Adtalem Global Education Inc (ATGE) 2025 Q1 法說會逐字稿

Greetings, and welcome to Adtalem's Global Education first quarter fiscal year 2025 earnings call. (Operator Instructions) Please note that this conference is being recorded.

大家好，歡迎參加 Adtalem 全球教育 2025 財年第一季財報電話會議。（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Jay Spitzer, Vice President of Investor Relations. Thank you. You may begin.

現在我將會議交給東道主投資者關係副總裁 Jay Spitzer。謝謝。你可以開始了。

Jonathan Spitzer

喬納森‧史皮策

Good afternoon, and welcome to our earnings call for the first quarter fiscal year 2025 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.

下午好，歡迎參加我們關於 2025 財年第一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。

Before I hand you over to Steve, I will as usual take you through legal and Safe Harbor and cautionary declarations. Certain statements and projections of future results made in this presentation constitute as forward-looking statements that are based on current market, competitive and regulatory expectations and our subject to risk and uncertainties that could cause actual results to vary materially.

在我將您交給史蒂夫之前，我將像往常一樣向您介紹法律和安全港以及警告聲明。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、競爭和監管預期，並且我們面臨可能導致實際結果發生重大變化的風險和不確定性。

We undertake no obligation to update publicly any forward-looking statement after this presentation whether a result of new information, future events, changes in assumptions or otherwise. Please see our latest Form 10-K, Form 10-Q for a discussion of risk factors as they 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 material available on our Investor Relations website for a reconciliation 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 webcast will be archived on the website for 30 days.

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，以與最直接可比較的 GAAP 財務指標和相關資訊進行核對。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，演示網路廣播將在網站上存檔 30 天。

I will now hand you over to Steve.

現在我將把你交給史蒂夫。

Thanks, Jay. Good afternoon, everyone, and thank you for joining our first quarter fiscal year 2025 earnings call. We've commenced year two of our three year Growth with Purpose strategy, which is driving strong momentum through our programmatic focus on operational excellence. This focus has enabled us to generate substantial value for all of our stakeholders and deliver financial results that exceed expectations.

謝謝，傑伊。大家下午好，感謝您參加我們的 2025 財年第一季財報電話會議。我們已經開始了為期三年的「有目的的成長」策略的第二年，該策略透過我們對卓越營運的計劃重點推動了強勁的勢頭。這種關注使我們能夠為所有利害關係人創造巨大的價值，並實現超出預期的財務表現。

Our revenue for the quarter reached $417 million, reflecting a 13% increase compared to last year, while our adjusted EBITDA margin expanded by 140 basis points, leading to an impressive 39% jump in adjusted earnings per share to $1.29. Notably, total enrollment has improved for the tenth consecutive quarter, up 11.2% year-over-year, bringing our total enrollment to over 90,000 students.

我們本季的營收達到 4.17 億美元，比去年成長 13%，而調整後的 EBITDA 利潤率擴大了 140 個基點，導致調整後每股收益大幅成長 39%，達到 1.29 美元。值得注意的是，總入學人數連續第十個季度有所改善，年增 11.2%，使我們的總入學人數超過 90,000 人。

Our revitalized learning platform resonates well with our students and our innovative curriculum enhances the student experience, positioning us at the forefront of health care education. Our agile operating model allows us to allocate resources efficiently and increase investments where we anticipate the most attractive returns.

我們煥然一新的學習平台與學生產生了良好的共鳴，我們的創新課程增強了學生的體驗，使我們處於醫療保健教育的前沿。我們靈活的營運模式使我們能夠有效地分配資源，並在我們預期最有吸引力的回報方面增加投資。

This model enables us to more quickly meet the growing and evolving demands of US health care with the goal of further differentiating ourselves as the preferred partner for health care providers nationwide.

這種模式使我們能夠更快地滿足美國醫療保健不斷增長和變化的需求，目標是進一步使我們成為全國醫療保健提供者的首選合作夥伴。

Recently, I had the privilege of speaking alongside Dr. Ngozi Ezike, President and CEO of Sinai Chicago. Sinai serves as a safety net health system for 1.5 million diverse individuals, many residing in under-resourced communities.

