Adtalem Global Education Inc (ATGE) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Adtalem Global Education second-quarter 2025 earnings call. (Operator Instructions) Please note this conference is being recorded.

大家好，歡迎參加 Adtalem Global Education 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

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

現在，我將會議交給主持人、投資者關係副總裁傑伊‧史皮策 (Jay Spitzer)。謝謝。你可以開始了。

Good afternoon, and welcome to our earnings call for the second-quarter fiscal year 2025 Results. On the call with me today are Steve Beard, Chairman and Chief Executive Officer of Adtalem Global Education; and Bob Phelan, Chief Financial Officer.

下午好，歡迎參加我們 2025 財年第二季業績電話會議。今天與我一起通話的有 Adtalem Global Education 董事長兼執行長 Steve Beard；以及財務長鮑勃費蘭（Bob Phelan）。

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

在我把你交給史蒂夫之前，我會像往常一樣帶你去了解法律安全港和警示聲明。本簡報中所做的某些陳述和對未來結果的預測構成前瞻性陳述，這些陳述基於我們當前的市場、競爭和監管預期，並受可能導致實際結果發生重大差異的風險和不確定性的影響。

We undertake no obligations 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 relate to forward-looking statements.

我們不承擔在本次演示之後公開更新任何前瞻性聲明的義務，無論其是由於新資訊、未來事件、假設變更或其他原因。請參閱我們最新的 10-K 表格和 10-Q 表格，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 presentation materials available on our Investor Relations website for reconciliations for 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.

在今天的演示中，我們使用了某些非公認會計準則財務指標。請您參閱我們投資者關係網站上提供的簡報資料，以便對最直接可比較的 GAAP 財務指標和相關資訊進行對帳。您可以在我們的投資者關係網站 investors.adtalem.com 上找到網路直播的連結。

After this call, the presentation webcast will be archived on the website for 30 days.

本次電話會議結束後，示範網路直播將在網站上存檔 30 天。

I will now hand you over to Steve.

現在我將你交給史蒂夫。

Thank you, and good afternoon, everyone. Today, I'm excited to share how Adtalem is transforming healthcare education in America and delivering exceptional results in the process. The healthcare workforce crisis remains one of our nation's most urgent challenges. Through our family of institutions, we're meeting this challenge head on, by preparing the next generation of clinicians who will serve communities across the country.

謝謝大家，下午好。今天，我很高興與大家分享 Adtalem 如何改變美國的醫療保健教育並在過程中取得卓越的成果。醫療保健勞動力危機仍然是我們國家面臨的最緊迫的挑戰之一。透過我們的機構大家庭，我們正在迎接這項挑戰，培養為全國各地社區服務的下一代臨床醫生。

Our second-quarter results validate that our strategy isn't just working, it's accelerating. Revenue grew by 14% to $448 million. Total enrollment was up 11.6% year over year, improving for the 11th consecutive quarter. We now serve over 91,000 students, and our adjusted EBITDA margin expanded by 440 basis points, driving a 47% increase in adjusted earnings per share to $1.81 per share.

我們第二季的業績證明，我們的策略不僅有效，而且正在加速推進。營收成長14%至4.48億美元。總入學人數較去年同期增加11.6％，連續第11季提高。我們目前為超過 91,000 名學生提供服務，我們的調整後 EBITDA 利潤率擴大了 440 個基點，推動調整後每股收益成長 47% 至每股 1.81 美元。

These aren't just numbers - they represent real impact. Every percentage point of growth means more nurses, doctors, social workers, and mental health professionals entering communities where they're desperately needed. And we're achieving this growth while maintaining our unwavering commitment to inclusive access, academic quality and student success.

這些不僅僅是數字——它們代表著真正的影響。每個百分點的增長意味著更多的護士、醫生、社工和心理健康專業人員進入急需他們的社區。我們在實現這一成長的同時，始終堅定不移地致力於包容性教育、學術品質和學生成功。

Let me share some concrete examples of how we're innovating to expand our impact. Chamberlain University, the country's largest nursing school, is up 11.5% to another record level of total enrollment. Our BSN online program offered in 36 states, now has 44 clinical hub locations in metropolitan areas with a goal of more than 65 hubs by the end of our fiscal year 2026, bringing the clinical experience closer to our students and making quality education more accessible. And, if you add our 23 physical campus locations, we're offering nursing programs to qualified students across 43 states.

