Adtalem Global Education Inc (ATGE) 2025 Q4 法說會逐字稿

Greetings and welcome to the Adtalem Global Education fourth quarter fiscal year 2025 results call. (Operator Instructions) Please note that this conference is being recorded.

大家好，歡迎參加 Adtalem Global Education 2025 財年第四季業績電話會議。（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, Jonathan Spitzer, Vice President of Investor Relations. Thank you. You may begin.

現在我將會議交給主持人、投資者關係副總裁喬納森‧史匹策 (Jonathan Spitzer)。謝謝。你可以開始了。

Good afternoon and welcome to our earnings call for the fourth 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 財年第四季業績電話會議。今天與我一起參加電話會議的有 Adtalem Global Education 董事長兼首席執行官史蒂夫·比爾德 (Steve Beard) 和首席財務官鮑勃·費蘭 (Bob Phelan)。

Before I hand you over to Steve, I'll usually 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 risks uncertainties that could cause actual results to vary materially.

在將您交給史蒂夫之前，我通常會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不確定性的影響。

We undertake no obligation to update publicly any forward-looking statement after this presentation for the result of new information, future events, changes in assumptions, or otherwise. Please as Form 10-K, Form 10-Q for discussion of risk factors as it relate to forward-looking statements.

我們不承擔在本次演示之後因新資訊、未來事件、假設變更或其他原因而公開更新任何前瞻性聲明的義務。請參閱表格 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'll use certain non-GAAP financial measures. We refer you to the appendix in the presentation materials available on our investor relations website for reconciliation to the most directly comparable GAAP financial measures and related information.

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的簡報資料附錄，以便與最直接可比較的 GAAP 財務指標和相關資訊進行核對。

You'll find a link to the webcast on our investor relations website at investors.adtalem.com. After this call, the presentation webcast, we archive on the website for 30 days. I will now hand you over to Steve.

您可以在我們的投資者關係網站 investors.adtalem.com 上找到本次網路直播的連結。本次電話會議結束後，示範網路直播內容將在網站上存檔 30 天。現在我將你交給史蒂夫。

Thanks, Jay. Good afternoon, everyone, and thank you for joining us today. Fiscal 2025 was a defining year for our talent. Our growth of purpose strategy delivered outstanding financial results and meaningful student outcomes, exceeding our plan and marking a clear inflection point in our growth trajectory.

謝謝，傑伊。大家下午好，感謝大家今天的參與。2025 財年對我們的人才來說是決定性的一年。我們的目標成長策略帶來了出色的財務表現和有意義的學生成果，超越了我們的計劃，標誌著我們成長軌蹟的明顯轉折點。

Now just beyond the midpoint of our three year roadmap, we've established a credible, repeatable methodology for sustainable growth. Growth that delivers value to shareholders, opportunities to students, and impact to communities.

現在，我們三年路線圖的進度剛剛過半，我們已經建立了可靠、可重複的可持續成長方法。這種成長為股東帶來價值，為學生帶來機會，並為社區帶來影響。

The momentum we're seeing is real and it's the result of deliberate action. We've re-engineered our institutional footprint around a unified model that unlocks operating leverage and accelerates profitability.

我們所看到的勢頭是真實的，它是深思熟慮的行動的結果。我們圍繞著統一模型重新設計了我們的機構足跡，以釋放經營槓桿並加速獲利能力。

We're leading the industry in marketing innovation, driving higher conversion at lower acquisition cost. And we're deploying student facing technologies and AI powered learning tools grounded in our proprietary data, improving student persistence across the board.

我們在行銷創新方面處於行業領先地位，以更低的獲取成本實現更高的轉換率。我們正在部署學生導向的技術和基於我們專有數據的人工智慧學習工具，以全面提高學生的堅持率。

This is growth with purpose in action, and here's what that translated into for fiscal 2025. Total enrollment grew every quarter, averaging over 10% for the year, with all three segments contributing.

這是有目的的成長，以下是其在 2025 財年的具體體現。總入學人數每季都在成長，全年平均成長超過 10%，三個部門都做出了貢獻。

Revenue reached $1.79 billion up 12.9% year-over-year. Adjusted EBITDA margin expanded 190 basis points to 25.7%. Adjusted earnings per share grew 33% to $6.67.

營收達到 17.9 億美元，年增 12.9%。調整後的 EBITDA 利潤率擴大 190 個基點至 25.7%。調整後每股收益成長 33% 至 6.67 美元。

We generated $283 million in free cash flow. We further strengthen our financial position by reducing our term loan be balance by $100 million and lowered up borrowing costs by 75 basis points.

我們產生了 2.83 億美元的自由現金流。我們將定期貸款餘額減少 1 億美元，並將借貸成本降低 75 個基點，從而進一步加強了我們的財務狀況。

Finally, we returned $211 million in excess capital to our shareholders through share purchases. At the same time, the urgency of America's healthcare workforce crisis is intensified.

最後，我們透過股票購買向股東返還了 2.11 億美元的超額資本。與此同時，美國醫療人力危機的迫切性正在加劇。

Our education to employment model is meeting this challenge at an unmatched scale. Creating direct impact in local communities and healthcare systems across the country.

我們的教育到就業模式正在以無與倫比的規模應對這項挑戰。對全國各地的當地社區和醫療保健系統產生直接影響。

And at a time when the value proposition of traditional higher education is under increased scrutiny from students and families, the data strongly affirms our differentiated approach. A recent study by Lightcast underscores the vital role that proprietary institutions play in healthcare workforce development.

