American Public Education, Inc. (APEI) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the APEI 4Q 2025 earnings call. (Operator Instructions)

感謝您耐心等候。我叫 Tiffany，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 APEI 2025 年第四季（4Q）財報電話會議。（接線員指示）

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

謝謝。接下來我想把電話會議交給投資人關係部的 Shannon Devine。請開始。

Thank you and good afternoon, everyone. Welcome to American Public Education's conference call to discuss fourth quarter and full year 2025 results. Joining me on the call today are Angela Selden, President and Chief Executive Officer, Edward Kotak Bati, Executive Vice President and Chief Financial Officer, and Gary Jansen, Chief Strategy and Growth Officer. Materials for today's call are available in the events and presentations section of APEI's website.

謝謝，各位下午好。歡迎參加 American Public Education 的電話會議，討論 2025 年第四季及全年業績。今天與我一同出席的有：總裁兼執行長 Angela Selden、執行副總裁兼財務長 Edward Kotak Bati，以及策略與成長長 Gary Jansen。本次電話會議的相關資料可於 APEI 官網「活動與簡報」專區取得。

Statements made during this call and in the accompanying presentation regarding APEI and its subsidiaries that are not historical facts may be forward-looking statements that are based on management's current expectations, assumptions, estimates, and projections. Forward-looking statements are subject to risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements.

本次電話會議及隨附簡報中，關於 APEI 及其子公司且非歷史事實之陳述，可能構成前瞻性陳述，係基於管理層目前的預期、假設、估計與推測。前瞻性陳述受風險與不確定性影響，可能導致實際結果與該等陳述明示或暗示者存在重大差異。

Such as those identified in our Form 10k under the heading Risk factors, 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, expect, can, may, plan, potentially, project, should, will, would, and similar or opposite words.

例如我們在 Form 10-K「風險因素」章節所列者，包括與政府停擺或聯邦或州政府政策、作法與法律變動之潛在影響相關的風險，包含對營收或應收款項回收時點的影響。前瞻性陳述有時可由 anticipate、believe、seek、could、estimate、expect、can、may、plan、potentially、project、should、will、would 等字詞，以及類似或相反的字詞辨識。

Forward-looking statements include without limitation statements regarding expectations for registration and enrollment, revenue, earnings, and adjusted EBITDA, and other earnings guidance, our foundation for growth, the planned combination of our institutions, government, governmental and regulatory actions, their impacts, and our response to those actions, changing market demands and our ability to satisfy such demands and other company initiatives.

前瞻性陳述包括但不限於：對註冊與入學、營收、獲利與調整後 EBITDA 及其他盈餘指引之預期；我們的成長基礎；旗下機構之規劃整合；政府、政府機關與監管行動及其影響與我們對該等行動的回應；市場需求變化與我們滿足該等需求的能力；以及其他公司倡議。

The call and the presentation contain contain references to non-GAAP financial information. A reconciliation between each non-GAAP financial measure we use and the most direct, directly comparable GAAP measure is located in the appendix in today's presentation. And in the earnings release, management believes that the presentation of non-GAAP financial information provides useful supplemental information to investors regarding its results of operations and should only be considered in action in addition to, and not as substitute for or superior to any measure of financial performance prepared in accordance with GAAP.

本次電話會議與簡報包含對非 GAAP 財務資訊的引用。我們所使用之各項非 GAAP 財務衡量指標與最直接、最具可比性的 GAAP 指標之調節表，載於今日簡報附錄。此外，在財報新聞稿中，管理層認為呈列非 GAAP 財務資訊可為投資人提供有用的補充資訊，以協助了解營運結果；該等資訊僅應與依 GAAP 編製之財務績效衡量指標一併考量，不應視為其替代或優於 GAAP 指標。

I'd now like to turn the call over to API's President and CEO, Angelo Selvin. Angie, please go ahead.

接下來我想把電話會議交給 API 的總裁兼執行長 Angelo Selvin。Angie，請開始。

Thank you, Shannon, and good afternoon, and thank you all for joining today's call about American Public Education's fourth quarter and full year 2025 performance. At the beginning of 2025, we set out to simplify and strengthen APEI. Today, I am very pleased to share the following results and highlight how our 2025 achievements create a strong jumping off point for our four-year growth strategy, which we introduced at our recent Investor Day.

謝謝你，Shannon，各位下午好，也感謝各位參加今天關於 American Public Education 2025 年第四季及全年表現的電話會議。在 2025 年初，我們著手簡化並強化 APEI。今天我很高興分享以下成果，並說明我們在 2025 年的成就如何為我們在近期投資人日所介紹的四年成長策略奠定強而有力的起點。

First, APUS delivered full year 2025 revenue growth even with the fourth quarter registration interruption. APUS student base, including veterans, extended military families, and military service members across all branches, demonstrated demand in line with our expectations. The underlying business is strong, and the numbers reflect that.

首先，即使第四季出現註冊中斷，APUS 仍在 2025 全年實現營收成長。APUS 的學生基礎（包括退伍軍人、軍人家庭成員，以及各軍種現役軍人）展現出符合我們預期的需求。基本面業務強勁，數字也反映了這一點。

Second, our nursing and healthcare institutions both had outstanding years. Rasmussen's full year 2025 revenue increased 14%, and Hondros's full year revenue increased 11%. Third, APEI's full year consolidated revenue grew 4% to $649 million versus 2024. That growth was achieved even with the mid-year sale of Graduate School USA, the announced closure of two Rasusson campuses in Wisconsin.

第二，我們的護理與醫療健康機構在 2025 年都表現出色。Rasmussen 2025 全年營收成長 14%，Hondros 全年營收成長 11%。第三，APEI 2025 全年合併營收較 2024 年成長 4%，達 6.49 億美元。即使在年中出售 Graduate School USA，以及宣布關閉威斯康辛州兩個 Rasmussen 校區的情況下，仍達成上述成長。

And a registration interruption at APUS in the 4th quarter that affected TA registrations for 43 days. For context, by excluding graduate school from both 2024 and 2025, consolidated revenue would have increased about 7% when compared to the prior year. These results reinforce the strength of our diversified portfolio.

此外，APUS 在第四季出現註冊中斷，影響 TA 註冊長達 43 天。作為參考，若在 2024 與 2025 年均排除 Graduate School，合併營收相較前一年將約成長 7%。這些結果再次印證我們多元化投資組合的實力。

Fourth, APEI's full year adjusted EBITDA reached $85.7 million up 19% as compared to 2024, beating not only our revised guidance, but also beating the top end of our initial 2025 guidance. We trimmed costs across the enterprise. Specifically at APUS and in APEI technology, and these savings have reset the cost baseline for 2026 and beyond.

第四，APEI 2025 全年調整後 EBITDA 達 8,570 萬美元，較 2024 年成長 19%，不僅超越我們修訂後的指引，也高於我們最初 2025 年指引區間的上緣。我們在全企業範圍內削減成本。特別是在 APUS 與 APEI 科技部門，而這些節省已重設 2026 年及以後的成本基準。

Finally, we did what we said we were going to do. At the beginning of 2025, we committed to redeeming our preferred equity, selling some corporate buildings, and having the Department of Education lift the $25 million letter of credit and lift the six years of growth restrictions that prevented new campuses and new programs at Rasmussen before APEI's acquisition.

最後，我們做到了我們所承諾要做的事。在 2025 年初，我們承諾贖回優先股權、出售部分公司大樓，並促使教育部解除 2,500 萬美元信用狀要求，以及解除在 APEI 收購 Rasmussen 之前所施加、長達六年的成長限制（該限制曾阻止 Rasmussen 新設校區與新開課程）。

Achievement of these commitments has simplified and strengthened our business for 2026 and beyond, and we delivered on these commitments while simultaneously growing enrollment, expanding margins, and strengthening our balance sheet. Our teams demonstrated resilience, tenacity, and confidence in overcoming obstacles and delivering remarkable results.

達成這些承諾，使我們的業務在 2026 年及以後更為精簡且更具韌性；同時，我們在履行承諾的過程中，也同步實現入學成長、擴大利潤率並強化資產負債表。我們的團隊展現出韌性、毅力與信心，克服障礙並交出亮眼成果。

So now let's turn our attention to APEI's fourth quarter 2025 consolidated revenue. We delivered $158.3 million and we exceeded our most recently stated guidance across all key financial metrics including revenue, net income available to common stockholders, EPS, and adjusted EBITDA. Our nursing and healthcare institutions demonstrated significant strength during 4Q25.

接下來把焦點轉向 APEI 2025 年第四季合併營收。我們達成 1.583 億美元，並在所有關鍵財務指標上超越我們最近一次所提供的指引，包括營收、可歸屬於普通股股東的淨利、每股盈餘（EPS）以及調整後 EBITDA。我們的護理與醫療健康機構在 2025 年第四季展現出顯著的強勁動能。

Rasmussen grew 16%, and enrollments increased 9% year over year to approximately 15,900 students, representing our sixth consecutive quarter of year over year enrollment growth. What's particularly exciting is that our fill the back row strategy of maximizing capacity utilization is working. Our nursing programs continue to show show broad-based strength with particularly strong performance in our nursing programs.