讓我分享一些具體的例子來說明我們如何透過創新來擴大影響力。張伯倫大學是全美最大的護理學院，其入學總人數增加了 11.5%，再創歷史新高。我們的 BSN 線上課程涵蓋 36 個州，目前在大都會地區設有 44 個臨床中心，我們的目標是到 2026 財年末設立超過 65 個中心，讓學生更接近臨床體驗，讓優質教育更容易獲得。而且，如果加上我們的 23 個實體校區，我們將為 43 個州的合格學生提供護理課程。

Walden University continues to drive with enrollment up 13.2%. Our new Get the W campaign is resonating since launch in early December. We're seeing encouraging student engagement.

瓦爾登大學 (Walden University) 入學人數持續成長 13.2%。我們的全新「Get the W」活動自 12 月初推出以來就引起了強烈反響。我們看到學生的參與度令人鼓舞。

We're also expanding access through innovative offerings like our Believe and Achieve Scholarship, which provides financial clarity and rewards persistence. As well as our new graduation award for undergraduate students who complete their degrees - also underscoring our support for student success.

我們還透過創新方式擴大受助管道，例如我們的“相信與成就獎學金”，該獎學金提供財務透明度並獎勵堅持不懈的人。我們為完成學業的本科生設立了新的畢業獎，這也凸顯了我們對學生成功的支持。

In mental health, where nearly half of Americans live in workforce shortage areas, our impact is particularly striking. Chamberlain and Walden together graduated more psychiatric mental health nurse practitioners in 2023 than all other top 20 programs combined. And, today, we have over 9,600 aspiring mental health nurse practitioners in our programs.

在心理健康領域，近一半的美國人生活在勞動力短缺地區，我們的影響尤其顯著。2023 年，張伯倫學院和沃爾登學院畢業的精神心理健康護理從業人員數量超過了其他所有排名前 20 名的課程的總和。如今，我們的計畫中已有超過 9,600 名有抱負的精神健康照護從業人員。

In our medical and veterinary segment, the second quarter isn't an enrollment period, but we're seeing encouraging signs that our initiatives are working with January new enrollment demand up year-over-year. Our clinical return home offering with our hospital partners and our USMLE student prep efforts are showing positive results, positioning us for enrollment growth in the near term.

在我們的醫療和獸醫領域，第二季度不是招生期，但我們看到令人鼓舞的跡象表明，我們的措施正在發揮作用，一月份新招生需求同比增長。我們與醫院合作夥伴共同開展的臨床返校服務以及我們為 USMLE 學生準備的努力都取得了積極的成果，這為我們在短期內實現招生成長奠定了基礎。

We're also leading the integration of AI and healthcare education. Our partnership with Hippocratic AI is already producing clinicians skilled in practical AI applications. And two of our Chamberlain leaders, Dr. Karen Cox and Dr. Kacie Spencer, are pioneering AI tools for diabetes care and infant safety that can make a real difference in patient care.

我們也引領人工智慧與醫療教育的融合。我們與 Hippocratic AI 的合作已經培養出精通實際 AI 應用的臨床醫生。我們的兩位張伯倫領導人 Karen Cox 博士和 Kacie Spencer 博士是糖尿病護理和嬰兒安全領域的先驅 AI 工具，可以為患者護理帶來真正的改變。

To accelerate our digital transformation and AI integration efforts, I'm pleased to announce that Michael Betz, President of Walden University, will now also serve as Adtalem's Chief Digital Officer. Michael brings exactly the strategic vision and execution experience we need as we enter this next phase of innovation and higher education. He succeeds Steven Tom, our former Chief Customer Officer, who departed in late 2024. Michael will continue his successful leadership of Walden University, while taking on this expanded role guiding our digital strategy across all institutions and operations.

為了加速我們的數位轉型和人工智慧整合工作，我很高興地宣布，瓦爾登大學校長邁克爾·貝茨現在也將擔任 Adtalem 的首席數位長。當我們進入創新和高等教育的下一階段時，麥可帶來了我們所需要的策略眼光和執行經驗。他接替了我們前任首席客戶官史蒂文·湯姆 (Steven Tom)，後者於 2024 年底離職。麥可將繼續成功領導瓦爾登大學，同時承擔起這更重要的職責，指導我們所有機構和營運的數位策略。

Given our strong performance, we're raising our fiscal 2025 guidance. We now expect revenue between $1.73 billion and $1.76 billion with adjusted earnings per share of $6.10 to $6.30. Let me be clear about what drives these results. Our growth with purpose strategy is fundamentally an operational excellence framework, and it guides everything we do.

