American Public Education Inc (APEI) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the APEI 3Q25 Earnings Hall. [Operator Instructions]

感謝您的耐心等待。我叫艾瑞克，今天我將擔任你們的會議接線生。此時此刻，我謹代表APEI歡迎各位來到2025年第三季業績發表會現場。[操作說明]

I'd now like to turn the call over to Brian Prenoveau; Investor relations. Please go ahead.

現在我將把電話交給投資人關係部門的布萊恩‧普雷諾沃。請繼續。

Thank you and good afternoon, everyone. Welcome to American Public Education's conference call to discuss third quarter 2025 results.

謝謝大家，下午好。歡迎參加美國公共教育協會的電話會議，本次會議將討論2025年第三季業績。

Joining me on the call today are Angela Selden; President and Chief Executive Officer, Edward H. Codispoti; executive Vice President and Chief Financial Officer, Gary Janson; senior Vice President of Growth and strategy.

今天與我一起參加電話會議的有：總裁兼執行長安吉拉·塞爾登；執行副總裁兼財務長愛德華·H·科迪斯波蒂；成長與策略高級副總裁加里·詹森。

Rick Sunderland, executive advisor to APEI, is also on today's call and will be available for the Q&A session. Materials for the call today are available in the events and presentations section of APEI's website.

APEI 的執行顧問 Rick Sunderland 也參加了今天的電話會議，並將在問答環節中回答問題。本次電話會議的資料可在APEI網站的活動和演示部分找到。

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.

本次電話會議及任何隨附的 APEI 及其子公司的簡報中，除歷史事實外，所有陳述均可能構成基於當前預期、假設、估計和預測的前瞻性陳述。

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, such as those identified in our Form 10-K under the heading Risk factors.

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所表達或暗示的結果有重大差異，例如我們在 10-K 表格「風險因素」標題下列出的風險和不確定性。

Including those related to potential impacts from government shutdowns or changing federal or state government policies, practices, and laws, including impacts on revenues or the timing of receivables. Forward-looking statements may sometimes be identified by words like anticipate, believe, seek, could, estimate.

包括與政府停擺或聯邦或州政府政策、做法和法律變更可能產生的影響相關的影響，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、估計等詞語來識別。

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.

期望、可以、可能、計劃、潛在地、拒絕、應該、將、會，以及類似或相反的字詞。前瞻性陳述包括但不限於有關註冊和入學人數、收入、盈利和調整後 EBITDA 以及其他盈利指導的預期陳述。

Our foundation for growth, the planned combination of our institutions, government, governmental and regulatory actions, their impact, and our response to those actions, changing market demands and our ability to satisfy such demands and other company initiatives.

我們發展的基礎，包括我們機構、政府、政府和監管行動的計劃組合、這些行動的影響以及我們對這些行動的回應、不斷變化的市場需求以及我們滿足這些需求的能力和其他公司舉措。

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

本簡報包含對非公認會計準則財務資訊的引用。我們使用的非GAAP財務指標與最直接可比較的GAAP指標之間的調節表位於今天簡報的附錄和收益報告中。

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

管理層認為，列示非GAAP財務資訊可以為投資者提供有關其經營業績的有用補充信息，並且應該僅用於此目的。僅應將其視為補充指標，而不應替代或優於按照公認會計原則編制的任何財務績效指標。

With that said, I'd like to turn the call over to APEI's President and CEO Angela.

接下來，我想把電話交給APEI的總裁兼執行長安吉拉。

Angie, please go ahead.

安吉，請繼續。

Thank you, Brian. Good afternoon and thank you for joining American Public Education's third quarter 2025 earnings call.

謝謝你，布萊恩。下午好，感謝各位參加美國公共教育公司2025年第三季財報電話會議。

Before we begin with the third quarter results, I would like to take this moment to introduce Ed Cotispode, APEI's new Chief Financial Officer. Ed joined APEI on October 20, 2025, and we're very excited to have him on board.

在開始介紹第三季業績之前，我想藉此機會介紹 APEI 的新財務長 Ed Cotispode。Ed 於 2025 年 10 月 20 日加入 APEI，我們很高興他能加入我們。

Ed joins us from NV5, a leader in technology and engineering consulting solutions. Prior to NV5, Ed was CFO of Alumno Holdings, a higher education company providing learning platforms and technology solutions to universities in Latin America.

Ed 來自 NV5，該公司是技術和工程諮詢解決方案的領導者。在加入 NV5 之前，Ed 曾擔任 Alumno Holdings 的財務官，該公司是一家高等教育公司，為拉丁美洲的大學提供學習平台和技術解決方案。

I will let Ed introduce himself further before he provides the financial overview. I also want to take this opportunity to thank Rick Sunderland for his dedicated service. For over 12 years, he has been instrumental in building and shaping APEI.

在艾德提供財務概覽之前，我將讓他進一步自我介紹。我還要藉此機會感謝里克·桑德蘭的盡職服務。十二年來，他為APEI的建設和發展做出了重要貢獻。

During Rick's tenure, APEI has navigated significant transformation across the enterprise, including the integration of new institutions and strengthening of the company's long-term position.

在里克的領導下，APEI 經歷了整個企業的重大變革，包括整合新機構和加強公司的長期地位。

Rick has been a steady hand, always steering APEI in the right direction through periods of growth and change, and his leadership has left a lasting positive impact on the organization.

Rick 一直是一位穩健的領導者，在 APEI 發展和變革的時期，他始終引領公司朝著正確的方向前進，他的領導對公司產生了持久的積極影響。

We appreciate that he has agreed to serve as an executive advisor over the next few months to facilitate a smooth transition. We will certainly miss him, while also wishing him the best during his next chapter.

我們感謝他同意在接下來的幾個月擔任執行顧問，以促進平穩過渡。我們一定會想念他，同時也祝福他在人生的下一個階段一切順利。

Moving on to the third quarter, we have four areas to highlight during today's call.

接下來進入第三季度，我們將在今天的電話會議上重點介紹四個面向。

First, I am very pleased with APEI's third quarter 2025 performance, as we have again exceeded our guidance ranges for all metrics including revenue, net income, EPS, and adjusted EBITDA through continued registration and enrollment momentum and expanding margins.

首先，我對 APEI 2025 年第三季的業績非常滿意，我們再次超越了所有指標的預期範圍，包括收入、淨利潤、每股收益和調整後 EBITDA，這得益於持續的註冊和入學勢頭以及不斷擴大的利潤率。

Registration and enrollment growth has outpaced our forecast and significantly contributed to the outperformance in our financial metrics. Registrations at APEI's in the third quarter increased 8% as compared to 3Q '24. This also represents a sequential acceleration in the rate of growth from 2Q '25.

註冊和入學人數的成長超過了我們的預期，並顯著促進了我們財務指標的優異表現。與 2024 年第三季相比，APEI 第三季的註冊人數增加了 8%。這也代表著自 2025 年第二季以來成長速度的逐步加快。

Enrollments at Rasmussen increased 10% versus 3Q '24. This represents the fifth consecutive quarter of year over year enrollment growth. I am particularly pleased that on-ground enrollments at Rasmussen are accelerating, taking advantage of our existing cap facility capacity or what we call filling the back row.

與 2024 年第三季相比，拉斯穆森學院的入學人數增加了 10%。這是入學人數連續第五個季度同比增長。我特別高興的是，拉斯穆森學院的現場招生人數正在加速成長，充分利用了我們現有的場地容量，或者我們稱之為填滿最後一排。

Enrollment at Hondros College of Nursing continued their strong momentum, increasing 18% as compared to 3Q '24.

Hondros護理學院的入學人數持續保持強勁成長勢頭，與2024年第三季相比成長了18%。

Second, as previously disclosed, we completed the sale of Graduate School USA on July 25, 2025.

第二，正如先前所揭露的那樣，我們於 2025 年 7 月 25 日完成了對美國研究生院的出售。

Early this year, as we prioritize the combination of our degree-granting institutions, we determined that the graduate school training business was no longer a strategic fit within our future growth strategy.

今年年初，當我們優先考慮合併我們的學位授予機構時，我們認定研究生培訓業務不再符合我們未來的發展策略。

We were very pleased to find a new home for graduate school that is more aligned with its mission and market position, allowing us to focus on growing our core degree granting businesses, including the military affiliated, veteran, nursing, and other healthcare communities.

我們非常高興地為研究生院找到了一個更符合其使命和市場地位的新家，使我們能夠專注於發展我們的核心學位授予業務，包括與軍隊相關的、退伍軍人的、護理的和其他醫療保健社區。

Third, as we continue our work to simplify the overall operational businesses at APEI at the end of Q2 '25, we received HLC approval and submitted our combination request to the Department of Education.

第三，在我們繼續努力簡化 APEI 的整體營運業務之際，截至 2025 年第二季末，我們已獲得 HLC 批准，並向教育部提交了合併申請。

In Q3 '25, after dialogue with the Department of Education team newly assigned to our transaction, we were informed that we should follow a different process for the planned combination of our institutions rather than the one originally undertaken.