Rasmussen 營收成長 16%，入學人數年增 9% 至約 15,900 名學生，為我們連續第六季實現入學人數年增。尤其令人振奮的是，我們「坐滿後排」（fill the back row）的最大化產能利用策略正在奏效。我們的護理課程持續展現廣泛的強勁表現，尤其是我們的護理課程表現特別突出。

Our allied health programs, including surgical techs and radiological techs, are also performing well, though most are at capacity, which creates opportunities for our planned expansion initiatives. By maximizing capacity utilization at our existing campuses, we are driving significant operating leverage and demonstrating impressive margin expansion.

我們的醫療相關（allied health）課程（包括手術技術員與放射技術員）也表現良好，但多數已達滿載，這為我們規劃中的擴張計畫創造了機會。透過最大化既有校區的產能利用，我們正帶動顯著的營運槓桿，並展現令人印象深刻的利潤率擴張。

Hondros continues to deliver strong results with 4th quarter 2025 enrollment of 4,000 students, a nearly 10% year over year revenue increase, and 9% year over year enrollment growth. This performance demonstrates the durability of demand for pre-licensed nursing and our ability to effectively reach students in our local market.

Hondros 持續交出強勁成果：2025 年第四季入學人數為 4,000 名學生，營收年增近 10%，入學人數年增 9%。此一表現顯示，對於護理執照考前（pre-licensed nursing）的需求具備持久性，以及我們有效觸及在地市場學生的能力。

In fourth quarter 2025, APUS successfully navigated the 43 day federal government shutdown, which created an active duty military student registration interruption. As we have previously shared, it has been 12 years since the Defense Appropriations Bill, which funds military tuition assistance or TA, had remained unsigned by October 1st, the beginning of the federal government's fiscal year.

在 2025 年第四季，APUS 成功因應為期 43 天的聯邦政府停擺，該事件造成現役軍人學生的註冊中斷。如我們先前所分享，自國防撥款法案（Defense Appropriations Bill，為軍人學費補助 Tuition Assistance 或 TA 提供資金）在 10 月 1 日（聯邦政府會計年度開始日）前仍未簽署的情況，至今已相隔 12 年。

With the Defense Appropriations bill still unsigned by our November start, all four major military branches began utilizing their portion of the $100 million of tuition assistance funds authorized under the One Big Beautiful Bill Act to enable active duty military students to continue their education. Importantly, once the government reopened in December, we saw a 41% increase in TA registrations as compared to December 2024, which demonstrates resiliency and demand for education from our military students even in the face of funding disruptions.

由於《國防撥款法案》在我們 11 月開學時仍未簽署，四大主要軍種皆開始動用《One Big Beautiful Bill Act》所核准之 1 億美元學費補助（TA）資金中的各自份額，使現役軍人學生得以持續其教育。重要的是，政府於 12 月重新開門後，我們看到 TA 註冊量較 2024 年 12 月增加 41%，這顯示即使面臨資金中斷，我們的軍人學生對教育仍具韌性與需求。

Because most APUS students take one course at a time, this simply delayed their progression rather than stopping their progression entirely. Additionally, an important bright spot in APUS's 4th quarter performance was the continued momentum in both our veterans and military families channels where we continue to see high teen registration growth.

由於多數 APUS 學生一次只修一門課，這僅是延後其進度，而非完全停止其進度。此外，APUS 第四季表現的一個重要亮點，是我們在退伍軍人與軍人家庭兩個通路的動能持續，我們仍看到註冊量維持在十幾％的高成長。

Now let's turn our attention towards 2026. I want to highlight two key first half 2026 developments. First, we are making important progress on our institutional combination. In late February, the Higher Learning Commission approved a key step in our institutional combination, and on March second, we combined the three institutions' legal entities into one.

現在讓我們把焦點轉向 2026 年。我想強調 2026 年上半年兩項關鍵進展。第一，我們在機構整併方面取得重要進展。2 月下旬，高等學習委員會（HLC）核准了我們機構整併的一個關鍵步驟；3 月 2 日，我們已將三個機構的法律實體合併為一個。

Now, we are working with the Department of Education and HLC to complete the remaining steps to combine our three institutions into one system with one OpEx ID. We are targeting an expected effective date in the beginning of the third quarter of 2026 to become effective for the 2026 financial aid award year. In addition, today we are formally announcing that we have two reporting segments, APU Global and RU Health Plus, for fiscal year 2026 and beyond.

目前，我們正與教育部及 HLC 合作，完成其餘步驟，將三個機構整併為一個系統，並使用單一 OpEx ID。我們目標是在 2026 年第三季初達成預期生效日，以便適用於 2026 學年助學金（financial aid）核發年度。此外，我們今天正式宣布，自 2026 會計年度起及其後，我們將有兩個報導分部：APU Global 與 RU Health Plus。

Second, we are launching two campuses in 2026. 1 Rasmussen campus in Orlando, which is already enrolling students for 2 Q26, and one Hondros campus in Detroit, which we anticipate will be prepared to enroll students in Q127. Both represent important expansion into markets that have already demonstrated strong demand for our program.

第二，我們將於 2026 年啟用兩個校區。一個是位於奧蘭多的 Rasmussen 校區，已開始為 2026 年第二季（2Q26）招生；另一個是位於底特律的 Hondros 校區，我們預期將可在 2027 年第一季（Q127）開始招生。兩者皆代表我們向已展現對我們課程具強勁需求的市場進行重要擴張。

In our next earnings call, we'll provide more details and progress on these first half 26 developments. As we look to 2026 overall, we believe we have clear visibility into our revenue growth and our margin expansion drivers, including continued enrollment momentum at Rasmussen and Hondros to build on 2025 strong performance and our fill the back row and leverage the latter initiatives.

在下一次財報電話會議中，我們將就這些 2026 年上半年進展提供更多細節與最新進度。就 2026 年整體而言，我們相信對營收成長與利潤率擴張的驅動因素具有清晰能見度，包括 Rasmussen 與 Hondros 持續的招生動能，以延續 2025 年的強勁表現，以及我們「填滿後排」與槓桿化後者相關的各項措施。

We will anticipate revenue synergies we gain from the Rasmussen and Hondros integration process. We plan for growth acceleration at APUS as government funding normalizes and marketing flexibility increases for military and veteran enrollment post combination, and we believe we will anticipate and experience improved profitability and cash flow due to the new refinancing of our debt and the cost savings associated with that.

我們預期將取得 Rasmussen 與 Hondros 整合流程所帶來的營收協同效益。我們規劃在政府資金回復常態、且整併後針對軍人與退伍軍人招生的行銷彈性提升之際，加速 APUS 的成長；同時，我們相信透過新的債務再融資及其相關成本節省，將可預期並實現獲利能力與現金流的改善。

In view of these and other factors, we are providing full year 2026 guidance as follows. APEI 2026 revenue will be between $685 million and $695 million. Adjusted EBITDA will be between $91.5 million and $100.5 million. And as for Q126 guidance, because of where we are in the quarter this year, the timing of this earnings call gives us full visibility to all university enrollments.

綜合上述及其他因素，我們提供 2026 全年指引如下。APEI 2026 年營收將介於 6.85 億美元至 6.95 億美元。調整後 EBITDA 將介於 9,150 萬美元至 1.005 億美元。至於 2026 年第一季（Q126）指引，由於今年我們所處的季度進度，本次財報電話會議的時間點讓我們對所有大學招生情況具有完整能見度。

As a result, APEI revenue will be between $173 million and $175 million and please note that the 1Q25 comparable period includes $3.7 million of graduate school revenue, which obviously is not included in 2026 due to its sale in July of 2025. An adjusted EBITDA will be $25.5 million to $27.0 million. Ed Cotispodi, our CFO, will provide more details in his remarks, including Q1 enrollment and registration results, the refinancing of our debt, and authorization of a new $50 million share repurchase program.

因此，APEI 營收將介於 1.73 億美元至 1.75 億美元；請注意，2025 年第一季（1Q25）可比期間包含 370 萬美元的研究所營收，而該部分因 2025 年 7 月出售，顯然不會納入 2026 年。調整後 EBITDA 將為 2,550 萬美元至 2,700 萬美元。我們的財務長 Ed Cotispodi 將在其發言中提供更多細節，包括第一季招生與註冊結果、債務再融資，以及核准新的 5,000 萬美元庫藏股回購計畫。

We are very clear about what the next 4 years require. It is all about execution. The foundation is built, our business is simplified, and we are operating with a strong balance sheet. We've developed the strategy. We are strengthening the team, and now it's about doing what we say we're going to do quarter after quarter. That's what you experienced in 2025, and that's what you should expect going forward.

