Adtalem Global Education Inc (ATGE) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Adtelem Global Education second-quarter 2026 earnings. (Operator Instructions). As a reminder, this conference is being recorded.

大家好，歡迎來到 Adtelem Global Education 2026 年第二季財報發表會。（操作說明）再次提醒，本次會議正在錄影。

It is now my pleasure to introduce your host, Jay Spitzer, VP of IR. Thank you, Jay. You may begin.

現在，我很高興向大家介紹主持人，投資者關係副總裁傑伊‧斯皮策。謝謝你，傑伊。你可以開始了。

Good afternoon, and welcome to our earnings call for the second-quarter fiscal year 2026 results. On the call with me today are Steve Beard, Chairman and Chief Executive Officer of Adtalem Global Education; and Bob Fallon, Chief Financial Officer. Before I hand you over to Steve, I will as usual take you through legal safe harbor and cautionary declarations.

下午好，歡迎參加我們2026財年第二季業績電話會議。今天和我一起通話的是 Adtalem Global Education 的董事長兼執行長 Steve Beard，以及財務長 Bob Fallon。在把你交給史蒂夫之前，我會像往常一樣帶你了解法律上的安全港和注意事項。

Certain statements and projections of future results made in this presentation constitute as forward-looking statements that are based on current market, competitive and regulatory expectations and are subject to risks and uncertainties that could cause actual results to vary materially. We undertake no obligation to update publicly any forward-looking statement after this presentation, whether a result of new information, future events, changes in assumptions or otherwise.

本簡報中某些關於未來績效的陳述和預測構成前瞻性陳述，這些陳述基於當前的市場、競爭和監管預期，並受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期結果有重大差異。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，無論是由於新資訊、未來事件、假設變更或其他原因。

Please hear latest Form 10-K and Form 10-Q for discussions of risk factors as it relate to forward-looking statements. In today's presentation, we have certain non-GAAP financial measures, and 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.

請查閱最新的 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討論。在今天的演示中，我們有一些非GAAP財務指標，請參閱我們投資者關係網站上提供的演示材料附錄，以了解與最直接可比較的GAAP財務指標和相關資訊的調節表。

You will find a link to the webcast on our Investor Relations website at investors.adtalem.com. After this call, the presentation and webcast will be archived on the website for 30 days.

您可以在我們的投資者關係網站 investors.adtalem.com 上找到網路直播連結。本次電話會議結束後，簡報和網路直播將在網站上存檔 30 天。

I will now hand you over to Steve.

現在我把你交給史蒂夫。

Thanks, Jay. Good afternoon, everyone, and thank you for joining us. This quarter marks our tenth consecutive quarter of enrollment growth. We remain on track to achieve our full year revenue guidance of 6% to 8.5% growth and we're raising our adjusted earnings per share guidance to 17% to 20% growth. As we enter 2026, we continue to execute against our strategic road map.

謝謝你，傑伊。各位下午好，感謝各位的參與。本季是我們連續第十個季度實現招生人數成長。我們仍有望實現全年營收成長6%至8.5%的目標，並將調整後每股盈餘成長預期上調至17%至20%。進入2026年，我們將繼續執行我們的策略路線圖。

Our strong second-quarter results reflect that execution. The momentum we've built over the last several years is proving sustainable demonstrating the power of our differentiated business model. Our consistent performance, strong balance sheet and robust cash generation, power of value-creating capital allocation philosophy.

我們強勁的第二季業績反映了這一執行情況。過去幾年我們累積的發展動能正在持續，這證明了我們差異化商業模式的強大力量。我們持續穩定的績效、強勁的資產負債表和穩健的現金流，以及創造價值的資本配置概念的力量。

This quarter, we deployed $165 million to share repurchases, and we have approximately $728 million remaining on our current authorization. We'll continue to take a disciplined, returns-focused approach to capital allocation. Our focus on students and investments in modern, innovative learning continue to yield strong academic, operational and financial outcomes. Walden has achieved record total enrollment.