最近，我有幸與西奈芝加哥公司總裁兼執行長 Ngozi Ezike 博士一起發表演講。西奈半島為 150 萬不同族群提供安全網衛生系統，其中許多人居住在資源貧乏的社區。

Sinai aligns well with our mission to train day one, practice-ready physicians equipped to deliver compassionate care. Through our partnership with Sinai Chicago, over 1,000 diverse aspiring medical students from Ross and AUC have participated in clinical rotations or residency programs, strengthening those students' commitment to and aptitude for battling health inequities.

西奈半島非常符合我們的使命，即培訓第一天、準備好執業的醫生，以提供富有同情心的護理。透過我們與芝加哥西奈半島的合作，來自羅斯和 AUC 的 1,000 多名有抱負的多元化醫學生參加了臨床輪調或住院醫師計劃，增強了這些學生對抗健康不平等的承諾和能力。

Numerous partnerships with other esteemed systems across the country highlight our reach and impact, resulting in over 22,500 medical school alumni, making meaningful contributions often in critical leadership roles.

與全國其他受人尊敬的系統建立的眾多合作夥伴關係凸顯了我們的影響力和影響力，我們的醫學院校友超過 22,500 名，他們經常在關鍵的領導角色中做出有意義的貢獻。

Of course, this impact is further magnified by the outsized contributions of the nursing and behavioral health graduates of Chamberlain and Walden, who are working side-by-side with our physicians, elevate the quality of care, for vulnerable populations across the country.

當然，張伯倫和瓦爾登大學的護理和行為健康畢業生的巨大貢獻進一步放大了這種影響，他們與我們的醫生並肩工作，提高了全國弱勢群體的護理品質。

Chamberlain University, a premier national nursing school is enhancing its national footprint through a diverse array of nursing programs. Total enrollment increased 11.7% as Chamberlain surpassed its highest ever total enrollment for the second consecutive year.

張伯倫大學是一所一流的國立護理學校，正在透過各種護理課程擴大其在全國的影響力。張伯倫連續第二年超過歷史最高入學人數，總入學人數增加了 11.7%。

Notably, our BSN online option is now available in 36 states with over 2,000 students enrolled just four years post launch. Our new Stockbridge campus in Atlanta is exceeding expectations, achieving over 350 BSN students since opening last September.

值得注意的是，我們的 BSN 線上選項現已在 36 個州推出，推出僅四年後就有超過 2,000 名學生註冊。我們位於亞特蘭大的斯托克布里奇新校區超出了預期，自去年 9 月開業以來已招收了超過 350 名 BSN 學生。

This growth demonstrates Chamberlain's commitment to leading the way in addressing chronic nursing shortages. We're also excited to announce a new partnership with the Oncology Nursing Society to expand our practice-ready specialty-focused program, to meet the increasing demand for specialized training in oncology.

這一增長表明張伯倫致力於帶頭解決長期護理短缺問題。我們也很高興地宣布與腫瘤護理學會建立新的合作夥伴關係，以擴大我們的實踐準備專業計劃，以滿足對腫瘤學專業培訓日益增長的需求。

Turning to Walden, our market strategy with a focus on flexible distance learning for the working adult and our commitment to operational excellence continue to drive robust enrollment, which has grown 12.2% year-over-year, surpassing prepandemic levels.

談到瓦爾登湖，我們的市場策略專注於為在職成年人提供靈活的遠距學習，並且我們致力於卓越運營，這繼續推動了入學人數的強勁增長，入學人數同比增長了12.2%，超過了大流行前的水平。

Our investments in cutting-edge technology attracts students while enhancing retention. Walden remains a national leader in nursing with over 16,000 nursing students currently enrolled, predominantly in the critical master's nurse practitioner program.

我們對尖端技術的投資吸引了學生，同時提高了保留率。瓦爾登湖仍然是護理領域的全國領導者，目前有超過 16,000 名護理學生就讀，主要是關鍵碩士護理師執業課程。

Furthermore, enrollment in social and behavioral sciences exceeds pre-pandemic levels, reflecting strong interest in psychology, social work and counseling. We continue to make strides in innovating the student experience through the implementation of AI capability.

此外，社會和行為科學的入學人數超過了疫情前的水平，反映出對心理學、社會工作和諮商的濃厚興趣。我們透過人工智慧功能的實施，在創新學生體驗方面繼續取得長足進步。

Last year, Chamberlain, leveraging Walden's AI Learnings launched its first AI tutor, Nurse Ally, which has received positive student feedback leading to its rollout in additional programs. Moreover, our recent collaboration with Hippocratic AI will develop groundbreaking curricula for training health care professionals in the use of AI technologies and care delivery, including the introduction of the first-ever AI certification for our students.