鑑於我們強勁的表現，我們上調了 2025 財年預期。我們現在預計營收在 17.3 億美元至 17.6 億美元之間，調整後每股收益在 6.10 美元至 6.30 美元之間。讓我清楚地說明一下導致這些結果的原因。我們的目標成長策略從根本上來說是一個卓越營運框架，它指導著我們所做的一切。

At its core, it's about rigorous execution, high integrity, continuous process improvement and disciplined resource allocation. This operational rigor enables us to expand access to quality education while maintaining excellence in student outcomes. It's how we're efficiently addressing critical workforce shortages while delivering value to our shareholders.

其核心在於嚴格的執行、高度的誠信、持續的流程改善和規範的資源分配。這種操作嚴謹性使我們能夠擴大優質教育的機會，同時保持學生成績的卓越性。這就是我們如何有效解決嚴重勞動力短缺問題同時為股東創造價值。

And most important, it's how we're systematically scaling our impact to change more lives. Those of our students and the millions of patients they'll serve throughout their careers.

最重要的是，我們如何有系統地擴大我們的影響力來改變更多人的生活。我們的學生和他們整個職業生涯中將要服務的數百萬患者。

Every day, I see Adtalem's potential to change the face of healthcare. We have the scale, the innovation and most importantly, the mission-driven team to make it happen. As we look ahead, we'll continue to invest in growth while delivering the returns our shareholders expect.

我每天都能看到 Adtalem 改變醫療保健面貌的潛力。我們擁有規模、創新能力，最重要的是，我們擁有一支以使命為導向的團隊來實現這一目標。展望未來，我們將繼續投資於成長，同時實現股東期望的回報。

And with that, I'll turn it over to Bob for a deeper dive into our financial results.

接下來，我將把話題交給鮑勃，讓他更深入地探討我們的財務表現。

Thank you, Steve, and hello, everyone. Our second-quarter results showcase the financial returns that our growth with purpose strategy yields. Consistent execution of our organic growth strategy has unlocked robust returns and cash generation, providing us the ability to balance investing in our business for sustainable growth, strengthening our balance sheet and returning cash to our owners.

謝謝你，史蒂夫，大家好。我們第二季的業績展現了我們目標成長策略所帶來的財務回報。我們持續執行有機成長策略已獲得豐厚回報和現金創造，使我們能夠平衡業務投資以實現可持續成長、加強資產負債表並向所有者返還現金。

I'll begin with a review of our financial results and key drivers for our performance in the second quarter. Later in my remarks, I will discuss our expectations and assumptions for the remainder of fiscal year 2025. Starting with the top line. Revenue in the second quarter increased by 13.9% to $447.7 million driven by all three segments, in particular, through enrollment growth at Chamberlain and Walden, as our strategic initiatives enhanced our trajectory.

我將首先回顧我們的財務表現以及第二季業績的關鍵驅動因素。在稍後的發言中，我將討論我們對 2025 財年剩餘時間的期望和假設。從第一行開始。第二季營收成長 13.9%，達到 4.477 億美元，這得益於三個部門的共同努力，尤其是張伯倫和沃爾登的入學人數成長，因為我們的策略性舉措增強了我們的發展軌跡。

Consolidated adjusted EBITDA came in at $125 million, up 35.1% compared to the prior year from profit growth in all three segments led by Walden and Chamberlain, resulting in an adjusted EBITDA margin of 27.9%, a 440 basis point increase from last year. Adjusted operating income was $101.4 million, up 34.2% compared to the prior year as revenue growth and efficiencies generated operational leverage which was partially offset by investments in our strategic initiatives.

合併調整後 EBITDA 為 1.25 億美元，比上年增長 35.1%，得益於以 Walden 和 Chamberlain 為首的三個部門的利潤增長，調整後 EBITDA 利潤率為 27.9%，比去年增加了 440 個基點。調整後的營業收入為 1.014 億美元，比上年增長 34.2%，原因是收入增長和效率產生了營運槓桿，但部分被我們對戰略計劃的投資所抵消。

Adjusted net income for the quarter was $69.4 million, up 38.1% compared to last year attributed to adjusted operating income growth and lower interest expense resulting from our actions to reduce outstanding debt and lower our borrowing costs, partially offset by a higher provision for income taxes.

本季調整後淨收入為 6,940 萬美元，比去年同期增加 38.1%，這歸因於調整後的營業收入成長以及我們採取措施減少未償債務和降低借貸成本導致的利息支出降低，但所得稅準備金的增加部分抵消了這一影響。

Adjusted earnings per share was $1.81 or a 47.2% increase compared with the prior year. We repurchased 471,000 shares of our common stock within the quarter, resulting in a second-quarter diluted shares outstanding of 38.4 million or 2.4 million lower than last year.