我們非常清楚未來 4 年的要求是什麼。一切都在於執行。基礎已建立、我們的業務已簡化，且我們以強健的資產負債表運營。我們已制定策略。我們正在強化團隊，而現在重點在於一季接一季地做到我們所說要做的事。這就是你在 2025 年所體驗到的，也是你未來應該期待的。

With that, I'll turn the call over to Ed to discuss our financial results and 2026 guidance in detail.

接下來，我把電話會議交給 Ed，請他詳細說明我們的財務結果與 2026 年指引。

Thank you, Angie. I'll begin with our fourth quarter results, then review our full year 2025 performance and conclude with our outlook for the first quarter and full year 2026. Total revenue in the fourth quarter was $158.3 million down $5.8 million or 3.5% compared to $164.1 million in the prior year period. Despite the federal government shutdown impact at APUS, we exceeded our most recently stated guidance.

謝謝你，Angie。我將先從第四季結果開始，接著回顧 2025 全年表現，最後說明我們對 2026 年第一季與 2026 全年的展望。第四季總營收為 1.583 億美元，較去年同期的 1.641 億美元減少 580 萬美元，或 3.5%。儘管 APUS 受到聯邦政府停擺的影響，我們仍超越了我們最近一次所提出的指引。

Now let's break down revenue by segment. At APUS, fourth quarter revenue was $71 million down 13.8% compared to $82.4 million in the prior year period. The decline reflects the impact of the federal government shutdown during October and November. Net course registrations for the quarter were 82,200, down 15.3% year over year. However, the underlying business fundamentals remain strong.

現在讓我們按分部拆解營收。在 APUS，第四季營收為 7,100 萬美元，較去年同期的 8,240 萬美元下降 13.8%。此下滑反映了 10 月與 11 月聯邦政府停擺的影響。本季淨課程註冊數為 82,200，年減 15.3%。然而，底層的業務基本面仍然強勁。

At Rasmussen, fourth quarter revenue was $66.6 million up 15.9% compared to $57.5 million in the fourth quarter of the prior year. This strong performance was driven by 8.9% enrollment growth, bringing total students to 15,900. At Hanzhou's College of Nursing, fourth quarter revenue was $20.7 million up 9.2% compared to $18.9 million in the prior year period.

在 Rasmussen，第四季營收為 6,660 萬美元，較去年第四季的 5,750 萬美元成長 15.9%。此強勁表現由 8.9% 的招生增長所帶動，使學生總數達到 15,900 人。在 Hanzhou 護理學院，第四季營收為 2,070 萬美元，較去年同期的 1,890 萬美元成長 9.2%。

This reflects continued enrollment momentum with 4,000 students, an increase of 8.1% year over year. Now turning to profitability for the quarter. Fourth quarter net income available to common stockholders was $12.6 million or $0.67 per diluted share compared to $11.5 million or $0.63 per diluted share in the prior year period.

這反映了招生動能持續，學生人數為 4,000 人，年增 8.1%。現在轉向本季獲利能力。第四季歸屬於普通股股東的淨利為 1,260 萬美元，或每股稀釋盈餘 0.67 美元；去年同期為 1,150 萬美元，或每股稀釋盈餘 0.63 美元。

This represents a 9.6% increase in net income and a 6.3% increase in diluted EPS. Fourth quarter adjusted EBITDA was $28.7 million compared to $31.4 million in the prior year period representing an adjusted EBITDA margin of 18.1%. While down year over year due to the APUS shutdown impact, we exceeded our most recently stated guidance demonstrating strong operational execution.

這代表淨利增加 9.6%，稀釋每股盈餘（EPS）增加 6.3%。第四季調整後 EBITDA 為 2,870 萬美元，去年同期為 3,140 萬美元，調整後 EBITDA 利潤率為 18.1%。雖然因 APUS 停擺影響而較去年同期下滑，但我們仍超越最近一次所提出的指引，展現強勁的營運執行力。

Turning now to our full year results, for full year 2025, consolidated revenue was $648.9 million representing 3.9% growth over 2024 despite the federal government shutdown impact and the sale of Graduate School USA. Excluding graduate school, you were saying revenue from if you exclude that revenue from both periods, revenue growth would have been approximately 7%.

接著看全年結果，2025 全年合併營收為 6.489 億美元，較 2024 年成長 3.9%，儘管受到聯邦政府停擺影響以及出售 Graduate School USA 的影響。若排除研究所，你是說如果兩個期間都排除該部分營收，營收成長約可達 7%。

APUS revenue was $319.8 million up 0.9% year over year. Rasmussen revenue was $246.2 million up 13.9% year over year. This growth was driven by sustained enrollment momentum and our successful fill the back row strategy. Importantly, Rasmussen delivered segment income from operations of $4.1 million compared to a loss of $21.8 million in 2024. This represents a swing of nearly $26 million demonstrating strong enrollment growth and significant margin expansion.

APUS 營收為 3.198 億美元，年增 0.9%。Rasmussen 營收為 2.462 億美元，年增 13.9%。此成長主要由持續的招生動能以及我們成功的「填滿後排」策略所帶動。重要的是，Rasmussen 的部門營業利益為 410 萬美元，相較於 2024 年虧損 2,180 萬美元。這代表近 2,600 萬美元的轉變，展現強勁的招生成長與顯著的利潤率擴張。

Andro's revenue was $75 million up 11.4% year over year, reflecting continued demand for pre-licensed nursing education. Full year adjusted EBITA reached $85.7 million an increase of $13.4 million or 18.6% compared to $72.3 million in 2024. This represents a significant accomplishment and demonstrates the strength of our business model as our adjusted EBITA margin expanded 164 basis points to 13.2% in 2025.

Hondros 的營收為 7,500 萬美元，年增 11.4%，反映對護理預執照教育的需求持續。全年調整後 EBITA 達 8,570 萬美元，較 2024 年的 7,230 萬美元增加 1,340 萬美元或 18.6%。這是一項重要成就，並展現我們商業模式的強韌性，因為 2025 年調整後 EBITA 利潤率擴張 164 個基點至 13.2%。

Net income available to common stockholders for the full year was $25.3 million or $1.36 per diluted share compared to $10.1 million or $0.55 per diluted share in 2024. This 152% increase in net income reflects our operational execution, the absence of preferred dividends following our second quarter redemption, and margin expansion.

全年可歸屬普通股股東的淨利為 2,530 萬美元，或每股稀釋盈餘 1.36 美元，相較於 2024 年的 1,010 萬美元或每股稀釋盈餘 0.55 美元。淨利增加 152% 反映我們的營運執行力、在第二季完成贖回後不再支付特別股股利，以及利潤率擴張。

We also ended 2025 with a very strong balance sheet. As of December 31, 2025, our cash equivalents and restricted cash totaled $176.5 million compared to $158.9 million at December 31, 2024, an increase of $17.6 million or 11%. Total debt was $96.4 million and our net cash position was $80.1 million. We further strengthened our balance sheet and liquidity position last Monday, March 9th, when we refinanced our debt.

我們也在 2025 年底以非常強健的資產負債表作結。截至 2025 年 12 月 31 日，我們的約當現金與受限制現金合計為 1.765 億美元，較 2024 年 12 月 31 日的 1.589 億美元增加 1,760 萬美元或 11%。總負債為 9,640 萬美元，淨現金部位為 8,010 萬美元。上週一（3 月 9 日）我們完成債務再融資，進一步強化資產負債表與流動性部位。

Through the refinancing, we reduced our borrowing rate by approximately 375 basis points at current leverage levels and lowered our principal balance from $96.4 million to $90 million. The lower borrowing rate combined with the reduction in principal is expected to generate $3.7 million in annual interest expense savings, excluding the amortization of debt issuance costs.

透過再融資，在目前槓桿水準下，我們將借款利率降低約 375 個基點，並將本金餘額由 9,640 萬美元降至 9,000 萬美元。較低的借款利率加上本金減少，預期每年可節省 370 萬美元的利息費用（不含債務發行成本的攤銷）。

For modeling purposes, you should expect our interest income to be roughly equivalent to our interest expense in 2026 given our strong cash balances and improved borrowing rate. Also we will recognize a non-cash write-off of approximately $1.6 million related to deferred financing costs associated with our previous loan.

就建模而言，鑑於我們強勁的現金餘額與改善後的借款利率，預期 2026 年的利息收入大致將與利息費用相當。此外，我們將認列約 160 萬美元的非現金沖銷，與先前貸款相關的遞延融資成本有關。

Our strong balance sheet and cash generation provide us with significant financial flexibility for growth investments. This liquidity position is also a key factor in our ability to navigate the government shutdown without operational disruption. In addition, this week our board of directors authorized a $50 million share repurchase program.

我們強健的資產負債表與現金創造能力，為成長投資提供了顯著的財務彈性。此一流動性部位也是我們能在政府關門期間仍可在營運上不受干擾的關鍵因素。此外，本週董事會核准了一項 5,000 萬美元的庫藏股回購計畫。

We expect the program to be used primarily to offset dilution from share-based compensation while also providing flexibility to opportunistically repurchase shares depending on market conditions and other factors. The authorization reflects the board's confidence in the company's long-term strategy, our strong cash flow profile, and our commitment to disciplined capital allocations.