去年，Chamberlain 利用 Walden 的 AI Learnings 推出了首個 AI 導師 Nurse Ally，該課程收到了學生的正面回饋，從而在其他課程中推出。此外，我們最近與 Hippocratic AI 的合作將開發突破性的課程，培訓醫療保健專業人員使用人工智慧技術和提供護理服務，包括為我們的學生引入有史以來的第一個人工智慧認證。

In our medical and veterinary segment, we see positive signs of improvement with Ross Vet operating at near capacity and ranked third among 40 institutions in the competitive veterinary internship and residency matching program.

在我們的醫療和獸醫領域，我們看到了積極的改善跡象，Ross Vet 已接近滿負荷運營，並在競爭性獸醫實習和住院醫師匹配計劃中在 40 家機構中排名第三。

Ross Med and AUC continue to demonstrate a strong value proposition and initiatives like the clinical return home program are differentiating our offerings. Remediation plans at our two medical schools continue to progress as expected. And with strong and durable demand for medical education in the United States, we remain optimistic about future enrollment trends at both institutions.

Ross Med 和 AUC 繼續展示強大的價值主張，臨床返鄉計畫等措施使我們的產品脫穎而出。我們兩所醫學院的補救計劃繼續按預期取得進展。鑑於美國對醫學教育的強勁而持久的需求，我們對這兩所機構未來的入學趨勢保持樂觀。

Fiscal year 2025 is off to a strong start and we expect our Growth with Purpose strategy to deliver further growth in both revenue and profitability. With this positive momentum, we're raising our fiscal year 2025 guidance to project revenue between $1.69 billion and $1.73 billion and adjusted earnings per share of $5.75 to $5.95.

2025 財年有一個良好的開端，我們預計我們的「有目的的成長」策略將實現收入和獲利能力的進一步成長。憑藉這一積極勢頭，我們將 2025 財年指引目標上調至 16.9 億美元至 17.3 億美元，調整後每股收益為 5.75 美元至 5.95 美元。

Now I'll hand the call over to Bob for a more expansive discussion of our operational and financial results.

現在我將把電話轉交給鮑勃，以便對我們的營運和財務表現進行更廣泛的討論。

Thank you, Steve, and hello, everyone. Our first quarter results reflect our ability to deliver accelerated performance while investing to create sustainable long-term value. As Steve shared earlier, we've entered the second year of our three year Growth with Purpose strategy, improving enrollment trends and delivering enhanced leverage through our disciplined operational performance.

謝謝你，史蒂夫，大家好。我們第一季的表現反映了我們在投資創造可持續長期價值的同時提供加速績效的能力。正如史蒂夫早些時候分享的那樣，我們已經進入了為期三年的「有目的的成長」策略的第二年，該策略旨在改善入學趨勢並透過我們嚴格的營運績效提供增強的影響力。

I'll begin with a review of our financial results and key drivers for our performance in the first quarter. Later in my remarks, I will discuss our expectations and assumptions for the remainder of fiscal year 2025.

我將首先回顧我們第一季的財務表現和業績的關鍵驅動因素。在稍後的發言中，我將討論我們對 2025 財年剩餘時間的預期和假設。

Starting with the top line. Revenue in the first quarter increased by 13.2% to $417.4 million driven by all three segments, in particular, through accelerated enrollment growth at Walden and Chamberlain as Growth with Purpose initiatives enhanced our trajectory.

從頂線開始。在所有三個部門的推動下，第一季的收入成長了13.2%，達到4.174 億美元，特別是透過Walden 和Chamberlain 的入學人數加速成長，因為「有目的的成長」計畫增強了我們的發展軌跡。

Consolidated adjusted EBITDA came in at $96.7 million up 20.1% compared to the prior year from profit growth in all three segments, led by Walden and Chamberlain, resulting in an adjusted EBITDA margin of 23.2%, a 140 basis points increase from last year.

綜合調整後 EBITDA 達到 9,670 萬美元，比上年增長 20.1%，這得益於以 Walden 和 Chamberlain 為首的所有三個部門的利潤增長，調整後 EBITDA 利潤率為 23.2%，比去年增長 140 個基點。

Adjusted operating income was $75.8 million, up 19.8% compared to the prior year as revenue growth and efficiencies generated operational leverage which was partially offset by investments in strategic initiatives, higher employee benefit costs tied to our performance and other costs.

