Adtalem Global Education Inc (ATGE) 2024 Q4 法說會逐字稿

Hello, and welcome to the Adtalem Global Education, Inc. fourth quarter and fiscal year 2024 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the conference over to Jonathan Spitzer Vice President, Investor Relations. Please go ahead, sir.

您好，歡迎來到 Adtalem Global Education, Inc. 第四季和 2024 財年的收益電話會議和網路廣播。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興將會議交給投資者關係副總裁喬納森‧史匹策 (Jonathan Spitzer)。請繼續，先生。

Good afternoon, and welcome to our earnings call for the fourth quarter fiscal year 2024 results. On the call with me today are Steve Beard, President and Chief Executive Officer of Adtalem Global Education, and Bob Phelan, Chief Financial Officer. Before I hand you over to Steve, I will, as usual, take you through the legal, Safe Harbor and cautionary declarations.

下午好，歡迎參加我們關於 2024 財年第四季業績的財報電話會議。今天與我通話的還有 Adtalem Global Education 總裁兼執行長 Steve Beard 和財務長 Bob Phelan。在將您交給史蒂夫之前，我將像往常一樣，帶您了解法律、安全港和警告聲明。

Certain statements and projections of future results made in this presentation constitute as forward-looking statements that are based on current market-competitive regulatory expectations and are subject to risks and uncertainties that could cause actual results to vary materially.

本簡報中對未來結果的某些陳述和預測構成前瞻性陳述，這些陳述基於當前市場競爭性監管預期，並受到可能導致實際結果發生重大變化的風險和不確定性的影響。

We undertake no obligation to update publicly any forward-looking statement after this presentation, whether as a result of new information, future events, change in assumptions, or otherwise. Please see our latest Form 10-K, Form 10-Q, for a discussion of risk factors that relate to forward-looking statements.

我們沒有義務在本次演示後公開更新任何前瞻性聲明，無論是由於新資訊、未來事件、假設變更或其他原因。請參閱我們最新的表格 10-K、表格 10-Q，以了解與前瞻性陳述相關的風險因素的討論。

In today's presentation, we use certain non-GAAP financial measures. We refer you to the appendix of the presentation materials available on our Investor Relations website for reconciliations to the most directly comparable GAAP financial measures and related information. You will find a link to the webcast on our Investor Relations website at investors.adtalem.com. After this call, the presentation and webcast will be archived on the website for 30 days. I will now hand you over to Steve.

在今天的演示中，我們使用某些非公認會計準則財務指標。我們建議您參閱我們投資者關係網站上提供的簡報資料附錄，以調整最直接可比較的 GAAP 財務指標和相關資訊。您可以在我們的投資者關係網站 Investors.adtalem.com 上找到網路廣播的連結。此次電話會議後，簡報和網路廣播將在網站上存檔 30 天。現在我將把你交給史蒂夫。

Thanks, Jay. Good afternoon, everyone, and welcome to Adtalem's fourth quarter and fiscal year 2024 earnings call. This year, we expanded our reach and amplified our impact through successful execution against our Growth with Purpose strategy. We've accelerated our strategic initiatives, achieved significant operational milestones, and exceeded the 2024 financial targets we set during our June 2023 Investor Day.

謝謝，傑伊。大家下午好，歡迎參加 Adtalem 第四季和 2024 財年財報電話會議。今年，我們透過成功執行「有目的的成長」策略，擴大了我們的影響力，擴大了我們的影響力。我們加快了策略舉措，實現了重要的營運里程碑，並超越了我們在 2023 年 6 月投資者日期間設定的 2024 年財務目標。

We're encouraged by our results, our growth trajectory, and by the substantial impact we're making as a national leader in post-secondary higher education and the leading provider of professional talent to US healthcare.

我們的業績、成長軌跡以及我們作為專上高等教育的國家領導者和美國醫療保健專業人才的領先提供者所產生的重大影響令我們深受鼓舞。

As we reflect on fiscal '24 -- 2024, I'd like to note the following specific highlights. We further integrated our five institutions, creating a more efficient operating model with durable synergies, attractive profitability, and real operating leverage.