我們預期該計畫主要用於抵銷以股份為基礎之薪酬所造成的稀釋，同時也保留彈性，視市場狀況及其他因素機會性回購股份。此項授權反映董事會對公司長期策略、我們強勁的現金流特性，以及我們對嚴謹資本配置的承諾之信心。

Repurchases may be made from time to time through open market transactions or other permitted methods, and the timing and amount of any repurchases will depend on market conditions, share price, and alternative uses of capital. I'll now discuss our guidance for for first quarter and full year 2026.

回購可不定期透過公開市場交易或其他允許的方法進行，而任何回購的時點與金額將取決於市場狀況、股價以及資本的替代用途。接下來我將說明我們對 2026 年第一季與全年之財測指引。

Our guidance for first quarter 2026 is as follows revenue between $173 million and $175 million. Net income available to common stockholders between $11.1 million and $12.2 million. Adjusted EBITDA between $25.5 million and $27 million, and diluted earnings per share between $0.58 per share and $0.64 per share.

我們對 2026 年第一季的指引如下：營收介於 1.73 億至 1.75 億美元。可歸屬普通股股東的淨利介於 1,110 萬至 1,220 萬美元。調整後 EBITDA 介於 2,550 萬至 2,700 萬美元，稀釋後每股盈餘介於每股 0.58 至 0.64 美元。

When considering this guidance, keep in mind that our results are subject to seasonality. The 1st quarter is typically our second strongest quarter of the year. For full year 2026, our guidance is as follows revenue between $685 million and $695 million. Net income available to common stockholders between $41.3 million and $47.6 million.

在考量此指引時，請記得我們的業績會受到季節性影響。第一季通常是我們一年中第二強的季度。對 2026 年全年，我們的指引如下：營收介於 6.85 億至 6.95 億美元。可歸屬普通股股東的淨利介於 4,130 萬至 4,760 萬美元。

Adjusted EBITDA between $91.5 million and $100.5 million diluted earnings per share between $2.15 per share and $2.47 per share, and CapEx between $28 million and $32 million. In summary, 2025 was an excellent year for API. We exceeded our guidance despite external challenges, strengthened our balance sheet, and positioned the company for accelerated growth in 2026.

調整後 EBITDA 介於 9,150 萬至 1.005 億美元，稀釋後每股盈餘介於每股 2.15 至 2.47 美元，資本支出（CapEx）介於 2,800 萬至 3,200 萬美元。總結而言，2025 年對 API 而言是非常出色的一年。儘管面臨外部挑戰，我們仍超越指引、強化資產負債表，並使公司在 2026 年具備加速成長的有利位置。

Our 2026 guidance reflects continued enrollment growth, improving margins, and the benefits of our strengthened balance sheet, and we believe we are well positioned to achieve these targets.

我們的 2026 年指引反映持續的招生成長、利潤率改善，以及強化後資產負債表所帶來的效益；我們相信自己具備良好條件達成這些目標。

With that, I'll turn it back to Angela for closing remarks.

接下來我把時間交回 Angela 作結語。

Thank you, Ed. In closing, we've spent the past year setting ambitious yet achievable financial and operating goals. Our RU Health Plus segment comprised of Rasmussen University and Hondros College of Nursing are delivering consistent positive enrollment growth and improving profitability. Our APU global segment with the exception of temporary enrollment disruptions from the federal government shutdown continues to deliver growth and strong margins.

謝謝你，Ed。最後，我們在過去一年設定了具企圖心但可達成的財務與營運目標。我們的 RU Health Plus 部門（由 Rasmussen University 與 Hondros College of Nursing 組成）持續帶來穩定的正向招生成長並提升獲利能力。我們的 APU Global 部門，除聯邦政府關門造成的短期招生干擾外，仍持續帶來成長與強勁的利潤率。

I want to reinforce the multi-year growth framework we outlined at our November 2025 Investor Day. At that event, we introduced our vision through 2029 with five key value creation initiatives at APU Global and four at our RU Health Plus Healthcare division. Those growth drivers remain fully intact. These value creation initiatives build on each other and create a foundation for sustained growth.

我想再次強調我們在 2025 年 11 月投資人日所提出的多年期成長架構。在該活動中，我們提出至 2029 年的願景：APU Global 有五項關鍵價值創造倡議，而 RU Health Plus 醫療照護事業部有四項。這些成長動能仍完全不變。這些價值創造倡議彼此相互堆疊，並為持續成長建立基礎。

Our multi-year growth framework projected organic revenue of $890 million to $925 million by 2029, representing an 8 to 9% revenue CAGR with adjusted EBITDA margins at 20 to 21%. With strategic investments in new campuses and potential tuck-in acquisitions, we see a potential path to a billion dollars in revenue by 2029.

我們的多年期成長架構預估至 2029 年有機營收可達 8.90 億至 9.25 億美元，代表營收年複合成長率（CAGR）為 8% 至 9%，調整後 EBITDA 利潤率為 20% 至 21%。透過在新校區的策略性投資以及潛在的小型併購（tuck-in acquisitions），我們看到至 2029 年營收達 10 億美元的潛在路徑。

Our APEI organization is purpose built to deliver affordable and accessible education opportunities in fields which are in high demand and resilient to disruption. Nursing education prioritizes in-person bedside care, and our military service members continue to be critical to US defense strategies, especially in these heightened times in the Middle East and Latin America.

我們的 APEI 組織是為了在高需求且具抗干擾性的領域，提供可負擔且可及的教育機會而量身打造。護理教育重視面對面的床邊照護，而我們的軍事服役人員持續是美國國防策略的關鍵，尤其是在中東與拉丁美洲局勢升溫的此刻。

We believe that careers that require judgment are AI resilient and will continue to need humans to operate. Our platform and sector tailwinds position APEI to accelerate growth and bring more educational opportunities to a greater audience. We are as optimistic today as we have ever been about the long-term potential of our company.

我們相信需要判斷力的職涯具備 AI 抗性，並將持續需要人類來執行。我們的平台與產業順風使 APEI 得以加速成長，並將更多教育機會帶給更廣大的受眾。對於公司長期潛力，我們今天的樂觀程度不亞於以往任何時候。

Before we move to questions, I want to acknowledge the valuable feedback we've received from many of you in our ongoing effort to continue to be more transparent with our investor community. We are committed to providing you with clear insights into our performance, our strategic initiatives, and the long-term value creation opportunities ahead of us.

在進入提問前，我想感謝各位在我們持續努力、讓投資人社群獲得更高透明度的過程中所提供的寶貴回饋。我們承諾為各位提供清晰的洞見，涵蓋我們的績效、策略性倡議，以及未來的長期價值創造機會。

Importantly, I also want to take a moment to honor Sergeant First Class Nicole M. Amor, a Rasmussen University graduate who is one of 6 killed in Kuwait on March 1st while serving her country. Nicole embodies everything we believe in at APEI and we are deeply grateful for her service and sacrifice. Our thoughts are with her family and fellow military service members.

重要的是，我也想花一點時間向一等軍士長 Nicole M. Amor 致敬；她是拉斯穆森大學（Rasmussen University）畢業生，於 3 月 1 日在科威特服役期間殉職，為當日遇難的 6 人之一。Nicole 體現了我們在 APEI 所堅信的一切，我們對她的服役與犧牲深表感激。我們的思念與關懷與她的家人及一同服役的軍中同袍同在。

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

接下來，我想把電話交回給接線員，開始我們的問答環節。

(Operator Instructions) Griffin Boss, B. Riley Securities.

（接線員指示）Griffin Boss，B. Riley Securities。

Hi, good evening. Thanks for taking my questions and spectacular results and then, it was a tough macro with the government shutdown in the 4th quarter. So I just want to start off, on the CapEx cadence, and step up given these new campus openings. So is that going to be linear throughout the year or is that going to ramp towards the back half of the year as, that Hondros campus gets ready to start enrollments?

嗨，晚安。感謝讓我提問，也恭喜你們交出亮眼的成績；不過第四季在政府關門的影響下，總體環境確實艱難。我想先從資本支出（CapEx）的投入節奏談起，因為有這些新校區開設，CapEx 會提高。所以這會在全年呈線性分布，還是會在下半年、特別是 Hondros 校區準備開始招生時才加速？

Yeah, Griffin, we would, we expect on the campus openings that most of the CapEx related to the new campuses would be in the 4th quarter, maybe a little bit in the 3rd quarter, but good question. It'll be mostly in the second half of the year.

是的，Griffin，關於校區開設，我們預期與新校區相關的大部分 CapEx 會落在第四季，第三季可能也會有一點；不過這是個好問題。整體來說會主要集中在下半年。

Okay, great, thanks for that. And then, just on that note too, can you just remind us, I know you spoke about it on your investor day, but it would be helpful I think here to remind all of us, about the economics of these new campuses, what, what's the expected revenue per new campus once it's ramped. Margin expectations and when you expect to be cash flow break even and I apologize. I don't know if there's background noise on my end. I'm hearing a little bit of that but. I could repeat the question if you could.

