Adtalem Global Education Inc (ATGE) 2025 Q3 法說會逐字稿

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

您好，歡迎參加 Adtalem Global Education 2025 年第三季財報電話會議。（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 third 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 財年第三季業績電話會議。今天與我一起通話的還有 Adtalem Global Education 董事長兼首席執行官史蒂夫·比爾德 (Steve Beard)；以及首席財務官鮑勃·費倫 (Bob Phelan)。

Before I hand you over to Steve, I will, as usual, take you through the legal, 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 our current market, competitive, and regulatory expectations and are subject to risk and uncertainties that could cause actual results to vary materially. We undertake no obligation to update publicly any forward-looking statement after this presentation as a result of new information, future events, changes in assumption or otherwise.

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。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。我們不承擔因新資訊、未來事件、假設變更或其他原因而在本演示之後公開更新任何前瞻性聲明的義務。

Please see our latest Form 10-K, Form 10-Q for discussion of risk factors as related to forward-looking statements. In today's presentation, we'll 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.

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。在今天的演示中，我們將使用某些非 GAAP 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附錄，以了解與最直接可比較的 GAAP 財務指標和相關資訊的對帳。

You can find a link to our 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.

您可以在我們的投資者關係網站 investors.adtalem.com 上找到我們的網路廣播連結。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。

Thanks, Jay. Good afternoon, everyone, and thank you for joining us.

謝謝，傑伊。大家下午好，感謝大家的參與。

At Adtalem, our innovative model, steadfast commitment to access, and growth with purpose strategy are driving exceptional performance and delivering transformative results. As patient populations surge and clinical workforce shortages deepen, our mission to shape the future of healthcare education has never been more urgent or impactful.

在 Adtalem，我們創新的模式、對訪問的堅定承諾以及有目的的成長策略正在推動卓越的績效並帶來變革性的成果。隨著患者數量激增和臨床勞動力短缺加劇，我們塑造醫療保健教育未來的使命從未如此緊迫和有影響力。

Our third-quarter results reflect this momentum. Revenue grew by 13% to $466 million. Total enrollment climbed to 9.8% year over year, marking seven consecutive quarters of growth, with over 94,000 students now choosing Adtalem institutions. Adjusted EBITDA margin expanded by 150 basis points, fueling a 28% surge and adjusted earnings per share to $1.92.

我們的第三季業績反映了這一勢頭。營收成長 13% 至 4.66 億美元。總入學人數年增 9.8%，連續七個季度增長，目前有超過 94,000 名學生選擇 Adtalem 院校。調整後的 EBITDA 利潤率擴大了 150 個基點，推動每股收益飆升 28% 至 1.92 美元。

Now let's dive into our segment performance and strategic progress. Chamberlain University, the nation's largest nursing school, continues its strong trajectory. Enrollment rose 6.8% to over 40,000 students. Our BSN online program, now available in 36 states with 53 clinical hubs, has surpassed 3,000 students, bringing nursing education to urban and rural communities alike.

現在讓我們深入了解我們的分部表現和策略進展。張伯倫大學是美國最大的護理學院，並持續保持強勁發展勢頭。入學人數增加了 6.8%，達到 40,000 多人。我們的 BSN 線上課程現已在 36 個州的 53 個臨床中心開設，學生人數已超過 3,000 名，為城市和農村社區帶來護理教育。

Our practice-ready, specialty-focused program is transforming nursing education by providing early hands-on exposure to high demand specialties. Importantly, this program has been developed in partnership with leading healthcare providers. Since its inception, over 4,000 students have enrolled with 900 completing specialty rotations across 70-plus partner sites. This innovative program allows students to explore high-value specialties like perioperative nursing during their clinical training, ensuring that they're well prepared for their chosen path. Graduates who pursue these specialties are highly sought after by our partner health systems.

我們的實踐準備、以專業為重點的計劃透過提供對高需求專業的早期實踐接觸來改變護理教育。重要的是，該計劃是與領先的醫療保健提供者合作開發的。自成立以來，已有超過 4,000 名學生入學，其中 900 名在 70 多個合作站點完成了專業輪調。這個創新的計畫讓學生在臨床培訓期間探索圍手術期護理等高價值專業，確保他們為自己選擇的道路做好充分的準備。攻讀這些專業的畢業生受到我們合作醫療系統的高度追捧。

Walden University achieved a remarkable 13.5% enrollment increase, reaching 48,500 students exceeding pre-pandemic levels. Our Get the W campaign, paired with digital innovations, has boosted inquiries and conversion rates. Predictive analytics and advanced learning tools are enhancing retention and academic outcomes.