當我們回顧 24-2024 財年時，我想指出以下具體要點。我們進一步整合五家機構，打造更有效率的營運模式，具有持久的綜效、具吸引力的獲利能力和真實的營運槓桿。

Our data-driven marketing strategies have enhanced brand awareness, producing double-digit growth and enterprise increase for the fiscal year. We utilized economies of scale to boost student-facing investments, while maintaining an attractive, adjusted EBITDA operating margin profile.

我們的數據驅動行銷策略提高了品牌知名度，在本財年實現了兩位數的成長和企業成長。我們利用規模經濟來促進學生導向的投資，同時維持有吸引力的、調整後的 EBITDA 營業利潤率。

Total enrollment returned to growth in the first quarter and consistently improved throughout the year, returning to pre-pandemic levels and ending the year with a 10% year-over-year increase for the fourth quarter.

總入學人數在第一季恢復成長，並在全年持續改善，恢復到疫情大流行前的水平，並在第四季度同比增長了 10%。

Our revenue for the year was $1.58 billion, up 9.2% year-over-year. We delivered an adjusted EBITDA margin of approximately 24%, resulting in adjusted earnings per share of $5.01, an increase of 19% year-over-year. Finally, we strengthened our financial position, generating $239 million in free cash flow and returning $261 million in capital to our shareholders.

我們全年的營收為 15.8 億美元，年增 9.2%。我們的調整後 EBITDA 利潤率約為 24%，調整後每股收益為 5.01 美元，較去年同期成長 19%。最後，我們增強了財務狀況，產生了 2.39 億美元的自由現金流，並向股東返還了 2.61 億美元的資本。

From here, I'd like to turn to our segments. Chamberlain University, the nation's leading nursing school, continues to enhance its national presence through a diverse range of nursing programs and learning modalities, achieving a notable 10.4% increase in total enrollment this quarter. We're actively expanding our online Bachelor of Science in Nursing option, while making strategic investments to enhance capacity and program offerings at our physical locations.

接下來，我想談談我們的部分。張伯倫大學是美國領先的護理學院，透過多樣化的護理課程和學習模式，繼續增強其在全國的影響力，本季總入學人數顯著增長了 10.4%。我們正在積極擴大我們的線上護理理學學士學位選項，同時進行策略性投資，以增強我們物理地點的能力和課程。

In July, we proudly opened our new relocated Phoenix campus, capable of accommodating nearly 1,100 students. This campus features a modernized learning environment, including an expansive simulation lab. In addition, the campus is also designed to house a Physician Assistant program that would represent our second location for this in-demand field.

7 月，我們自豪地開設了搬遷後的鳳凰城新校區，可容納近 1,100 名學生。該校園擁有現代化的學習環境，包括一個寬敞的模擬實驗室。此外，園區還設計了一個醫師助理項目，這將是我們在這一熱門領域的第二個地點。

Today, we're excited to announce our plan to enter the Kansas City market with our 24 Chamberlain location, which will serve approximately 550 students. Our extensive campus footprint, combined with flexible online and hybrid pathways, positions Chamberlain as a leader in delivering education to students in a way that aligns with their individual learning preferences.

今天，我們很高興地宣布我們計劃進入堪薩斯城市場，開設 24 Chamberlain 分校，該分校將為大約 550 名學生提供服務。我們廣泛的校園覆蓋範圍，加上靈活的線上和混合途徑，使張伯倫成為以符合學生個人學習偏好的方式向學生提供教育的領導者。

We're further expanding our practice-ready specialty-focused program through a new partnership with the American Association of Critical Care Nurses. Beginning in January of 2025, this collaboration will provide an in-depth introduction to caring for acutely and critically ill patients and their families.

透過與美國重症監護護理師協會建立新的合作夥伴關係，我們正在進一步擴大我們的以實踐為中心的專業計劃。從 2025 年 1 月開始，此次合作將深入介紹如何照顧急危重症患者及其家人。

The AACN partnership marks our fifth marquis specialization, addressing critical workforce needs identified by industry leaders. Since the launch of practice-ready, specialty-focused programs in January of 2022, we've enrolled over 2,000 BSN students with more than 650 successfully completing specialty clinical tracks.