調整後每股收益為 1.81 美元，較上年增長 47.2%。我們在本季回購了 471,000 股普通股，導致第二季攤薄流通股數為 3,840 萬股，比去年同期減少 240 萬股。

Next, I'll discuss the second quarter financial highlights by segment. Chamberlain reported second quarter revenue of $181 million, an increase of 17.9% when compared with the prior year, driven primarily by strong growth in enrollment. Total student enrollment during the quarter increased 11.5% compared to the prior year, the eighth consecutive quarter of both pre-licensure and post-licensure nursing program growth.

接下來，我將按部門討論第二季的財務亮點。張伯倫公佈第二季營收為 1.81 億美元，比上年成長 17.9%，主要得益於入學人數的強勁成長。本季的學生總數與去年同期相比增加了 11.5%，這是持證前和持證後護理課程連續第八個季度實現增長。

Adjusted EBITDA increased by 42.5% to $52.6 million for the quarter. Adjusted EBITDA margin of 29.1% and was 510 basis points higher than the prior year as our operational leverage outpaced our ongoing investments into our students to support the growth in enrollments and our focus on improving academic outcomes.

本季調整後 EBITDA 成長 42.5% 至 5,260 萬美元。調整後的 EBITDA 利潤率為 29.1%，比上年高出 510 個基點，因為我們的營運槓桿超過了我們對學生的持續投資，以支持入學人數的成長和我們對提高學術成果的關注。

A great example is our in-demand BSN online offering, which grew enrollments at over triple digits year-over-year in the quarter. Before moving on from Chamberlain, I'd like to provide additional color on our dynamic marketing investment. In the first quarter of this fiscal year, we purposefully increased our marketing investment year over year at Chamberlain to leverage our leading position.

一個很好的例子就是我們熱銷的 BSN 線上課程，本季其入學人數較去年同期成長了三位數以上。在介紹完張伯倫的演講之前，我想先進一步介紹一下我們的動態行銷投資。本財年第一季度，我們有意年增 Chamberlain 的行銷投入，以鞏固我們的領先地位。

This quarter, our marketing investment Chamberlain was flat year over year which has resulted in fluctuations in our quarterly year-over-year adjusted EBITDA margin profile. We have the flexibility to continue to be opportunistic when deploying capital to generate attractive returns. And at times, there will be quarterly fluctuations in margin rates as a result.

本季度，我們的行銷投資 Chamberlain 同比持平，這導致我們的季度同比調整後 EBITDA 利潤率出現波動。我們可以靈活地繼續抓住機會部署資本來獲得可觀的回報。有時，保證金率就會出現季度波動。

Turning to Walden. Second quarter revenue of $171.3 million an increase of 16.7% versus the prior year was driven by strong growth in enrollments. Total student enrollment accelerated in the quarter, up 13.2% compared to the prior year, from robust enrollment growth, particularly in the master’s and undergrad degrees and continued high persistence rates.

轉向瓦爾登湖。第二季營收為 1.713 億美元，較上年同期成長 16.7%，主要得益於入學人數的強勁成長。本季學生總入學人數加速成長，比去年同期成長了 13.2%，這得益於入學人數的強勁成長，尤其是碩士和大學部學生，以及持續的高堅持率。

Within our healthcare programs, the growth was led by social and behavioral health and nursing with our non-healthcare programs also growing in the quarter. Adjusted EBITDA increased by 50.2% to $52.1 million, adjusted EBITDA margin expanded by 680 basis points versus the prior year to 30.4% as our operational excellence generates efficiencies and leverage, creating a healthy contribution margin that outpaces long-term focused student-facing investments and additional student support commensurate with the high levels of new enrollment.

在我們的醫療保健項目中，成長主要由社會和行為健康以及護理推動，而我們的非醫療保健項目在本季度也有所增長。調整後的 EBITDA 增長 50.2% 至 5,210 萬美元，調整後的 EBITDA 利潤率較上年擴大 680 個基點至 30.4%，因為我們的卓越運營產生了效率和槓桿作用，創造了健康的學生貢獻利潤率，其速度超過了長期專注於面向學生的投資和額外與入學的支持相稱。

For the medical and veterinary segment, revenue in the second quarter increased 2.8% to $95.4 million. As Steve mentioned, there is no change in the student enrollment for the second quarter compared to the first quarter. Adjusted EBITDA increased by 1.3% to $26.7 million. Adjusted EBITDA margin was 40 basis points lower versus the prior year at 28%. We remain focused on operating our institutions with a cost structure generally in line with our current total enrollment level while making long-term growth investments to leverage the existing capacity at our medical schools.