好的，很棒，謝謝說明。另外也順著這點，能否請你們再提醒一下——我知道你們在投資人日有談過——但我想在這裡再幫大家回顧一下這些新校區的經濟模型：每個新校區在爬坡完成後預期的營收是多少？毛利率／利潤率的期待，以及你們預期何時能達到現金流損益兩平；不好意思。我不確定是不是我這邊有背景雜音。我有聽到一點，但……如果需要我可以再重複一次問題。

You sound clear. You're good. We don't hear that. So I think as we said, our campuses are relatively CapEx li. We expect them to be, cost about $3.5 million to open. Take about 8, 18 months before we turn cash flow positive, and I think the economics, we said at scale we would expect the campus to do about $12 million in revenue and have about a 35% margin.

你的聲音很清楚。沒問題。我們這邊沒有聽到雜音。所以我想如同我們所說，我們的校區在 CapEx 方面相對……我們預期每個校區開設成本約 350 萬美元。大約需要 8 到 18 個月才會轉為現金流為正；至於經濟性，我們說過在達到規模後，每個校區預期可做到約 1,200 萬美元營收，利潤率約 35%。

Okay, great, yeah, that's super helpful.

好的，很棒，這非常有幫助。

I just, oh, Griffin, I was just going to say, and we're still on a pace to open two campuses per year. That's the current, plan that, was baked into the 4 year plan we shared at Investor Day.

我補充一下，Griffin，我們仍然維持每年開設兩個校區的節奏。這就是目前的計畫，也已納入我們在投資人日分享的四年計畫之中。

Right, yes, and so, I guess before I get to my last one just to follow-up on that, so we could expect kind of, a heightened level of CapEx at least above the 25 levels going forward beyond 26. I know you're not guiding to that, but is that a reasonable expectation?

了解，是的。在我問最後一題之前再追問一下：所以我們可以預期，至少在 26 年之後、往後的 CapEx 水準會高於 25 年的水準。我知道你們沒有對那部分提供指引，但這樣的預期合理嗎？

Yeah, I think what that guided to in his comments for the full year this year is kind of our standard number we would use which includes about $7 million for new campus openings. Is that fair? That's fair.

是的，我認為他在對今年全年所做的評論中所指引的，基本上就是我們會採用的標準數字，其中包含約 700 萬美元用於新校區開設。這樣說公平嗎？是的，公平。

The range that we have between 28 and 32, so 7 of that would be for campus openings.

我們給的區間是 2,800 萬到 3,200 萬，其中約 700 萬會用於校區開設。

Sure, okay, makes sense, and then just last one before I hand it off, hop back in the queue, I understand going forward there's just going to be two operating segments, but I is there any chance you could break out, kind of the expectation for the first quarter for Rasmussen and Hondras for us, before we start to, model just kind of two divisions going forward.

好的，了解，合理。最後一題，然後我就把時間讓給其他人、回到隊列：我理解未來只會有兩個營運分部，但是否有可能在我們開始以兩個事業部來建模之前，先為我們拆分一下第一季 Rasmussen 與 Hondros 的預期？

We're, we are, moving towards this, two segment combination and as a result we won't be breaking it out, for the investor community going forward, no.

我們正在朝兩個分部合併的方向前進，因此未來不會再為投資人社群進行拆分揭露，沒有。

Okay, fair enough. Thank you, Angie.

好的，了解。謝謝你，Angie。

Luke Horton, Northland Securities.

Luke Horton，Northland Securities。

Yeah, hey guys, congratulations on a very nice quarter here, I guess kinda want to dive into the marketing strategy and how this sort of shifts after the institution combination kind of takes effect. Could you just kinda talk through, kind of marketing strategy there?

是的，嗨各位，恭喜這一季表現非常不錯。我想深入談談行銷策略，以及在機構合併生效後，這方面會如何轉變。能否請你們說明一下行銷策略？

Yes, great question, Luke. Let me start by saying Rasmussen's brand and Hondros's brand will continue to be present in their local markets, and so the marketing strategy will continue to attract students to those campuses with those brand names. So, but we, what we are doing is we are bringing the better practices from each of the three education units, to each other.

好的，Luke，這是個好問題。我先說明：Rasmussen 的品牌與 Hondros 的品牌會持續在各自的在地市場中存在，因此行銷策略也會持續以這些品牌名稱來吸引學生到那些校區。不過，我們正在做的是把三個教育單位各自的最佳實務相互導入。

So the best practices from APUS is online to Rasmussen online, the best practices from Rasmussen campuses to Hondros and vice versa. So, we are continuing to optimize, our marketing spend. The difference between what we do digitally primarily for online students and what we do in a more scrappy on the ground fashion for our campuses, but we will continue to be, enrolling students in each of those grants, for 2026.

也就是把 APUS 在線上方面的最佳實務導入 Rasmussen 的線上業務，把 Rasmussen 校區的最佳實務導入 Hondros，反之亦然。因此，我們會持續優化行銷支出。我們針對線上學生主要採數位方式，而針對校區則採取更靈活、在地落地的方式；但我們會在 2026 年持續在各個品牌下招收學生。

Okay, great, that's helpful and then, lastly just on the course registrations at at APUS, I think you said it was up like 41% in the month of December year over year I guess was there like when the government was shut down and the and the funding was paused, was there like a waitlist where students could like sign up to work course registration once funding was returned or I guess what. What was kind of the leader of the big bump in in course registrations for December.

好的，很有幫助。最後一題，關於 APUS 的課程註冊，我記得你們說 12 月的註冊量年增大約 41%。我想問的是：當政府關門、資金暫停時，是否有類似候補名單，讓學生可以先登記、等資金恢復後再完成課程註冊？或者說……12 月課程註冊大幅增加的主要原因是什麼？

Yes, great question. I'll have Gary answer that question. Go ahead.

是的，很好的問題。我請 Gary 來回答這個問題。請。

Yes, I was going to say I think we were pleasantly surprised. We didn't know how much we would bounce back or whether it would just be a permanent kind of loss, but we saw that significant bounce back from the military students. I think that indicates that there was good demand and without the ability to have the funding in place, they were just sitting on the sidelines.

是的，我想說我們其實是驚喜的。我們不確定會反彈多少，或是否會變成某種永久性的流失，但我們看到軍方學生出現顯著回流。我認為這表示需求其實很強，只是因為資金無法到位，他們只能先觀望。

So it's a combination of new students and continuing students came back which you know we didn't have a good indicator there so that was a nice surprise for us in in December and obviously that helped to start the year off as well.

所以這是新生與在校生回流的組合；你知道的，我們之前沒有很好的指標，因此 12 月對我們來說是個不錯的驚喜，而這也顯然有助於新年度的開局。

So keep in mind that those 20,600 TA registrations in October and November. Ended up getting dropped so those were students that were already enrolled in class and we had to drop them for nonpayment so when you say was there a wait lists or you know what have you they were they had already intended to take their courses in October and November so when funding came up. \

另外請記得，10 月與 11 月那 20,600 筆 TA（學費補助）註冊，最後都被取消了；那些其實是已經選課的學生，但因為未付款我們必須把他們退選。所以當你問是否有候補名單或類似安排時——他們原本就打算在 10 月和 11 月修那些課，只是當資金恢復時……\"

Be available again they jumped right back in and we were really pleased and and we were pleased that December, which is of the quarter, the lighter of the enrollment months just because it's the holidays etc. Didn't seem to slow them down and wanting to jump back in and and take their courses.

再次開放後，他們立刻就又回來了，我們真的很高興，而且我們也很高興的是，12 月（屬於本季）通常因為假期等因素是報名較淡的月份，但看起來並沒有讓他們放慢腳步；他們仍然想要回來繼續修課。

Okay, got it. That, that's very helpful. That's it for me. Congratulations on the quarter.

好的，了解。這非常有幫助。我這邊就到這裡。恭喜本季表現。

Thank you so much, Luke.

非常感謝你，Luke。

Eric Martinucci, Lake Street Capital Markets.

Eric Martinucci，Lake Street Capital Markets。

Yeah, I also wanted to dive in on the, enrollments at AIS just, but more focused on the non-TA side. You, seeing Q4 up 11% for the non-TA. I was just curious, I, could you remind me how does that compare with the first nine-months of the year? Was that an acceleration?

是的，我也想深入了解一下 AIS 的招生情況，但更聚焦在非 TA 的部分。你們看到第四季非 TA 年增 11%。我想請教一下，你能否提醒我，這和今年前九個月相比如何？這算是加速嗎？

Great question. I'm going to Eric, turn that over to Gary for him to.