本季度，我們投入了 1.65 億美元用於股票回購，目前我們還有大約 7.28 億美元的授權額度。我們將繼續採取嚴謹、以回報為導向的資本配置方式。我們始終關注學生，並投資現代化、創新學習，持續取得良好的學術、營運和財務成果。沃爾登大學招生總人數創歷史新高。

More than 52,000 students now generate industry-leading scale and operating leverage. Chamberlain expanded its reach as the national leader in nursing growing enrollment by 6,000 students in just three years to reach a record of 40,000 students. Ross Vet continues to graduate more veterinarians than any other school -- and AUC and Ross Med together graduate twice as many physicians as any MD granting school in the United States.

目前，超過 52,000 名學生創造了領先業界的規模和營運槓桿。張伯倫大學作為全國護理專業的領導者，其影響力不斷擴大，短短三年內招生人數就增加了 6000 名學生，創下了 40000 名學生的紀錄。羅斯獸醫學院培養的獸醫人數持續超過其他任何學校——而美國大學中心和羅斯醫學院培養的醫生人數是美國任何一所授予醫學博士學位的學校的兩倍。

Simply put, we've established the quality and scale to be a trusted leader in health care talent development, and in a central component in tackling America's health care workforce shortage. Now let me zoom out. We all read the headlines. The health care workforce crisis isn't easing. It's intensifying. America's health care system begins 2026 substantially understaffed with workforce gaps expected to deepen.

簡而言之，我們已經建立了足夠的品質和規模，成為醫療保健人才培育領域值得信賴的領導者，並在解決美國醫療保健勞動力短缺問題中發揮了核心作用。現在讓我把鏡頭拉遠一點。我們都看新聞標題。醫療衛生人力危機並未緩解。情況正在加劇。到 2026 年初，美國的醫療保健系統將面臨嚴重的人力短缺問題，預計勞動力缺口將進一步擴大。

The challenge is everywhere, but is particularly acute in rural communities and underserved urban areas where continuity of care and access are already fragile. The stakes for the entire health care system couldn't be higher. Tackling a crisis of this magnitude requires workforce infrastructure that operates at a different scale than traditional academic institutions. And that's precisely where our opportunity lies.

挑戰無所不在，但在農村社區和醫療服務不足的城市地區尤其嚴峻，因為這些地區的醫療服務連續性和可近性本就脆弱。整個醫療保健系統面臨的風險再高不過了。應對如此規模的危機需要與傳統學術機構規模不同的勞動力基礎設施。而這正是我們的機會所在。

At our Investor Day on February 24, we'll lay out our multi-year growth framework, including capacity expansion plans and new revenue streams that position us to meet these societal needs while delivering sustainable earnings growth. Now let me walk through our second-quarter performance. Total enrollment grew over 6% to 97,000 students. Revenue grew 12% to $503 million.

在 2 月 24 日的投資者日上，我們將闡述我們的多年增長框架，包括產能擴張計劃和新的收入來源，這使我們能夠在滿足這些社會需求的同時，實現可持續的盈利增長。現在讓我來回顧一下我們第二季的業績。總入學人數增加超過 6%，達到 97,000 名學生。營收成長12%，達5.03億美元。

We delivered further efficiencies as adjusted EBITDA grew to $155 million. Our solid profitability, together with disciplined capital allocation, has yielded adjusted earnings per share of $2.43, an increase of 34% versus last year. Growth with purpose remains our durable operational framework, yielding clear academic, operational and financial returns.

隨著調整後 EBITDA 成長至 1.55 億美元，我們的效率進一步提高。我們穩健的獲利能力，加上嚴格的資本配置，使調整後的每股盈餘達到 2.43 美元，比去年成長了 34%。有目標的成長仍然是我們持久的營運框架，可帶來明確的學術、營運和財務回報。

Our strategy to optimize existing capacity has yielded record or near record enrollments at Walden and Chamberlain and has positioned the Med Vet segment for sustainable growth. More importantly, we believe the success of growth with purpose has earned us the permission to expand our leading position and invest in solutions that address US health care workforce shortages, while sustainably growing earnings for years to come. With that context, let me turn to our segment results.

