on-ground enrollment increased 3.2% to approximately 6,500 students for an aggregate enrollment of approximately 145,000 students. This represents a 7% increase when compared to the first quarter of 2024 and is our third consecutive quarter of overall positive year-over-year enrollment growth at Rasmussen.

在拉斯穆森和洪德羅斯，第一季的學生入學人數是實際的，因為這些學校每季開學一次。在拉斯穆森，第一季線上入學總人數增加了 11.1%，達到約 8,000 名學生，而實體入學總人數增加了 3.2%，達到約 6,500 名學生，總入學人數約為 145,000 名學生。與 2024 年第一季相比，這一數字增長了 7%，這也是拉斯穆森學院連續第三個季度實現入學人數同比增長。

At Hondros, first quarter total student enrollment increased 9.6% year over year to approximately 3,600 students. In the first quarter of 2025, consolidated revenue is expected to be between $161 million and $163 million. The company expects net income available to common shareholders to be between $1.7 million and $3.1 million or between income of $0.09 and $0.17 per diluted share. Adjusted EBITDA is expected to be between $13.5 million and $15.5 million in the first quarter of 2025.

在洪德羅斯，第一季學生總數年增 9.6%，達到約 3,600 名學生。2025年第一季，綜合收入預計在1.61億美元至1.63億美元之間。該公司預計普通股股東可獲得的淨收入在 170 萬美元至 310 萬美元之間，或每股收益在 0.09 美元至 0.17 美元之間。預計 2025 年第一季調整後 EBITDA 將在 1,350 萬美元至 1,550 萬美元之間。

We are providing full-year guidance with anticipated consolidated full-year 2025 revenue to be between $650 million and $660 million. We expect full-year adjusted EBITDA to be between $75 million and $85 million and net income available to common shareholders to be between $19 million and $26 million.

我們提供全年指導，預計 2025 年全年綜合收入將在 6.5 億美元至 6.6 億美元之間。我們預計全年調整後的 EBITDA 將在 7,500 萬美元至 8,500 萬美元之間，普通股股東可獲得的淨收入將在 1,900 萬美元至 2,600 萬美元之間。

Our net income guidance assumes the redemption of our preferred equity prior to the end of the second quarter, which would reduce preferred dividend payments by approximately $3 million in 2025 if redeemed mid-year and $6 million annually.

我們的淨收入指引假設我們的優先股在第二季結束前贖回，如果在年中贖回，那麼 2025 年的優先股股息支付將減少約 300 萬美元，每年將減少 600 萬美元。

We anticipate 2025 capital expenditures to be between $18 million and $22 million. This translates to free cash flow expectations for the full year defined as adjusted EBITDA less CapEx to be between $53 million and $67 million.

我們預計 2025 年資本支出將在 1,800 萬美元至 2,200 萬美元之間。這意味著全年自由現金流預期（定義為調整後的 EBITDA 減去資本支出）將在 5,300 萬美元至 6,700 萬美元之間。

With that operator, please open the line for questions.

請與該接線員聯繫，以便我們解答疑問。

Thank you, ladies and gentlemen. We will now begin the question-and-answer session. (Operator Instructions)

謝謝各位，女士們、先生們。我們現在開始問答環節。（操作員指示）

Stephen Sheldon.

史蒂芬·謝爾頓。

Hey, thanks and and nice work here. So within APUS, great to see the strong acceleration in 4Q. I think you noticed some portal timing headwinds, to enrollments in the first quarter, I guess how big of an impact was that and is that why enrollment growth is going to slow in 1Q and then I guess how should we think about enrollment trends potentially over the rest of the year?

嘿，謝謝，做得很好。因此，很高興看到 APUS 在第四季度實現了強勁成長。我認為您已經注意到第一季入學人數的一些門戶時機阻力，我想這會產生多大的影響，這是否也是為什麼第一季度入學人數增長會放緩的原因，然後我想我們應該如何看待今年剩餘時間的入學趨勢？

Right, so we don't have the exact impact because we're still late registering students. We've built in the anticipated impact, which is in the mid-single digits percentage wise into the first-quarter guidance, and then of course Matt, including in the first-quarter guidance means it's included in the full-year guidance.