2025 年第三季度，在與新指派負責我們交易的教育部團隊進行對話後，我們被告知，對於我們計劃合併的機構，我們應該遵循與最初採取的流程不同的流程。

As a result, in September, we were required to submit and completed the submission of a new application first to the HLC, which will be reviewed at their board meeting in February of 2026. This application contains substantially the same content as our prior submission.

因此，在 9 月份，我們被要求首先向 HLC 提交並完成了新的申請，該申請將在 2026 年 2 月的董事會會議上進行審查。本次申請的內容與我們先前提交的內容基本相同。

We have also provided to the Department of Education our expected timeline for the completion of this newly submitted combination plan to take effect in the beginning of the third quarter of 2026 for the 2026 Student Financial aid award year.

我們還向教育部提供了我們預計完成這項新提交的綜合計劃的時間表，該計劃將於 2026 年第三季初生效，用於 2026 年學生資助獎勵年度。

fourth, our simplification actions have also strengthened our balance sheet and should enable our subsidiary institutions to continue to produce improved financial results.

第四，我們的簡化措施也增強了我們的資產負債表，並應使我們的子公司能夠繼續取得更好的財務表現。

With the Department of Education removing the restrictions on the USD24.5 million letter of credit that dated before the close of our acquisition of Rasmussen, that cash, now unrestricted on our balance sheet, contributes to the unrestricted cash and equivalent totaling USD193.1 million as of September 30, 2025.

由於教育部取消了對我們收購 Rasmussen 完成之前開立的 2,450 萬美元信用證的限制，這筆現金現在已不再受限地計入我們的資產負債表，截至 2025 年 9 月 30 日，不受限制的現金及等價物總額達到 1.931 億美元。

As a result of our recent redemption of our preferred equity at the end of the second quarter, we will save approximately USD6 million annually from the elimination of the cash dividend payments.

由於我們在第二季末贖回了優先股，取消現金股息支付後，我們每年將節省約 600 萬美元。

Also, the sale of graduate school eliminated a USD28 million lease liability, which will save us approximately USD4 million in lease payments annually and also reduces our total liabilities.

此外，出售研究生院還消除了 2800 萬美元的租賃負債，這將使我們每年節省約 400 萬美元的租賃付款，並減少我們的總負債。

These changes have improved our cash position and will increase our cash flow by approximately USD10 million per year on a pre-tax basis, which will meaningfully improve net income and earnings per share.

這些變化改善了我們的現金狀況，並將使我們的稅前現金流每年增加約 1000 萬美元，這將顯著提高淨收入和每股收益。

We believe we are now positioned with more financial flexibility and an improved capital structure to more confidently pursue our growth initiatives. Moving now to more details about the third quarter 2025 results, starting first with API's nursing and healthcare institutions.

我們相信，我們現在擁有更大的財務靈活性和更完善的資本結構，可以更有信心地推進我們的成長計畫。接下來，我們將詳細介紹 2025 年第三季的業績，首先從 API 的護理和醫療保健機構開始。

Rasmussen continues to produce strong results. Rasmussen's enrollment increased 10% in 3Q '25 and 9% in 4Q '25, representing the fifth and sixth consecutive quarters of year over year enrollment increases.

Rasmussen 持續取得優異成績。Rasmussen 的入學人數在 2025 年第三季度增長了 10%，在 2025 年第四季度增長了 9%，這是連續第五個和第六個季度入學人數同比增長。

As mentioned in previous calls, by leveraging its existing fixed cost structure, Rasmussen has been and will continue to experience increased operating leverage as enrollments continue to increase.

正如先前電話會議中所提到的，透過利用其現有的固定成本結構，隨著入學人數的持續增加，Rasmussen 已經並將繼續享受更高的營運槓桿。

Continued enrollment growth will also flow through the EBITDA margins. Importantly, we are carrying an additional 1,300 enrollments into 4Q '25 as compared to 4Q '24 that we will continue to build upon in 2026.

入學人數的持續成長也將反映在 EBITDA 利潤率上。重要的是，與 2024 年第四季相比，我們在 2025 年第四季新增了 1300 名學生，我們將在 2026 年繼續在此基礎上發展。

With our current campus footprint, we believe our strategy that we call filling the back row by working to ensure each of our classes and sections is maxing out capacity at our current campuses has been successful with increasing enrollments and improving EBITDA flow through on each incremental student.

憑藉我們目前的校園規模，我們相信，我們稱之為「填滿後排」的策略，即努力確保我們現有校園的每個班級和班級都達到最大容量，已經成功地增加了入學人數，並提高了每個新增學生帶來的 EBITDA 收益。

At Hondros College of Nursing, as previously reported, 3Q '25 enrollment was strong, with 18% growth as compared to 3Q '24.

正如先前報導的那樣，洪德羅斯護理學院 2025 年第三季的入學人數表現強勁，與 2024 年第三季相比成長了 18%。

4Q '25 enrollments continue a positive trend, increasing 9% year over year to 4,000 students off of a very strong prior year comp. We believe that the business combination of Rasmussen and Hondros College of Nursing will provide us with an improved platform to add programs, scale enrollment, and increase margins.

2025 年第四季入學人數持續保持正面趨勢，年增 9%，達到 4,000 名學生，這得益於上一年非常強勁的入學人數。我們相信，拉斯穆森和洪德羅斯護理學院的業務合併將為我們提供更好的平台，以增加課程、擴大招生規模並提高利潤率。

Turning to APEI's online university educating our nation's military, veterans and their families, in the third quarter, overall APEI's net course registrations increased 8% year over year. Revenue at APEI's also increased over 8%.

再來看看 APEI 的線上大學，該大學為我國的軍人、退伍軍人及其家屬提供教育。第三季度，APEI 的淨課程註冊量年增了 8%。APEI的營收也成長了8%以上。

Turning our attention to Q4, the government shutdown has muted military enrollments at APEI's for October and November.

將我們的注意力轉向第四季度，政府停擺導致 APEI 在 10 月和 11 月的軍事招生人數減少。

We are, however, pleased that several of the military branches are now authorizing tuition assistance benefits through the use of the USD100 million of tuition assistance funds that were authorized in the One Big Beautiful Bill Act.

不過，我們很欣慰地看到，一些軍事部門現在正在利用《一項偉大的美麗法案》中授權的 1 億美元學費援助資金，批准學費援助福利。

Further, those branches have been selectively bringing back furloughed workers to help assist with those TA approvals.

此外，這些分公司有選擇地召回了休假員工，以幫助處理這些差旅津貼審批事宜。

Additionally, last night's Senate vote test vote yielded enough votes for the amended CR to pass the Senate, perhaps even today, and head back to the House for consideration, possible approval, and passage to the President for signature perhaps as early as the end of this week.

此外，昨晚參議院的投票測試投票獲得了足夠的票數，使得修正後的持續撥款決議案在參議院獲得通過，甚至可能就在今天，然後返回眾議院進行審議，並有可能獲得批准，最終提交總統簽署，最早可能在本週末就能完成。

It is our understanding that upon Presidential signature, workers would be called back from furlough and TA funds would again be available for use during the CR period.

據我們了解，一旦總統簽署，工人將被召回，休假期間的TA資金將再次可供使用。

We remain confident that TA will continue to be a critical Department of Defense recruiting tool as it is a benefit to service members in exchange for voluntary enlistment.

我們仍然相信，TA（技術援助）將繼續成為國防部重要的徵兵工具，因為它能為自願入伍的現役軍人帶來好處。

It is also seen as a force shaping tool because by offering these educational opportunities, the military can attract and develop human capital with a higher skill set, thus strengthening our US Armed Services forces.

這也被視為一種力量塑造工具，因為透過提供這些教育機會，軍隊可以吸引和培養具有更高技能的人才，從而增強美國武裝部隊的力量。

As we await the passage of the CR and the Defense Appropriations bill, we have implemented various cost saving measures and are continuing to evaluate additional opportunities to mitigate the adverse impacts.

在等待持續撥款法案和國防撥款法案通過的同時，我們已經實施了各種節約成本的措施，並正在繼續評估其他減輕不利影響的機會。

Overall, across our three education units, we are so pleased with the resilience of our team, especially given the government shutdown uncertainty. We've delivered consistent performance that we've demonstrated over the last 18 months.

整體而言，在我們三個教育部門中，我們對團隊的韌性感到非常滿意，尤其是在政府停擺帶來的不確定性下。過去18個月以來，我們一直保持著穩定的業績。

We are confident in our ability to continue executing and taking advantage of the growth drivers that we believe will accelerate growth and profitability and provide more students with more educational opportunities.

我們有信心繼續執行並利用我們認為能夠加速成長和獲利能力並為更多學生提供更多教育機會的成長驅動因素。

We look forward to welcoming investors and analysts to our November 20, 2025 Investor Day at the New York Athletic Club in New York City to provide a longer-term view of APEI's growth strategies and financial outlook.

我們期待在 2025 年 11 月 20 日於紐約市紐約體育俱樂部舉行的投資者日活動上，歡迎投資者和分析師蒞臨，共同探討 APEI 的長期成長策略和財務前景。

APEI enables students to experience a valuable lifelong return on their educational investment.

APEI 使學生能夠從他們的教育投資中獲得終身的寶貴回報。

Our vision remains to offer education that transforms lives, advances careers, and improves communities by providing online and campus-based post-secondary education to over 107,000 students.