在傳統高等教育的價值主張受到學生和家庭日益嚴格的審查之際，數據有力地證實了我們的差異化方法。Lightcast 最近的一項研究強調了專有機構在醫療保健勞動力發展中發揮的重要作用。

For example, proprietary institutions supply 17% of registered nurses entering the workforce. More telling. Graduates from for-profit bachelor's degree programs have lower unemployment rates and are 1.5 times more likely to secure full-time employment than their peers from public and not for profit institutions.

例如，私人機構為進入勞動市場的註冊護理師提供了 17% 的人才。更能說明問題。營利學士學位課程的畢業生失業率較低，獲得全職工作的可能性比公立和非營利組織的畢業生高出 1.5 倍。

These aren't abstract figures. They represent real nurses, filling critical roles in real communities. This year alone, we served over 94,000 students and graduated 29,000 professionals. Just as importantly, we believe that transformative partnerships between educators and employers are the key to closing workforce gaps.

這些並不是抽象的數字。她們代表真正的護士，在真實的社區中扮演著重要的角色。光是今年，我們就服務了超過 94,000 名學生，培養了 29,000 名專業人員。同樣重要的是，我們相信教育工作者和雇主之間的變革性夥伴關係是縮小勞動力差距的關鍵。

Our newly announced partnership with SSM Health is a powerful example of that. This model provides a direct employment pathway for students and reflects what healthcare education must become.

我們新近宣布與 SSM Health 建立合作關係就是一個很好的例子。這種模式為學生提供了直接的就業途徑，也反映了醫療保健教育所應成為的樣子。

Accessible, outcome-oriented, and directly aligned with employer needs. This model is replicable and scalable with other health systems, and it exemplifies our vision to expand access to healthcare education, to connect education to employment outcomes, to build durable, purpose-driven career pathways, and to establish that talent as the central hub between talent and healthcare employers across the entire continuum from nurses to physicians and beyond.

易於訪問、以結果為導向且與雇主需求直接相關。該模型可複製並擴展到其他醫療系統，它體現了我們的願景，即擴大醫療保健教育的覆蓋面，將教育與就業結果聯繫起來，建立持久的、目標驅動的職業道路，並將人才確立為從護士到醫生等整個過程中人才與醫療保健雇主之間的中心樞紐。

Our segment performance this year reflects that vision. Chamberlain University, the nation's largest nursing school, ended the fourth quarter with 5.8% enrollment growth, reaching approximately 39,000 students.

我們今年的分部業績體現了這個願景。張伯倫大學是美國最大的護理學院，第四季度入學人數增加了 5.8%，達到約 39,000 名學生。

Walden University achieved its 8th consecutive quarter of accelerating performance, with fourth quarter enrollment of 15% to 48,000 students. Both Chamberlain and Walden were recognized as opportunity colleges and universities in the 2025 student access and earnings classification by the Carnegie Foundation, recognition that affirms not only our Access mission but also our impact on post-graduation earnings and community health outcomes.

瓦爾登大學連續第八個季度實現加速成長，第四季入學人數成長 15%，達到 48,000 名學生。張伯倫學院和沃爾登學院都被卡內基基金會評為 2025 年學生入學和收入分類中的機會學院和大學，這項認可不僅肯定了我們的入學使命，也肯定了我們對畢業後收入和社區健康結果的影響。

Our medical and veterinary segment grew fourth quarter enrollment by 1%. AUC and Ross Med are delivering encouraging signals for long-term growth, while Ross Med continues to operate in their capacity.

我們的醫療和獸醫部門第四季的入學人數增加了 1%。AUC 和 Ross Med 正在發出長期成長的令人鼓舞的信號，而 Ross Med 則繼續以其產能運作。

These results show that our strategy drives sustained cross-institutional performance academically, operationally, and financially. We're also proactively navigating external changes.

這些結果表明，我們的策略在學術、營運和財務方面推動了跨機構的持續表現。我們也正在積極應對外部變化。

The one big Beautiful Bill Act was recently signed into law, and with it came a number of important education provisions, all of which we believe were well positioned to manage. As a leader in healthcare education, we have the ability to provide solutions to ensure students continue to have access to the resources they need to pursue their academic goals.

《美麗法案》最近已簽署成為法律，並附帶許多重要的教育條款，我們相信這些條款都已做好充分的準備。作為醫療保健教育的領導者，我們有能力提供解決方案，確保學生繼續獲得追求學術目標所需的資源。

One example is our newly announced letter of intent with Sallie Mae, a long-standing leader and innovator in student lending. Together we're exploring solutions for Adtalem students with the intention to establish alternative financing designed specifically for our student population.

其中一個例子就是我們最近宣布的與學生貸款領域的長期領導者和創新者 Sallie Mae 簽署的意向書。我們正在共同探索 Adtalem 學生的解決方案，旨在建立專門針對我們學生群體的替代融資方案。

This LOI reflects the strength of our academic offerings, the caliber of our student body, and the strong employment outcomes that our graduates achieve. Importantly, the legislation also helps reduce our long term regulatory risk by establishing a more level playing field across all higher education institutions, and we remain constructively engaged with the Department of Education, which continues to demonstrate openness to collaborative mission aligned solutions that reflect the needs of students and the public good.