我們優化現有產能的策略使沃爾登和張伯倫的入學人數創下歷史新高或接近歷史新高，並為獸醫醫學部門的可持續增長奠定了基礎。更重要的是，我們相信，有目標的成長所帶來的成功，使我們有資格擴大領先地位，並投資於解決美國醫療保健勞動力短缺問題的解決方案，同時在未來幾年內實現可持續的盈利增長。有了這些背景訊息，接下來我將介紹我們的細分市場結果。

At Chamberlain, we're confident in our trajectory. Q3 total enrollment will remain soft as recent improvements work their way through the student journey, but the real proof point is the fall enrollment cycle. Let me explain why we like what we're seeing. Chamberlain's fundamentals remain exceptionally strong.

在張伯倫，我們對自身的發展軌跡充滿信心。第三季總入學人數將保持疲軟，因為最近的改進措施需要時間才能在學生的學習過程中逐步顯現效果，但真正的考驗在於秋季入學週期。讓我解釋一下我們為什麼喜歡我們所看到的。張伯倫的基本功依然非常紮實。

Over the past two years, Chamberlain added 5,600 new students and grew revenue by $155 million, a 27% increase. We had record enrollment nine-months ago. This quarter's negative 1% total enrollment and the relatively flat growth we expect over the balance of the year represents a temporary pause in that trajectory, not a reversal of it.

過去兩年，張伯倫大學新增學生 5,600 人，營收成長 1.55 億美元，成長 27%。九個月前，我們的入學人數創下了歷史新高。本季總入學人數下降 1%，我們預計今年剩餘時間的成長將相對平穩，這代表著該成長軌蹟的暫時停滯，而不是逆轉。

Over the last three years, we successfully launched new campuses in Atlanta and Kansas City. We relocated our Phoenix campus, and we built our national online BSN program to more than 4,200 students across 38 states in just four years. Together, these moves have maintained or grown our market-leading positions. We're number one in BSN, number three in RNBSN, number one in Masters and number one in the doctoral category.

過去三年，我們在亞特蘭大和堪薩斯城成功開設了新校區。我們搬遷了鳳凰城校區，並在短短四年內將我們的全國線上 BSN 課程發展到覆蓋 38 個州的 4200 多名學生。這些措施共同鞏固或擴大了我們的市場領先地位。我們在護理學士 (BSN) 領域排名第一，註冊護理學士 (RNBSN) 領域排名第三，碩士領域排名第一，博士領域排名第一。

This is a testament to the performance and scale foundation that sets Chamberlain apart. Last quarter, I identified two execution gaps, marketing effectiveness and enrollment funnel conversion. We moved swiftly to address both and early indications are encouraging. Application volumes for both pre-licensure and post-licensure nursing programs are up double digits during the second-quarter, running ahead of where we were at this point last year.

這充分證明了張伯倫在性能和規模上的獨特優勢。上個季度，我發現了兩個執行方面的差距：行銷成效和招生轉換率。我們迅速採取行動應對這兩個問題，初步跡象令人鼓舞。第二季度，護理專業執照前和執照後課程的申請量均實現了兩位數的成長，超過了去年同期水準。

On marketing, we optimize spend and we improved our website. We streamlined scholarship offerings so students can research programs with a clear picture of net cost of attendance. And our focus on a more seamless prospective student experience has increased funnel conversion. We're moving forward with precision and operational accountability.

在行銷方面，我們優化了支出，並改進了我們的網站。我們簡化了獎學金申請流程，讓學生能夠清楚地了解實際就讀成本，以便更好地研究各個計畫。我們致力於為潛在學生提供更流暢的體驗，從而提高了轉換率。我們正以精準的執行力和嚴謹的營運責任感向前邁進。

But here's what matters. We expect this application momentum will translate into new enrollment growth and position us well heading into the critical fall cycle. At Walden, we delivered our tenth consecutive quarter of enrollment growth, up 13% in the second-quarter. As a result, we achieved record total enrollments of 52,400 students.

但關鍵在於此。我們預計這種申請動能將轉化為新生入學人數的成長，並使我們為即將到來的關鍵秋季招生週期做好充分準備。在沃爾登大學，我們連續第十個季度實現了招生人數成長，第二季成長了 13%。因此，我們實現了創紀錄的總入學人數，達到 52400 名學生。

Similar to prior quarters, Walden's digital learning platform and flexible offerings continue to demonstrate strength as we innovate and deliver an increasingly seamless experience for working adults. Building on this momentum, we launched several new programs heading into this academic year. Programs such as the master and applied behavioral analysis and the master’s degree in clinical psychology are attracting working professionals who want to make meaningful societal contributions.