調整後的營業收入為 7,580 萬美元，比上年增長 19.8%，因為收入增長和效率產生了營運槓桿，但部分抵消了戰略計劃投資、與業績相關的較高員工福利成本和其他成本。

Adjusted net income for the quarter was $50.5 million up 28.3% compared to last year, attributed to adjusted operating income growth and lower interest expense as a result of our actions to reduce outstanding debt and lower our borrowing costs. Adjusted earnings per share was $1.29 or a 38.7% increase compared with the prior year. We repurchased 462,000 shares within the quarter, resulting in a first quarter diluted shares outstanding of 39.1 million or 3.1 million lower than last year.

本季度調整後淨利潤為 5,050 萬美元，比去年增長 28.3%，這歸因於調整後營業收入增長以及我們採取行動減少未償債務和降低借貸成本導致的利息支出下降。調整後每股收益為 1.29 美元，較上年增長 38.7%。我們在本季回購了 462,000 股股票，導致第一季稀釋後流通股數為 3,910 萬股，比去年減少 310 萬股。

Next, I'll discuss the first quarter financial highlights by segment. Chamberlain reported first quarter revenue of $167.9 million, an increase of 17.8% when compared with the prior year, driven primarily by growth in enrollments.

接下來，我將按部門討論第一季的財務亮點。張伯倫公佈第一季營收為 1.679 億美元，較上年增長 17.8%，這主要是由於入學人數的增長。

Total student enrollment during the quarter increased 11.7% compared to the prior year, a seventh consecutive quarter of both pre-licensure and post-licensure nursing program growth. Adjusted EBITDA increased by 17.2% to $37 million for the quarter.

本季的學生總入學率與去年同期相比增長了 11.7%，這是許可前和許可後護理課程連續第七個季度增長。本季調整後 EBITDA 成長 17.2%，達到 3,700 萬美元。

Adjusted EBITDA margin of 22% was 10 basis points lower than the prior year as our underlying operational leverage was offset by investments in marketing, student support for the growth in enrollments and an enhanced focus on academic outcomes as well as other costs.

調整後 EBITDA 利潤率為 22%，比上一年低 10 個基點，因為我們的基本營運槓桿被行銷投資、對入學人數增長的學生支持以及對學術成果和其他成本的更加關注所抵消。

Our marketing investments have accelerated Chamberlain's reach and market-leading position for our full breadth of nursing programs and modalities. We are capitalizing on our differentiated more seamless student experience. Our investments are intended to continue to deliver positive returns through increased future demand, continued strong persistence and positive academic outcomes.

我們的行銷投資加速了張伯倫在我們全面的護理計劃和模式方面的影響力和市場領先地位。我們正在利用我們差異化的、更無縫的學生體驗。我們的投資旨在透過增加未來需求、持續強勁的毅力和積極的學術成果，持續帶來正面的回報。

Turning to Walden. First quarter revenue of $161.5 million, an increase of 14.1% versus the prior year was driven by strong growth in enrollments. Total student enrollment accelerated in the quarter, up 12.2% compared to the prior year from robust enrollment growth, particularly in the master's and undergrad and continued high persistence rates.

轉向瓦爾登湖。第一季營收為 1.615 億美元，較上年成長 14.1%，這得益於入學人數的強勁成長。由於入學人數的強勁增長，特別是碩士和本科生的入學率以及持續的高持續率，本季度學生入學總數加速增長，與上一年相比增長了 12.2%。

Within our health care programs, the strong growth was led by social and behavioral health and nursing with our non-health care programs also growing in the quarter.

在我們的醫療保健計劃中，強勁增長是由社會和行為健康以及護理帶動的，我們的非醫療保健計劃在本季度也有所增長。

Adjusted EBITDA increased by 35.9% to $47.8 million. Adjusted EBITDA margin expanded by 480 basis points versus the prior year to 29.6% as our transformation and efficiencies generate operational leverage which is being balanced with a sustainable level of long-term focused growth investments and additional student support commensurate with the high levels of new enrollment.