這份意向書反映了我們學術課程的實力、學生的素質以及畢業生所取得的良好就業成果。重要的是，該立法還透過在所有高等教育機構之間建立更公平的競爭環境，幫助降低了我們的長期監管風險，並且我們仍與教育部保持建設性接觸，教育部繼續對反映學生和公眾利益需求的合作使命一致的解決方案表現出開放態度。

Looking ahead, the fundamentals of our business remain strong. Demand for our career aligned healthcare programs continues to grow as the national workforce shortage deepens. We're investing strategically to expand capacity and reduce barriers to access and we have the scale, strategy, and execution capability to drive long term sustainable growth.

展望未來，我們的業務基礎依然強勁。隨著全國勞動力短缺的加劇，對我們的職業相關醫療保健計劃的需求持續增長。我們正在進行策略性投資，以擴大產能並減少准入門檻，我們擁有推動長期可持續成長的規模、策略和執行能力。

As a result, we enter the fiscal 2026 period with confidence. Our full year guidance reflects continued momentum. We expect revenue of $1.90 to $1.94 billion and adjusted EPS of $7.60 to $7.90.

因此，我們滿懷信心地邁入2026財年。我們的全年指引反映了持續的成長動能。我們預計營收為 19 億美元至 19.4 億美元，調整後每股收益為 7.60 美元至 7.90 美元。

Before I hand the call over to Bob for a detailed financial overview, I want to thank our 10,000 colleagues who show up every day committed to transforming healthcare education, and I want to thank our dedicated students. Your exceptional outcomes are creating positive impact across communities nationwide.

在我將電話交給鮑伯進行詳細的財務概覽之前，我想感謝我們每天致力於改變醫療保健教育的 10,000 名同事，我還要感謝我們敬業的學生。你們的卓越成果正在對全國各地的社區產生正面的影響。

Every nurse, doctor, and healthcare professional we graduate represents our collective commitment in action. Thank you.

我們畢業的每一位護理師、醫生和醫療保健專業人員都體現了我們集體的承諾。謝謝。

Now, I'll turn it over to Bob.

現在，我將把話題交給鮑伯。

Thank you, Steve, and hello everyone. Our fourth quarter and full year 2025 results demonstrate the power that our growth with purpose strategy yields on both the top and bottom line.

謝謝你，史蒂夫，大家好。我們的第四季和 2025 年全年業績證明了我們目標明確的成長策略對營收和利潤的巨大影響。

We fundamentally transformed the organization through operational excellence, built a strong foundation, and created a durable growth engine. We're heading into fiscal 2026 with momentum, building on the last two fiscal years that have surpassed our high expectations.

我們透過卓越的營運從根本上改變了組織，建立了堅實的基礎，並創造了持久的成長引擎。在過去兩個財年超越我們高預期的基礎上，我們正以強勁的勢頭邁向 2026 財年。

Our trajectory has increased the level of operating cash flow, affording us the ability to be disciplined capital allocators. We're deploying capital to high return growth opportunities, maximizing our existing capacity, and we're starting to bring new capacity to the market, such as through the partnership we announced with SSM Health.

我們的軌跡提高了經營現金流水平，使我們有能力成為嚴謹的資本配置者。我們正在將資本部署到高回報成長機會中，最大限度地提高我們現有的產能，並且我們開始為市場帶來新的產能，例如透過我們與 SSM Health 宣布的合作夥伴關係。

We positioned ourselves to expand our reach through incremental high ROI growth initiatives, while also investing to increase student outcomes through our innovative education model and enhancing our student facing capabilities. I'll now review our financial results and key drivers for the fourth quarter and the full year.

我們的定位是透過漸進式高投資報酬率成長計畫來擴大我們的影響力，同時也透過創新的教育模式進行投資以提高學生成績並增強我們面向學生的能力。我現在將回顧我們第四季和全年的財務表現和關鍵驅動因素。

Later in my remarks, I'll discuss our expectations and assumptions for fiscal 2026. Starting with the top line, revenue in the fourth quarter increased by 11.5% to $457.1 million driven by all three segments, but in particular through the enrollment growth at Walden and Chamberlain.

稍後我將在發言中討論我們對 2026 財年的預期和假設。從營業收入開始，第四季營收成長 11.5%，達到 4.571 億美元，這得益於三個部門的推動，尤其是 Walden 和 Chamberlain 的入學人數增長。

For the full year, revenue was $1.79 billion up 12.9%. Our enrollment growth throughout the year was strong, with an average quarterly growth rate of over 10%.

全年營收為 17.9 億美元，成長 12.9%。我們全年的招生人數成長強勁，平均季度成長率超過 10%。

During the quarter, consolidated adjusted EBITDA came in at $110.2 million up 13.2% compared to the prior year. This growth was led by Walden, with Medvet contributing, partially offset by Chamberlain.

本季度，合併調整後 EBITDA 為 1.102 億美元，較上年增長 13.2%。這一增長主要由 Walden 引領，Medvet 也做出了貢獻，但 Chamberlain 部分抵消了這一增長。

Adjusted EBITDA margin was 24.1% for the quarter, a 30 basis point increase from last year. Adjusted operating income was $87.5 million up 9.2% compared to the prior year, as revenue growth and efficiencies generated operational leverage, which was partially offset by investments in our strategic growth initiatives.

本季調整後的 EBITDA 利潤率為 24.1%，比去年同期增加了 30 個基點。調整後的營業收入為 8,750 萬美元，較上年增長 9.2%，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增長計劃的投資所抵消。

Looking at the full year, adjusted EBITDA was $459.7 million an increase of 21.8% compared to the prior year. Our full year revenue growth, taken together with our ongoing operational efficiencies, generated significant leverage, resulting in an adjusted EBITDA margin of 25.7%, up 190 basis points versus last year, surpassing our goal heading into the year.