我們的願景仍然是提供能夠改變生活、促進職業發展、改善社區的教育，為此，我們將為超過 107,000 名學生提供線上和校園高等教育。

Our mission to power purpose, potential, and prosperity for those in service to others reflects our focus on a student population which is resilient in the face of AI transformation and potential threat.

我們致力於為服務他人的人們賦能，賦予他們目標、潛能和繁榮，這反映了我們對學生群體的關注，他們能夠適應人工智慧的變革和潛在威脅。

Our nursing education prioritizes in-person bedside care, and our military service members continue to be critical, active participants to US military strategies.

我們的護理教育重視床邊護理，而我們的軍人仍然是美國軍事戰略中至關重要的積極參與者。

Each of our education units is purpose-built to deliver accessible and affordable higher education across a diverse range of subjects. I'd like to thank each of our employees and faculty that work tirelessly to make our mission a reality.

我們每個教育單元都經過精心打造，旨在提供涵蓋各種學科的便利且價格合理的優質高等教育。我要感謝我們每一位員工和教職員工，感謝他們為實現我們的使命而努力不懈。

With that, I will now turn the call over to APEI's new Chief Financial Officer, Ed Codispoti.

接下來，我將把電話交給 APEI 的新任財務長 Ed Codispoti。

Thank you, Angie. I'm delighted to be on today's earnings call as I begin my fourth week with the company.

謝謝你，安吉。我很高興能參加今天的財報電話會議，因為這是我加入公司的第四週。

As Angie mentioned earlier, I came to APEI after serving as CFO of MD5 Global, an engineering and technology solutions firm.

正如 Angie 之前提到的，我加入 APEI 之前曾擔任 MD5 Global（一家工程和技術解決方案公司）的財務長。

And before that I was with Alumna Holdings, a company that owned universities and delivered technology solutions to higher education institutions across Latin America.

在此之前，我曾在 Alumna Holdings 工作，這是一家擁有大學並為拉丁美洲各地高等教育機構提供技術解決方案的公司。

The CFO role at APEI is an exciting opportunity to bring together my experience in driving growth and advancing higher education while focusing on meaningful student outcomes.

APEI 的財務長一職對我來說是一個令人興奮的機會，它讓我能夠將我在推動成長和推進高等教育方面的經驗與專注於有意義的學生成果結合起來。

I'd also like to say that I very much appreciate working with Rick Sunderland, who has done such a great job as CFO of APEI for over 12 years.

我還要說，我非常感謝與 Rick Sunderland 共事，他擔任 APEI 的財務長超過 12 年，工作非常出色。

The transition so far has been seamless. I look forward to meeting with investors and analysts in the coming weeks and months.

目前為止，過渡過程非常順利。我期待在接下來的幾週和幾個月與投資者和分析師會面。

Turning now to our quarterly results, total revenue in the third quarter was USD163.2 million an increase of USD10.1 million or 7% from the prior year period.

現在來看看我們的季度業績，第三季總營收為 1.632 億美元，比上年同期成長 1,010 萬美元，成長 7%。

As we sold Graduate School USA in July. If you exclude Graduate School USA, third quarter revenue of USD800,000 and third quarter of prior year revenue of USD8.1 million our revenues would have been 5% higher or aggregate growth of 12%.

我們在7月份出售了美國研究生院。如果排除美國研究生院第三季 80 萬美元的收入和去年同期 810 萬美元的收入，我們的收入將成長 5%，或總成長率達到 12%。

Total costs and expenses in the third quarter were USD153.5 million an increase of USD4.5 million or 3% as compared to the third quarter of 2024.

第三季總成本和費用為 1.535 億美元，比 2024 年第三季增加了 450 萬美元，增幅為 3%。

The increase was primarily driven by a USD3.9 million loss related to the sale of graduate school USA in July 2025 and a USD2.5 million increase in advertising costs as we invest in student enrollments for growth.

此次成長主要是由於 2025 年 7 月出售美國研究生院造成的 390 萬美元損失，以及由於我們投資學生招生以實現成長而導致的 250 萬美元廣告費用增加。

In the third quarter, net income available to common shareholders was USD5.6 million which was almost seven times higher than net income of USD700,000 in the prior year, and EPS increased significantly to USD0.30 per diluted share in the third quarter of 2025 versus USD0.04 in the third quarter of last year.

第三季度，歸屬於普通股股東的淨利為 560 萬美元，幾乎是去年同期淨利 70 萬美元的七倍；每股收益大幅成長至 2025 年第三季的每股攤薄收益 0.30 美元，而去年同期為 0.04 美元。

Third quarter adjusted EBITDA increased 60% to USD20.7 million as compared to the prior year period adjusted EBITDA of USD12.9 million driven by increased revenue and margin expansion of 424 basis points.

第三季調整後 EBITDA 成長 60% 至 2,070 萬美元，而上年同期調整後 EBITDA 為 1,290 萬美元，主要得益於營收成長和利潤率提升 424 個基點。

This was above the top end of the guidance range and represented an adjusted EBITDA margin of 13% as compared to 8% in the prior year.

這高於預期範圍的上限，調整後的 EBITDA 利潤率為 13%，而上一年為 8%。

Looking now at our segments at Apis, third quarter revenue increased USD83.1 million an 8% increase as compared to the prior year period.

現在來看 Apis 的各個業務板塊，第三季營收成長了 8,310 萬美元，比去年同期成長了 8%。

The increase was driven by third quarter 2025 net course registrations, which increased 8% as compared to the prior year period.

成長主要得益於 2025 年第三季淨課程註冊量，與去年同期相比成長了 8%。

EBITDA for AIS was USD26.2 million for the quarter, a 19% increase over the prior year period.

AIS本季的EBITDA為2,620萬美元，較上年同期成長19%。

At Rasmussen, third quarter revenue was USD60.8 million an increase of 16% as compared to the third quarter of last year. The increase was fueled by a 12% increase in on-ground enrollment and an 11% increase in online enrollment.

Rasmussen 第三季營收為 6,080 萬美元，比去年第三季成長 16%。此次成長主要得益於現場報名人數成長 12% 和線上報名人數成長 11%。

This enrollment growth brings total Erasmus and student enrollment to 14,900 students and contributed to our EBITDA of USD825,000 which grew significantly from the EBITDA loss of USD4.5 million in the prior year period.

招生人數的增長使 Erasmus 學生和普通學生的總招生人數達到 14,900 人，並為我們的 EBITDA 帶來了 825,000 美元的收益，與上一年 EBITDA 虧損 450 萬美元相比，實現了顯著增長。

At Hondros College of Nursing, third quarter revenue was up 19% to USD18.4 million as compared to the prior year period due to continued enrollment growth.

由於入學人數持續成長，洪德羅斯護理學院第三季營收比上年同期成長 19%，達到 1,840 萬美元。

For the quarter, Hondro's College of Nursing total enrollment increased 8%, I'm sorry, 18% to approximately 3,700 students, and third quarter EBITDA was a loss of USD336,000 compared to the loss of USD259,000 in the prior year period.

本季度，洪德羅護理學院的總入學人數增加了 8%，不，是 18%，達到約 3700 名學生，第三季度 EBITDA 虧損 336,000 美元，而去年同期虧損 259,000 美元。

Our balance sheet and cash flows also improved when compared to the prior year period. Cash flow from operations for the nine months ended September 30, 2025 increased 56% to USD73.5 million.

與去年同期相比，我們的資產負債表和現金流量也有所改善。截至 2025 年 9 月 30 日的九個月，經營活動產生的現金流量成長 56%，達到 7,350 萬美元。

Our free cash flow defined here as adjusted EBITDA less CapEx nearly doubled for the nine month period at USD45.2 million.

我們此處定義的自由現金流（調整後的 EBITDA 減去資本支出）在九個月期間幾乎翻了一番，達到 4,520 萬美元。

As of September 30, 2025, total cash equivalent and restricted cash increased 22% to USD193.1 million an increase of USD34.2 million from the year end of 2024.

截至 2025 年 9 月 30 日，現金等價物和受限現金總額成長 22% 至 1.931 億美元，比 2024 年末增加了 3,420 萬美元。

Subtracting our USD96.4 million secured note, our net cash position was USD96.7 million at quarter end.

扣除9,640萬美元的擔保票據後，截至季末，我們的淨現金部位為9,670萬美元。

Additionally, as noted earlier, at the end of the second quarter, we redeemed all our outstanding preferred stock for USD43.1 million and completed the sale of two corporate administrative office buildings in Charlestown, West Virginia for net proceeds of USD22.5 million.

此外，如前所述，在第二季末，我們以 4,310 萬美元的價格贖回了所有未償還的優先股，並完成了位於西維吉尼亞州查爾斯頓的兩棟公司行政辦公大樓的出售，淨收益為 2,250 萬美元。

CapEx totaled USD11.8 million in the first nine months of 2025 compared to USD17.7 million in the prior year period.

2025 年前九個月的資本支出總額為 1,180 萬美元，而去年同期為 1,770 萬美元。

Principal on APEI's term loan at September 30 was consistent with the prior quarter at USD96.4 million and our USD20 million revolving credit facility remains fully available.