好問題。Eric，我把這題交給 Gary 來回答。

Answer. Yeah, I think we are very pleased with the non-military segments, and, we saw, I think Andrew mentioned it, that we saw high 10s in both the veterans and the extended family markets. Our, the other category was a little bit lighter, but the combination of that, the non-military active duty segment was about 11% growth combined.

回答。是的，我們對非軍方族群的表現非常滿意；我想 Andrew 也提到過，我們在退伍軍人以及延伸家庭（extended family）市場都看到 10% 以上、接近 20% 的成長。其他類別稍微弱一些，但合併來看，非現役軍人（non-military active duty segment）這一塊合計約成長 11%。

Okay, and then for the first quarter that that 4% year on year that you saw, was that, did you see that sustained in the first quarter.

了解，那第一季你們看到年增 4% 的部分，這個趨勢在第一季有持續嗎？

Yeah, and we'll probably get more color, on that in our next call, but yes, we did see that that same trend continue which we're very pleased with and then. We think there's good momentum there, which is, what we're hoping to see and certainly very pleased that the outcomes of the teams work really hard to build the extended families and the veterans as they take more courses on average and have a little bit higher tuition rate. So it's pacing out nicely, despite, a little bit of a softness in the active duty due to a partial shutdown in Q1.

有的，我們可能會在下一次電話會議提供更多細節，但答案是肯定的；我們確實看到同樣的趨勢延續，對此非常滿意。我們認為動能不錯，這正是我們希望看到的；也很高興團隊努力拓展延伸家庭與退伍軍人族群，因為他們平均修課更多、學費費率也略高。因此整體進展良好，儘管因第一季部分停擺（partial shutdown）導致現役軍人端略有疲軟。

Got it. And then my last question has to do with the use of cash, the priorities here. You've obviously come out with a new repurchase plan, this, $50 million. You talked about sort of absorbing, stock-based comp, the dilution from that, just, what is the priority? Is it, anything beyond that we're going to focus on debt pay down or is the current stock price appetizing to you guys? What's the focus?

了解。我最後一題是關於現金使用與優先順序。你們顯然推出了新的庫藏股回購計畫，規模 5,000 萬美元。你們提到主要是吸收股權型薪酬造成的稀釋；那優先順序是什麼？除了這個之外，會更著重於償還債務嗎？還是你們覺得目前股價很有吸引力？重點會放在哪裡？

Yeah, great question, Eric. I'm going to turn it over to Ed for him to answer that.

是的，好問題，Eric。我把這題交給 Ed 來回答。

Ed, look, from a priority standpoint, we're always going to focus, initially on organic growth. That, that's going to be our number one priority, and we want to do so while we maintain a conservative balance sheet. M&A is something that we'll continue to look at. It has to be opportunistic in nature. There are reasons why we might want to expand geographically, a deal that might make sense.

Ed，從優先順序來看，我們一開始永遠會把重點放在內生成長（organic growth）。這會是我們的第一優先，我們也希望在維持保守資產負債表的前提下做到這點。併購（M&A）我們也會持續評估。但必須是機會型（opportunistic）的。例如我們可能想在地理上擴張，若有合適的交易就可能有意義。

In terms of its footprint, and when all of that is said and done, then we turn to the return of capital to shareholders in the case of this $50 million dollar authorization as you said we're very focused on on. On the dilution of stock based comp and and and and and mitigating that and and then in the event that there are market events or or changes in stock price that would make sense for us to be opportunistic to repurchase more than we'd we'd execute from that perspective as well.

就其版圖（footprint）而言；而當上述都完成之後，我們才會轉向把資本回饋給股東。以這次 5,000 萬美元的授權為例，如你所說，我們非常聚焦於股權型薪酬的稀釋，並且致力於緩解這個影響；此外，若出現市場事件或股價變動，使我們有理由採取更機會型的方式回購、回購規模超過原本預期，我們也會從這個角度來執行。

Yeah, thanks for taking my question.

好的，謝謝回答我的問題。

Thank you.

謝謝。

Jasper Bibb, Trust securities.

Jasper Bibb，Trust Securities。

Hey, good afternoon, everyone. Maybe following up on an earlier question, I wanted to ask what your 26 comments and envisions as far as on-ground healthcare growth or maybe any additional detail on what you're seeing in healthcare student demand this year would be great.

各位下午好。我想延續先前的一個問題，想請教你們對 2026 年（26）在實體端（on-ground）的醫療保健成長有何看法與規劃；或者今年你們看到的醫療保健學生需求，有沒有更多細節可以分享？

Hi Jasper, thanks very much for the question. I'll start, by saying we continue to see strong interest in our, campus programs and specifically our nursing pre-licensed nursing campus programs. I'll turn it over to Gary and he'll give you a little bit more detail on. Yeah, I think.

嗨 Jasper，非常感謝你的提問。我先說，我們持續看到對校園課程（campus programs）的強勁興趣，特別是我們的護理（nursing）校園課程、也就是考照前（pre-licensed）的護理校園課程。我把問題交給 Gary，他會再補充一些細節。是的，我想。

I think we said we would see somewhat linear growth in relationship to our longer-term strategic plan. So I think we're targeting call it high single-digit growth in our healthcare platform entirely and obviously we intend to grow, not obviously, but we intend to grow our campuses at a slightly faster rate than the online and the healthcare division.

我想我們之前說過，成長會大致呈線性，並與我們的長期策略計畫相呼應。因此我們的目標是，整體醫療保健平台（healthcare platform）大約達到高個位數成長；而且我們打算讓校園端的成長速度略快於線上端與醫療保健事業部。

So that is our target rate and then obviously getting, AIS to be growing, at a similar rate, maybe lower, slightly lower than the healthcare platform.

所以這就是我們的目標成長率；另外也希望 AIS 的成長能接近這個水準，可能略低一些、稍微低於醫療保健平台。

Thanks for that. And then it's probably too early to say, but could you frame for us on whether the Iran war is having an impact on.

謝謝說明。接著可能還太早，但你能否幫我們界定一下，伊朗戰爭是否正在影響。

The behavior of your active duty students at APIS or maybe historically how that part of your student population behaves when military activity picks up.

你們在 APIS 的現役學生行為？或者從歷史經驗來看，當軍事活動升溫時，你們這部分學生族群通常會如何反應？

Great question Jasper. Great question. So presently we don't know what the exact troop count is, but primarily those being deployed are in the Navy, the Air Force, cyber, and some regional based personnel, and so, those our largest enrollment population is the Army and the boots on the ground, deployment hasn't happened yet.

好問題，Jasper。非常好的問題。目前我們還不清楚確切的派兵人數，但主要被部署的是海軍、空軍、網路（cyber）以及一些區域型人員；而我們最大的招生族群是陸軍，所謂「地面部隊」（boots on the ground）的部署目前還沒有發生。

With the March start, which was a really important, checkpoint for us to see what kind of impact, if any, we would experience, we had really no difference in our, start rate for March, even with the Middle East war. And you know we don't anticipate a significantly positive or significantly negative registration impact just based on what we've seen, over the years with military deployment.

以 3 月開課（March start）來說，這對我們是非常重要的觀察檢查點，用來看是否會有任何影響；即使中東戰事發生，我們 3 月的開課率（start rate）其實沒有任何差異。而且根據我們多年來對軍事部署的觀察，我們不預期僅因部署就會對報名（registration）造成顯著正面或顯著負面的影響。

So, sometimes people suspend their education because they're deployed and aren't sure they will have access to a computer, and we see others, ramping up their education because they are deployed, but. But are have, free time and connection to the Internet and a computer and so they decide to take courses so it all kind of balances out in the end. So right now we don't think there will be, any impact, in a meaningful way at APUS on, registrations in 2026, but we'll certainly, keep you posted as we learn more.

有時候有人因為被部署而暫停學業，因為不確定是否能使用電腦；但我們也看到另一些人在被部署時反而加速進修，因為。因為他們有空閒時間、也能連上網路並使用電腦，所以就決定修課；最後大致會互相抵消。因此目前我們認為，2026 年 APUS 的報名不會受到任何具實質意義的影響，但我們會在掌握更多資訊後再向各位更新。

Got it, thanks for taking the question.

了解，謝謝回答。

Thank you.

謝謝。

(Operator Instructions) Rajeev Sharma, Texas Capital.

（接線員指示）Rajeev Sharma，Texas Capital。

Hi, thank you, for taking my questions, Raj, and, great results and solid guidance. This has been a pleasure to, I had a couple of questions. How do you specifically plan to fill in the back seats? Any. I know you had talked at the analyst day. Can you enumerate certain specific tactics?

嗨，謝謝讓我提問，Raj，另外成果很亮眼、指引也很穩健。很高興參與這次會議，我有幾個問題。你們具體打算如何把後排座位坐滿（fill in the back seats）？有什麼。我知道你們在分析師日有談到。你能列舉一些具體策略嗎？

Yes, great question, Raj, and thanks for the compliments. So we are really honing in on our marketing strategies that are attracting the students to the programs that have the not just the biggest supply demand GAAP but also the biggest, employment demands in the local market. And so we are refining our marketing approaches and in some markets we are actually investing more marketing dollars than we had originally planned because we're seeing great great yield and great results so you know we're looking at being thoughtful but also being.