就醫療和獸醫部門而言，第二季的收入成長了 2.8%，達到 9,540 萬美元。正如史蒂夫所說，第二季度的學生入學人數與第一季相比沒有變化。調整後 EBITDA 成長 1.3% 至 2,670 萬美元。調整後的 EBITDA 利潤率較前一年下降 40 個基點，為 28%。我們將繼續專注於以與目前總入學人數大致相符的成本結構來運營我們的機構，同時進行長期增長投資，以充分利用我們醫學院的現有容量。

We believe that we're well positioned to capture on a prospective medical school student demand represented by the high student application to available seat ratio. And Ross Vet continues to operate near capacity.

我們相信，我們有能力滿足醫學院潛在學生的需求，即高學生申請人數與可用座位數之比。羅斯獸醫院 (Ross Vet) 的產能仍在接近滿載運轉。

Across all institutions, we remain focused on creating a seamless student experience from a prospective students first visit to our institution's website, navigating the application process, assisting them as they map out their education pathway, all the way through to becoming a member of our approximately 350,000 strong alumni community.

在所有機構中，我們始終致力於創造無縫的學生體驗，從潛在學生首次訪問我們機構的網站，瀏覽申請流程，幫助他們規劃教育途徑，一直到成為我們約 350,000 名校友社區的一員。

Now shifting to cash flow and balance sheet. We continue to enhance our financial strength through robust cash generation and disciplined capital deployment. On a trailing 12-month basis, free cash flow was $232 million from strong operational performance, while continuing organic investments to expand our reach and healthcare impact, amplified by our commitment to enhance student outcomes.

現在轉向現金流和資產負債表。我們透過強勁的現金創造和嚴格的資本配置繼續增強我們的財務實力。在過去 12 個月中，強勁的營運表現帶來了 2.32 億美元的自由現金流，同時我們繼續進行有機投資以擴大我們的覆蓋範圍和醫療保健影響，並透過我們致力於提高學生成績的承諾進一步擴大了這一影響。

Our balance sheet remains healthy, ending the second quarter with $194 million in cash and a low adjusted EBITDA net leverage of 1.1 times. We repurchased 471,000 shares during the quarter at approximately $80 a share, continuing to execute on our existing share repurchase authorization, which has $140 million remaining.

我們的資產負債表依然健康，第二季末現金為 1.94 億美元，調整後 EBITDA 淨槓桿率低至 1.1 倍。我們在本季以每股約 80 美元的價格回購了 471,000 股，繼續執行我們現有的股票回購授權，剩餘金額為 1.4 億美元。

On December 31, our outstanding letters of credit balance was reduced by a net $48 million. Our new letter of credit balance, which represents 10% of our Title IV funding is $179 million. After the quarter end, on January 17, 2025, we further strengthened our balance sheet, repaying $100 million on our higher interest rate Term Loan B which reduces the outstanding balance to $153.3 million.

12月31日，我們的未償還信用證餘額淨減少4,800萬美元。我們的新信用證餘額為 1.79 億美元，占我們第四章資金的 10%。季度結束後，即 2025 年 1 月 17 日，我們進一步加強了資產負債表，償還了 1 億美元的高利率定期貸款 B，使未償還餘額減少至 1.533 億美元。

It's been an exemplary first half of fiscal year 2025. ahead of our original expectations set heading into the year as we relentlessly execute our growth with purpose strategy, creating greater efficiencies and scale. As a result, we are raising our guidance with the revenue now in the range of $1.73 billion to $1.76 billion, approximately 9% to 11% growth year over year. With adjusted earnings per share of $6.10 to $6.30, approximately 21.5% to 25.5% growth year over year.

2025 財年上半年表現堪稱典範。因此，我們上調了預期，目前營收在 17.3 億美元至 17.6 億美元之間，年增約 9% 至 11%。調整後每股收益為 6.10 美元至 6.30 美元，年增約 21.5% 至 25.5%。

For the full year, our new revenue guidance level, along with continued efficiencies is resulting in incremental operating leverage. In turn, we now anticipate greater than 100 basis points of adjusted EBITDA margin expansion in fiscal year 2025. We anticipate an adjusted effective tax rate of approximately 23% for the fiscal year.

就全年而言，我們新的收入指導水準以及持續的效率將帶來增量的經營槓桿。反過來，我們現在預計 2025 財年的調整後 EBITDA 利潤率將擴大超過 100 個基點。我們預計本財年的調整後有效稅率約為23%。

We will continue our balanced approach to capital allocation, aiming to deploy capital to maximize long-term value and to generate high returns for all stakeholders. As a part of this approach, our top priority remains to reinvest into our institutions as we execute on expanding our inclusive access mission to achieve optimal capacity and deliver positive student outcomes.