截至 9 月 30 日，APEI 的定期貸款本金與上一季持平，為 9,640 萬美元，我們 2,000 萬美元的循環信貸額度仍然完全可用。

I believe this demonstrates the strength of our balance sheet, which we believe positions us well for future growth.

我認為這體現了我們資產負債表的穩健性，我們相信這將為我們未來的成長奠定良好的基礎。

Turning now to our fourth quarter and four year outlook which covers forward-looking statements subject to the various risks noted earlier.

現在轉向我們的第四季度和四年展望，其中包括一些前瞻性陳述，這些陳述受到前面提到的各種風險的影響。

Before I discuss our guidance for fourth quarter 2025, it would be helpful to refer to slide 12 of the presentation deck so that we can describe how we have incorporated the government shutdown in our guidance.

在討論我們對 2025 年第四季的業績指引之前，請允許我參考簡報的第 12 頁，以便我們能夠描述我們是如何將政府停擺納入我們的業績指引中的。

Our original revenue guidance for full year 2025 was within a range of USD650 million to USD660 million.

我們最初對 2025 年全年的營收預期在 6.5 億至 6.6 億美元之間。

We are pleased that APEI's and Erasmussen outperformed with respect to our previous expectations by about USD22 million.

我們很高興 APEI 和 Erasmussen 的表現都超出了我們先前的預期，超出幅度約 2,200 萬美元。

Additionally, we sold Graduate School USA in 2025 and its negative impact to the guidance, including its first half underperformance, was approximately USD18 million.

此外，我們於 2025 年出售了美國研究生院，其對業績指引的負面影響（包括上半年業績不佳）約為 1,800 萬美元。

If we assume that the shutdown would result in an impact to revenue between USD20 million and USD24 million, our revised guidance for the year would be USD640 million to USD644 million.

如果我們假設停工將導致收入減少 2,000 萬美元至 2,400 萬美元，那麼我們修訂後的年度收入預期將為 6.4 億美元至 6.44 億美元。

For the fourth quarter of 2025, APEI's total net course registrations are expected to be between 65,000 to 74,400 registrations, representing a 33% to 23% decrease when compared to last year impacted by the government shutdown.

預計 2025 年第四季 APEI 的課程淨註冊總數將在 65,000 至 74,400 人次之間，與去年相比，受政府停擺的影響，將下降 33% 至 23%。

At Rasmussen and Hondros College of Nursing, fourth quarter student enrollments are actual, because the quarterly starts at these schools, are known at this time.

在拉斯穆森和洪德羅斯護理學院，第四季度的學生入學人數是實際的，因為這些學校的季度開學時間此時已經確定。

At Rasmussen, fourth quarter, total on-ground enrollment increased 13% to approximately 7,100 students, and total online enrollment increased 6% to approximately 8,800 students for an aggregate enrollment of approximately 15,900 students.

在拉斯穆森學院，第四季度，地面入學總人數增加了 13%，達到約 7100 名學生；線上入學總人數增加了 6%，達到約 8800 名學生，總入學人數約為 15900 名學生。

This represents a 9% increase when compared to the fourth quarter of 2024. At Hondros College of Nursing, fourth quarter total student enrollment increased 9% year over year to approximately 4,000 students.

與 2024 年第四季相比，這代表成長了 9%。Hondros護理學院第四季學生總入學人數較去年同期成長9%，達到約4,000名學生。

In the fourth quarter of 2025, consolidated revenue is expected to be between USD150 million and USD153.5 million again impacted by the government shutdown.

2025 年第四季度，合併收入預計將在 1.5 億美元至 1.535 億美元之間，再次受到政府停擺的影響。

The company expects fourth quarter net income available to common stockholders to be between a profit of USD5.9 million and USD8.3 million or between USD0.32 and USD0.45 per diluted share. Fourth quarter 2025 adjusted EBITDA is expected to be between USD18.5 million.USD22 million dollars.

該公司預計第四季歸屬於普通股股東的淨利潤將在 590 萬美元至 830 萬美元之間，或每股攤薄收益在 0.32 美元至 0.45 美元之間。預計 2025 年第四季調整後 EBITDA 將在 1,850 萬美元至 2,200 萬美元之間。

Therefore, for the full year 2025, we are changing our anticipated consolidated revenue to a range of USD640 million to USD644 million.

因此，對於 2025 年全年，我們將預期合併收入調整為 6.4 億美元至 6.44 億美元。

Net income available to common shareholders for the year is expected to be between USD17.2 million and USD19.6 million.

本年度歸屬於普通股股東的淨利預計在 1,720 萬美元至 1,960 萬美元之間。

Our full year 2025 adjusted EBITDA guidance is between USD75 million and USD79 million dollars, and our full year CapEx is expected to be between USD15 million and USD17 million dollars.

我們對 2025 年全年調整後 EBITDA 的預期在 7,500 萬美元至 7,900 萬美元之間，全年資本支出預計在 1,500 萬美元至 1,700 萬美元之間。

The updated full year adjusted EBITDA and CapEx guidance translates to free cash flow expectations for the full year defined as adjusted EBITDA that's CapEx to be between USD58 million and USD64 million dollars.

更新後的全年調整後 EBITDA 和資本支出預期轉化為全年自由現金流預期（定義為調整後 EBITDA 減去資本支出），預計在 5,800 萬美元至 6,400 萬美元之間。

I'll now pass it back to Angie for closing remarks, after which we will begin our question-and-answer session. Angie.

現在我將把發言權交還給安吉，請她作總結發言，之後我們將開始問答環節。安吉。

Thank you, Ed. Great job on your first call. In closing, we have spent much of the past year setting financial and operating goals and then delivering on those results.

謝謝你，埃德。你第一次通話就做得很好。最後，在過去一年中，我們主要致力於制定財務和營運目標，並努力實現這些目標。

Rasmussen and Hondros College of Nursing are delivering consistent positive enrollment growth and profitability.

Rasmussen 和 Hondros 護理學院的招生人數和獲利能力持續成長。

APEI's, with the exception of the market anomaly of the government shutdown, continues to deliver growth and high margins.

除了政府停擺這一市場異常情況外，APEI 繼續保持成長和高利潤率。

At the beginning of the year we set expectations for redeeming our preferred equity, selling our corporate buildings, and simplifying our business structure, and we have delivered on these actions.

年初，我們制定了贖回優先股、出售公司大樓和簡化業務結構的預期目標，而我們已經實現了這些目標。

Our organization was purpose built to deliver affordable and accessible educational opportunities in fields which are in high demand.

我們組織的宗旨是提供價格合理、人人都能獲得的、高需求領域的教育機會。

We believe that our platform and the sector tailwinds set APEI up to accelerate growth and bring more educational opportunities to a greater audience across the country and across the world.

我們相信，我們的平台和產業順風將協助 APEI 加速發展，並為全國乃至全世界更廣泛的受眾帶來更多教育機會。

We are as optimistic today as we've ever been about the long-term potential of our company, and we look forward to sharing more details about that long-term potential on our November 20 Investor Day in New York City.

我們對公司的長期發展潛力比以往任何時候都更加樂觀，我們期待在 11 月 20 日於紐約市舉行的投資者日上分享更多關於公司長期發展潛力的細節。

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

接下來，我將把電話轉回給接線生，開始我們的問答環節。

[Operator Instructions]

[操作說明]

Your first question comes from the line of Thomas White with DA Davidson.

你的第一個問題源自於托馬斯懷特和 DA 戴維森的那條線索。

Please go ahead.

請繼續。

Great. Thanks for taking my question. Good evening. First off, nice results in the quarter, guys. Congrats, to you, Ed, on the new role, and good luck to Rick going forward.

偉大的。謝謝您回答我的問題。晚安.首先，夥計們，本季成績不錯。恭喜你，艾德，榮任新職，也祝福里克未來一切順利。

I guess just on the tuition assistance disruption at APEI's, I was hoping, Andre, maybe you could just talk a little bit about your plans for driving kind of re-enrollments for the students that were forced to be dropped and I don't know.

我想說的是，關於 APEI 的學費資助中斷問題，安德烈，我希望你能談談你為那些被迫退學的學生重新入學所做的計劃，我也不知道。

Do you guys expect that there'll be any sort of permanent demand, kind of destruction as a result of this, or is it just temporary, and then I had to follow-up.

你們認為這會造成某種永久性的需求或破壞嗎？還是只是暫時的？之後我又得跟進一下。

Okay great thanks umm first I would say a couple things are happening right and I'd like to just emphasize a few.

好的，非常感謝。嗯……首先我想說，目前有幾件事正在發生，我想強調幾點。

Even though, the CR has not yet been approved, we are so pleased that, the three largest branches Army, Air Force, and Navy are using the, one big beautiful bill, USD100 million of tuition assistance funds to allow, service members to register even without.

儘管 CR 尚未獲得批准，但我們非常高興地看到，陸軍、空軍和海軍這三大軍種正在利用一項總額高達 1 億美元的學費援助資金，讓軍人即使沒有學費也能註冊入學。

The approval of this of the CR, so we have seen more registrations flowing in December than we had in October and November as a result. So we're very pleased that we're starting to see demand come back already in December even without the the passage of the the CR and inside the CR is the defense appropriations bill.