是的，Raj，問得很好，也謝謝你的稱讚。因此，我們正非常聚焦於我們的行銷策略，去吸引學生報讀那些不僅供需（GAAP）最強、同時在當地市場就業需求也最大的課程。所以我們正在精進行銷作法，而在某些市場，我們實際上投入的行銷預算比原先規劃的更多，因為我們看到非常非常好的轉化率與成果；因此你知道，我們會在審慎之餘，也會保持。

Aggressive about how we take, EBITDA, outperformance, Rasmussen in particular and investing some of those dollars into the marketing so we can continue to grow, and fill the back row. So, we are just going to continue to do. What we did in 2025, which delivered great results, I'll turn it over to Gary, for more commentary.

在我們如何運用 EBITDA 的超預期表現（特別是 Rasmussen）並把其中一部分資金投入行銷上這件事上更具進取性，這樣我們就能持續成長，並把後段班次（back row）填滿。所以，我們會持續去做。我們在 2025 年所做、且帶來很棒成果的事情；我把時間交給 Gary，再補充一些評論。

I'd also say that we, plan to campuses cross pollinate programs, so we have a nice portfolio. Not every campus has the same programs in nursing and allied health. So part of the strategy, by example, in the new campus in Orlando, we're offering an LPN program in that market that we didn't have before. And that becomes another opportunity for us as we look at campuses.

我也想補充，我們計畫讓各校區之間的課程彼此交叉導入（cross pollinate），因為我們有一個很不錯的課程組合。並不是每個校區在護理與醫療相關健康（allied health）的課程都一樣。所以策略的一部分，例如在奧蘭多的新校區，我們在該市場推出以前沒有的 LPN 課程。而當我們檢視各校區時，這也成為我們的另一個機會。

So it's a combination of just continuing the marketing but also creating, using the campuses and expanding programs that they may not have in their portfolio, and we've got a very detailed plan campus by campus on what programs we plan to roll out over the next four-years.

所以這是多管齊下：一方面持續行銷，另一方面也運用校區、擴充其課程組合中原本沒有的課程；而且我們已經針對每一個校區，制定了非常詳細的計畫，規劃未來四年要推出哪些課程。

Got it. Thank you. That's that's very helpful. And then, you've guided the fiscal '26 to top-line revenue of a little over 6%. I think in your remarks you just said, is it right to assume that, nursing around in 100s are going to be high single-digits then, through the year.

了解。謝謝。這非常有幫助。另外，你們對 2026 財年的指引是營收年增略高於 6%。我想在你剛才的說明中你提到，是否可以假設護理大約在 100 多（around in 100s）會是全年高個位數成長？

And a I'm sorry, I didn't mean to cut you off. Sorry, finish your question, Russ. Sorry.

還有，抱歉，我不是要打斷你。抱歉，Russ，你把問題問完。抱歉。

No, just that you break out the nursing and the Apis, it, is it that high single-digit and low single-digit.

沒有，就是你們把護理和 APUS 拆開來看，是否是前者高個位數、後者低個位數？

Yes, I do want to just first remind, all who are who are looking at comparative year over year results that we do have graduate school revenue in the first half of 2025 so we put on the Q1 guidance page you know. The fact that the Q1 revenue includes 3.7 million of graduate school, we did, I can see now we did not put the total graduate school revenue to be able to deduct from, the 2025 as a year over year comparison.

是的，我想先提醒一下所有在看年對年可比結果的人：我們在 2025 年上半年有研究所（graduate school）營收，所以我們在 Q1 指引頁面上有註明，你知道。也就是 Q1 營收包含 370 萬美元的研究所營收；我現在看到我們確實沒有把研究所的全年總營收列出來，讓大家在做 2025 年年對年比較時可以扣除。

So that if you were to do an apples to apples comparison, our, growth rate, is approaching 8% at the midpoint. And then certainly when you get the full year you will also you know have the opportunity to see that we would likely be able to recover the enrollment that that we had to, forego in October and November as a result of the.

所以如果你做的是同口徑（apples to apples）的比較，我們的成長率在中位數附近接近 8%。而且當你看到全年時，你也會有機會看到：我們很可能能把因為 10 月與 11 月政府關門而不得不放棄的那部分招生，補回來。

Government shutdown and so, we think that there are some puts and takes in those numbers that would signal that the midpoint, of our full year is probably closer to 8%, with, yes, with APUS as you were calling out in the mid single-digits and our healthcare schools in the high single to low double-digits, yes.

因此，我們認為這些數字裡有一些此消彼長的因素，顯示我們全年中位數其實可能更接近 8%；而且，是的，正如你提到的，APUS 大約在中個位數成長，而我們的醫療健康學校則在高個位數到低雙位數成長，是的。

Thank you. That's really helpful. And then just following on that last question, with the increase in the revenues, at, Rasmussen and Honduras, you've achieved incremental margins, right? I think last year, 20 fiscal '24 and 25% was greater than 50%. And this year it seems to be implied with fiscal '26 guidance, the incremental profit margins are implied at 25%. Expect healthier incremental profit margins than the guidance would indicate.

謝謝。這真的很有幫助。接著延續上一題，隨著 Rasmussen 和 Hondros 的營收增加，你們已經達到增量利潤率（incremental margins），對吧？我記得去年，也就是 2024 財年到 2025 財年，增量利潤率超過 50%。但今年看起來，從 2026 財年指引推算，增量獲利率隱含大約是 25%。你們是否預期增量獲利率會比指引所暗示的更健康？

So obviously you know this Gary, I think we are obviously tracking to that we are making some strategic investments to make sure that we can hit those numbers and you mentioned in some marketing last year we saw, I think it was 75% flow through margins at Rasmussen is what we. Ended up doing a full year, we'll continue to monitor that, but, and it'll progress throughout the year.

所以很明顯，你知道的，Gary，我想我們確實正朝那個方向前進；我們也在做一些策略性投資，以確保能達成那些數字。你提到行銷方面，去年我們看到 Rasmussen 的流入（flow-through）利潤率，我想我們。全年最後做到的是 75%；我們會持續監控，不過，這也會在全年過程中逐步演進。

I think we're right now making sure that we stay focused on a healthy top-line growth to fill the back row, and that may mean some additional S&P spend and some faculty ahead of that, and don't forget the campuses as we go that they will suppress the margins a bit, not as much in 2026, but in our years the new campuses, right.

我想我們目前是在確保自己持續聚焦於健康的營收成長，以把後段班次（back row）填滿；而這可能意味著在此之前會有一些額外的 S&P 支出以及提前配置一些師資。也別忘了，隨著我們推進校區布局，新校區會在一定程度上壓抑利潤率；2026 年不會那麼明顯，但在我們的新校區年份會是如此，對吧。

Which we didn't have any campus opening yeah in the rest of the numbers in 25.

因為在 25 年剩下的期間，我們沒有任何校區開幕，對，這也反映在那些數字裡。

Great. I'll take it offline. Thank you again. Fantastic results and great guidance and Thank you for taking my questions.

很好。我之後再私下跟進。再次感謝。成果非常亮眼、指引也很棒，謝謝你回答我的問題。

Thank you, Raj. Thank you very much.

謝謝你，Raj。非常感謝。

Stephen Sheldon, William Blair. Please go ahead.

William Blair 的 Stephen Sheldon。請繼續。

Hey everyone, you have Matt Fli on for Stephen Sheldon. Congrats on a strong finish to the year and thank you for taking my questions. Wanted to start with a quick follow-up on filling the back row. I think you have previously said that nursing campus utilization is currently around 60%, but your target is closer to 90%, and I was wondering if you can share anything on the rough timeline and cadence to getting to that 90% target level across your nursing campuses.

各位好，我是代 Stephen Sheldon 上線的 Matt Fli。恭喜今年強勁收官，也謝謝你們回答我的問題。我想先就「填滿後段班次（back row）」做個快速追問。我記得你們之前說過，護理校區的利用率目前大約 60%，但目標是接近 90%；我想請你們分享一下，大致的時間表與節奏，如何在各護理校區達到 90% 的目標水準。

Yes, hi Matt, great question, it's our favorite topic, so we signaled, when we did investorate that we would be approaching that 90% when we get to year 4, and we also signaled that we expect. Rather smooth progression over the four years so we think that that's just going to be, basically consuming capacity and adding students on a rather smooth trajectory over the next four-years.

是的，嗨 Matt，問得很好，這是我們最喜歡的話題。所以我們在投資人日（investorate）時已經提到，當我們進入第 4 年時會接近 90%；我們也提到我們預期。在這四年期間會是相當平順的進展，所以我們認為接下來四年基本上就是逐步消化產能、以相當平滑的軌跡增加學生人數。

Got it, yeah, that makes a ton of sense. And then just had a quick one on teacher capacity. How do you feel about your current teacher capacity across educational units? And are there any areas where you may be slightly over understaffed?