我們將繼續採取均衡的資本配置方法，旨在部署資本來最大化長期價值並為所有利害關係人創造高回報。作為這種方法的一部分，我們的首要任務仍然是重新投資於我們的機構，同時我們將繼續擴大我們的包容性准入使命，以實現最佳能力並提供積極的學生成果。

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。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Alex Paris, Barrington Research.

巴林頓研究公司的亞歷克斯‧帕里斯 (Alex Paris)

Thank you and thanks for taking my questions. Congratulations on another strong quarter. First question relating to guidance, Bob, I heard you and I was going to ask the question. The raised revenue guidance and the operating leverage you get from that is going to result in greater than 100 basis points of adjusted EBITDA margin expansion. Just thinking back to Investor Day in 2023, do we expect that sort of operating leverage in 2026 and beyond 100 basis points plus?

謝謝您，謝謝您回答我的問題。恭喜您又一個季度取得強勁業績。第一個問題與指導有關，鮑勃，我聽到了你的聲音，我正要問這個問題。提高的收入預期和由此獲得的營業槓桿將導致調整後的 EBITDA 利潤率擴大超過 100 個基點。回想 2023 年的投資者日，我們是否預期 2026 年的營運槓桿率將達到這種水平，甚至超過 100 個基點？

Yes. I would say we do still anticipate 100 basis points plus in fiscal '26, and that's above what we've just raised here in fiscal '25.

是的。我想說，我們仍然預計 26 財年的利率將增加 100 個基點以上，高於我們在 25 財年剛剛提高的利率。

Got you. That's great. And then second, the last conference call that we had was in late October. Since then, we've had an election. And I'd be remiss if I didn't ask about your feelings with regard to the Trump Administration coming in and likely changes or not in terms of the regulatory environment.

明白了。那太棒了。其次，我們上次召開電話會議是在十月下旬。從那時起，我們就進行了選舉。如果我不問你對川普政府上台後監管環境可能出現的變化有何看法，那我就是失職了。

Well, I think the general consensus, Alex, is that the regulatory overhang that the industry is subject to will be lighter, but we're not in a position to speculate about that now. We know that is getting settled into her role.

嗯，亞歷克斯，我認為普遍的共識是，該行業受到的監管壓力將會減輕，但我們現在還不能對此進行推測。我們知道她已經適應了她的角色。

We look forward to engaging with her and her team in the near future about how we think about transparency and accountability, but also how we think about expanding our opportunities to serve students and to address chronic workforce shortages in healthcare. So more to come on that count, but we're looking forward to engaging with the new Secretary.

我們期待在不久的將來與她和她的團隊進行交流，討論我們如何看待透明度和問責制，以及如何擴大我們為學生服務的機會並解決醫療保健領域長期的勞動力短缺問題。關於這一點我們還有更多工作要做，但我們期待與新任部長合作。

That's great. And then I guess the last question, just a miscellaneous question. With regard to med vet because there's not enrollment data in the second quarter because it's on a semester basis or a trimester basis. I was just wondering if we can get an update on the remediation plans. I did hear you say that the January enrollment trends look positive.

那太棒了。然後我想最後一個問題只是一個雜項問題。對於醫學獸醫來說，因為第二季度沒有入學數據，因為它是按學期或三個月計算的。我只是想知道我們是否可以獲得有關補救計劃的最新消息。我確實聽您說過，一月份的入學趨勢看起來很正面。

They do. We continue to be encouraged by the remediation efforts. They are unfolding consistent with our expectations. Scott Liles and the team have done a really fantastic job with those. And we look forward to being able to demonstrate that in the results of operations for that segment next quarter.

是的。我們繼續對補救措施感到鼓舞。它們的發展符合我們的預期。斯科特·萊爾斯 (Scott Liles) 和他的團隊在這方面做得非常出色。我們期待能夠在下個季度該部門的經營業績中展現這一點。

And then the last one, it just occurs to me. On marketing expense, I don't recall the comments that were made with regard to marketing expense being flat in the second quarter. Was that consolidated or was that just Chamberlain? And then how should we -- what should we expect for marketing expenses in the second half of the year on a year-over-year basis?

然後最後一個，我突然想到了。關於行銷費用，我不記得有關於第二季行銷費用持平的評論。那是合併的還是只是張伯倫？那麼，我們該如何預期下半年的行銷費用會與去年同期相比會是如何呢？

Sure. The comments were specific to Chamberlain. But what I would tell you is that comments can apply also to the entire company in terms of where we're at for first quarter and second quarter.