由於 CR 的批准，我們看到 12 月的註冊量比 10 月和 11 月都要多。因此，我們非常高興地看到，即使沒有通過 CR，12 月需求也已經開始回升，而 CR 中包含了國防撥款法案。

We have electronic marketing campaign to every single student who was registered in October and November and who got dropped for nonpayment and we fully expect that those folks are going to continue their education this has only happened once in the last 12 years which was the last time was in 2013.

我們對10月和11月註冊但因未繳費而被退學的每一位學生都開展了電子行銷活動，我們完全相信這些人會繼續他們的學業。這種情況在過去12年中只發生過一次，上一次是在2013年。

And at the results of that was no decrease in in our demand so while we can't be. Certain about what our future expectations for TA enrollments are going to be, that data point tells us that this should be a short-term matter and not a long-term decline in our expectations for TA enrollment.

結果顯示我們的需求並沒有減少，所以雖然我們不能。鑑於我們對未來助教招生人數的預期，該數據點告訴我們，這應該是一個短期問題，而不是我們對助教招生人數預期的長期下降。

Oh, great, that's very helpful, thanks. And then just maybe one follow-up I could, if I could on the kind of on the plan to integrate the three institutions, it sounds like maybe there's been a minor speed bump there.

哦，太好了，這很有幫助，謝謝。然後，如果可以的話，我或許可以就整合這三個機構的計畫再補充一點，聽起來好像遇到了一些小障礙。

Can you just maybe explain whether the new process, did it change at all, kind of how you're thinking about the ultimate. Benefits of integrating the three institutions either from sort of an expense or revenue synergy standpoint. Thanks.

您能否解釋一下，新的流程是否改變了您對最終目標的思考？從成本或所得綜效的角度來看，整合這三個機構的好處是…謝謝。

Sure, great question. We remain very committed to the combination of our three institutions and nothing has changed about our conviction around that. I would say that this, is a procedural matter.

當然，問得好。我們仍然堅定地致力於三個機構的合併，對此我們的信念沒有任何改變。我認為這是一個程序問題。

There's a different form that we needed to complete, and, when we submitted to the HLC the second time around, instead of 3,600 pages of documentation we submitted 4,000 pages of documentation to support the change, but I would say substantially all of what we had in the first, submission was reused and reorganized for the second submission.

我們需要填寫一份不同的表格，而且，當我們第二次向 HLC 提交時，我們提交了 4000 頁的文件來支持這項變更，而不是第一次提交的 3600 頁文件。但我認為，我們在第一次提交中提交的幾乎所有內容都在第二次提交中被重新利用和組織。

When the Department of Education, was reduced in force at the beginning of 2025, we received a new team assignment, and that team assignment had a different view on which, process we.

2025年初，教育部縮減規模，我們被分配到一個新的團隊，而這個團隊對我們採取的流程有不同的看法。

Should follow than the team we have been working with prior and so with that we needed to recalibrate we are completely in compliance with that new process and are still on track with dialogue that we've had with the Department of Education for the expectation of a 3Q you know third quarter 2026 implementation in time for the 2026 financial aid award year.

應該遵循我們之前合作過的團隊的做法，因此我們需要重新調整，我們完全遵守新流程，並且仍然按照我們與教育部進行的對話進行，預計將在 2026 年第三季度實施，以便及時趕上 2026 年助學金發放年度。

So, we will continue to brief people if something were to change there, but that's fully still the timeline we're operating against.

所以，如果情況有變，我們會繼續向大家通報，但這仍然是我們目前遵循的時間表。

And this Gary, on your second question about synergy opportunities we're moving ahead with the opportunity to. Cross pollinate the revenue you'll hear more about that on the investor day.

加里，關於你提出的第二個問題，即協同效應的機會，我們正在推進這個機會。交叉推廣收入，關於這一點，你會在投資者日上聽到更多消息。

So we're not sitting back and waiting for the combination to occur to move forward with our plans to, expand our campus footprints as well as, cross pollinate programs from, Rasmus and Dejandros, in the interim period. So we don't see the timing as being an obstacle for that.

因此，我們不會坐等合併發生，而是會積極推進我們的計劃，擴大我們的校園規模，並在過渡時期將拉斯穆斯大學和德揚德羅斯大學的課程進行交叉融合。所以我們認為時間安排不會成為障礙。

Thank you very much.

非常感謝。

Thank you, Tom.

謝謝你，湯姆。

The next question comes from the line of Stephen Sheldon with William Blair. Please go ahead.

下一個問題來自史蒂芬·謝爾頓和威廉·布萊爾的對話。請繼續。

Hey, thanks for taking my questions. And first, congrats to you, Ed, on a great run and really look forward to working with you, Ed.

嘿，謝謝你回答我的問題。首先，恭喜你，艾德，取得了巨大的成功，非常期待與你合作，艾德。

So maybe starting here on just the guide for the fourth quarter, I just wanted to confirm that you're assuming effectively a two-month slowdown for APEI's registrations here and then kind of, more or less back to normal trajectory in December and in 2026. Are we kind of thinking about that the right way?

所以，或許可以從第四季度的指南開始，我只是想確認一下，您是否假設 APEI 的註冊量實際上會放緩兩個月，然後在 12 月和 2026 年基本上恢復正常軌跡。我們這樣想對嗎？

So I would say definitely a slowdown in October where I think we previously announced 1,700 registrations of TA flowed through, which is a substantial decline, and then about, 30% we were able to recoup for the November compared to the prior year, about 5,000 registrations.

所以我覺得10月份肯定出現了放緩，我們之前宣布1700個TA註冊量，這是一個大幅下降，然後11月份我們恢復了大約30%，與上一年相比，大約有5000個註冊量。

At the low end of our guidance does contemplate some shortfall in December as we ramp up, not knowing the full, the timing for the CR, but we'll see how that flows if we can, get the CR, the DCR in place and we continue to see the flow through from the OBBBA, then obviously that would be towards the higher end of our guide.

在我們的指導意見的下限中，考慮到12月份由於產能提升而可能出現一些缺口，我們目前還不清楚CR的具體情況和時間安排，但我們會看看情況如何。如果我們能夠落實CR和DCR，並且繼續看到OBBBA的資金流入，那麼顯然，這將使我們的指導意見接近上限。

Got it, that's helpful.

明白了，這很有幫助。

And then on the cost saving side, I guess, can you talk some about where you've been able to cut in your term spending, how much of that could be temporary reductions, versus cost cutting that could be more permanent and be something that, helps support profit and margin trends heading into 2026. Any detail there?

那麼，在節省成本方面，您能否談談您在長期支出方面已經削減了哪些開支，其中有多少是暫時性的削減，又有多少是更永久性的成本削減，從而有助於支持2026年的利潤和利潤率趨勢？有什麼細節嗎？

Not a lot, but I mean we previously said what we thought we had opportunities and certainly we've dialed back our variable costs that we think that we can manage through.

雖然不多，但我的意思是，我們之前說過我們認為我們有機會，而且我們確實已經削減了我們認為可以承受的可變成本。

We have taken the opportunity to, streamline some operations at APEI's, so that, is an important piece of this, but. For the most part.

我們藉此機會簡化了 APEI 的一些營運流程，這是其中重要的一環，但。大多數情況下是這樣。

Will be permanent, which will be permanent, that's a permanent reduction in force.

將是永久性的，這意味著永久性裁員。

But we've also made sure that we don't affect the revenue side of the equation, so we wanted to take the cost measures that we could that we thought were discreet and would not harm the business going forward.

但我們也確保不會影響收入，所以我們希望採取我們認為謹慎且不會損害公司未來發展的成本控制措施。

Things like not overinvesting in the military marketing is a good example where, we could dial that back until we had some certainty of reopening, but some will flow through to next year, but not a huge amount.

例如，不要過度投資軍事行銷就是一個很好的例子，我們可以等到重新開放更有把握時再減少這方面的投入，但有些投入會延續到明年，不過不會太多。

Got it. Very helpful. And then just one more if I could sneak it in just on the nursing side, I guess, can you just talk about how general demand to pursue nursing pathways has changed? It seems like you're, you've been putting up very strong growth here at both Hondros and Rasmussen.

知道了。很有幫助。如果可以的話，我再補充一個關於護理方面的問題，您能談談人們對護理專業的需求發生了哪些變化嗎？看來你在 Hondros 和 Rasmussen 這兩個品牌都取得了非常強勁的成長。

Both 3Q and into 4Q, and generally, I think it's becoming even more attractive to learners, to pursue nursing given shortage, increasing pay, limited AI disruption risk will be relative to other industries.

無論是第三季度還是第四季度，我認為護理專業對學習者來說都變得越來越有吸引力，因為護理人員短缺、薪酬不斷提高，而且與其他行業相比，人工智慧帶來的顛覆性風險也相對較小。

So, is that starting to play out here? Are you seeing any notable uptick in applications and just generally what are you seeing in terms of the top of funnel demand trends on the nursing side?

所以，這種情況開始在這裡上演了嗎？您是否觀察到申請人數明顯增加？整體而言，您認為護理行業招募漏斗頂端的需求趨勢如何？

Yeah, I'll start by saying we're seeing acceleration. Obviously, we reported that we have a 13% enrollment growth on the campus side of Rasmussen in the fourth quarter which we're very pleased to see.