瓦爾登大學的入學人數顯著增加了13.5％，達到48,500名學生，超過了疫情前的水平。我們的「Get the W」活動與數位創新相結合，提高了諮詢量和轉換率。預測分析和先進的學習工具正在提高保留率和學術成果。

This spring, Walden's 72nd commencement celebrated 6,000 graduates, including 2,500 nurses and 2,100 social, behavioral, and health professionals, proof of our ability to deliver talent where it's needed most.

今年春天，沃爾登學院舉行了第 72 屆畢業典禮，迎來了 6,000 名畢業生，其中包括 2,500 名護理師和 2,100 名社會、行為和健康專業人員，證明了我們有能力在最需要的地方提供人才。

Our medical and veterinary segment returned to growth with enrollment up 1.2%, and we believe that our two medical schools, AUC and RossMed, are positioned for long-term growth. Our deepened partnership with Hippocratic AI is pioneering AI-driven curricula, enabling future physicians to elevate care quality. And for the fourth consecutive year, AUC and Ross Med achieved a 95%-plus first-time residency attainment rate, placing over 615 students in over 325 healthcare facilities.

我們的醫學和獸醫部門恢復成長，入學人數增加了 1.2%，我們相信我們的兩所醫學院 AUC 和 RossMed 已準備好長期成長。我們與 Hippocratic AI 深化合作，開創人工智慧驅動的課程，使未來的醫生能夠提高護理品質。連續四年，AUC 和 Ross Med 的首次住院醫師培訓完成率均超過 95%，為 325 多家醫療機構安排了 615 多名學生。

Critically, over 40% of these placements are in medically underserved areas, addressing a projected US position shortfall of 187,000 by the year 2037. RossMed, operating near capacity, secured the nation's top spots for graduates matched into selective internships and residencies. And based on this collective strength, we're raising our 2025 guidance.

至關重要的是，這些職位中有超過 40% 是在醫療服務不足的地區，預計到 2037 年美國將出現 187,000 個職位缺口。RossMed 已接近滿載運轉，為畢業生爭取了全國頂尖的實習和住院醫師培訓名額。基於這種集體力量，我們提高了 2025 年的預期。

We now expect revenue of $1.76 billion to $1.775 billion, and we expect adjusted EPS of $6.40 to $6.60. Our robust cash flow and strong balance sheet enabled us to complete our $300 million share repurchase program. And we subsequently announced a new $150 million repurchase program through May of 2028, underscoring our confidence in our strategic outlook.

我們現在預計營收為 17.6 億美元至 17.75 億美元，預計調整後每股收益為 6.40 美元至 6.60 美元。我們強勁的現金流和強大的資產負債表使我們能夠完成 3 億美元的股票回購計畫。隨後，我們宣布了一項新的 1.5 億美元回購計劃，該計劃將持續到 2028 年 5 月，這突顯了我們對戰略前景的信心。

Adtalem aims to change the face of healthcare for a better tomorrow. Our growth with purpose strategy, rooted in integrity, relentless execution, and disciplined innovation, creates lasting value for students, partners, and shareholders. Demand for our programs in nursing, medicine, mental health, and veterinary sciences isn't just strong; it's growing. Students choose us because we empower them to build meaningful careers that change lives.

Adtalem 的目標是改變醫療保健的面貌，創造更美好的明天。我們的目標成長策略以誠信、不懈執行和嚴謹創新為基礎，為學生、合作夥伴和股東創造持久價值。我們在護理、醫學、心理健康和獸醫學方面的課程需求不僅強勁；它正在成長。學生選擇我們是因為我們幫助他們建立有意義的職業，從而改變他們的生活。

Looking ahead, we're investing to expand program capacity and doubling down on innovation to meet this demand.

展望未來，我們將投資擴大專案容量並加倍創新以滿足此需求。

Our commitment is clear: deliver operational excellence, drive shareholder value, and lead the charge in building the healthcare workforce of tomorrow. The market is recognizing our vision; our strategy is delivering; our future is brighter than ever.

我們的承諾很明確：提供卓越的運營，提高股東價值，並帶頭打造未來的醫療保健團隊。市場正在認可我們的願景；我們的策略是實現目標；我們的未來比以往更光明。

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

接下來，我將把話題交給鮑勃，讓他更深入地了解我們的財務狀況。

Thank you, Steve, and hello, everyone. Our third-quarter results continue to showcase the robust financial returns that our growth with purpose strategy delivers.

謝謝你，史蒂夫，大家好。我們的第三季業績持續展現了我們目標成長策略所帶來的強勁財務回報。

Diligent execution against our organic growth strategy yielded an increased level of profitability and operating cash flow. We continue to be disciplined capital allocators, striking a balance between investing in our innovative education model, expanding access to our in-demand programs, and enhancing our student facing capabilities, all while strengthening our balance sheet and returning excess cash to our shareholders.