調整後 EBITDA 成長 35.9%，達到 4,780 萬美元。調整後的EBITDA 利潤率較上年增長480 個基點，達到29.6%，因為我們的轉型和效率產生了運營槓桿，而運營槓桿與可持續水平的長期重點增長投資以及與高水平新生相稱的額外學生支持相平衡。

For the medical and veterinary segment, revenue in the first quarter increased 3.9% to $88 million. The total enrollment growth trend sequentially improved, decreasing 0.7% compared with the prior year as our plans remain on track at the medical schools and Ross Vet continues to operate near capacity.

醫療和獸醫部門第一季營收成長 3.9%，達到 8,800 萬美元。總入學人數成長趨勢環比有所改善，與前一年相比下降了 0.7%，因為我們醫學院的計劃仍在按計劃進行，而且羅斯獸醫學院繼續在接近滿負荷的情況下運作。

Adjusted EBITDA increased by 0.7% to $19.2 million. Adjusted EBITDA margin was 70 basis points lower versus the prior year at 21.8%. We remain focused on operating our institutions with a cost structure generally in line with our current total enrollment level while making investments to leverage the existing capacity at our medical schools to address the current and growing US physician shortages.

調整後 EBITDA 成長 0.7%，達到 1,920 萬美元。調整後 EBITDA 利潤率為 21.8%，較前一年下降 70 個基點。我們仍然專注於以與我們當前總入學水平基本一致的成本結構來運營我們的機構，同時進行投資以利用我們醫學院的現有能力來解決當前和日益嚴重的美國醫生短缺問題。

Shifting to cash flow and the balance sheet. We continue to enhance our financial strength through robust cash generation and disciplined capital deployment. For the first three months of fiscal year 2025, free cash flow was $79 million.

轉向現金流和資產負債表。我們透過強勁的現金產生和嚴格的資本部署繼續增強我們的財務實力。2025 財年的前三個月，自由現金流為 7,900 萬美元。

On a trailing 12-month basis, free cash flow was $243 million, up $85 million versus the prior period, inclusive of an $18 million increase in capital expenditures. Strong operational performance was partially offset by planned capital investments to expand our reach and impact.

過去 12 個月的自由現金流為 2.43 億美元，比上一期增加 8,500 萬美元，其中資本支出增加 1,800 萬美元。強勁的營運績效被計劃進行的資本投資所部分抵消，以擴大我們的影響力和影響力。

Our balance sheet remains healthy, ending the first quarter with $265 million in cash and equivalents and a low adjusted EBITDA net leverage of 1.0 times. On August 21, we repriced our $253 million term loan B, reducing the interest rate by 75 basis points which was in addition to the prior 50 basis points reduction we achieved previously in January.

我們的資產負債表保持健康，第一季末現金及等價物為 2.65 億美元，調整後 EBITDA 淨槓桿率為 1.0 倍。8 月 21 日，我們重新定價了 2.53 億美元的定期貸款 B，利率在 1 月降低 50 個基點的基礎上降低了 75 個基點。

We also repurchased 462,000 shares during the quarter, continuing to execute on our existing share repurchase authorization. Our top priority remains to reinvest into our institutions as we aim to achieve optimal capacity and continue to deliver positive student outcomes. We will thoughtfully strengthen our balance sheet while we continue our balanced approach to capital allocation.

我們也在本季回購了 462,000 股股票，繼續執行我們現有的股票回購授權。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繼續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，同時繼續採取平衡的資本配置方法。

We started the second year of our three year Growth with Purpose strategy with strong results ahead of our original expectations. We continue to create sustainable enrollment momentum off a higher total enrollment base. In turn, we are raising our fiscal year 2025 guidance as we continue to execute and accelerate our performance.

我們開始了為期三年的「有目的的成長」策略的第二年，取得了超越我們最初預期的強勁成果。我們繼續在更高的總入學人數基礎上創造可持續的入學勢頭。反過來，隨著我們繼續執行和加速我們的業績，我們正在提高 2025 財年的指導。

Our revenue guidance is now in the range of $1.69 billion to $1.73 billion, approximately 6.5% to 9% growth year-over-year with adjusted earnings per share of $5.75 to $5.95, approximately 14.5% to 18.5% growth year-over-year.

目前，我們的營收指引範圍為 16.9 億美元至 17.3 億美元，年成長約 6.5% 至 9%，調整後每股收益為 5.75 美元至 5.95 美元，年成長約 14.5% 至 18.5%。

As we capture the current health care education market demands, expanding our reach through inclusive access to education. As planned, we invested more into marketing during the first quarter versus last year. However, our dynamic marketing approach delivered spend efficiencies while enterprise inquiries remained strong.