AACN 合作夥伴關係標誌著我們的第五個侯爵專業化，滿足產業領導者確定的關鍵勞動力需求。自 2022 年 1 月啟動以專業為重點的實踐準備計畫以來，我們已招收了 2,000 多名 BSN 學生，其中 650 多名學生成功完成了專業臨床課程。

Now turning to Walden University. Our go-to-market strategy, commitment to operational excellence and focus on flexible distance learning for working adults have resulted in another quarter of impressive enrollment, reflecting an 11.3% increase year-over-year.

現在轉向瓦爾登大學。我們的市場進入策略、對卓越營運的承諾以及對在職成年人靈活遠距學習的關注，導致了另一個季度的入學人數令人印象深刻，同比增長 11.3%。

Our ongoing operational improvements and the implementation of industry-leading technology are not only attracting new students but also driving high persistence rates. By prioritizing a seamless student experience through tech-enabled enhancements in areas such as enrollment, virtual classrooms, student support platforms and advising methods, we remain confident in Walden's position as a leader in digital learning for working professionals.

我們持續的營運改善和行業領先技術的實施不僅吸引了新生，而且提高了堅持率。透過在招生、虛擬教室、學生支援平台和諮詢方法等領域透過技術增強來優先提供無縫的學生體驗，我們對華登作為職業人士數位學習領導者的地位充滿信心。

The latest addition to our tech-enabled enhancements is the launch of our newly redesigned Walden website, which offers students a more streamlined navigation experience. Walden remains a leader in addressing nursing labor shortages, ranking as the second largest producer of Master of Science in Nursing graduates in the country, just behind its sister university, Chamberlain.

我們的技術增強功能的最新補充是推出了新設計的瓦爾登網站，該網站為學生提供了更簡化的導航體驗。瓦爾登湖大學在解決護理勞動力短缺問題上仍然處於領先地位，是美國護理碩士畢業生的第二大培養者，僅次於其姊妹大學張伯倫大學。

Additionally, we're making significant strides in tackling the mental health crisis through our comprehensive counseling, psychology, social work, and human services programs. Furthermore, our Tempo program, which is competency-based, has experienced double-digit enrollment growth each quarter this year.

此外，我們透過全面的諮商、心理學、社會工作和公共服務項目，在應對心理健康危機方面取得了重大進展。此外，我們以能力為基礎的 Tempo 計畫今年每季的入學人數都出現了兩位數的成長。

Our Believe and Achieve scholarship, designed to provide financial clarity and reward persistence has had over 25,000 participants since its launch. These initiatives, along with our continued technological advancements, contribute to our confidence in Walden's promising growth trajectory. With respect to the medical and veterinary segment, we're making significant progress at our medical schools as we work to return to year-over-year growth.

我們的「相信並實現」獎學金旨在提供財務透明度和獎勵持久性，自推出以來已有超過 25,000 名參與者。這些舉措以及我們持續的技術進步，增強了我們對華登充滿希望的成長軌蹟的信心。在醫療和獸醫領域，隨著我們努力恢復同比增長，我們的醫學院正在取得重大進展。

Our remediation plans are starting to yield positive results, as evidenced by the improved enrollment trends for the May student intake. Our newly established leadership team remains dedicated to implementing initiatives and identifying opportunities to enhance our institutions and improve the enrollment journey for prospective students.

我們的補救計劃已開始產生積極成果，五月學生入學率的改善證明了這一點。我們新成立的領導團隊仍然致力於實施措施並尋找機會來增強我們的機構並改善未來學生的入學之旅。

We continue to see strong interest in Ross Med's clinical return home program. Additionally, students enrolled in the first cohort of Capstone, a Ross Med elective have achieved promising academic outcomes on USMLE Step 1, prompting us to incorporate its insights into our basic sciences curriculum.

我們繼續看到人們對 Ross Med 的臨床回國計畫抱有濃厚的興趣。此外，Ross Med 選修課 Capstone 的第一批學生在 USMLE Step 1 中取得了有希望的學術成果，促使我們將其見解納入我們的基礎科學課程中。

Ross Vet is operating near capacity. In May, we celebrated our annual commencement, graduating nearly 400 new doctors of veterinary medicine. In the most recently reported academic year 2022, Ross Vet accounted for approximately 9% of all DVM graduates in the United States.