了解，對，這非常合理。另外還有一個關於教師產能的快速問題。你們如何看待目前各教育單位的教師產能？是否有任何領域可能稍微人力過多或不足？

Great question. I think if you remember at the, investor meeting we talked a little bit about making sure we're not just enrolling students but we're also making managing those constraints, right? And making sure that we have all the necessary resources in place which includes faculty availability of clinicals, etc. Right? So the good news is, since we are, far past COVID now, the availability of faculty is, has really not been a constraint.

問得很好。我想如果你還記得在投資人會議上，我們談到要確保不只是招生，同時也要管理那些限制條件，對吧？並確保我們具備所有必要資源，其中包括師資、臨床實習（clinicals）的可用性等等，對吧？好消息是，因為我們現在已經遠離 COVID 一段時間了，師資的可用性，確實已經不再是限制因素。

In our market of late. Which is really good news because that is certainly one of the things that makes it difficult for you to, enroll at the paces that we were enrolling at. So we don't have any campuses right now where we have a faculty shortage and in fact, we have all of our dean positions filled at all of our Rasusson Hondros campuses. So, we really feel like we're in very strong shape from a, talent and faculty perspective going into 26.

在我們最近的市場環境中。這真的是好消息，因為那確實是讓你難以用我們過去那樣的速度招生的因素之一。所以我們目前沒有任何校區出現師資短缺；事實上，我們在所有 Rasmussen 與 Hondros 校區的院長（dean）職位也都已補齊。因此，從人才與師資的角度來看，我們覺得在邁入 26 年時狀態非常強健。

That's great to hear. Thank you, Angie and team. I'll jump back in the queue. Appreciate.

很高興聽到這個消息。謝謝你，Angie 和團隊。我會回到提問隊列。感謝。

The time. Thanks, Matt. Thank you.

時間到了。謝謝，Matt。謝謝。

Alex Paris, Barrington Research.

Alex Paris，Barrington Research。

Hi guys, thanks for taking my question, and I'll add my congratulations on a strong finish to the year. A couple of dogs and cats here on the government shutdown impact on revenue in the fourth quarter. I think you had sort of guided that the impact would be between 20 million and 24 million. Can you quantify the actual impact on Q4?

各位好，謝謝讓我提問，我也要恭喜你們年末表現強勁。關於政府停擺對第四季營收的影響，我這邊有幾個問題。我記得你們先前指引影響大約在2,000萬到2,400萬之間。能否量化實際對第四季的影響？

We think that after having gone through Q4 and you know December was better than we expected, we ended up probably 12 to $15 million short from the from the government impact which is.

我們認為在走完第四季之後，而且你也知道12月比我們預期更好，最終政府因素的影響大概讓我們少了約1,200萬到1,500萬美元。

Below what you had said, Alex, yeah.

對，比你剛才提到的還低，Alex，是的。

Yeah, right, 20 to 24 is what you signaled on the Q3 call, I think, correct? That's right.

對，沒錯，我記得你們在第三季電話會議上提到的是2,000萬到2,400萬，對嗎？沒錯。

But you owe that to a really strong December.

但這要歸功於12月非常強勁。

Well, it was, yes, it was, it's certainly the strong December both as we mentioned in the materials that we saw, a rebound of our October and November active duty enrolling in TA classes in December and and we also. Had stronger than than we had seen in prior quarters momentum from our veterans and our military families, so that's a segment that's growing and gaining momentum. So December was a very strong quarter for December was a very strong month in that quarter for us.

嗯，是的，確實如此。正如我們在資料中提到的，12月表現強勁，我們看到10月與11月的現役軍人報讀TA課程在12月出現回升，而且我們也看到。來自退伍軍人與軍眷的動能比前幾季更強，因此這個區塊正在成長並且動能提升。所以對我們而言，12月在該季度中是一個非常強勁的月份。

Great. And then, I think Gary said, in response to a previous question that there was some impact from the partial shutdown here in Q1. Can you expand on that?

很好。另外，我想 Gary 在回覆先前問題時提到，第一季也受到這次部分停擺的一些影響。你能再多說明一下嗎？

Yeah, I'll start so for those of you who follow, and I know Alex, you do, the Department of Homeland Security is where the Coast Guard gets their TA funding. And the Department of Homeland Security is still not funded. And so consequently some of the coastguard, which is the smallest by far of all of our branches, students are still waiting for their funding.

可以，我先說明。對於有在追蹤的人（我知道 Alex 你有在看），國土安全部是海岸防衛隊取得TA經費的來源。而國土安全部目前仍未獲得撥款。因此部分海岸防衛隊的學生（在我們所有軍種中規模最小）仍在等待經費到位。

They have been using some of the OB-3. Funds to allow those students to take courses, so that was one, very small blip, but that's factored into the numbers we shared with you because, our Q1 for APUS is an actual, which is unusual, it's just because of where the call landed on the calendar that we have all of Q1 for AP West in.

他們一直在使用部分OB-3資金讓這些學生可以修課，所以那是一個非常小的波動，但我們已把它納入與你們分享的數字中，因為我們對APUS的第一季是用實際數（這不常見），只是因為電話會議在日曆上的時間點，使得我們已經把APUS第一季完整納入。

And then the second small small blip was during that very small period of time when they were not not funded the reserve the army reservists who were not deployed on military activities were also not funded so these are very small. Populations of students, so we didn't make a big point of calling them out, but it was, it did have about a 11 to 1.5% impact on APUs, potential registration, actuals for Q1 had had everyone been able to fully enroll.

第二個小小的波動是，在那段非常短的未獲撥款期間，未被派遣執行軍事任務的陸軍預備役也沒有獲得經費，因此這些都是非常小的。學生族群，所以我們沒有特別大幅強調，但確實對APUS第一季的潛在註冊量造成約1.1%到1.5%的影響；若所有人都能完全完成註冊，第一季實際數本可更高。

That's very helpful, thank you, and then, just to be clear on segment reporting going forward, this was the fourth quarter, so you reported. Api, RU, and Hondros, the guidance just gives A APU Global and then RU Health Plus. So that's going to be the way it's going forward. This is the last of the three segments being reported specifically.

這很有幫助，謝謝。再來，為了釐清未來的分部揭露方式，這是第四季，所以你們揭露了。APUS、RU 和 Hondros；但指引只提供 APU Global 以及 RU Health Plus。所以之後就會以這種方式呈現。這是最後一次把三個分部各自單獨揭露。

That's right. And we will, as we move into that new rhythm, we'll certainly be showing you the comparison by combining Rasmussen and Hondros, right, into the RU Health Plus segment. That's the, that's really the only, thing that's changing other than in the first half of 26, as I mentioned, a few, folks before you. The first half of 26 still includes revenue from graduate school, so we'll do a better job of explaining how to think about what that, baseline comparison for 2025 should be in the 1st half of 25 versus the first half of 26 because obviously we don't have access to that revenue any longer.

沒錯。而且當我們進入新的節奏時，我們會把 Rasmussen 和 Hondros 合併，對照呈現為 RU Health Plus 分部。這基本上是唯一的變動；另外，如我先前對幾位提問者提到的，2026年上半年仍包含研究所的營收。因此我們會更清楚說明：在比較2025年上半年與2026年上半年時，該如何看待2025年的基準比較，因為顯然我們已不再能取得那部分營收。

Got you. And you did say what the Q1 of 25 revenue was for.

了解。而你也有提到2025年第一季的營收是。

We did, yeah, I did when I was looking at the PowerPoint, I realized we didn't give that equivalent number for the full year. So that was, yeah, it was 3.7 million of graduate school revenue that, one would deduct from the 164.6 in order to create more of an apples to apples comparison.

有的，有提到。當我在看簡報時，我發現我們沒有提供全年對應的數字。所以是這樣：研究所營收為370萬美元，應從164.6（百萬美元）中扣除，以便做出更接近同口徑（apples-to-apples）的比較。

Got you. Helpful. And then, lastly and related, once you do complete, the combination of the institutions in the one OPID number, you'll still be reporting the two segments though because that's the way you will.

了解。很有幫助。最後一個相關問題：一旦你們完成把各機構合併到同一個OPID號碼之下，你們仍會揭露兩個分部，因為你們會以這種方式。

Yes, we absolutely will, yes.

是的，我們一定會，是的。

Got you. Okay, that's great. I'll take my other questions offline. Thanks again and congrats.

了解。好，太好了。我其他問題會私下再問。再次感謝，恭喜。

Thank you so much, Alex. Thank you very much.

非常謝謝你，Alex。非常感謝。

That concludes our question-and-answer session. Ladies and gentlemen, this concludes the APEI fourth quarter 2025 earnings call. Thank you all for joining. You may now disconnect.

問答環節到此結束。各位女士、先生，APEI 2025年第四季財報電話會議到此結束。感謝各位參與。您現在可以掛線。