當我們抓住當前的醫療保健教育市場需求時，透過包容性的教育機會擴大我們的影響力。按照計劃，我們第一季的行銷投入比去年更多。然而，我們的動態行銷方法提高了支出效率，同時企業詢問仍然強勁。

And as a result, we shifted some of our planned marketing out of the first quarter and into the remainder of the year. We still anticipate a higher level of revenue growth during the first half of the year compared with the second half with first quarter revenue momentum persisting into the second quarter.

因此，我們將一些計劃的行銷活動從第一季轉移到了今年剩餘時間。我們仍預期上半年的營收成長水準將高於下半年，第一季的營收動能將持續到第二季​​。

We are continuing to plan for revenue and underlying operational leverage to grow faster than the level of year-over-year investments, resulting in approximately 100 basis points of adjusted EBITDA margin expansion. Included within our guidance are the capital allocation to date. And finally, we anticipate a normalized adjusted effective tax rate of approximately 23% for the fiscal year.

我們正在繼續規劃營收和基礎營運槓桿的成長速度快於同比投資水平，從而使調整後的 EBITDA 利潤率擴大約 100 個基點。我們的指導包括迄今為止的資本配置。最後，我們預計本會計年度的正常調整後有效稅率約為 23%。

It has been a strong start to the year, and we're more optimistic than ever about our Growth with Purpose strategy, our ability to create long-term value and to generate high returns for all stakeholders.

今年是一個良好的開端，我們對我們的「有目的的成長」策略、我們為所有利害關係人創造長期價值和創造高回報的能力比以往任何時候都更加樂觀。

And with that, I'll 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。

(Operator Instructions)

（操作員說明）

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO 資本市場。

Wanted to start with Chamberlain. The growth acceleration there was really impressive. Can we get a little bit more color exactly what's going on there and how sustainable you think that is?

想從張伯倫開始。那裡的成長速度確實令人印象深刻。我們能否更詳細地了解那裡正在發生的事情以及您認為這種情況的可持續性如何？

Yes. Thanks for the question, Jeff. So we're enjoying what we think are really positive trends in new enrollment, and that's particularly true in the post-licensure RN-BSN category. And that's on top of what has proven to be increasingly strong persistence. So while the RN-BSN category is one that itself isn't growing, we continue to take share there. And so on that basis, we think that trend is one that is sustainable for the foreseeable future.

是的。謝謝你的提問，傑夫。因此，我們正在享受我們認為新入學人數方面真正積極的趨勢，在獲得許可後的 RN-BSN 類別中尤其如此。事實證明，這是在日益強大的毅力之上的。因此，雖然 RN-BSN 類別本身並沒有成長，但我們仍繼續佔據該類別的份額。因此，在此基礎上，我們認為這一趨勢在可預見的未來是可持續的。

In addition, the post-licensure degrees and the doctoral degrees continue to have strong demand in the marketplace. So we think across the program set, particularly in nursing at Chamberlain, there's still lots of room to run there to grow enrollments.

此外，市場對許可後學位和博士學位的需求仍然強勁。因此，我們認為，在整個計劃中，特別是在張伯倫的護理方面，那裡仍然有很大的空間來增加入學人數。

All right. Great. And then your comments about shifting some marketing expense from the first quarter through the rest of the year. Is that across the three major verticals? And also, is that going to be kind of spread evenly throughout the rest of the year? Or we see most of that in the second quarter?

好的。偉大的。然後是您關於將一些行銷費用從第一季轉移到今年剩餘時間的評論。這是跨越三個主要垂直領域的嗎？而且，這會在今年剩餘時間均勻分佈嗎？或者我們在第二季度看到了大部分？

Yes, I'll start and let Bob jump in. So it's not across the board. We allocate marketing resource dynamically based on where we think we have the most attractive opportunities on an institution and occasionally on a program basis. So it's not across the board, and it's not spread ratably. But Bob, feel free to jump in with any additional color.

是的，我會開始並讓鮑伯加入。所以這並不是一刀切的。我們根據我們認為在機構中最有吸引力的機會動態分配行銷資源，有時也會根據計劃進行分配。所以它不是全面的，也不是按比例傳播的。但是鮑勃，請隨意添加任何其他顏色。

Sure. The added thing I would say is that the cost really was primarily moved to Q2. There's a little bit to the balance of the back half of the year, but mostly a Q2 shift.