Ross Vet 已接近滿載運轉。五月，我們慶祝了一年一度的畢業典禮，近 400 名新獸醫醫生畢業。在最近報告的 2022 學年，Ross Vet 約占美國所有 DVM 畢業生的 9%。

Looking ahead, we anticipate that total enrollment trends in our medical and veterinary segment will continue to improve in fiscal year 2025. We expect that our growth with Purpose strategy, with its focus on operational excellence, will continue to drive top- and bottom-line results. We expect fiscal year 2025 to be another record year with projected revenue of $1.66 billion to $1.7 billion and adjusted earnings per share of $5.60 to $5.85.

展望未來，我們預計 2025 財年醫療和獸醫領域的總入學趨勢將持續改善。我們預計，我們的成長目標策略以及其對卓越營運的關注將繼續推動營收和利潤的成長。我們預計 2025 財年將再創歷史新高，預計營收為 16.6 億美元至 17 億美元，調整後每股收益為 5.60 美元至 5.85 美元。

Before I hand the call over to Bob for a detailed financial overview, I'd like to thank our nearly 10,000 colleagues who come to work every day with the goal of making Adtalem a force for good. I continue to be awestruck by your dedication and unwavering commitment to serving our students, driving remarkable outcomes, and making a positive impact on society. And with that, I'll turn the call over to Bob.

在我將電話轉給鮑伯了解詳細的財務概況之前，我要感謝我們近 10,000 名同事，他們每天都在努力讓 Adtalem 成為一支正義的力量。我仍然對你們為學生服務、取得卓越成果以及對社會產生積極影響的奉獻精神和堅定不移的承諾感到敬畏。然後，我會將電話轉給鮑伯。

Thank you, Steve, and hello, everyone. Our fourth quarter and full year results highlight our sustainable momentum and trajectory. Returns against our growth with purpose strategic initiatives are amplifying our total enrollment growth and delivering enhanced leverage through our disciplined operational performance. In turn, we achieved strong top and bottom-line growth for the quarter and the year as well as yielded robust cash generation.

謝謝你，史蒂夫，大家好。我們的第四季和全年業績凸顯了我們的永續發展動能和軌跡。我們有目的的策略舉措的成長回報正在擴大我們的總入學人數成長，並透過我們嚴格的營運績效提供增強的影響力。反過來，我們在本季和當年實現了強勁的營收和利潤成長，並產生了強勁的現金產生。

We not only achieved financial and operational results ahead of our initial expectations set heading into the year, but we also exceeded our most recent updated guidance range. I'll begin with a review of our financial results and key drivers for our performance in the fourth quarter and the full year.

我們不僅提前實現了今年的財務和營運業績，而且還超出了最新更新的指導範圍。我將首先回顧我們的財務表現以及第四季度和全年業績的關鍵驅動因素。

Later in my remarks, I will discuss our expectations and assumptions for fiscal year 2025. Starting with the top line, revenue in the fourth quarter increased by 12.4% to $409.9 million, driven by growth in all three segments, in particular through accelerated enrollment growth at Chamberlain and Walden. For the full year, revenue was $1.58 billion, up 9.2%.

在稍後的發言中，我將討論我們對 2025 財年的預期和假設。從營收開始，第四季的營收成長了 12.4%，達到 4.099 億美元，這得益於所有三個細分市場的成長，特別是張伯倫和瓦爾登大學入學人數的加速成長。全年營收為 15.8 億美元，成長 9.2%。

Our enrollment growth trend sequentially improved every quarter throughout the year across all three segments as growth with purpose initiatives and our marketing investments generated their intended returns.

隨著目標計劃的成長和我們的行銷投資產生了預期回報，我們的所有三個細分市場的入學人數成長趨勢在全年每個季度都在連續改善。

During the quarter, consolidated adjusted EBITDA came in at $97.4 million, up 16.9% compared to the prior year from growth in all three segments. This growth was led by Chamberlain & Walden and resulted in an adjusted EBITDA margin of 23.8%, a 100 basis points increase from last year.Adjusted operating income was $80.1 million, up 14.6% compared to the prior year, as revenue growth and efficiencies generated operational leverage.