我們認真執行有機成長策略，提高了獲利能力和經營現金流。我們將繼續保持嚴謹的資本配置，在投資創新教育模式、擴大熱門項目的覆蓋範圍和增強面向學生的能力之間取得平衡，同時加強我們的資產負債表並將多餘的現金返還給股東。

I'll now review our financial results and key drivers for our third-quarter performance. Later in my remarks, I'll discuss our expectations and assumptions for the remainder of fiscal year 2025.

我現在將回顧我們的財務表現和第三季業績的關鍵驅動因素。稍後我將在發言中討論我們對 2025 財年剩餘時間的預期和假設。

Starting with the top line, revenue in the third quarter increased by 12.9% to $466.1 million, driven by all three segments, in particular, through enrollment growth at Walden and Chamberlain. Consolidated adjusted EBITDA came in at $127.8 million, up 19.3% compared to the prior year from profit growth at Walden and Chamberlain. Adjusted EBITDA margin of 27.4% expanded 150 basis points from last year.

從營業收入開始，第三季營收成長 12.9%，達到 4.661 億美元，這得益於三個部門的推動，尤其是 Walden 和 Chamberlain 的入學人數成長。合併調整後 EBITDA 達到 1.278 億美元，較上年同期成長 19.3%，得益於 Walden and Chamberlain 的利潤成長。調整後的 EBITDA 利潤率為 27.4%，較去年同期擴大 150 個基點。

Adjusted operating income was $105.4 million, up 17.4% compared to the prior year, as revenue growth and efficiencies generated operational leverage, which was partially offset by investments in our strategic growth initiatives. Adjusted net income for the quarter was $73.3 million, up 23.4% compared to last year, attributed to adjusted operating income growth and lower interest expense resulting from our actions to reduce outstanding debt and our borrowing costs, partially offset by a higher provision for income taxes.

調整後的營業收入為 1.054 億美元，比上年增長 17.4%，這是因為收入成長和效率產生了營運槓桿，但部分被我們對策略成長計畫的投資所抵消。本季度調整後淨收入為 7,330 萬美元，比去年同期增長 23.4%，這歸因於調整後的營業收入增長以及我們採取行動減少未償債務和借貸成本導致的利息支出降低，但所得稅撥備增加部分抵消了這一影響。

Adjusted earnings per share was $1.92, or a 28% increase compared with the prior year. We repurchased 791,000 shares of our common stock within the quarter, resulting in the third-quarter diluted shares outstanding of $38.2 million, or $1.4 million lower than last year.

調整後每股收益為 1.92 美元，較上年增長 28%。我們在本季回購了 791,000 股普通股，導致第三季稀釋流通股數為 3,820 萬美元，比去年同期減少 140 萬美元。

Next, I'll discuss third-quarter financial highlights by segment. Chamberlain reported third-quarter revenue of $192.6 million, an increase of 13.1% compared with the prior year, driven by growth in enrollments, pricing optimization, and program mix as we strategically grow our in-demand pre-licensure BSN online offering, which comprised a significant amount of our total enrollment growth in the quarter.

接下來，我將按部門討論第三季的財務亮點。張伯倫報告第三季度收入為 1.926 億美元，比上年增長 13.1%，這得益於入學人數的增長、價格優化和課程組合，因為我們戰略性地擴大了我們需求旺盛的許可前 BSN 在線課程，這佔了本季度總入學人數增長的很大一部分。

Total student enrollment during the quarter increased 6.8% compared to the prior year. It's ninth consecutive quarter of growth in both pre-licensure and post-licensure nursing programs, along with high continued persistence rates.

本季學生總入學人數與前一年相比增加了 6.8%。這是執業護士執照前和執業護士執照後的護理項目連續第九個季度實現增長，並且持續率也很高。

Adjusted EBITDA increased by 12.6% to $56.8 million for the quarter. Adjusted EBITDA margin of 29.5% was 10 basis points lower than the prior year as our operational leverage was offset by our investments into our students to support the growth in enrollments, improving academic outcomes, and other expenses.

本季調整後 EBITDA 成長 12.6%，達到 5,680 萬美元。調整後的 EBITDA 利潤率為 29.5%，比上年低 10 個基點，因為我們對學生的投資抵消了營運槓桿，以支持入學人數的成長、改善學術成果和其他費用。

Turning to Walden, third-quarter revenue of $178.4 million, an increase of 18.5% versus the prior year, was driven primarily by strong growth in enrollments. Total student enrollment was up 13.5% compared to the prior year from robust enrollment growth, particularly in the masters and undergrad degrees, and continued high persistence rates. Growth in our healthcare programs was led by both social and behavioral health and nursing.