縱觀全年，調整後的 EBITDA 為 4.597 億美元，較上年增長 21.8%。我們的全年營收成長，加上我們持續的營運效率，產生了顯著的槓桿作用，導致調整後的 EBITDA 利潤率達到 25.7%，比去年增長了 190 個基點，超過了我們今年的目標。

We continue to optimally balance our long-term growth investments with our more efficient, integrated, and scaled foundation. Full year adjusted operating income was $370.2 million up 19.9% compared to the prior year.

我們將繼續在長期成長投資與更有效率、更一體化、更規模化的基礎之間實現最佳平衡。全年調整後營業收入為 3.702 億美元，較上年成長 19.9%。

Adjusted net income for the quarter was $62.4 million with adjusted earnings per share of $1.66 up 21.2% compared to the prior year. For the full year, adjusted net income increased by 26.7% to $255.6 million 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.

本季調整後淨收入為 6,240 萬美元，調整後每股收益為 1.66 美元，較上年增長 21.2%。全年調整後淨收入成長 26.7%，達到 2.556 億美元，這歸因於調整後的營業收入成長和利息支出降低，這得益於我們採取措施減少未償債務和借貸成本，但所得稅撥備增加部分抵消了這一增長。

Adjusted earnings per share was $6.67 or a 33.1% increase compared with the prior year. Diluted shares outstanding were approximately $2 million lower this year at $38.3 million.

調整後每股收益為 6.67 美元，較上年增長 33.1%。今年稀釋流通股數減少約 200 萬美元，至 3,830 萬美元。

As we returned a total of $211 million of capital, the shareholders through repurchases at an average cost basis of $91 per share for the year, completing our prior $300 million dollar authorization. Subsequently, we announced a new $150 million dollar board authorization through May 2028, which still has full availability.

由於我們總共返還了 2.11 億美元的資本，股東透過回購以全年平均每股 91 美元的成本基礎完成了我們之前 3 億美元的授權。隨後，我們宣布了一項新的 1.5 億美元董事會授權，有效期至 2028 年 5 月，目前該授權仍有效。

We believe these actions have and will continue to increase long term intrinsic value for the benefit of our shareholders. Next, I'll discuss the fourth quarter financial highlights by segment.

我們相信，這些舉措已經並將繼續增加長期內在價值，為我們的股東帶來利益。接下來，我將按部門討論第四季的財務亮點。

Chamberlain reported fourth quarter revenue of $184.3 million an increase of 10.3% 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. Total student enrollment during the quarter increased 5.8% compared to the prior year.

張伯倫報告稱，第四季度收入為 1.843 億美元，比上年增長 10.3%，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所需的預許可 BSN 在線服務。本季學生總入學人數與前一年相比增加了 5.8%。

It's the 10th consecutive quarter of growth in both pre-licensure and post-licenser nursing programs along with high continued persistence rates. Adjusted EBITDA decreased by 4.8% to $45 million for the quarter.

這是執業護理師執照前和執業護理師執照後護理課程連續第 10 個季度實現成長，且持續率較高。本季調整後 EBITDA 下降 4.8% 至 4,500 萬美元。

Adjusted EBITDA margin of 24.4% was 390 basis points lower compared to the prior year. As discussed during last quarter's call, we executed on our plan to strategically increase growth investments in the quarter, opportunistically investing.

調整後的 EBITDA 利潤率為 24.4%，較前一年下降 390 個基點。正如上個季度電話會議中所討論的那樣，我們執行了本季策略性增加成長投資的計劃，並抓住機會進行投資。

Our top line growth, operational leverage, and scale continue to provide us this opportunity and flexibility to maximize high return, long-term investments, positioning Chamberlain well heading into fiscal 2026. Turning to Walvin, fourth quarter revenue of $182.2 million an increase of 16.6% versus the prior year, was driven primarily by strong growth in enrollments.

我們的營收成長、營運槓桿和規模繼續為我們提供這一機會和靈活性，以最大化高回報、長期投資，為張伯倫在 2026 財年取得良好進展做好準備。談到沃爾文，第四季營收為 1.822 億美元，比上年增長 16.6%，主要得益於入學人數的強勁增長。

Total student enrollment was up 15% compared to the prior year from robust enrollment growth, particularly in master's and undergrad degrees, and continued high persistence rates. Growth in our healthcare programs was led by both nursing and social and behavioral health. Our non-healthcare programs also grew in the quarter.

由於入學人數強勁增長（尤其是碩士和大學部學生入學人數），且學生堅持率持續較高，總入學人數比前一年增加了 15%。我們的醫療保健項目的成長主要由護理以及社會和行為健康推動。本季度，我們的非醫療保健項目也有所成長。

Adjusted EBITDA increased by 28% to $52.7 million. Adjusted even margin expanded by 260 basis points versus the prior year to 28.9% as our operational excellence generated efficiencies and leverage that outpaced increased brand, student facing, digital investments, and additional student support commensurate with the high level of new enrollment.

調整後的 EBITDA 成長 28%，達到 5,270 萬美元。調整後的均等利潤率較上年擴大 260 個基點，達到 28.9%，因為我們卓越的營運產生的效率和槓桿率超過了品牌、面向學生、數位投資的增長，以及與高水平新生入學相稱的額外學生支持。

For the medical and veterinary segment, fourth quarter revenue was $90.6 million an increase of 4.7% versus prior year. Total student enrollment was up 1% as a result of our execution and early returns against our long-term strategic growth initiatives at our medical schools.