本季度，綜合調整後 EBITDA 為 9,740 萬美元，比上年同期成長 16.9%，所有三個部門均實現成長。這一成長由 Chamberlain & Walden 引領，調整後 EBITDA 利潤率為 23.8%，比去年增加 100 個基點。

Looking at the full year, adjusted EBITDA was $377.5 million, an increase of 9.9% compared with the prior year. We continued to achieve a high adjusted EBITDA margin of 23.8%, meeting our fiscal year goal as we optimally balanced our long-term growth investments with our more efficient, integrated and scaled operational foundation across our three segments and home office. Fiscal year 2024 adjusted operating income was $308.8 million, up 7.4% compared to the prior year.

全年來看，調整後 EBITDA 為 3.775 億美元，較上年成長 9.9%。我們繼續實現23.8% 的調整後EBITDA 利潤率，實現了我們的財年目標，因為我們在三個部門和總部的營運基礎上實現了長期成長投資的最佳平衡，以及更有效率、一體化和規模化的營運基礎。2024 財年調整後營業收入為 3.088 億美元，較上年成長 7.4%。

Adjusted net income for the quarter was $52.8 million, with adjusted earnings per share of $1.37. For the full year, adjusted net income increased by 5% to $201.8 million, resulting in an adjusted earnings per share of $5.01, a 19% increase compared with the prior year, as adjusted operating income growth and lower diluted shares outstanding was partially offset by higher net interest expense and a higher effective tax rate.

該季度調整後淨利潤為 5,280 萬美元，調整後每股收益為 1.37 美元。全年調整後淨利潤增長 5%，達到 2.018 億美元，調整後每股收益為 5.01 美元，較上年增長 19%，調整後營業收入增長和稀釋後流通股數量減少部分抵消了更高的淨利息支出和更高的有效稅率。

Diluted shares outstanding were approximately $5.3 million lower this year at $40.3 million, as we returned a total of $261 million of capital to shareholders through open market share repurchases at an average cost basis of $47.96 per share for the year, actions that we believe have increased long-term intrinsic value for the benefit of our shareholders.

今年稀釋後的流通股減少了約530 萬美元，達到4,030 萬美元，因為我們透過公開市場股票回購以每股47.96 美元的平均成本向股東返還了總計2.61 億美元的資本，我們認為這些行動已經增加為股東謀取利益的長期內在價值。

Next, I will discuss fourth-quarter financial highlights by segment. Chamberlain reported fourth-quarter revenue of $167 million, an increase of 15.6% when compared with the prior year, driven primarily by growth in enrollments.

接下來，我將按部門討論第四季的財務亮點。張伯倫公佈的第四季營收為 1.67 億美元，較上年增長 15.6%，主要是由於入學人數的增長。

Total student enrollment during the quarter increased 10.4% compared to the prior year, a sixth consecutive quarter of both pre-licensure and post-licensure nursing program growth. We continue to rapidly expand our pre-licensure BSN online option now offered in 34 states, growing over triple digits year-over-year, expanding access to nursing education for students who previously had limited or no traditional local options available.

本季的學生總入學率與去年同期相比增長了 10.4%，這是許可前和許可後護理課程連續第六個季度增長。我們繼續快速擴展目前在 34 個州提供的預許可 BSN 線上選項，同比增長超過三位數，為以前只有有限或沒有傳統本地選項的學生提供更多的護理教育機會。

Adjusted EBITDA increased by 15.1% to $47.3 million for the fourth quarter. Adjusted EBITDA margin of 28.3% was 10 basis points lower than the prior year as our underlying operational leverage was offset by investments in marketing, student support services to enhance academic outcomes, higher employee benefit costs tied to our performance and higher provision for bad debt.

第四季調整後 EBITDA 成長 15.1%，達到 4,730 萬美元。調整後的EBITDA 利潤率為28.3%，比前一年低10 個基點，因為我們的基本營運槓桿被行銷投資、旨在提高學術成果的學生支援服務、與我們的績效相關的更高的員工福利成本以及更高的壞帳撥備所抵銷。

Our student-facing investments are creating a more seamless student experience, enhancing our differentiation and market-leading position. Taken together with our marketing investments, we believe that we are expanding our top nursing education position.

我們面向學生的投資正在創造更無縫的學生體驗，增強我們的差異化和市場領先地位。結合我們的行銷投資，我們相信我們正在擴大我們的頂級護理教育地位。

Turning to Walden, fourth quarter revenue of $156.3 million, an increase of 13.3% versus the prior year, was driven by strong growth in enrollments. Total student enrollment accelerated in the quarter, up 11.3% compared to the prior year, from robust enrollment across degree levels and continued high persistence rates.