談到 Walden，第三季營收為 1.784 億美元，比上年成長 18.5%，主要得益於入學人數的強勁成長。由於入學人數強勁增長（尤其是碩士和本科生入學人數），且學生堅持率持續較高，總入學人數比前一年增長了 13.5%。我們的醫療保健項目的成長主要由社會和行為健康以及護理推動。

Our non-healthcare programs also grew in the quarter. Adjusted EBITDA increased by 50.6% to $54 million. Adjusted EBITDA margin expanded by 650 basis points versus the prior year to 30.3%, as our operational excellence generated efficiencies and leverage that outpaced the student-facing digital investments and additional student support commensurate with the high levels of new enrollment.

本季度，我們的非醫療保健項目也有所成長。調整後 EBITDA 成長 50.6%，達到 5,400 萬美元。調整後的 EBITDA 利潤率較上年擴大 650 個基點，達到 30.3%，因為我們的卓越營運產生的效率和槓桿率超過了面向學生的數位投資和與高水平新生入學相稱的額外學生支持。

For the medical and veterinary segment, third-quarter revenue was $95 million, an increase of 3.6% versus prior year. Total student enrollment was up 1.2% as a result of our operational plans and early returns against our long-term strategic growth initiatives.

醫療和獸醫部門第三季營收為 9,500 萬美元，比上年增長 3.6%。由於我們的營運計劃和長期策略成長計劃的早期回報，學生總入學人數增加了 1.2%。

At our medical schools, initiatives such as clinical return home and creating a more seamless enrollment experience have led to an increase in inquiry to enrollment yield, resulting in new enrollment growth at our medical schools for the January intake cycle. And that continues to operate near capacity.

在我們的醫學院，臨床返校和創造更無縫的入學體驗等措施已經導致諮詢入學率的提高，從而導致我們醫學院在一月份招生週期的新入學人數增加。並且其仍在接近滿載運轉。

Adjusted EBITDA declined 15.3% versus the prior year to $22.9 million. Adjusted EBITDA margin was 540 basis points lower versus the prior year at 24% as we remained focused on operating our institutions with a cost structure generally in line with our total enrollment level while making long-term growth investments.

調整後的 EBITDA 較上年下降 15.3% 至 2,290 萬美元。調整後的 EBITDA 利潤率較上年下降 540 個基點，為 24%，因為我們仍然專注於以與總入學水平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。

Shifting to cash flow in the balance sheet, we continue to enhance our financial strength through robust cash generation and disciplined capital deployment. On a trailing 12 months basis, free cash flow was $287 million from strong operational performance.

轉向資產負債表中的現金流，我們繼續透過強勁的現金產生和嚴格的資本部署來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 2.87 億美元的自由現金流。

Our balance sheet remains healthy, ending the third quarter with $219 million in cash and a low adjusted EBITDA net leverage of 0.8 times.

我們的資產負債表依然健康，第三季末現金為 2.19 億美元，調整後 EBITDA 淨槓桿率低至 0.8 倍。

As I mentioned on last quarter's call, on January 17, 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. As Steve highlighted, we recently completed our $300 million share repurchase authorization on May 5, representing a significant return to shareholders.

正如我在上個季度的電話會議上提到的那樣，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，從而使未償餘額減少到 1.533 億美元。正如史蒂夫所強調的，我們最近在 5 月 5 日完成了 3 億美元的股票回購授權，這對股東來說是一筆豐厚的回報。

Since February 2022, we returned $763 million to shareholders, reducing shares outstanding by 28% and an average repurchase price of $49. We have achieved exceptional performance thus far in fiscal year 2025 ahead of our original expectations set heading into the year as we continue to execute our growth with purpose strategy, creating greater efficiencies and scale.

自 2022 年 2 月以來，我們向股東返還了 7.63 億美元，減少了 28% 的流通股，平均回購價格為 49 美元。到目前為止，我們在 2025 財年取得了卓越的業績，超越了我們最初設定的預期，因為我們將繼續執行有目的的成長策略，創造更高的效率和規模。

And as a result, we're raising our guidance with revenue now in the range of $1.76 billion to $1.775 billion, approximately 11% to 12% growth year over year, with adjusted earnings per share of $6.40 to $6.60, approximately 28% to 32% growth year over year.

因此，我們上調了預期，預計營收在 17.6 億美元至 17.75 億美元之間，年增約 11% 至 12%，調整後每股收益在 6.40 美元至 6.60 美元之間，年成長約 28% 至 32%。

For the full year, our new level of revenue guidance results in incremental operating leverage. Also included in our new guidance range is our anticipation that we will increase the level of growth investments we plan to make in the fourth quarter, setting us up well heading into fiscal year 2026. We aim to optimally balance in it increased level of investment for future growth with the expanding of our profitability.