與前幾季類似，隨著我們不斷創新，為在職成年人提供越來越無縫的體驗，沃爾登的數位學習平台和靈活的課程安排繼續展現出強勁勢頭。乘著這股勢頭，我們在本學年開始前推出了幾個新項目。諸如應用行為分析碩士學位和臨床心理學碩士學位等課程，正在吸引那些希望為社會做出有意義的貢獻的在職專業人士。

Overall, our new programs have already enrolled more than 1,200 students in less than one-year with additional programs in the development pipeline that we expect to roll out soon. Last quarter, I highlighted that we streamlined our professional doctoral programs, creating a more seamless student experience with a simplified tuition

總體而言，我們的新專案在不到一年的時間內已經招收了 1200 多名學生，我們還有更多專案正在開發中，預計很快就會推出。上個季度，我重點介紹了我們簡化了專業博士課程，透過降低學費，為學生創造了更順暢的學習體驗。

structure.

結構。

Building on that, we recently launched the Walden University PhD completion program designed for doctoral students who left their original program before finishing their dissertation. We're now providing a channel for them to reach the finish line and earn their degree with us. These enhancements showcase our commitment to drive meaningful impact for thousands of students.

在此基礎上，我們最近推出了瓦爾登大學博士學位完成計劃，該計劃旨在幫助那些在完成論文之前離開原計劃的博士生。我們現在為他們提供了一個管道，讓他們順利完成學業，並在我們這裡獲得學位。這些改進體現了我們致力於為成千上萬的學生帶來實際影響的決心。

Turning to our medical and veterinary segment. The second-quarter isn't an enrollment period, but we're seeing momentum in leading enrollment indicators. At our medical schools, we're executing on two fronts, creating innovative pathways that expand access and remove barriers to the MD program and driving operational excellence in our enrollment funnel.

接下來我們來看看醫療和獸醫領域。第二季度並非招生季，但我們看到領先的招生指標呈現成長動能。在我們的醫學院，我們正在兩個方面開展工作：一是創造創新途徑，擴大入學機會，消除進入醫學博士課程的障礙；二是推動招生流程的卓越運作。

This sets us on a sustainable trajectory of enrollment growth, leveraging technology and artificial intelligence in our basic sciences curriculum enables a higher precision learning environment. Combined with our Capstone program, this has yielded enhanced student outcomes through increases to our USMLE Step 1 pass rates.

這將使我們走上招生人數可持續成長的道路，在我們的基礎科學課程中利用科技和人工智慧，創造更精確的學習環境。結合我們的畢業設計項目，這提高了學生的學習成果，USMLE Step 1 的通過率也隨之提高。

Ross Pet continues to operate at near capacity, maintaining its position as a leader in veterinary education with a one-of-a-kind experiential learning model and Ross Vet has also increased its naval pass rate. In closing, let me come back to where I began. As America's largest health care educator, we're uniquely well positioned to address substantial and growing health care workforce shortages at scale.

Ross Pet 繼續保持接近滿載運轉，憑藉其獨特的體驗式學習模式，繼續保持其在獸醫教育領域的領先地位，Ross Vet 的海軍考試通過率也得到了提高。最後，讓我回到我最初提出的問題。作為美國最大的醫療保健教育機構，我們擁有得天獨厚的優勢，能夠大規模地解決日益嚴重的醫療保健勞動力短缺問題。

Our combination of program breadth, geographic reach and proven outcomes is unparalleled. Finally, I want to acknowledge the unwavering commitment of our 10,000 colleagues, 97,000 students, and 385,000 alumni. They make all of this possible.

我們專案涵蓋範圍廣、地域覆蓋面深、成果卓著，是其他任何專案都無法比擬的。最後，我要感謝我們 10,000 名同事、97,000 名學生和 385,000 名校友的堅定承諾。他們讓這一切成為可能。

And with that, I'll turn the call over to Bob Phelan, our CFO.

接下來，我將把電話交給我們的財務長鮑伯·費蘭。

Thank you, Steve, and hello, everyone. Halfway through fiscal year 2026, we are executing against our growth with purpose strategy, putting us on track to meet our full year financial goals. Importantly, we continue to enhance our financial foundation and increase our level of profitability by generating efficiencies through scale and operational excellence.