是的，所以我們沒有受到確切的影響，因為我們仍然在延遲註冊學生。我們已經將預期的影響（百分比為個位數中段）納入第一季指引中，當然，馬特，將其納入第一季度指引意味著將其納入全年指引中。

But the good news is while the outage extended longer than was expected, it was expected to be somewhere around the week and it lasted slightly over two weeks, and it did to that extent impact first-quarter guidance.

但好消息是，雖然停電時間比預期的要長，但預計會持續一周左右，而且持續了兩週多一點，這在一定程度上影響了第一季的業績指引。

It's now behind us. The portal's working. We are continuing to late register students that would have otherwise registered during that outage period. And because of the full functioning of the port -- portal, students that want to register for future sessions, April and beyond are able to do so.

現在它已經過去了。門戶網站正在運行。我們將繼續延遲註冊那些原本可以在停課期間註冊的學生。而且由於門戶網站的全面運作，想要報名參加四月及以後課程的學生可以這樣做。

Got it. That's helpful. And then great to see you turn the corner on profit in Rasmussen this quarter. So I'm just curious, generally, how long are you thinking that it might take for Rasmussen to get back to a double-digit adjusted EBITDA margin profile? Is that something that we're expecting consistent improvement as we think about the next couple of years and just generally when you get back to that stronger market profile?

知道了。這很有幫助。很高興看到本季拉斯穆森的利潤出現轉機。所以我只是好奇，一般來說，您認為拉斯穆森需要多長時間才能恢復到兩位數的調整後 EBITDA 利潤率？當我們考慮未來幾年以及整體回到更強勁的市場狀況時，我們是否期待情況會持續改善？

Hey, Stephen, it's Rick. I said that and Angie corrected me by writing it on a piece of paper. My apology. Go ahead. If you want to take that, Angie or give that to you.

嘿，史蒂芬，我是瑞克。我這樣說了，安吉把它寫在紙上以糾正我。我很抱歉。前進。如果你想拿走它，安吉，或把它給你。

Stephen, how are you? So, we certainly aren't giving multi-year guidance presently, but we are really pleased with the acceleration in enrollment momentum we're seeing at Rasmussen both and it includes both our online unit as well as our campus-based unit.

史蒂芬，你好嗎？因此，我們目前當然不會提供多年的指導，但我們對拉斯穆森的招生勢頭加速感到非常高興，這包括我們的線上部門和校園部門。

So, we believe that we will see a significant flow through of that incremental revenue to the bottom line, and we're very excited about what we're seeing at Rasmussen right now.

因此，我們相信，我們將看到增量收入大幅流入底線，我們對目前在拉斯穆森看到的情況感到非常興奮。

Good to hear. And then just one more quick one if I could, as you think about the profit guide for the first quarter, you're expecting revenue to grow mid-single digits. You're expecting adjusted EBITDA to be down a decent amount year over year. You talk about what's driving that EBITDA contraction every year and whether there are timing or one-off issues we should be thinking about?

很高興聽到這個消息。如果可以的話，我再快速問一句，當您考慮第一季的利潤指南時，您預計收入將增長中等個位數。您預計調整後的 EBITDA 將年比大幅下降。您談論了導致 EBITDA 每年萎縮的原因以及我們是否應該考慮時間或一次性問題？

You want me to take that? Stephen, it's Rick. So, we look at the first quarter of '25 compared to the first quarter of '24. We're investing more in advertising as we've really hit the accelerator on the impact and effectiveness of advertising. So advertising is up about $2.1 million.

你想讓我拿走它嗎？史蒂芬，我是里克。因此，我們將 25 年第一季與 24 年第一季進行比較。我們正在增加對廣告的投資，因為我們確實在廣告的影響力和有效性方面取得了進步。因此廣告費用增加了約 210 萬美元。

We do have higher labor costs in Q1 this year at AQS than we did Q1 of last year. We invested as the marketing function continues to deliver good and even better results. We invested in student-facing staff admissions advising student support to really care for the needs of the prospects and new students that were coming in. So it's advertising and it's labor that's driving that year-to-year change.