就全年而言，我們新的收入預期水準將帶來經營槓桿的提升。我們的新指導範圍還包括，我們預計將增加計劃在第四季度進行的成長投資水平，為我們進入 2026 財年做好準備。我們的目標是在增加未來成長的投資水準與擴大獲利能力之間實現最佳平衡。

In turn, we now anticipate adjusted EBITDA margin expansion in fiscal year 2025 to be greater than 150 basis points, an increase to our prior assumption of greater than 100 basis points expansion. We've created a strong foundation with an operating model that is based on agility to move swiftly.

反過來，我們現在預計 2025 財年的調整後 EBITDA 利潤率將擴大 150 個基點以上，高於我們先前假設的 100 個基點以上的擴大。我們以敏捷行動為基礎的營運模式奠定了堅實的基礎。

Our top priority R&D remains to invest in our business, executing on expanding our inclusive access mission and delivering positive student outcomes. We will continue to deploy capital to meet the healthcare education market's growing demand, maximizing long-term value, and ultimately generating high returns for all stakeholders.

我們的首要研發重點仍然是投資於我們的業務，執行擴大我們的包容性訪問使命並提供積極的學生成果。我們將繼續部署資本，以滿足醫療教育市場日益增長的需求，最大化長期價值，並最終為所有利害關係人創造高回報。

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。

Jack Slevin, Jefferies.

傑克·斯萊文，傑富瑞。

Thanks for taking the question and congrats on the really strong quarter. Appreciate all the commentary you gave on sort of the investments you're going to make in Q4 to set you up for future growth. I wanted to just sort of frame this as looking back at your 2023 Investor Day targets for FY26.

感謝您回答這個問題，並祝賀本季業績表現強勁。感謝您對第四季度將進行的投資所發表的所有評論，這些投資將為您未來的發展做好準備。我只是想回顧一下您在 2023 年投資者日為 2026 財年設定的目標。

You've obviously seen pretty big outperformance on really all fronts for '24 and '25. And as we're coming towards the close of '25, I sort of wanted to check in on how those targets for '26 stands sort of balancing some of the investments you're making, the momentum you have in the business and where things are today.

顯然，你已經看到 24 年和 25 年各方面的表現都相當出色。隨著 25 年即將結束，我想檢查一下 26 年的目標如何平衡你所做的一些投資、你在業務中的發展勢頭以及當前的狀況。

Yeah, thanks for the question. The targets that we set at Investor Day were reasonable and appropriate for the outlook we had for the business at the time. We're obviously gratified that we've been able to pace ahead of those. And as we look ahead to our next Investor Day, which we expect will do some time early in the calendar year next year, we'll be recalibrating long-term growth targets based on the experience we've had with growth with purpose to date.

是的，謝謝你的提問。我們在投資者日設定的目標是合理的，並且適合我們當時對業務的前景。我們顯然很高興能夠領先他們。展望下一次投資者日，我們預計將在明年年初舉行，我們將根據迄今為止有目的的成長經驗重新調整長期成長目標。

But for now, those represent, we think reasonable benchmarks. And to the extent we're able to outperform them, we're gratified to do so.

但就目前而言，我們認為這些代表了合理的基準。如果我們能夠超越他們，我們就會感到很欣慰。

Okay, got it. Really helpful. And then maybe maybe more high level, Steve, just thinking about all the moving pieces and DC. And obviously, we saw sort of House Education Committee pushing through a proposed sort of framework last week for what could feed into this big beautiful bill.

好的，明白了。真的很有幫助。然後也許更高層次，史蒂夫，只是考慮所有移動的部分和 DC。顯然，我們看到眾議院教育委員會上週推動通過了一項框架提案，以納入這項美麗的法案。

Acknowledging there's a lot of sort of time left and things that could move around, but could you just give some thoughts on sort of what you saw in that package on the student loan front and on some of the accountability regulations and whether you think those might have an impact positive or negative for the business?

我承認還有很多時間，事情也可能會發生變化，但您能否就您在學生貸款方案中看到的內容以及一些問責規定發表一些看法，您認為這些內容會對企業產生積極還是消極的影響？

And maybe more broadly just on what you're thinking about the impact of the change in administration in DC and how that could impact things going forward. Thanks.

也許更廣泛地說，您認為華盛頓政府更迭的影響以及這將如何影響未來的事情。謝謝。

Sure. So we monitor those developments closely, both in the executive branch of the Department of Education but also some of the things that are happening on the legislative side of Capitol Hill. We're long way away from any those proposals becoming actionable, and there are a lot of stakeholders that have yet to weigh in on some of the implications of things that have been proposed.