當然。我還要說的是，成本實際上主要轉移到了第二季。今年下半年有一些平衡，但主要是第二季的轉變。

All right. I'll just add one, try to sneak one more in. I am sorry, going back to Chamberlain again, revenue growth was really strong. Margins were somewhat flattish despite the fact that maybe some marketing may have been shifted into the second quarter. Is there other investments going on there? Any reason why you didn't really see more operating leverage there?

好的。我就加一個，嘗試再增加一個。抱歉，再次回到張伯倫，營收成長非常強勁。儘管一些行銷可能已轉移到第二季度，但利潤率仍有些持平。那裡還有其他投資嗎？您沒有真正看到更多營運槓桿的原因是什麼？

The thing I would say is despite the fact that we did move some marketing into the second quarter from what we had planned, we still had increased that marketing year-over-year for Chamberlain as well as for the overall company.

我想說的是，儘管我們確實將一些行銷活動從計劃中轉移到了第二季度，但對於張伯倫以及整個公司來說，我們仍然逐年增加了行銷活動。

So again, we did shift some, but that was based on what we originally planned. Year-over-year, we did have an increase in marketing in Chamberlain. But what we're doing there is really a mix shift of also doing branding as well as performance marketing. So it's really an investment in the balance of the year as well as into fiscal year '26 as well.

再說一次，我們確實改變了一些，但這是基於我們最初的計劃。與去年同期相比，我們對張伯倫的行銷確實有所增加。但我們在那裡所做的實際上是品牌推廣和績效行銷的混合轉變。因此，這實際上是對今年剩餘時間以及 26 財年的投資。

Yes. And in addition to those marketing shifts, there's also some additional incremental investment in student support at Chamberlain, which we think is just important for maintaining the persistency rates that we enjoy.

是的。除了這些行銷轉變之外，張伯倫大學還對學生支援進行了一些額外的增量投資，我們認為這對於維持我們享有的堅持率非常重要。

Alex Paris, Barrington Research.

亞歷克斯·帕里斯，巴靈頓研究中心。

Congrats on the beaten race. I had a follow-up question on marketing for starters. You invested more in marketing in the first quarter year-over-year, though some was shifted from Q1 to the rest of the year, mostly Q2 versus your budget, I take it.

恭喜你在比賽中落敗。我有一個關於初學者行銷的後續問題。我認為，第一季您在行銷方面的投資同比增加了，儘管有些從第一季轉移到了今年剩餘時間，主要是第二季與您的預算相比。

I'm wondering, given the very strong performance and enrollment across the board, why the incremental investment in marketing, I know you still expect to leverage the increase in revenues for the full year with 100 basis points of improvement. But why increase it at this time?

我想知道，鑑於整體表現和入學人數非常強勁，為什麼要在行銷方面進行增量投資，我知道您仍然希望利用全年收入的成長來提高 100 個基點。但為什麼要在這個時候增加呢？

Yes. So Alex, a couple of ways to think about the marketing spend. So on the one hand, there's performance marketing, which typically drives returns in period. But as you know, we take a balanced approach to investing both in performance marketing at the bottom of the funnel and brand marketing at the top of the funnel.

是的。亞歷克斯，有幾種思考行銷支出的方法。一方面，效果行銷通常會帶來一定的回報。但如您所知，我們採取平衡的方法來投資漏斗底部的績效行銷和漏斗頂部的品牌行銷。

And as you know, there's a longer tail on the return associated with that brand investments. And so while we started out at the beginning of last year with heavy-duty brand campaigns across all five institutions, we're now into very individualized programmatic approaches to brand across those programs.

如您所知，與品牌投資相關的回報有較長的尾部。因此，雖然我們從去年年初開始在所有五個機構中開展了大規模的品牌活動，但現在我們在這些計劃中採用了非常個性化的品牌計劃方法。

So there's a mix of investments that we expect to pay off in the future as well as those that are driven to drive return in period. So that's really the mix. I mean we're investing to win today, but at the same time, investing to win tomorrow. So you shouldn't think about every incremental investment in marketing as being tied to some near-term objective.