AQS 今年第一季的勞動成本確實比去年第一季高。我們進行投資是因為行銷功能持續帶來良好甚至更好的結果。我們投資了學生導向的招生工作人員、學生諮詢支援人員，真正關心潛在學生和新生的需求。因此，正是廣告和勞動力推動著這種逐年的改變。

Makes sense. Thank you for the color and nice work.

有道理。感謝您的色彩和出色的作品。

Thank you very much.

非常感謝。

[Jasper Bid, Trust Securities].

[Jasper Bid，信託證券]。

Hey, good evening, everyone. I want to ask about the portfolio consolidation in the one institution. I know, we're, it's going to close in the fourth quarter or that's the plan, but, I guess, as of now, is there any way you could help frame for us? If you're expecting G&A savings associated with that, how large they might be and the potential timing in 2026 or beyond when we could expect to see that? Thank you.

嘿，大家晚上好。我想詢問一下同一家機構的投資組合合併情況。我知道，我們將在第四季度結束，或者這是計劃，但是，我想，截至目前，您有什麼辦法可以幫我們制定計劃嗎？如果您預計與此相關的 G&A 節省會有多大，以及我們預計在 2026 年或以後何時能夠看到這項節省？謝謝。

Thanks for the question, Jasper. Certainly, the -- we anticipate both revenue synergies and I'll talk about why that is as well as cost synergies and our belief is that we'll close in the fourth quarter of '25 that we have some important process steps coming up in the next few weeks that will finalize that timeline for us.

謝謝你的提問，賈斯柏。當然，我們預計會有收入綜效，我會談論為什麼會有這種效應，以及成本協同效應，我們相信我們將在 2025 年第四季完成，我們將在接下來的幾週內採取一些重要的流程步驟，最終確定我們的時間表。

I want to talk about the revenue synergy first because one of the things we're quite excited about is offering to our Hondros students who have only access to pre-licensure nursing programs today, the full ladder of post-licensure curriculum that exists at Rasmussen.

我想先談談收入協同效應，因為我們非常興奮的事情之一是為目前只能參加執照前護理課程的洪德羅斯學生提供拉斯穆森現有的完整的執照後課程。

Also, we believe that the online modality for our students at both Rasmussen and APUS are different in that one offers a monthly start, one offers a quarterly start, and we believe that students who may find one of those institutions and may not like that start pattern, we can offer them the alternative of our sister institution at the other institutions. So we believe there's a lot of revenue synergies we're going to see as a result of this combination.

此外，我們認為拉斯穆森和 APUS 為學生提供的線上學習模式有所不同，一個是按月開始，一個是按季度開始，我們相信，如果學生發現其中一個機構可能不喜歡這種開始模式，我們可以為他們提供其他機構的姊妹機構的替代方案。因此，我們相信，此次合併將帶來巨大的收入綜效。

As it relates to costs, we certainly see in the long term an opportunity to streamline some of the services that we have that overlap between the institutions today, but I think in the short term the the primary areas of cost synergies will be a few leadership positions at Hondros, and then importantly, we will be aligning our accreditation and other academic teams to the system level.

就成本而言，從長遠來看，我們當然看到了簡化目前各機構之間重疊的一些服務的機會，但我認為，短期內成本協同的主要領域將是洪德羅斯的幾個領導職位，然後重要的是，我們將把我們的認證和其他學術團隊與系統級別進行協調。

So, but by and large, this is not a cost reduction. That is not what this is intended to be. It's really about building these platforms to allow us to accelerate the growth in our both our military business as well as in our nursing and healthcare business.

所以，總的來說，這並不是成本降低。這並不是我們的本意。這實際上是為了建立這些平台，使我們能夠加速軍事業務以及護理和醫療保健業務的成長。

Thanks for that. And then, the online growth for Rasmussen has been really strong. It looks like you're looking for double digits in the first quarter. Could you frame some of the drivers of that growth and then also what you're seeing from a marketing yield perspective that's allowing you to generate these new starts?