當然。因此，我們密切關注這些事態發展，不僅包括教育部的行政部門，也包括國會山莊立法部門發生的一些事情。我們距離這些提案付諸行動還有很長的路要走，而且有很多利益相關者尚未對已提出的一些事項的影響進行權衡。

I think our view of it is that there's generally a concern about student borrowing for programs where the return on investment is low. That is not an issue that's particularly relevant for us. Given the nature of our programs, they're market responsive, their career-oriented, and the return on investment for students is high.

我認為我們的觀點是，人們普遍擔心學生借款用於投資回報率較低的項目。這對我們來說並不是特別重要的問題。鑑於我們專案的性質，它們對市場反應靈敏、以職業為導向，學生的投資報酬率很高。

To your macro question, I think we just view this as a generally positive environment for our industry and our space in particular. The new administration is focused on, again, career-focused education with clear return on investment. And in that backdrop, we can drive quite well. So a long way from anything that I could comment on specifically given the early and decent nature of these proposals, but we still feel that this is a good environment for us, our students, and our stakeholders.

對於您的宏觀問題，我認為我們只是將此視為對我們的行業和我們的空間而言整體積極的環境。新政府再次將重點放在以職業為重點的教育上，並希望獲得明顯的投資回報。在這樣的背景下，我們可以開得很好。鑑於這些提案的早期和良好性質，我距離具體評論還有很長的路要走，但我們仍然認為這對我們、我們的學生和我們的利害關係人來說是一個良好的環境。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

Just wanted to follow up from the last question and maybe take it from a macro to a micro level. Are you seeing a hesitance -- hesitancy, excuse me, on behalf of students, with all the noise coming down in Washington maybe rethinking whether they should enroll in any of your program because there could be some funding pressure?

只是想跟進上一個問題，或許從宏觀層面轉向微觀層面。您是否看到學生們猶豫不決——猶豫不決，對不起，是因為他們擔心華盛頓的種種喧囂，他們可能會重新考慮是否應該參加你們的任何項目，因為可能會面臨一些資金壓力？

No, not at all. I don't see anything in the consumer behavior for our students, either perspective or current, that suggest any concerns about the ability to finance their education. And so nothing along those lines and all that said.

不，一點也不。我沒有從我們學生的消費行為中看出任何跡象，無論是從觀點還是現狀來看，都表明他們對支付教育費用的能力有任何擔憂。所以，沒有任何類似這樣的言論。

Right. That's great. Appreciate that. And then just specifically focusing on the quarter, it was great to see the medical and veterinary business returned to growth again. But you saw some pretty sizable margin degradation in the quarter. If we can just get a little bit color. I know you said you're making investments then maybe we can talk about that. And the ambition that business returning to margin expansion maybe in 2026?

正確的。那太棒了。非常感謝。然後特別關注本季度，很高興看到醫療和獸醫業務再次恢復成長。但你會看到本季的利潤率下降幅度相當大。如果我們能得到一點點顏色。我知道您說過您正在進行投資，那麼也許我們可以談談這個。您的目標可能是在 2026 年實現業務恢復利潤率擴張嗎？

Yeah, I'll open and let Bob weigh in. As we often do, we try not to focus attention too much on the quarter-by-quarter story as it relates to margins because we've got a tremendous amount of confidence in the long full-year projections for margin expansion. And a lot of the change is driven by the timing of some investments. But I'll let Bob speak to them specifically.

是的，我會開場並讓鮑伯發言。正如我們經常做的那樣，我們盡量不把過多的注意力放在與利潤率相關的逐季度情況上，因為我們對利潤率擴張的長期全年預測非常有信心。很多變化都是由一些投資的時機所驅動的。但我會讓鮑伯具體地和他們談談。

Yeah. I think it's a combination really of one-time costs as well as some of the structural cost to position ourselves really to execute on those growth plans. So Steve mentioned, we've turned the corner and positive enrollments this quarter. We do plan to build on that for next year.

是的。我認為這實際上是一次性成本和一些結構性成本的結合，以便我們能夠真正執行這些成長計劃。史蒂夫提到，本季我們已經扭轉了局面，入學人數也出現了正面變化。我們確實計劃在明年的基礎上繼續努力。

Alex Paris, Barrington Research.

巴林頓研究公司的亞歷克斯‧帕里斯 (Alex Paris)。

Congrats on the quarter and the strong the nine months. First off, you're saying now, Bob, that adjusted EBITDA margins can expand more than 150 bps in 2025 up from more than 100. I think previously, you had said that 2026 should expand by 100 basis points. Any change to that thought?