就醫療和獸醫部門而言，第四季收入為 9,060 萬美元，比上年增長 4.7%。由於我們執行了醫學院的長期策略成長計劃並獲得了早期回報，總學生入學率上升了 1%。

And that continues to operate at near capacity. Adjusted EBITDA increased by 21.7% versus the prior year to $20 million.

並且其仍在以接近滿載的狀態運作。調整後的 EBITDA 較上年成長 21.7%，達到 2,000 萬美元。

Adjusted EBITDA margin increased 310 basis points versus the prior year to 22.1% as we remain focused on operating our institutions with a cost structure generally in line with our total enrollment level while making long-term growth investments. Shifting the cash flow in the balance sheet.

調整後的 EBITDA 利潤率較上年增加 310 個基點，達到 22.1%，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。轉移資產負債表中的現金流量。

We continue to enhance our financial strength through robust cash generation and discipline capital deployment. In fiscal 2025, free cash flow is $283 million from strong operational performance.

我們透過強勁的現金創造和嚴格的資本部署繼續增強我們的財務實力。2025 財年，強勁的營運表現帶來 2.83 億美元的自由現金流。

Our balance sheet remains healthy, ending the year with $200 million in cash and a low adjusted EBITDA on that leverage of 0.8 times. As we continue to execute in our third year of our growth with purpose strategy, we're initiating our fiscal year 2026 guidance.

我們的資產負債表依然健康，年底時擁有 2 億美元現金，調整後的 EBITDA 較低，槓桿比率為 0.8 倍。隨著我們繼續執行有目的的成長策略的第三年，我們正在啟動 2026 財年的指導。

Revenue in the range of $1.9 billion to $1.94 billion approximately 6% to 8.5% growth year-over-year, with adjusted earnings per share in the range of $7.60 to $7.90 approximately 14% to 18.5% growth year-over-year. Our guidance is a testament to our ability to execute and our leading position, reflecting an absolute level of total enrollment, revenue, and earnings that are well ahead of our June 2023 investor day projections.

營收在 19 億美元至 19.4 億美元之間，年增約 6% 至 8.5%，調整後每股收益在 7.60 美元至 7.90 美元之間，年增約 14% 至 18.5%。我們的指引證明了我們的執行能力和領先地位，反映了總入學人數、收入和收益的絕對水準遠遠超出了我們 2023 年 6 月投資者日的預測。

As we look forward to the year ahead, we anticipate revenue and EPS growth be slightly higher in the first half of the year than the second, in particular, during the second quarter due to Walden having one academic week that shifts from the third quarter into the second quarter in fiscal 2026.

展望未來一年，我們預計上半年的營收和每股盈餘成長將略高於第二季度，特別是第二季度，因為 Walden 有一個學術週從 2026 財年的第三季度轉移到第二季度。

Our top priority remains to reinvest into our institutions and deliver positive student outcomes. We plan to continue to make incremental growth investments primarily into student facing technology and marketing as we aim to maximize current capacity and bring new capacity to the market.

我們的首要任務仍然是對我們的機構進行再投資並取得積極的學生成果。我們計劃繼續主要對學生導向的技術和行銷進行增量成長投資，因為我們的目標是最大限度地提高現有產能並為市場帶來新的產能。

As we see numerous opportunities to continue to expand access to our innovative education model, whether through new programs, campuses, or through partnerships with healthcare employers. Revenue growth in fiscal year 2026 is anticipated to grow faster than the level of year-over-year investments, resulting in approximate 100 basis points adjusted EBITDA margin expansion from enhanced operational leverage.

我們看到無數機會可以繼續擴大我們創新教育模式的覆蓋面，無論是透過新計畫、新校園，還是透過與醫療保健雇主的合作。預計 2026 財年的營收成長將快於同比投資水平，從而透過提高營運槓桿實現調整後 EBITDA 利潤率約 100 個基點的擴大。

Included within our guidance are the capital allocation actions from fiscal 2025, and in addition, we anticipate an effective tax rate at a higher rate than 2025. We have achieved exceptional performance in fiscal year 2025. We've created a strong foundation from an operating model that is based on agility to move swiftly.

我們的指導包括從 2025 財年開始的資本配置行動，此外，我們預計有效稅率將高於 2025 年。我們在2025財年取得了卓越的業績。我們以敏捷行動為基礎的營運模式奠定了堅實的基礎。

We will continue to execute on expanding access and delivering positive student outcomes while deploying capital to meet the healthcare education market's growing demand, maximizing long-term value, and ultimately generating high returns for all stakeholders.

我們將繼續致力於擴大入學機會並提供積極的學生成果，同時部署資本以滿足醫療保健教育市場日益增長的需求，最大化長期價值，並最終為所有利益相關者創造高回報。

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。

(Operator Instructions)

（操作員指示）

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

Thank you so much. Wanted to focus first on your operational performance. The numbers that you've been posting at both Chamberlain and Walden, have been, really good, much better than I think most people had thought.

太感謝了。首先想關註一下您的營運表現。您在張伯倫和沃爾登發布的數字確實很好，比大多數人想像的要好得多。

I know there's not a lot of good industry data, but I'm assuming you're gaining share at both institutions. If you had to pick one or two things at each institution, what do you think is driving that share gain?

我知道沒有太多好的行業數據，但我認為你們在兩個機構的份額都在增加。如果您必須在每個機構中挑選一兩件事，您認為是什麼推動了份額的成長？

I really think it's the flexibility that our programs bring to the market. That's particularly true as it relates to the BSN product, for example, where we provide folks the opportunity to participate in campus-based programs, fully online programs, and hybrid programs.