謝謝。然後，拉斯穆森的線上成長非常強勁。看起來你希望在第一季取得兩位數的成績。您能否概括一下這種成長的一些驅動因素，以及從行銷收益角度來看，是什麼讓您能夠創造這些新的開端？

Yes, I'll start and then Rick, please jump in. So one of the things that we're particularly pleased with is the optimization of the marketing spent. We've turned our attention to organic lead generation as opposed to paid leads and as those leads have increased substantially the flow through on those leads has been very material.

是的，我先開始，然後 Rick，請加入。因此，我們特別高興的事情之一就是行銷支出的最佳化。我們將注意力轉向有機潛在客戶生成，而不是付費潛在客戶，隨著這些潛在客戶的大幅增加，這些潛在客戶的流量變得非常重要。

And so we've -- we actually saw a reduction in marketing spend at Rasmussen last year and an increase in conversion rates. So, that has had a substantial positive effect, in particular on our online enrollments, but certainly also on our campus-based enrollments, as well. The -- can you remind me what the second part of your question was? I don't remember what you said.

因此，我們實際上看到去年拉斯穆森的行銷支出有所減少，而轉換率則有所提高。因此，這產生了實質的正面影響，特別是對我們的線上招生，當然也對我們的校園招生產生了正面影響。你能提醒我你的問題的第二部分是什麼嗎？我不記得你說了什麼。

A drivers of enrollment strength and marketing yield.

招生實力和行銷收益的驅動因素。

Okay, yes, and so what we are also finding from a marketing perspective is that we turned our attention to what I would call hyperlocal marketing for our campuses, and that has had a significant positive effect on our campus-based enrollment growth.

好的，是的，從行銷角度來看，我們也發現我們將注意力轉向了我所說的校園超本地化行銷，這對我們校園招生的成長產生了顯著的正面影響。

We have returned to some fairly traditional methods, radio and some other very local market activities, and for the student demographic that we educate, it has been highly effective. And so, we're really treating those two businesses or two business segments as part of Rasmussen with different marketing strategies and that separation of marketing strategies is really paying off for us.

我們恢復了一些相當傳統的方法、廣播和其他一些非常本地化的市場活動，對於我們教育的學生群體來說，這種方法非常有效。因此，我們實際上將這兩項業務或兩個業務部門視為 Rasmussen 的一部分，並採用不同的行銷策略，而這種行銷策略的分離確實為我們帶來了回報。

I know there's typically some seasonality in the rest of the margin, but $5.5 million in [for EBITDA] is a decent margin.

我知道其餘利潤通常會受到一些季節性的影響，但 550 萬美元的 EBITDA 利潤率還是不錯的。

Looking ahead, I guess, just hoping you could frame for us what you expect [graph] and contribution is in your '25 EBITDA guidance and how you expect that to look on a quarterly basis for the year?

展望未來，我想，只是希望您能為我們勾勒出您的預期[圖表]和貢獻，這在您的'25 EBITDA 指導中，以及您預計今年按季度來看會如何？

We, Jasper, we don't break out those margin contributions by education unit presently, but, we, as I said before, the revenue, improvements that we're seeing at Rasmussen and certainly on a year-over-year basis are going to have a substantial flow through to the bottom line from a -- EBITDA and marginal improvement in all of 2025.

Jasper，我們目前沒有按教育部門細分這些利潤貢獻，但是，正如我之前所說，我們在拉斯穆森看到的收入、改進以及同比的改善將對利潤產生實質性的影響——EBITDA 和 2025 年全年的邊際改善。

Thanks so much.

非常感謝。

Thank you.

謝謝。

This concludes our Q&A session. With that, I will now turn the call back over to Angie for closing remarks. Please go ahead.

我們的問答環節到此結束。說完這些，我現在將電話轉回給安吉，請她做最後發言。請繼續。

Thank you all for joining American Public Education's fourth-quarter and full-year 2024 earnings and guidance call. We appreciate all that you do for our students and for APEI and look forward to our next call with you coming up shortly. Thank you very much.

感謝大家參加美國公共教育 2024 年第四季和全年收益和指導電話會議。我們感謝您為我們的學生和 APEI 所做的一切，並期待很快與您進行下一次通話。非常感謝。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time. Have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。祝您有美好的一天。