是的，首先我想說的是，我們看到了加速成長。顯然，我們報告稱，在第四季度，拉斯穆森校園招生人數增加了 13%，我們對此感到非常高興。

We, reiterate that the nurses that we primarily educate our first licensure, meaning that those folks are becoming nurses for the first time as opposed to post licensure where they already have a license and are trying to advance.

我們重申，我們主要培訓的護士是第一次獲得執照，這意味著這些人是第一次成為護士，而不是已經獲得執照並試圖晉升的護士。

Their career, I think that there is a challenge across some sectors of the market around investing in that post licensure degree program because the pay increase is maybe isn't meaning.

我認為，在某些市場領域，投資執照後學位課程存在挑戰，因為薪資成長可能並不顯著。

Enough to invest in that post license your career, in the short-term, we're seeing substantial pay in our markets right now and LPN can make about USD66,000 a year in an ADN, so a two year degree RN can make 88.

足以投資於你的執照後職業生涯，短期來看，我們目前的市場薪酬相當可觀，LPN（執業護士）獲得ADN（副學士學位）後年收入約為66,000美元，因此獲得兩年制學位的RN（註冊護士）年收入可達88,000美元。

And so those are very meaningful comp packages, for a 40 year career, for a single, educational degree and license, and so it is attractive from an ROI perspective, especially with the price point of our programs, and you know there are plenty of open positions for people to obtain jobs.

因此，對於一個擁有40年職業生涯、一個學歷和執照的人來說，這些薪酬方案非常有意義，從投資回報率的角度來看很有吸引力，尤其是考慮到我們課程的價格，而且你知道，有很多職位空缺可供人們獲得工作。

So, we also believe that having insourced our marketing in the last 18 months we've really started to tighten those dials and identify how to reach those students in the local markets effectively and that is also driving the you know quarter over quarter year over year performance improvement in our campus based nursing program so we're very pleased with how that's performing.

所以，我們也相信，在過去 18 個月裡，我們把行銷工作內部化之後，我們真的開始收緊這些環節，並確定如何有效地接觸本地市場的學生，這也推動了我們校園護理課程的季度和年度業績的提升，所以我們對它的表現非常滿意。

Great to hear.

很高興聽到這個消息。

Nice work in the court.

法庭上表現出色。

Thank you so much, Steven.

非常感謝你，史蒂文。

The next question comes from the line of Jasper Bib with Trust securities.

下一個問題來自 Jasper Bib 與 Trust Securities 的對話。

Please go ahead.

請繼續。

Hey, good afternoon, everyone. Just on the filling the back our strategy, I'm not sure if maybe utilization is the perfect measure here, but is there any way for you to frame for us how much more room you have to drive enrollment into those existing programs and campuses at Rasmussen?

大家好，下午好。關於填補我們後備人才的策略，我不確定利用率是否是衡量這一策略的最佳指標，但您能否向我們說明一下，在拉斯穆森學院現有的課程和校區，您還有多少空間可以推動招生？

Great question Jasper. We're going to talk about this, next week in our, upcoming investor day where we're going to give you a multi-year view.

賈斯珀，問得好。我們將在下週即將舉行的投資者日上討論這個問題，屆時我們將為大家提供多年的展望。

Of the of the different capacity opportunities we've we've clustered our campuses into three segments, because as we've talked in previous calls our smaller campuses have have arguably less total seats available, our.

在我們擁有的各種容量機會中，我們將我們的校區劃分為三個部分，因為正如我們在之前的電話會議中討論的那樣，我們較小的校區可用的總座位數可能較少。

Basically single market campus, opportunity is the area where we believe there's the biggest opportunity in terms of filling those campuses and then our multi-campus, clusters in the single market also have significant demand so we really look forward to sharing that with you on November 20.

基本上，我們認為在單一市場校園方面，機會最大，尤其是在填滿這些校園方面。此外，我們在單一市場中的多校區群集也有很大的需求，所以我們非常期待在 11 月 20 日與您分享這些資訊。

Okay, well, yeah, looking forward to hear more detail on that later this month. And then just last one for me, are you expecting the decline in the registrations at APEI's during the fourth quarter should give you a bit more cushion against 9,010 and the 25% calculation?

好的，期待本月晚些時候能聽到更多細節。最後一個問題，您是否預計第四季度 APEI 註冊人數的下降會給您帶來一些緩衝，以應對 9,010 和 25% 的計算結果？

Imagine from a mixed perspective that might be helpful.

換個角度想一想，或許會有幫助。

What we have seen is, interestingly a shift of our primarily of our graduate military students, paying their, shortfall with cash so instead of sitting out on the sidelines and not, using TA, waiting for TA to come back, we actually see grad military paying cash.

有趣的是，我們看到的情況發生了轉變，主要是我們的研究生軍人學生開始用現金支付學費缺口，而不是袖手旁觀，不使用助學金，等待助學金恢復發放，而是用現金支付學費。

And so you know every cash payer you can get one of those for every 9, or 8.9, TA or FSA users, so that certainly has, had in a somewhat unusual way had a positive impact on our 90/10 calculation, yes.

所以你知道，每個現金支付者每 9 個或 8.9 個 TA 或 FSA 用戶就能獲得一個，所以這肯定以一種不尋常的方式對我們的 90/10 計算產生了積極的影響，是的。

Got it. Thanks for taking the question.

知道了。感謝您回答這個問題。

Great question. Thanks.

問得好。謝謝。

Your next question comes from the line of Eric Martinuzzi with Lake Street. Please go ahead.

你的下一個問題來自艾瑞克‧馬丁努齊與湖街的連結。請繼續。

Yeah, just curious to.

是啊，我也很好奇。

Know the for the non-military, so the military affiliate and veteran, if those enroll the registration trends are on track for you for those student segments.

了解非軍人、軍屬和退伍軍人的情況，如果這些學生群體報名，那麼註冊趨勢對您來說是否符合預期。

Yeah, actually, Q3 and near to date is scary, we've seen very nice acceleration in the growth of both the extended family segments as well as the veteran segments, so.

是的，實際上，第三季及近期的情況令人擔憂，我們看到大家庭群體和老年人群體的成長都出現了非常好的加速。

I would say a lot of the 8% growth that we saw in Q3 was attributable to those two segments where in the military, I'll call it steady Eddie, 3%, 4% growth. So, I think we're very pleased with the performance here to date and especially in Q3 of those two adjacencies.

我認為第三季 8% 的成長很大程度上歸功於這兩個細分市場，其中軍方市場（我稱之為「穩定的艾迪」）成長了 3% 到 4%。所以，我認為我們對迄今為止的表現非常滿意，尤其是在第三季這兩個相鄰領域的表現。

Got you. And then, it was great to see the Rasmus and, on ground, 13% enrollment growth. Is that something that you feel is sustainable, that there's a tail end here macro-wise?

抓到你了。此外，令人欣喜的是，拉斯穆斯學院的招生人數增加了 13%。你認為這是可持續的嗎？從宏觀角度來看，這其中是否存在一個終點？

I'll start by saying we you know we're firing on all cylinders now in terms of enrolling in our campuses certainly as we start lapping ourselves the comps are going to get, trickier, but we believe there's a tremendous amount of opportunity, to fill the back row of our RAS campuses and so we're focusing on.

首先我想說的是，我們現在在校園招生方面火力全開。當然，隨著我們開始超越自己，競爭將會變得更加棘手，但我們相信，我們有很多機會來填滿我們 RAS 校區的後排學生，所以我們正專注於此。

A disproportionate amount of our marketing spend where it makes sense to to make sure that we're continuing to deliver on that enrollment momentum so yes.

我們投入了相當一部分行銷費用，以確保我們能夠繼續保持招生勢頭，所以是的。

Okay, that's it for me. We'll, keep our fingers crossed for.

好了，我今天就到這裡。我們會為此祈禱的。

Thanks.

謝謝。

Thank you, Eric. See you next week.

謝謝你，埃里克。下週見。

The next question comes from the line of Griffin Boss with B. Riley. Please go ahead.

下一個問題來自 Griffin Boss 和 B. Riley 的對話。請繼續。

Hi, good evening. Thanks for taking my questions and I appreciate all the color you've given so far. Just one for me. I'm curious if you could dig in, to, kind of where we should expect to see some of these cost saving initiatives implemented in the fourth quarter.

您好，晚上好。感謝您回答我的問題，也非常感謝您迄今為止提供的所有資訊。我只留一個。我很想知道您能否深入探討一下，我們應該在第四季看到哪些節約成本的措施得以實施。

Obviously, it looks like you pushed out some CapEx spend. Maybe the 2026 or or beyond that guidance came down a little bit, but in terms of the OpEx, just curious, I mean, are we going to see kind of a little bit more initiative on like the selling and promotional, marketing expenses, or where should we see.

顯然，你們似乎增加了一些資本支出。或許 2026 年或以後的指導方針會略有下調，但就營運支出而言，我很好奇，我的意思是，我們是否會看到在銷售和促銷、行銷費用等方面有更多主動性，或者我們應該在哪些方面看到。

Kind of a relative uptick as a percentage of revenue in some of these areas that maybe we're not able to implement cost saving initiatives.