至於 Walden，第四季營收為 1.563 億美元，較上年增長 13.3%，這得益於入學人數的強勁增長。由於各學位級別的入學人數強勁以及持續的高持續率，本季度學生總入學率加速增長，與上一年相比增長了 11.3%。

The strong enrollment growth was led by social and behavioral health and nursing programs, with non-healthcare programs also up in the quarter. Adjusted EBITDA increased by 16.6% to $41.1 million. Adjusted EBITDA margin expanded by 70 basis points versus the prior year to 26.3% as our transformation and efficiencies generate operational leverage, which is being balanced with an increased level of investments and new student support commensurate with the strong growth in new enrollments.

入學人數的強勁增長是由社會和行為健康以及護理項目帶動的，非醫療保健項目在本季度也有所增長。調整後 EBITDA 成長 16.6%，達到 4,110 萬美元。由於我們的轉型和效率產生了營運槓桿，調整後的EBITDA 利潤率比上一年增長了70 個基點，達到26.3%，而投資水平的增加和新生支持與新入學人數的強勁增長相稱，從而實現了平衡。

Our operational focus continues to afford us the ability to invest for future growth at Walden. For the medical and veterinary segment, revenue in the fourth quarter increased 5.4% to $86.6 million. Total student enrollment decreased 2.9% compared with the prior year as our plans remain on track at the medical schools, and Ross Vet continues to operate near capacity.

我們的營運重點繼續使我們有能力為華登的未來成長進行投資。對於醫療和獸醫部門，第四季營收成長 5.4% 至 8,660 萬美元。與前一年相比，學生入學總數下降了 2.9%，因為我們醫學院的計劃仍在按計劃進行，而 Ross Vet 繼續在滿員狀態下運作。

Adjusted EBITDA increased by 12.3% to $16.5 million. Adjusted EBITDA margin expanded by 120 basis points versus the prior year to 19% from revenue growth and our operational focus. Shifting to cash flow and the balance sheet, we continue to enhance our financial strength through robust cash generation. Fiscal year 2024 free cash flow was $239 million, a $70 million increase versus last year, inclusive of year-over-year increases in investments.

調整後 EBITDA 成長 12.3%，達到 1,650 萬美元。由於營收成長和我們的營運重點，調整後的 EBITDA 利潤率比上年增長了 120 個基點，達到 19%。轉向現金流和資產負債表，我們繼續透過強勁的現金產生來增強我們的財務實力。2024 財年自由現金流為 2.39 億美元，比去年增加 7,000 萬美元，其中包括投資的年增率。

Strong performance and working capital improvements drove the increase in free cash flow, while we continue to increase our planned investments in student-facing technologies and our physical expansion. Our balance sheet remains healthy, ending the year with $219 million in cash and a low adjusted EBITDA net leverage of 1.2 times.

強勁的業績和營運資本改善推動了自由現金流的增加，同時我們繼續增加對學生導向的技術和實體擴張的計畫投資。我們的資產負債表保持健康，年底現金為 2.19 億美元，調整後 EBITDA 淨槓桿率較低，為 1.2 倍。

Our top priority remains to reinvest into our institutions, as we aim to achieve optimal capacity and deliver positive student outcomes. We will thoughtfully strengthen our balance sheet, while we also continue a balanced approach to capital allocation.

我們的首要任務仍然是對我們的機構進行再投資，因為我們的目標是實現最佳能力並提供積極的學生成果。我們將深思熟慮地加強我們的資產負債表，同時我們也將繼續採取平衡的資本配置方法。

We exited fiscal year 2024 strong as our growth with purpose initiatives generate tangible returns. We are creating sustainable momentum off a higher total enrollment base heading into fiscal year 2025. As we continue to execute and accelerate performance, we are initiating fiscal year 2025 guidance, which exceeds our June 2023 Investor Day targets.