當然。這些評論是針對張伯倫的。但我想告訴你的是，就第一季和第二季的情況而言，這些評論也適用於整個公司。

So for the balance of the year, what I would just suggest is that you take a look at you know what we've done in the past and while we will grow our marketing on a dollar basis the spend for this year, we anticipate that we're going to grow it at much less of a rate than our revenue.

因此，就今年的餘額而言，我建議您看看我們過去所做的事情，雖然今年我們的行銷支出將以美元為基礎增加，但我們預計其成長率將遠低於收入成長率。

And as a proxy for that, last year, we grew our marketing expense at about 4% where the revenue was growing at 9%. So that would be the way I would guide you for the full year.

作為參考，去年我們的行銷費用成長了約 4%，而收入卻成長了 9%。這就是我全年指導你們的方式。

That's very helpful and just what I wanted to hear. Thank you and I'll get back in the queue. Thank you.

這非常有幫助，這正是我想聽到的。謝謝您，我會重新回到隊列。謝謝。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯 (Jeff Silber)，BMO 資本市場。

Thank you so much. I know you don't provide specific quarterly guidance, but you significantly outperform analyst expectations. I'm assuming you probably outperform your expectations as well. Can we just talk about maybe what drove the outperformance with the specific areas you would cite?

太感謝了。我知道您沒有提供具體的季度指導，但您的表現遠遠超出了分析師的預期。我認為你的表現也可能超出你的預期。我們能否就您所列舉的具體領域談談推動其出色表現的因素？

Well, I think we've got a couple of things working for us. We've got greater efficiency on the marketing spend. We've been really pleased with what Maurice and team have done there. We've got a great new campaign at Walden that we think is a driving real interest in our programs, as well as the broader name.

嗯，我認為我們已經有幾件事要做。我們的行銷支出效率得到了提升。我們對莫里斯和他的團隊在那裡所做的事情感到非常滿意。我們在 Walden 開展了一項很棒的新活動，我們認為這項活動不僅激發了人們對我們計畫的真正興趣，也提高了我們品牌的知名度。

The initiatives that we have around enrollment in particular, we're experiencing incrementally better conversions at the bottom of the funnel, which we're excited about. And we continue to make strides in improving persistence across all five institutions. And that obviously goes a long way towards helping us improve the financial outcomes.

我們在招生方面採取的舉措，特別是漏斗底部的轉換率正在逐步提高，我們對此感到非常興奮。我們將繼續努力提高五個機構的持久性。這顯然對幫助我們改善財務表現有很大幫助。

So it's a little bit of everything across the five pillars of the strategy, but I would highlight persistence and marketing and in particular gains at the conversion level at the bottom of the funnel.

因此，這有點涉及戰略五大支柱的方方面面，但我想強調的是堅持和行銷，特別是漏斗底部轉換層面的收益。

All right. That's really helpful. I was also wondering if you could just maybe get us up to speed on the competitive environment. I know it doesn't specifically change quarter to quarter, but I'm just curious what you're seeing out there.

好的。這真的很有幫助。我還想知道您是否可以讓我們了解一下競爭環境。我知道它不會在每個季度都發生特別的變化，但我只是好奇你看到了什麼。

Well, I think, you know, we've got very competitive environments across a couple of our large products. Nursing is a competitive environment for us. Medicine remains a competitive environment for us. That having been said, we continue to enjoy market-leading positions, and in some instances, continue to take share.

嗯，我想，你知道，我們的幾款大型產品都面臨著非常激烈的競爭環境。對我們來說，護理是一個競爭激烈的環境。對我們來說，醫藥仍然是一個競爭激烈的環境。話雖如此，我們仍然佔據市場領先地位，並且在某些情況下，繼續佔據份額。

That's certainly true in post-licensure nursing, particularly in the RN to BSN product. And we continue to feel good about our ability to gain share over time in medicine, particularly as it relates to some of our Caribbean medical school competitors.

對於獲得執照後的護理來說，尤其是從 RN 到 BSN 的產品來說，這確實是真的。我們對自己在醫學領域隨著時間的推移不斷獲得市場份額的能力感到滿意，特別是與加勒比地區醫學院的一些競爭對手相比。

So I think the healthcare education thesis is one that's attracted a lot of attention across the industry. I know lots of folks in various ways are seeking to move in that direction. But obviously, we've got long-standing positions of strength across medicine, veterinary medicine, nursing, and behavioral health. And we've got what we think are fantastic strategies for expanding our competitive moat in all of those products.

因此，我認為醫療保健教育論文是整個業界都關注的議題。我知道許多人都在以各種方式尋求朝這個方向前進。但顯然，我們在醫學、獸醫學、護理和行為健康領域長期佔據優勢。並且我們認為我們已經制定了非常好的策略來擴大我們在所有這些產品的競爭優勢。

All right. Thanks so much for the color.