在某些我們可能無法實施成本節約措施的領域，收入佔比出現了相對增長。

Yeah, I think we talked a little bit about this, previously, but definitely SMP there'll be a little bit of savings there.

是的，我想我們之前也稍微討論過這個問題，但可以肯定的是，SMP（證券從業人員津貼）在這方面會有一些節省。

We want to make sure, obviously the timing of when everything comes back online will dictate that, we are looking at, temporary and sometimes more permanent, staff reductions in non-student facing functions, and then I would say we talked also about our variable comp that is tied to performance, and that is another lever.

顯然，我們想確保一切恢復正常的時間安排，這將決定我們正在考慮暫時性地，有時甚至是永久減少非學生服務部門的人員。此外，我們也討論了與績效掛鉤的浮動薪酬，這也是另一個調整策略。

It's also important to note that, given our variable cost model at Apis, which is on a per registration basis, that while we may lose x number registrations, the variable cost for that will also come down.

另外要注意的是，鑑於 Apis 的變動成本模式是按註冊量計費的，雖然我們可能會損失 x 個註冊量，但相應的變動成本也會下降。

So, there are three big buckets there outside from the little things that you always look at like external consulting and, travel, entertainment like. So those are the major areas that are contributing to the cost savings.

所以，除了像是外部諮詢、旅行、娛樂等這些你總是關注的小事之外，還有三大類支出。以上就是造成成本節約的主要因素。

Got it. Okay, thanks for the call. Well, great work navigating, what has been a tough environment and look forward to hearing more details next week at the investor day.

知道了。好的，謝謝你的來電。做得好，在如此艱難的環境下成功應對，期待下週投資者日能聽到更多細節。

Super, see you there Griffin thank you.

太好了，格里芬，到時見，謝謝。

The next question comes from a line of Raj Sharma with Texas Capital. Please go ahead.

下一個問題來自德州資本的 Raj Sharma。請繼續。

Hi, good afternoon. So thank you for taking my questions. Again, solid performance and resilience in the face of Tough testing conditions. I had a question on the, it was great that the USD100 million, tuition assistance fund was, you, you're able to use that.

您好，下午好。非常感謝您回答我的問題。再次證明，在嚴苛的測試條件下，性能穩定可靠，韌性十足。我有個關於1億美元學費援助基金的問題，這真是太好了，你可以使用這筆錢。

Any delays in payments from this, to you?

貴公司這邊付款有延遲嗎？

The, you know Raj, it is a good question. We, yeah, we are. You know we are going to build, according to our stated policies, I think the.

拉傑，你知道，這確實是個好問題。是的，我們是。你知道，我們將按照我們既定的政策進行建設，我認為。

The question is whether or not there are people working on the other end to actually push the button, but I'll turn it over to Rick who's on our call here today. Rick, do you want to say anything about that?

問題是另一端是否有人真的在按下按鈕，但我會把這個問題交給今天參加我們電話會議的里克來回答。瑞克，你對此有什麼要說的嗎？

Yes, thank you, Raj.

是的，謝謝你，拉傑。

It is impacted by staffing at the various branches they're just not there to process the the invoices, but the good news is was highlighted on the call I mean we've we've got a pretty substantial, cash reserve to to weather the very short-term, shutdown, what feels long but is actually relatively short given the.

各分行的人員配備受到影響，他們無法處理發票，但好消息是，正如電話會議上強調的那樣，我們有相當可觀的現金儲備來應對短期停業，雖然感覺時間很長，但考慮到實際情況，時間相對較短。

The month or two of processing that would be otherwise processed.

原本需要一兩個月才能完成的處理工作。

Got it. Thank you, Rick. And then I wanted to understand that now that the government shut, so assuming when the government shutdown, is over, it's business as usual in the sense that there likely isn't any medium term or permanent damage from this on the enrollment.

知道了。謝謝你，里克。然後我想了解的是，既然政府已經關閉，那麼假設政府關閉結束後，一切就恢復正常，也就是說，這可能不會對入學人數造成任何中期或永久性損害。

And then also any of these registrations that you weren't able to, get in October and November are these sort of lost is this lost revenue or is there a scenario where service personnel might want to, double their course load to make up.

此外，10 月和 11 月未能獲得的註冊名額是否就此損失，造成收入損失？或者是否存在這樣一種情況：服務人員可能希望透過加倍學習課程來彌補損失？

Well, I would say that our we are forecasting Raj that what would have otherwise occurred in October and November has just simply shifted on the calendar, right?

嗯，我想說的是，我們預測 Raj 的事情原本會在 10 月和 11 月發生，現在只是在日曆上發生了變化，對吧？

We know that the reason why we purpose built our education model to allow us to take one course at a time is because they don't often have time to do more than one at a time and you know our flexibility allows them to pause and then restart.

我們知道，我們專門設計了這種教育模式，允許學生一次只學習一門課程，是因為他們通常沒有時間同時學習多門課程，而且我們的靈活性允許他們暫停，然後再重新開始。

So we may see some people who are, gunning for a, promotion or something who want to keep moving like we saw some of these grad military, students who are paying cash to keep going, but I think by and large we're forecasting that we're basically going to just see those shift to, when the when everything restarts in earnest.

所以，我們可能會看到一些人為了晉升或其他什麼而努力，想要繼續前進，就像我們看到的一些軍校畢業生和學生為了繼續深造而自掏腰包一樣。但我認為總的來說，我們預測，當一切真正重新開始的時候，這些情況基本上就會有所改變。

Got it.Thank you. And then, on Rasmussen's side, the programs that are particularly showing really good momentum, the ong ground healthcare, up 13%, any specific programs there that are doing really well and you expect that enrollment environment to sort of continue.

明白了，謝謝。然後，在拉斯穆森方面，一些計畫表現出了非常好的發展勢頭，例如長期醫療保健，成長了 13%，其中一些具體計畫表現非常出色，預計這種招生環境將持續下去。

Yeah, I would say our allied health programs, our Rd tech and our search tech programs are doing good, although they're pretty capped right now that we're working on as part of our plans to expand that, but it's really nursing.

是的，我認為我們的輔助醫療課程、放射技師課程和搜尋技術課程都發展得不錯，儘管目前這些課程的招生名額已經達到上限，我們正在努力擴大招生規模，但護理專業才是真正的重點。

It's been across the board predominantly in our ADN program and BSN, and it's also important to note that, our growth of 13% includes the closure of two campuses in Wisconsin, not that they were huge contributors to enrollment, but. It gives you a sense of how our nursing programs are growing.

這種情況普遍存在，尤其是在我們的 ADN 課程和 BSN 課程中。另外要注意的是，我們 13% 的成長包括關閉威斯康辛州的兩個校區，雖然這兩個校區對招生人數的貢獻不大，但是…它能讓你感受到我們的護理課程是如何發展的。

So, we're really pleased with both our BSN and ABM programs and just a little bit smaller extent at Rasmus and the LPN program, but it's across the board nursing.

所以，我們對我們的 BSN 和 ABM 課程都非常滿意，Rasmus 的 LPN 課程也略有不同，但總體而言，護理專業整體發展良好。

Got it.

知道了。

Thank you. That's it. That's it for me and I look forward to seeing you all, at the analyst Day.

謝謝。就是這樣。我的分享就到這裡，期待在分析師日上見到大家。

Great, see you next week, Raj.

太好了，下週見，拉傑。

Thank you.

謝謝。

Yeah. Absolutely.

是的。絕對地。

Thank you.

謝謝。

Take care.

小心。

The next question comes from the line of Alex Ferris with Barrington Research. Please go ahead.

下一個問題來自巴林頓研究公司的亞歷克斯·費里斯。請繼續。

Hi guys, thanks for taking my call and quick welcome to Ed. Look forward to working with you and a salon to Rick. I've enjoyed working with you.

大家好，感謝接聽我的電話，也歡迎Ed加入。期待與你們合作，也期待Rick的沙龍開幕。和你一起工作很愉快。

Thank you. Looking forward to it.

謝謝。非常期待。

Great, and now I know how to pronounce your last name now that you have the 30. There you go.

太好了，既然你已經有了30，我現在知道你的姓該怎麼念了。好了。

Just a few follow-ups. First question on the fourth quarter guidance, on just overall revenue and then APEI's registrations.

還有一些後續問題。首先是關於第四季業績指引的問題，僅指總收入，然後是APEI的註冊量。

What are the assumptions at the low end and the high end, and a related question and just to be clear, in October, even though you had to, stop out some students, you still kept 1,700 students under TA.

低端和高端的假設是什麼？還有一個相關的問題，為了明確起見，10 月份，即使你不得不停止一些學生的學習，你仍然保留了 1700 名學生的助教資格。

And then students that had been previously approved, and then in November you said you're able to bring in 5,000 under the, USD100 million OBBB.

然後是之前已經獲得批准的學生，然後在 11 月份，你說你能夠根據 1 億美元的 OBBB 計畫引進 5000 名學生。

Yeah, so I'll answer that scary. So, if you think about November, about 30% of what was the prior year's registrations made it through. So on prior prior year TA registration, so we're modeling on the low end that that's probably the same, knowing that we've seen some improvement that was, OBDA literally.