我們以強勁的勢頭結束了 2024 財年，因為我們的目標性成長舉措產生了切實的回報。進入 2025 財年，我們將透過提高總入學人數來創造可持續的動力。隨著我們繼續執行和加速績效，我們正在啟動 2025 財年指導，這超出了我們 2023 年 6 月投資者日的目標。

Revenue in the range of $1.66 billion to $1.7 billion, approximately 5% to 7.5% growth year-over-year, with adjusted earnings per share in the range of $5.60 to $5.85, approximately 12% to 17% growth year-over-year.

營收在16.6億美元至17億美元之間，年增約5%至7.5%，調整後每股收益在5.60美元至5.85美元之間，年增約12%至17%。

We plan to continue to make incremental growth investments, primarily into student-facing technology and marketing, with revenue growth in fiscal year 2025 growing faster than the level of year-over-year investments, resulting in an approximate 100 basis points adjusted EBITDA margin expansion from enhanced operational leverage. To capture the current external market opportunities and to expand our reach through inclusive education access, we are investing more into marketing during the first quarter.

我們計劃繼續進行增量成長投資，主要是面向學生的技術和行銷，2025 財年的收入成長速度快於同比投資水平，導致調整後 EBITDA 利潤率擴大約 100 個基點來自增強的營運槓桿。為了抓住當前的外部市場機會並透過包容性教育擴大我們的影響力，我們在第一季加大了行銷投入。

We anticipate a slightly higher level of total revenue growth during the first half of the year compared to the second half, though we expect fiscal year 2025 total revenue growth to be more balanced compared to the accelerating revenue growth we had seen throughout fiscal year 2024, included within our guidance are the capital allocation actions from fiscal year 2024 as well as our continued strong cash flow generation. Finally, we anticipate a normalized adjusted effective tax rate of approximately 22%.

我們預計上半年的總營收成長水準將略高於下半年，不過我們預期 2025 財年的總營收成長將比 2024 財年加速的營收成長更加平衡，我們的指引包括2024 財年的資本配置行動以及我們持續強勁的現金流生成。最後，我們預計標準化調整後有效稅率約為 22%。

In conclusion, we are well positioned to continue to make a positive outsized impact on US healthcare. Our Growth with Purpose strategy is amplifying our trajectory, growing enrollments through expanding access. As we continue to deliver outstanding student outcomes, the number of healthcare-focused graduates coming from an Adtalem Institution will continue to grow, poised to have positive societal impacts for decades to come.

總之，我們處於有利位置，可以繼續對美國醫療保健產生積極的巨大影響。我們的「有目的的成長」策略正在擴大我們的發展軌跡，透過擴大入學機會來增加入學人數。隨著我們繼續提供出色的學生成績，來自 Adtalem 機構的以醫療保健為重點的畢業生數量將繼續增長，預計將在未來幾十年產生積極的社會影響。

With that, I will now turn the call over to the operator for Q&A.

現在，我將把電話轉給接線員進行問答。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員說明）

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO 資本市場。

Hey, thank you so much. This is Ryan on for Jeff. Just curious as to how much the admissions growth was driven by marketing spend. And then, will you still be able to get leverage in FY25 if you slow down that spend and achieve margin expansion? Thank you.

嘿，非常感謝你。這是瑞恩替傑夫發言。只是好奇招生成長在多大程度上是由行銷支出推動的。然後，如果您放慢支出並實現利潤率擴張，您是否仍能在 2025 財年獲得槓桿？謝謝。

The overall total enrollment gains were driven by a combination of new enrollment and persistence and as a result, the persistence portion of that wouldn't be impacted by marketing. We think we've got real momentum on the heels of the brand campaigns we did last year to sustain that kind of enrollment growth without material investments in marketing beyond the ordinary course refreshing of our campaigns.

整體註冊人數成長是由新註冊人數和持久性共同推動的，因此，其中的持久性部分不會受到行銷的影響。我們認為，繼去年開展的品牌活動之後，我們已經獲得了真正的動力，可以維持這種註冊人數成長，而無需在行銷活動的常規課程更新之外進行重大投資。

Got it. And then just for my follow-up, can you give any comments on the pricing environment? It looks like you've been successful in bringing up the tuition rates there and was just curious how we should think about that and the competitive environment in 2025. Thank you.

知道了。接下來，您能否對定價環境發表評論？看來你們已經成功提高了那裡的學費，只是好奇我們應該如何看待這一點以及 2025 年的競爭環境。謝謝。

Yeah, price optimization is one of the core disciplines we've begun to adhere to as part of our Growth with Purpose strategy. And by optimization, that can be taking price where we have pricing power. It also means potentially taking price down where we think we're not priced competitively.