我確實認為這是我們的計劃為市場帶來的靈活性。例如，當它與 BSN 產品相關時尤其如此，我們為人們提供參與校園課程、完全線上課程和混合課程的機會。

I also think we're really enjoying the benefit of a reputation for commitment to student success. And some of the ways that we are supporting our students through their academic journeys is a real differentiator for us relative to other programs in the market.

我也認為，我們確實享受著致力於學生成功的聲譽所帶來的好處。我們在學生學術旅程中提供支援的一些方式是我們與市場上其他課程的真正區別所在。

And then I think as people learn more about the strength of our relationships with employers, some of the partnerships that we're standing up, that too is a draw for students who like the idea that their programs come with clear pathways to employment after completion.

然後我認為，隨著人們更多地了解我們與雇主的關係的牢固程度，以及我們正在建立的一些合作夥伴關係，這也對那些喜歡他們的課程在完成後有明確的就業途徑的學生具有吸引力。

All right, that's really helpful. I appreciate it. Maybe I can switch to, some of the regulatory and political issues, and thank you for providing some of the color you gave earlier. Maybe I'll focus first on, some of the issues with the loan caps and potential changes in loans.

好的，這確實很有幫助。我很感激。也許我可以轉而討論一些監管和政治問題，感謝您之前提供的一些見解。也許我會先關註一些與貸款上限和貸款潛在變化有關的問題。

And I know you made the announcement yesterday with Sally Mae that hopefully we'll offset that a bit. But are you seeing, students now asking about it and I'm specifically interested in some of your longer term programs like medical school, are students reluctant to sign up now when they know they've got four years and things could change.

我知道你昨天和 Sally Mae 宣布了這一消息，希望我們能稍微抵消這一點。但是，您是否看到，現在有學生詢問這個問題，而且我對您的一些長期課程（例如醫學院）特別感興趣，學生們是否不願意現在報名，因為他們知道他們有四年的時間，而且情況可能會發生變化。

No, we're not seeing any dampening in demand for our programs, at all. We're seeing robust, increase, both at the medical schools and at the veterinary program, and I don't think we anticipate any dampening in demand.

不，我們根本沒有看到對我們的節目的需求有任何減弱。我們看到醫學院和獸醫計畫都出現了強勁成長，我認為我們預計需求不會有任何減弱。

I think, there's a clear sense that there will be other financing options for those students, and that's certainly the case with our institutions. So as we think about the elimination of grant plus, we think about some of the loan limits, we feel confident that we'll be able to give students assurance that they'll experience no disruptions in their ability to finance their programs.

我認為，人們顯然會為這些學生提供其他融資選擇，而我們的機構確實如此。因此，當我們考慮取消助學金和一些貸款限制時，我們有信心向學生保證，他們資助計畫的能力不會受到任何干擾。

In addition, as the rules come with some grandfathering provisions that ensure that current students, won't experience any interruptions or any challenges, in leveraging federal student loans. So as we stand here today, we don't view either the elimination of grad plus, or any of the borrowing limits as an impediment, to attracting students, getting them through our programs, and growing those programs.

此外，這些規定還附帶一些祖父條款，確保目前的學生在利用聯邦學生貸款時不會遇到任何中斷或挑戰。因此，今天我們站在這裡，我們並不認為取消 grad plus 或任何借款限制會成為吸引學生、讓他們完成我們的專案以及發展這些專案的障礙。

Okay, really appreciate the call. Thanks so much.

好的，非常感謝您的來電。非常感謝。

Of course.

當然。

Jack Slevin, Jeffreys.

傑克史萊文、傑弗里斯。

Hey guys, thanks for taking the question and congrats on another really strong quarter. Maybe just wanted to take this a little longer term thinking about things. I appreciate the comments around capacity and obviously trends continue strong with the guidance and in '26.

嘿，大家好，感謝你們回答這個問題，並祝賀你們又一個非常強勁的季度。也許只是想花更長的時間思考這件事。我很欣賞有關產能的評論，顯然，在指導和 26 年，趨勢將繼續保持強勁。

But as you're thinking about, maybe a multi-year period, can you just talk through sort of big things that you see as potential sort of large moving pieces or things you need to focus on to maintain a level of growth that's obviously been above sort of historical trends.

但是，當您考慮也許是一個多年的時期時，您能否談談您認為是潛在的重大變動因素或您需要關注的事項，以保持明顯高於歷史趨勢的增長水平。

And I'm thinking about things like, it could be expansion of new programs like Allied Health or more and more of these health system partnerships as those health systems are under pressure in the current regulatory environment and need to sort of flex into permanent hiring more, just curious if there's any sort of larger tectonic plates that you guys are starting to push around.

我正在考慮一些事情，例如擴大聯合健康等新項目，或建立越來越多的醫療系統合作夥伴關係，因為這些醫療系統在當前的監管環境下面臨壓力，需要靈活地招募更多的永久性員工，我只是好奇你們是否開始推動某種更大的板塊。

Yes, so if I think about long term trends, I think the place I would begin is with the secular demand trends in the programs we take to market today. What we see as we look across medicine, as we look across nursing, as we look across veterinary medicine and the social behavioral sciences.