是的，那我就來回答這個問題吧，這很可怕。所以，如果你回顧一下 11 月的情況，大約只有上一年註冊人數的 30% 左右最終通過了。所以，根據前一年的助教註冊情況，我們按較低的預期建模，這可能與往年相同，因為我們已經看到一些改進，OBDA 實際上就是這樣。

Those changes got enacted the very end of the enrollment cycle. Some of the branches did keep open for continued enrollment for seven days, so we expect to do better than that.

這些變更在招生週期的最後階段才得以實施。部分分行確實延長開放時間七天，以便繼續辦理入學手續，所以我們預計實際效果會更好。

So, at the high end we're obviously assuming that we're able to improve upon that number. So, we're trying to bracket it on what we saw in November on the low end and on the high end what we would expect to see on, normal pacing.

所以，在高限階段，我們顯然假設我們能夠提高這個數字。所以，我們試著將低端數據與我們在 11 月看到的預期數據進行劃分，高端數據則與我們在正常節奏下預期看到的數據劃分。

Once either the CR goes through or if the OBBA fund OBBBA funding continues to flow.

一旦 CR 獲得通過，或 OBBA 基金 OBBBA 資金繼續流入。

And then what just remind me, what was the October TA registrations as a percent of the prior year? It was like 40% lower, wasn't it or.

對了，提醒我一下，10 月的助教註冊人數比去年同期減少了多少？好像低了40%，對吧？

A lot. No, it was 1,700 registrations on what we normally would have been.

很多。不，註冊人數是 1700 人，比我們通常的註冊人數要多。

I'm going to say this is exactly right, but 17,000 registrations, so it's probably 10%. So it's a very small number.

我認為這個數字完全正確，但有 17,000 人註冊，所以可能是 10%。所以這是一個非常小的數字。

You may try it. And then it improved. You got 30% on a year over year basis. You got 30% of what you had in the previous year as opposed to just 10% in the previous year.

你可以試試。後來情況有所好轉。你們的年增長率為30%。你今年的收入是前一年的30%，而不是前一年的10%。

And then in December you're saying the low end would assume that same 30% of the year ago month. And the high end would be something higher than that.

然後，你又說 12 月的低階數據會假設為去年同期的 30%。而高端產品的價格還會更高。

That's correct.

沒錯。

Okay, good. Thank you. Question two, well, that was question one and two actually.

好的。謝謝。第二個問題，其實就是第一個問題和第二個問題。

Question three, the graduate school USA loss of USD3.9 million was that a lot less than you had forecast? I thought on the last call you said to assume a USD7million to USD8.5 million loss on.

第三個問題，美國研究生院虧損 390 萬美元，這比您預測的要少得多嗎？我記得上次通話中您說過要預期虧損 700 萬至 850 萬美元。

Sale. Yeah, Rick, do you want to answer that one?

銷售。瑞克，你想回答這個問題嗎？

Yes, and the answer is yes. Alex, in the prior call we estimated 6.5% to 8%. It came in at 3.9%.

是的，答案是肯定的。Alex，在上一次通話中，我們估計是 6.5% 到 8%。結果是3.9%。

The difference was, the resolution of the it's an accounting matter, the accumulated deficit that, existed on the books of graduate school, a separate company to eliminate the deficit we had to record a credit which was an offset to the otherwise, higher number, so that number came down.

差別在於，這是一個會計問題，研究生院帳簿上存在的累積虧損，為了消除虧損，我們不得不記錄一筆貸項，以抵消原本較高的數字，因此該數字下降了。

Thank you. And then the last question again, just a point of clarification, post license or pre-licenser, Hondros is all pre-licenser or, all pre and that.

謝謝。最後一個問題，需要澄清一點，是許可後還是許可前，Hondros 都是許可前，或者說都是許可前的。

And then Rasmussen has some post licenser.

然後拉斯穆森還有一些後期授權。

Yes, a small percentage, yeah, but not so, but the post licensure is, contained within what is currently categorized as our online business.

是的，雖然只佔很小一部分，但並非如此，獲得許可後的業務包含在我們目前歸類為線上業務的範圍內。

Right, because that's all delivered without a need for campus, yeah.

對，因為這一切都不需要到校園才能實現。

Great. Well, thank you very much. I, I'll take the rest of my questions offline.

偉大的。非常感謝。我，我剩下的問題會在線下問。

Okay, thanks, Alex.

好的，謝謝你，Alex。

Your next question comes from your next question comes from the line of Luke Horton with Northland Capital Markets.

你的下一個問題來自 Northland Capital Markets 的 Luke Horton。

Please go ahead.

請繼續。

Yeah, hey guys, congrats on the nice quarter. I know we've, kind of answered most of the questions here, but just wanted to kind of touch back on the strong enrollment trends at Rasmussen, specifically on ground.

是啊，嘿，夥計們，祝賀你們本季業績不錯。我知道我們已經回答了這裡的大部分問題，但我還是想再談談拉斯穆森學院強勁的招生趨勢，特別是實地招生情況。

Are you seeing a change in student demographic at all with, the students that you're gaining here, and is this simply just a function of more efficient marketing and macro demand, or is there just anything else you could provide that would be great.

您是否注意到學生人口結構發生了任何變化？您招收的學生群體是否發生了變化？這只是更有效的行銷和宏觀需求的結果，還是您還能提供其他什麼更好的東西？

Yeah, great question. Nice to hear from you, Luke. We, are really trying to expand our marketing reach to not just, enroll ADN or the two year degree RN students but also the BSN, the four year, 3.5 year degree, RN students.

嗯，問得好。很高興收到你的來信，盧克。我們正在努力擴大行銷範圍，不僅要招募 ADN 或兩年制 RN 學位學生，還要招收 BSN、四年製或三年半制 RN 學位學生。

And so we are seeing momentum in both, but we are seeing, an acceleration in our BSN students which we're really pleased about. Has a longer tail of revenue, often stronger and lex, results, so we love that we are expanding our pool of BSN students at Rasmussen.

因此，我們看到這兩個領域都呈現出成長勢頭，但我們尤其欣喜地看到，護理學士（BSN）學生的成長速度加快。收入成長週期更長，通常更強勁、更有力，因此我們很高興能夠擴大 Rasmussen 的 BSN 學生群體。

Okay, I got it. And then just one more, I guess, on the campus-based enrollment, I mean, are you seeing anything from a geographical standpoint?

好的，我明白了。那麼，關於校園招生狀況，我想再問一個問題，從地理位置的角度來看，您觀察到什麼情況嗎？

I know you're mainly Midwest at Rasmussen, but from in Florida to Kansas, like, are you seeing any specific campuses outperforming on new startings or new student starts at all?

我知道你在 Rasmussen 主要關注中西部地區，但是從佛羅裡達到堪薩斯，你是否看到任何特定的校區在新生入學人數或新生入學方面表現突出？

Or is it pretty much.

或者說，差不多就是這樣。

Broad based I say it's a good question, but I would say we're, it's broad. I think we're especially pleased with the called Minnesota where as you recall, we ceased enrolling in our ADM program and what Angie just said, the BSN has been a nice lift there, but no, it's been across the board.

我認為這是一個很好的問題，而且範圍很廣。我認為我們對明尼蘇達州的情況尤其滿意，正如你所知，我們在那裡停止了 ADM 計畫的招生，正如 Angie 剛才所說，BSN 在那裡起到了很好的推動作用，但實際上，情況已經全面好轉。

I mean it, it's been nice to see in Kansas, and Illinois, Minnesota as well as in Florida.

我是認真的，很高興看到堪薩斯州、伊利諾伊州、明尼蘇達州以及佛羅裡達州都出現了這種情況。

Okay, great, awesome. Well, thank you guys for taking the questions and congrats again on the quarter.

好的，太棒了。謝謝各位回答問題，再次恭喜你們本季取得好成績。

Thank you, Luke.

謝謝你，盧克。

There are no more questions at this time. I would now like to turn the call back over to Angela Selden for closing remarks. Please go ahead.

目前沒有其他問題了。現在我謹將電話轉回給安琪拉‧塞爾登，請她作總結發言。請繼續。

Thank you, Eric. I'd like to thank each of you for joining our earnings conference call today.

謝謝你，埃里克。感謝各位今天參加我們的財報電話會議。

We look forward to continuing to update you on our ongoing progress and growth as we continue our rapid pace of enrollment growth, revenue growth, and margin expansion.

我們期待繼續向您報告我們的進展和發展，因為我們將繼續保持招生人數、收入和利潤率的快速成長。

We also look forward to welcoming many of you to New York City next week for our 2025 APEI Investor Day conference.

我們也期待下週在紐約市歡迎各位參加我們的 2025 年 APEI 投資者日大會。

If we were unable to answer any of your questions, please reach out to our IR firm emC Group, whose contact information is on the last page of the PowerPoint, and they will be more than happy to assist getting us all connected together.

如果您有任何疑問，請聯絡我們的投資者關係公司 emC Group，他們的聯絡方式在 PowerPoint 的最後一頁，他們將非常樂意幫助我們所有人建立聯繫。

So back to you operator.

操作員，交還給你了。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining, and you may now disconnect.

感謝各位的參與，現在可以斷開連結了。