是的，價格優化是我們開始遵守的核心原則之一，作為我們「有目的的成長」策略的一部分。透過優化，我們可以在我們有定價能力的地方定價。這也意味著我們可能會在我們認為定價不具競爭力的地方降低價格。

And so we along with our teams in each of the three segments, review that on a regular basis and make adjustments accordingly to ensure that we're competitive in the marketplace and can take more than our fair share from the large pool of aspiring students for our programs.

因此，我們與三個細分市場的團隊一起，定期進行審查並做出相應調整，以確保我們在市場上具有競爭力，並能夠從大量有抱負的學生中獲得超出我們公平份額的份額。的計劃。

Got it. And just to confirm, we should still be using 100 basis points of adjusted EBITDA margin expansion this year?

知道了。只是為了確認一下，今年我們是否仍應使用 100 個基點的調整後 EBITDA 利潤率擴張？

That's correct.

這是正確的。

Okay. Thank you very.

好的。非常感謝。

Of course.

當然。

Steven Pawlak, Baird.

史蒂文·帕拉克，貝爾德。

Yeah, thank you. How would you characterize the current demand environment relative to a more normalized view? And I guess the reason I'm asking is I think there was still some catch-up as hospitals and clinical capacities were normalized post-COVID. So just how would you characterize the environment relative to a more normal environment?

是的，謝謝。相對於更標準化的觀點，您如何描述當前的需求環境？我想我問的原因是我認為隨著醫院和臨床能力在新冠疫情後恢復正常，仍然有一些追趕的情況。那麼，相對於更正常的環境，您如何描述該環境的特徵呢？

I just want to make sure -- you're talking about the demand environment for clinicians or demand environment for students in these programs?

我只是想確定一下——您是在談論這些項目中臨床醫生的需求環境還是學生的需求環境？

For students.

對於學生。

So our view is that the demand environment for students normalized last year, there was a one-time reset in the wake of COVID, which had -- I think, a real impact on undergraduate enrollments across all of higher ed. But, I think we've been operating in a normalized demand environment for at least the last year.

因此，我們的觀點是，去年學生的需求環境已經正常化，在新冠疫情之後出現了一次重置，我認為這對所有高等教育的本科生入學率產生了真正的影響。但是，我認為至少去年我們一直在正常化的需求環境中運作。

And what we've been really gratified by is our ability to take share in that normalized demand environment. That's something we expect to continue to do into fiscal 2025.

我們真正感到滿意的是我們有能力在正常化的需求環境中分享。我們預計 2025 財年將繼續這樣做。

Okay. And then, within the guidance range, any color you can provide on sort of what puts and takes would put you at the higher or lower end of that range?

好的。然後，在指導範圍內，您可以為看跌期權和看跌期權提供的任何顏色都會使您處於該範圍的較高或較低端？

Sure. what I would tell you is that, right now, we're basing this on what we see the visibility on our enrollments to the extent that our enrollments come in stronger in September, in particular. That would be one of the things we'll be looking at closely for future guidance in terms of what the rest of the year will look like. Obviously, the first -- the first period that you get into in September is really important for setting yourself up for the rest of the year.

當然。我要告訴你的是，目前，我們的這項預測是基於我們所看到的入學情況，尤其是 9 月的入學情況。這將是我們將密切關注的事情之一，以便為今年剩餘時間的未來提供指導。顯然，第一個——你在九月進入的第一個時期對於為今年剩餘的時間做好準備非常重要。

Right. Thank you.

正確的。謝謝。

Thank you. We've reached the end of our question-and-answer session. I'd like to turn the floor back over to management for any further closing comments.

謝謝。我們的問答環節已經結束。我想將發言權交還給管理階層，以徵求進一步的結束意見。

I want to thank everyone for joining us on the call. Thank you for all of your support in fiscal 2024. We look forward to a record-setting fiscal 2025 and we'll talk to you next quarter. Thank you.

我要感謝大家加入我們的電話會議。感謝您在 2024 財年的所有支持。我們期待 2025 財年創紀錄，我們將在下個季度與您交談。謝謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。