是的，所以如果我考慮長期趨勢，我認為我應該從我們今天推向市場的專案的長期需求趨勢開始。當我們審視醫學、護理、獸醫和社會行為科學時，我們看到了什麼。

The demand for professionals, clinicians in those areas is robust and it's growing at a pretty aggressive clip, and we expect to enjoy those demand trends for the foreseeable future. At the same time, some of the demographic trends in the existing clinical workforce also help us because there is a fairly large cohort of existing clinicians that we expect to retire and leave the workforce, only making those workforce demands more acute for providers and the need for pull through from institutions like ours is greater.

這些領域對專業人員和臨床醫生的需求強勁，成長速度相當快，我們預計在可預見的未來將享受這些需求趨勢。同時，現有臨床勞動力中的一些人口趨勢也對我們有幫助，因為我們預計相當多的現有臨床醫生將退休並離開勞動力隊伍，這只會使這些勞動力對提供者的需求更加迫切，並且需要像我們這樣的機構的支持。

So that's the place I'd start. In addition, as we think about new capacity beyond the existing programs and institutions we take to market today, we're talking to providers all the time about where their needs are most acute, whether that's in allied health or other professions.

這就是我要開始的地方。此外，當我們考慮在現有專案和機構之外拓展新的能力時，我們會一直與供應商溝通，了解他們最迫切的需求，無論是在輔助醫療領域還是在其他專業領域。

And as we think about investments over the long term, we consider whether those types of programs would be additive to the mix we have today. But at the end of the day, the large categories that we take to market today enjoy really powerful secular demand trends on both the student side and the employer side, which leaves us a ton of room to grow within our existing portfolio.

當我們考慮長期投資時，我們會考慮這些類型的計劃是否會對我們今天的投資組合有所補充。但最終，我們今天推向市場的大類別在學生和雇主方面都享有非常強勁的長期需求趨勢，這為我們現有的產品組合留下了巨大的成長空間。

Got it, really helpful. Then maybe just for one follow up here, sort of two more modeling focused questions. I appreciate the commentary on first half a little better than the second half in terms of the earnings mix. But anything you can share in terms of the investments that are made both in Chamberlain and Walden, how that might pace through the year.

明白了，非常有幫助。那麼也許只是為了跟進一下，兩個更側重於建模的問題。就獲利組合而言，我對上半年的評論比下半年的評論更讚賞。但您可以分享一下在張伯倫和沃爾登的投資情況，以及今年的投資進度如何。

And then and then the second piece being if you can just speak to sort of what the plan is of attack on the buyback front and how that might layer in over time. Thanks.

然後，第二點是，您是否可以談談回購方面的攻擊計劃是什麼，以及隨著時間的推移，該計劃將如何實施。謝謝。

I'll start and then I'll let Bob jump in. We're still, at a point in our three year growth of purpose strategy that we have a year left of that roadmap and that means we'll continue to make investments across the five pillars of that strategy, which are just critically important we think to the futureproofing of that business.

我先開始，然後讓鮑伯加入。我們仍處於三年目標成長策略的某個階段，距離實現該路線圖還有一年的時間，這意味著我們將繼續對該策略的五大支柱進行投資，我們認為這對於該業務的未來發展至關重要。

So those are going to come in marketing, enrollment, improving the conversion engine for us at the bottom of the funnel, more programs and capabilities to maintain the really robust retention rates that we enjoy across our programs. We're always looking at pricing optimization and we intend to bring new programs to market.

因此，這些將體現在行銷、招生、改進漏斗底部的轉換引擎、更多的計劃和能力，以保持我們在所有計劃中享有的真正強勁的保留率。我們一直在關注價格優化，並打算將新的項目推向市場。

And in this coming fiscal year, that's particularly true at Walden University. Those are going to pace through the year, based on our assessment of the most optimal time to take advantage of bringing those investments online. That's particularly true with respect to marketing.

在即將到來的財政年度，瓦爾登大學尤其如此。根據我們對將這些投資上線的最佳時機的評估，這些計劃將在全年內陸續實施。對於行銷來說尤其如此。

But I think, we believe that we've got the flexibility to tailor the timing of those investments in ways that have no impact on the way the full year results will shape up relevant to our guide. But Bob, if you want to add any color, that'd be great.

但我認為，我們相信我們可以靈活地調整這些投資的時間，而不會對全年業績的形成方式產生影響。但是鮑勃，如果你想添加任何顏色，那就太好了。

The only thing I would add to that is just that in the first quarter we typically have on an absolute basis lower margins, just based on where the revenue is for the first quarter and seasonality. And then the only other thing is the shift that we have with some of the wall and revenue for that one week, means that you'll have a little bit better margins in the second quarter, and it'll pull down the third quarter a little bit again, just to transfer between the quarters.

我唯一要補充的是，第一季我們的利潤率通常絕對值較低，這只取決於第一季的營收狀況和季節性。然後，唯一的另一件事是，我們在那一周的部分牆壁和收入上發生了變化，這意味著你在第二季度的利潤率會稍微好一點，而第三季度的利潤率會再次下降一點，只是為了在季度之間轉移。

Awesome. I appreciate all the color guys and congrats again.

驚人的。我感謝所有的色彩人並再次表示祝賀。

Thank you.

謝謝。

Steven Pollack, Baird.

史蒂文·波拉克，貝爾德。

Yeah, thank you. On the marketing front, I'm just wondering if you can provide a color in terms of kind of where the success is there and is it that you're better at reaching students that are sort of more open to enrolling? Is that your positioning program is better from a competitive standpoint, just any color you provide on what's driving some of that success.