謝謝你，史蒂夫，大家好。2026 財年已過半，我們正在執行以目標為導向的成長策略，這將使我們朝著實現全年財務目標的方向穩步前進。重要的是，我們透過規模化和卓越營運來提高效率，從而不斷增強財務基礎並提高獲利水準。

This, in turn, is delivering significant cash flow and a more flexible balance sheet. Our robust financial performance is also allowing us to deploy capital in a balanced fashion, whether through share repurchases, debt repayment or through investments in high ROI additional growth opportunities, including bringing new capacity to market and providing innovative student-facing technology.

這反過來又帶來了可觀的現金流和更靈活的資產負債表。我們穩健的財務表現也使我們能夠以平衡的方式部署資本，無論是透過股票回購、償還債務，或是透過投資於高投資報酬率的額外成長機會，包括將新的產能推向市場和提供學生的創新技術。

Taken together, we continue to build strategic momentum that supports long-term value creation. I'll now review the financial results and key drivers for our second-quarter performance. Later in my remarks, I'll discuss our expectations and assumptions for the remainder of fiscal year 2026. Starting with the topline. Revenue in the second-quarter increased by 12.4% to $503.4 million, driven by all three segments.

綜上所述，我們將繼續建構戰略勢頭，從而支持長期價值創造。接下來，我將回顧我們第二季的財務表現和關鍵驅動因素。稍後，我將討論我們對 2026 財年剩餘時間的預期和假設。從頂線開始。第二季營收成長12.4%，達到5.034億美元，主要得益於三大業務部門的共同成長。

Walden continues to be a source of strength and in particular, was aided by a one-week economic calendar shift from the third-quarter into the second-quarter of this fiscal year, resulting in an incremental $18 million in revenue recognized in Q2 rather than in Q3. Excluding the one-week shift, revenue was up 8.4% versus last year for ad talent.

沃爾登公司繼續保持強勁勢頭，尤其得益於本財年第三季到第二季為期一周的經濟日曆調整，使得第二季而非第三季確認了 1,800 萬美元的額外收入。剔除一週的輪班安排，廣告人才收入比去年同期成長了 8.4%。

Consolidated adjusted EBITDA came in at $154.9 million, up 23.9% compared to the prior year. This growth was led by Walden, which again includes the incremental week with Med Vet contributing partially offset by Chamberlain. Adjusted EBITDA margin of 30.8% expanded 290 basis points from last year. Excluding the incremental one-week Consolidated adjusted EBITDA margin was up 30 basis points year-over-year.

調整後的綜合 EBITDA 為 1.549 億美元，比上年增長 23.9%。這一增長主要由沃爾登引領，其中醫療獸醫的成長貢獻了一周，但部分被張伯倫的成長所抵消。經調整後的 EBITDA 利潤率為 30.8%，比去年增長了 290 個基點。剔除新增的一週數據，合併調整後的 EBITDA 利潤率年增 30 個基點。

Adjusted operating income was $126.1 million, up 24.3% compared to the prior year as revenue growth and efficiencies generated operational leverage, which was partially offset by investments in our strategic growth initiatives. We continue to balance our strategic growth investments with a more efficient, integrated and scaled operational foundation.

調整後的營業收入為 1.261 億美元，比上年增長 24.3%，這主要得益於收入增長和效率提升帶來的營運槓桿效應，但部分被我們在戰略增長計劃中的投資所抵消。我們將繼續在策略成長投資與更有效率、更一體化、規模化的營運基礎之間取得平衡。

Adjusted net income for the quarter was $87.9 million, up 26.7% compared to last year, attributed to adjusted operating income growth, lower interest expense resulting from our actions to reduce outstanding debt and our borrowing costs and partially offset by a higher provision for income taxes. Adjusted earnings per share was $2.43 or a 34.3% increase compared with the prior year.