好的。非常感謝這個顏色。

Steven Pawlak, Baird.

史蒂文·帕瓦克，貝爾德。

Thank you. On the second half guidance and sort of what's implied for revenue growth, obviously, the first half has been really good. And you talked about some of the factors that are driving that performance. But what factors, I guess, are you contemplating or maybe that we need to consider in terms of the implied step-down in second half growth rate?

謝謝。關於下半年的預期以及對營收成長的暗示，顯然，上半年的表現非常好。您談到了推動這種表現的一些因素。但是，我想，就下半年成長率隱含的下降而言，您正在考慮哪些因素，或者我們需要考慮哪些因素？

I'll start, and I'll let Bob add some additional color. So I think you know we've got more challenging comps in the second half of the year. That's part of the dynamic. Obviously, when we are in a position as we are this quarter to raise the guide, we do that on a risk-adjusted basis. And so we're obviously looking to be prudent and thoughtful. But if we get new information in subsequent quarters, we'll adjust further.

我先開始，然後讓鮑伯添加一些額外的顏色。所以我想你知道我們在今年下半年會面臨更具挑戰性的競爭。這是動態的一部分。顯然，當我們本季需要提高指引時，我們會在風險調整的基礎上進行。因此，我們顯然希望採取謹慎和深思熟慮的態度。但如果我們在接下來的幾個季度獲得新的信息，我們將進一步調整。

But we've just got more difficult comps in the back half, and we signaled that at the beginning of the fiscal year. I know in Bob's commentary, last quarter and the quarter before that, we were clear that the second half of the fiscal year would be incrementally slower than the first.

但我們下半年面臨的競爭更加艱難，我們在財年初就暗示了這一點。我知道，在鮑伯的評論中，上個季度和上個季度，我們清楚知道，財年下半年的成長速度將比上半年略慢。

But Bob, feel free to jump in with any additional color.

但是鮑勃，請隨意添加任何顏色。

No. The only thing I would add is that we do still have a strong back half of the year. So in terms of getting to the guidance we provided, the 9% to 11% growth, it does require us to still have a strong back half of the year, although slightly below where we're at for the first half.

不。我唯一想補充的是，今年下半年我們的業績依然強勁。因此，為了實現我們提供的 9% 至 11% 的成長率，我們確實要求我們在下半年保持強勁成長，儘管略低於上半年的水平。

Okay. And then on the digital transformation that you kind of alluded to with. Anything you can provide there in terms of color of what's being done, maybe what's incremental? And I guess is incremental to the growth purpose strategy? And is it -- I guess, is there opportunity is like accelerate sort of beyond that with some of these digital initiatives?

好的。然後談談您提到的數位轉型。就正在做的事情的細節而言，您能提供什麼資訊嗎？我猜這對成長目的策略來說是漸進的？我想，是否有機會透過這些數位化措施來加速發展？

Yes, I appreciate the question. So we're in year two of growth with purpose, which we've articulated as a three-year strategy. And as we get into the back half of that strategy, incrementally more and more of the initiatives we're driving have a tech dependency.

是的，我很感謝你提出這個問題。因此，我們正處於有目標的成長的第二年，我們已將其闡述為三年策略。隨著我們進入該策略的後半部分，我們推動的舉措越來越依賴技術。

And so it was really an opportune time to have Michael take responsibility for our digital center of excellence. Because he comes at it not only as a as a marketing leader and a technologist, but he comes at it as a consumer of those services is someone who actually runs one of our institutions.

因此，這確實是讓邁克爾負責我們的數位卓越中心的絕佳時機。因為他不僅是身為行銷領導者和技術專家，也是這些服務的消費者，實際上是我們某個機構的管理者。

And so he'll take charge of our core tech stack as well as our product engineering, our data science, all of our innovation activities. And it'll bring this perspective of both an operator and a technologist to that, which gives us greater assurance that those back-half initiatives and growth the purpose that are particularly tech-focused are ones that we're going to be able to execute against as well or better than the initiatives that we ran in the first half of that strategy.

因此，他將負責我們的核心技術堆疊以及我們的產品工程、數據科學和所有創新活動。它將帶來營運商和技術專家的視角，這使我們更加確信，那些特別注重技術的後半段計劃和增長目標是我們將能夠執行的，與我們在該戰略前半段運行的計劃一樣好或更好。

(Operator Instructions) And with that, we will conclude today's conference call. All parties may now disconnect. Thank you for your participation.

（操作員指示）今天的電話會議就到此結束。各方現在都可以斷開連線。感謝您的參與。