是的，謝謝。在行銷方面，我只是想知道您是否可以提供一些成功之處，以及您是否更擅長接觸那些更願意入學的學生？從競爭的角度來看，您的定位計劃是否更好，只是您提供的任何色彩都推動了部分成功。

Yeah, I think we're enjoying the further evolution of our brand strategy. I think as we come with follow-on campaigns that build on the initial reset brand campaigns from a year and a half ago.

是的，我認為我們正在享受品牌策略的進一步發展。我認為，隨著我們進行後續活動，這些活動將建立在一年半前最初的重置品牌活動的基礎上。

We're enjoying the benefit of better name awareness, better recognition of the brands, and now we are able to extend that to marketing, our institutions on a program level. And in the case of an institution like Chamberlain, we're able to market them on a local market level.

我們正享受著更好的知名度、更好的品牌認知所帶來的好處，現在我們能夠將其擴展到行銷和專案層面的機構。對於像張伯倫這樣的機構，我們能夠在當地市場層面推銷它們。

And that degree of segmentation, it allows us to just capture more share and we're able to do it, increasingly on the basis of evidence around student success. The other thing I'd say is that as we speak more about some of these partnerships, I think about the partnership we announced with SSM a week ago.

這種程度的細分使我們能夠獲得更多的份額，而且我們能夠做到這一點，而且越來越多地基於有關學生成功的證據。我想說的另一件事是，當我們更多地談論這些合作夥伴關係時，我想到了一周前我們與 SSM 宣布的合作關係。

That too is sort of seeping into the awareness that students have about the nature of our programs, and that helps with both attracting inquiries and strengthening our ability to convert those into enrollments.

這也在某種程度上增強了學生對我們課程性質的認識，有助於吸引諮商並增強我們將諮商轉化為入學的能力。

So it's a, we'll build on our brand thesis here even as we work to strengthen our ability to convert at the bottom of the funnel to performance marketing strategy. So it's an evolution of a theme that I think we've had great success with over the last two years.

因此，我們將在此基礎上建立我們的品牌論點，同時努力加強我們在漏斗底部轉化為績效行銷策略的能力。所以我認為這是一個主題的演變，我們在過去兩年中取得了巨大的成功。

Okay, and then on well then obviously really good strong results there. Maybe I'll just approach it this way. So the growth is kind of diverged from Chamberlain, and I know that there was expectations for the tougher comps, and that's kind of why Chamberlain is decelerating.

好的，那麼顯然結果確實非常好。也許我會以這種方式來處理。因此，他的成長與張伯倫有所不同，我知道人們對更艱難的比賽抱有期待，這也是張伯倫成長速度放緩的原因。

But can you give any color in terms of is there a program difference or anything like that that's driving Walden to continue to accelerate.

但您能否說明是否存在程序差異或類似因素推動 Walden 繼續加速發展。

I wouldn't attribute the program difference to the difference in acceleration, but to your question, Walden takes over 100 different programs to market, and even in its largest categories, they're more numerous than what you have at Chamberlain, which is a much more narrowly focused and tailored portfolio of nursing and public health programs.

我不會將項目的差異歸因於加速的差異，但對於你的問題，沃爾登學院向市場推出了 100 多個不同的項目，即使在其最大的類別中，它們的數量也比張伯倫學院的多，而張伯倫學院的護理和公共衛生項目組合更加集中和定制化。

I think I wouldn't focus on acceleration or deceleration in any specific period because I think what you've seen over the last couple of cycles is if you look at the performance of those institutions on a year-long basis, you see relatively equivalent rates of performance and enrollment growth over that period.

我認為我不會關注任何特定時期的加速或減速，因為我認為你在過去幾個週期中看到的是，如果你以一年為基礎來觀察這些機構的表現，你會發現該時期的表現和入學增長率相對相當。

Walden has many more intake cycles than Chamberlain. I think they have eight intakes, and Chamberlain has four, five that has something to do with the ability to sustain momentum over quarterly periods. But on an annual basis we like where both institutions are performing and we look forward to actually accelerating that performance across both Chamberlain and Walden, given their unique attributes and brand positioning in the market.

沃爾登的攝取週期比張伯倫多很多。我認為他們有 8 名新隊員，而張伯倫有 4 到 5 名，這與在季度內保持發展勢頭的能力有關。但從年度來看，我們喜歡這兩個機構的表現，並考慮到它們在市場上的獨特屬性和品牌定位，我們期待真正加速張伯倫和沃爾登的表現。

Thank you for your questions. I will now hand the floor back to Steve Beard for closing remarks.

感謝您的提問。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 really thank all of our 10,000 colleagues across that Adtalem. It's been a fantastic year, 10 straight quarters of enrollment growth at Chamberlain, 8 straight quarters of enrollment growth at Walden, real momentum in the Medvet segment as it relates to enrollment.

我只想花一點時間真誠地感謝 Adtalem 的所有 10,000 名同事。這是非常棒的一年，張伯倫學院的入學人數連續 10 個季度增長，沃爾登學院的入學人數連續 8 個季度增長，Medvet 部門在入學人數方面表現出了真正的增長勢頭。

And that's a real testament to the commitment our folks have to the students we serve and the communities that they go on to serve. So my thanks to everyone at Adtalem for a fantastic year, and I look forward to partnering with you all in fiscal '26.

這真正證明了我們的員工對所服務的學生以及他們所服務的社區的承諾。因此，我要感謝 Adtalem 的每一個人，感謝他們為我帶來瞭如此出色的一年，我期待著在 26 財年與大家合作。

This concludes today's conference call. All parties may disconnect. Have a good day.

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。