因此，我們期望在未來獲得回報的投資以及那些推動期內回報的投資組合。這就是真正的混合。我的意思是，我們投資是為了贏得今天，但同時投資也是為了贏得明天。因此，您不應該將行銷方面的每項增量投資都視為與某些近期目標相關。

Got you. That makes sense. I appreciate that. With that said, your guidance -- your increased guidance for the full year at the midpoint calls for roughly 8% revenue growth year-over-year. Do you expect advertising dollars to exceed that on a year-over-year basis? Or will those marketing costs be leveraged this year?

明白你了。這是有道理的。我很欣賞這一點。話雖如此，您的指導——您在中點增加的全年指導要求收入同比增長約 8%。您預計廣告收入年會超過這個數字嗎？或者今年會利用這些行銷成本嗎？

No. The marketing costs will be leveraged. And I would point you back to last year as well, just as a point of reference, our marketing spend increased about 4%. Despite the fact that we had the revenue increase of 9%. So we expect that efficiency to continue into this year.

不。行銷成本將得到槓桿化。我還想請您回顧去年，作為參考，我們的行銷支出增加了約 4%。儘管我們的收入成長了 9%。因此，我們預計這種效率將持續到今年。

Okay. And then a follow-on question, the same. Kind of going back to Investor Day 2023, I know those numbers are stale by now, particularly with the guidance that you just gave for fiscal 2025. But at that point, you said 4% to 6% revenue growth for fiscal 2025, we're at 8% as we sit right now. And then you said for fiscal 2026 revenue growth of 5% to 8%. Do you plan on revising those long-term targets, at least the 2026 targets at this point.

好的。然後是一個後續問題，同樣的。有點回到 2023 年投資者日，我知道這些數字現在已經過時了，特別是考慮到您剛剛為 2025 財年提供的指導。但那時，您說 2025 財年的營收成長 4% 到 6%，我們現在的成長率是 8%。然後你說 2026 財年營收成長 5% 到 8%。您是否計劃修改這些長期目標，至少目前是 2026 年目標？

Well, we'll give guidance for '26 in the ordinary course. And at our next Investor Day, we'll give multi-year targets.

好吧，我們將在普通課程中為 '26 提供指導。在下一個投資者日，我們將給予多年目標。

Steven Pawlak, Baird.

史蒂文·帕拉克，貝爾德。

I just wanted to clarify, is the full year guidance range solely flowing through a first quarter beat? Or is there an improved outlook to the balance of the year as well?

我只是想澄清一下，全年指導範圍是否僅與第一季的節拍有關？或者今年餘下的前景是否也有所改善？

So there is an improved outlook for the balance of the year when it comes to revenue in particular. But when it comes to the EPS, there is some shift from the first quarter into the balance of the year based on what we had talked about with some of the expenses, in particular, the marketing.

因此，今年剩餘時間的前景有所改善，特別是在收入方面。但就每股收益而言，根據我們討論的一些費用，特別是行銷費用，從第一季到今年剩餘時間出現了一些變化。

Yes. Okay. And then I guess, from a revenue perspective, what are sort of the risk factors that would put you to the low end of your guidance range?

是的。好的。然後我想，從收入的角度來看，哪些風險因素會讓你處於指導範圍的低端？

I don't know that I described them as risk factors. Obviously, we're enjoying great momentum across new enrollment in Chamberlain and Walden. We are progressing well relative to our remediation efforts in the Med Vet segment.

我不知道我將它們描述為風險因素。顯然，我們在張伯倫和瓦爾登的新入學中享有巨大的勢頭。相對於醫療獸醫領域的補救工作，我們進展順利。

So I don't view it as a risk. I think there's upside potential as we go through the year and we think about how to take best advantage of market opportunities in particular programs with additional push in marketing. But I wouldn't describe it as a risk. I mean we think we've got strong momentum with the opportunity for some real upside, and we hope to realize that.

所以我不認為這是一個風險。我認為，隨著這一年的發展，我們還有上行潛力，我們會考慮如何充分利用特定計劃中的市場機會，並加強行銷。但我不會將其描述為風險。我的意思是，我們認為我們擁有強勁的勢頭，有機會實現一些真正的上漲，我們希望意識到這一點。

And ladies and gentlemen, there are no further questions at this time. So with that, we will conclude today's call. Thank you all for your participation, and all parties may now disconnect. Thank you.

女士們、先生們，目前沒有其他問題了。我們就這樣結束今天的電話會議。感謝大家的參與，各方現在可以斷開連線。謝謝。