恭喜本季和前九個月的強勁表現。首先，鮑勃，您現在說的是，調整後的 EBITDA 利潤率到 2025 年可以從 100 多個基點擴大到 150 個基點以上。我記得您之前說過，2026 年應該擴大 100 個基點。這個想法有什麼改變嗎？

No. No change to that.

不。沒有改變。

Great. And then while I got you, Bob, I think I noticed there were some fairly significant asset impairment and strategic advisory costs on the P&L.

偉大的。然後，當我聯繫你時，鮑勃，我想我注意到損益表中有一些相當大的資產減值和策略諮詢成本。

Yeah, I can address. The asset impairment relates a property that we've moved out of. Basically, a new property we moved into from a headquarters perspective. So there is an asset impairment there.

是的，我可以解決。資產減損與我們已搬離的一處房產有關。基本上，從總部的角度來看，這是我們搬進的新地方。因此，那裡存在資產減值。

When it comes to the second point, the strategic advisory costs, really that's work that we're doing to develop a plan and further enhancement of our strategic position. So it involves what you may have seen in some of our comments about expansion of capacity and capabilities.

談到第二點，即策略諮詢成本，這實際上是我們為制定計劃和進一步加強我們的戰略地位而開展的工作。因此，它涉及您可能在我們的一些關於擴大容量和能力的評論中看到的內容。

Great. And then just sort of my last question is dig a little deeper into the regulatory and legislative, Steve. There's been so much change, obviously, since the new administration came into the White House and big changes with the Department of Education, 50% risks. And then the legislation that passed out of committee that was referred to by an earlier question.

偉大的。然後我的最後一個問題是深入探討監管和立法問題，史蒂夫。顯然，自從新政府入主白宮以來，發生了許多變化，教育部也發生了巨大變化，風險高達 50%。然後是委員會通過的立法，正如先前的問題中所提到的。

I'm just wondering what what is the tone in Washington. What is the tone in it from the Department of Education? It seems to be much more business friendly. And I'm hearing things anecdotally from some of the other publicly traded companies in the group that the Department of Education actually reaches out and ask ask questions and and pushes things through faster because they are much more cooperative.

我只是想知道華盛頓的基調是什麼。教育部的語調是怎麼樣的？它似乎對商業更加友好。我從該集團的其他一些上市公司那裡聽說，教育部實際上會主動聯繫這些公司，詢問問題，並更快地推動事情的進展，因為它們更加合作。

So big, big changes proposals to eliminate gainful employment, proposals to eliminate 90-10. I'm just wondering what you are able to say in terms of your interaction with DC, has it changed significantly for the better?

因此，重大變革提案旨在消除有酬就業，消除 90-10 提案。我只是想知道您能就您與 DC 的互動說些什麼嗎，它是否有了顯著的改善？

Our interactions in the Capitol and at the Department of Education in particular, have been extremely constructive. We've gotten a welcoming audience across the issues that are important to us. We've been able to engage them on our agenda, both educational and healthcare, talk to them about ways we think our programs can address challenges in both those industries and they've been constructive and receptive.

我們與國會大廈以及教育部的互動非常有建設性。我們已獲得觀眾對我們關心的問題的熱烈歡迎。我們已經能夠讓他們參與我們的議程，包括教育和醫療保健，並與他們討論我們認為我們的計劃可以解決這兩個行業所面臨的挑戰的方式，他們一直很積極並樂於接受。

So your characterization of what you're hearing about the tone there is aligned with our experience to date.

因此，您對那裡的語氣的描述與我們迄今為止的經驗一致。

And then, with a 50% riff, who did they cut? It seems like the department is more efficient than it ever has been.

然後，在 50% 的重複樂段中，他們刪除了誰？該部門似乎比以前更有效率。

No idea, but we've not had any trouble getting in touch with them. We've had no trouble getting responses on the issues that are important to us. So while they have done a number of layoffs, as is the case across Washington, we've seen no diminution in their responsiveness to us.

不知道，但我們在聯繫他們時沒有遇到任何麻煩。我們很容易就得到了對我們而言重要的問題的答案。因此，儘管他們已經裁員了不少人，就像華盛頓各地的情況一樣，但我們並沒有看到他們對我們的回應減弱。

[Steve Pollock], Baird.

[史蒂夫波洛克]，貝爾德。

Steve, the Walden growth was really strong this quarter. I heard you referenced the digital innovation and analytics to job retention, which I love any sort of additional clarity on kind of what that means in practice.

史蒂夫，本季 Walden 的成長非常強勁。我聽說您提到了數位創新和分析對保留工作的作用，我很高興能夠進一步闡明這在實踐中意味著什麼。

I just want to make sure I'm following your question, Steve. How are we using digital technology (multiple speakers)

我只是想確保我理解了你的問題，史蒂夫。我們如何使用數位技術（多位發言者）

I guess to say -- yeah. What's the -- just a more clarity on sort of what the digital innovation means and how it's -- the mechanism for how it's improving retention or enrollment.

我想說——是的。更清楚地了解數位創新的含義以及它如何提高保留率或入學率的機制。

Yeah. So with respect to Walden, I think we're now three quarters in to the implementation of what has proven to be a very effective, predictive, analytic tool for us around student engagement. And so, at Walden, we've increased and enhanced our ability to intervene in the student journey in ways that keep our students pacing through materials, in ways that ensure they're successful.

是的。因此，就 Walden 而言，我認為我們現在已經實施了四分之三的時間，事實證明，這是一個非常有效的、具有預測性的、分析性的工具，可以幫助我們提高學生的參與度。因此，在瓦爾登學院，我們增加並增強了乾預學生學習過程的能力，以便讓學生跟上學習進度，確保他們取得成功。

So we contracted for that platform a few quarters ago. We've integrated it into our systems, and we're really pleased with the results we're getting there. Walden's enjoying near record persistence across its largest programs, and obviously, persistence is an extremely important measure of our ability to drive student success.

因此我們在幾個季度前就簽訂了該平台的合約。我們已將其整合到我們的系統中，並且對所獲得的結果感到非常滿意。沃爾登在其最大的項目中享有近乎創紀錄的堅持，顯然，堅持是我們推動學生成功的能力的一個極其重要的衡量標準。

And then on sort of the bigger picture sort of innovations and investments you're making to meet the demand that you talked about. What are the primary limitations on being able to scale up capacity? Because good demand, good conversion, I guess kind of what's the ceiling for enrollment growth just from an operational perspective.

然後從更大的角度來看，您正在進行各種創新和投資，以滿足您談論的需求。擴大容量的主要限制是什麼？因為良好的需求，良好的轉化，我猜從營運角度來看招生成長的上限是多少。

So I would think of it in two buckets. First, there's still opportunity to grow enrollments in our existing program portfolio. The only place where that's a challenge is at the vet school where we operate new capacity. We continue to work hard to utilize the headroom we have in programs where we have that headroom.

因此我會從兩個角度來考慮這個問題。首先，我們現有的計畫組合仍有機會增加招生人數。唯一面臨挑戰的地方是我們運作新能力的獸醫學校。我們將繼續努力，充分利用我們在專案中所擁有的餘地。

In addition, as we talk to employer partners, as we talk to prospective students, there are new programs that we'd like to bring online that we think are responsive to their interests and responsive the industry needs. We think there's opportunity for geographic expansion that's complementary to our existing footprint, and we're taking a hard look at that.

此外，當我們與雇主合作夥伴和潛在學生交談時，我們希望在網路上推出一些新的項目，我們認為這些項目能夠滿足他們的興趣和行業需求。我們認為有機會進行地理擴張以補充我們現有的業務範圍，我們正在認真考慮這一點。

And the vehicles that we would use to accomplish, bringing on that new capacity are everything from, again, investments in existing programs to acquiring new programs to standing up new de novo programs. And all of that's on the table because we think the market opportunity in healthcare education is sufficiently robust that we should leverage all of those vehicles in our pursuit of making a real dent in the workforce challenges US healthcare is struggling with.

我們用來實現這項新能力的工具包括對現有項目的投資、收購新項目以及建立新的全新項目。我們之所以考慮所有這些，是因為我們認為醫療保健教育的市場機會足夠強大，我們應該利用所有這些工具來真正緩解美國醫療保健所面臨的勞動力挑戰。

Thank you. And ladies and gentlemen, at this time, we've reached the end of the question-and-answer session. I'll now hand the floor back to Steve Beard for closing remarks.

謝謝。女士們、先生們，現在，我們的問答環節已經結束。現在我將發言權交還給史蒂夫·比爾德，請他作最後發言。

I just wanted to take a moment and thank the talent team across all five of our institutions in an environment where there are no shortage or distractions. You've remained focused on the most important thing, which is helping our students succeed, and that's showing up in our results of operations. So thank you to the Adtalem family.

我只想花一點時間感謝我們所有五個機構的人才團隊，在這裡，我們不會遇到人才短缺或乾擾。您一直專注於最重要的事情，那就是幫助我們的學生取得成功，這也體現在我們的營運成果中。非常感謝 Adtalem 家族。

Thank you. And with that, we conclude today's call. All parties may disconnect. Have a good day.

謝謝。今天的電話會議到此結束。各方均可斷開連線。祝你有美好的一天。