本季調整後淨收入為 8,790 萬美元，比去年同期增加 26.7%，這主要歸功於調整後的營業收入成長、我們採取措施減少未償債務和借貸成本帶來的利息支出減少，但部分被更高的所得稅準備金所抵消。調整後的每股收益為 2.43 美元，比上年增長 34.3%。

We repurchased 1.7 million shares of our common stock at an average price of $95 within the quarter resulting in an average diluted shares outstanding of $36.2 million or approximately $2.2 million lower than last year. This completed our prior $150 million authorization, and we subsequently announced a new $750 million board authorization through December 2028, which has $728 million available as of December 31.

本季我們以平均每股 95 美元的價格回購了 170 萬股普通股，導致平均稀釋後流通股數為 3,620 萬股，比去年減少了約 220 萬股。這完成了我們先前 1.5 億美元的授權，隨後我們宣布了一項新的 7.5 億美元的董事會授權，有效期至 2028 年 12 月，截至 12 月 31 日，已有 7.28 億美元可用。

Our strong operational and financial discipline, coupled with our high cash conversion rate, resulted in a trailing 12 months operating cash flow generation of $428 million, up $146 million from the comparable year-over-year last 12-month period. Our strong cash flow and healthy balance sheet is affording us the ability to deploy capital to invest in the long-term profitable growth of our business as well as returning capital back to our owners.

我們強大的營運和財務紀律，加上我們較高的現金轉換率，使得過去 12 個月的營運現金流達到 4.28 億美元，比去年同期成長了 1.46 億美元。我們強勁的現金流和健康的資產負債表使我們能夠部署資本，投資於我們業務的長期盈利增長，並將資本返還給我們的所有者。

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 second-quarter financial highlights by segment. Chamberlain reported second-quarter revenue of $183.8 million, an increase of 1.6% compared with the prior year, driven by pricing optimization. Total student enrollment during the quarter declined by 1% as growth in pre-licensure programs was offset by declines in post-licensure programs.

我們相信這些措施已經並將繼續增加公司的長期內在價值，從而使我們的股東受益。接下來，我將按業務板塊討論第二季的財務亮點。Chamberlain公佈第二季營收為1.838億美元，較上年同期成長1.6%，主要得益於定價優化。本季學生總入學人數下降了 1%，原因是執業前培訓計畫的成長被執業後培訓計畫的下降所抵消。

Our pre-licensure BSN programs have grown for 14 consecutive quarters as investments to grow our BSN online offering are yielding promising returns. Post-licensure nursing was lower from declines in the RN to BSN program, partially offset by growth in our master's programs. As Steve noted, Chamberlain applications during the quarter improved significantly an encouraging trend that we expect to position us well for future enrollment.

由於對 BSN 線上課程的投資正在取得可觀的回報，我們的 BSN 執照前課程已連續 14 個季度實現成長。執業資格後的護理人員數量減少，主要是由於註冊護士 (RN) 到護理學士 (BSN) 課程的減少，但碩士課程的增長部分抵消了這一影響。正如史蒂夫所指出的，本季度張伯倫學院的申請人數顯著增加，這是一個令人鼓舞的趨勢，我們預計這將使我們在未來的招生工作中佔據有利地位。

Adjusted EBITDA for Chamberlain decreased by 14% to $45.2 million for the quarter, adjusted EBITDA margin of 24.6% was lower compared to the prior year as we make investments focusing on bringing new capacity to market and continue to invest in our students, to support enrollment growth and academic outcomes.

Chamberlain 的調整後 EBITDA 在本季度下降了 14%，至 4520 萬美元，調整後 EBITDA 利潤率為 24.6%，與上年同期相比有所下降，因為我們進行了投資，專注於將新的產能推向市場，並繼續投資於我們的學生，以支持招生增長和學術成果。

Turning to Walden. Second-quarter revenue of $217.6 million, an increase of 27% versus the prior year was driven primarily by strong growth in enrollments, aided by the aforementioned one additional week of revenue during the second-quarter. Excluding the additional $18 million from the one-week shift, Walden revenue was up 16.5% versus last year.

轉而閱讀瓦爾登湖。第二季營收為 2.176 億美元，比上年同期成長 27%，主要得益於入學人數的強勁成長，而第二季額外一週的營收也對此有所助益。除去一週輪班帶來的額外 1,800 萬美元收入，沃爾登的收入比去年增長了 16.5%。

Total student enrollment was up 13% compared to the prior year, the tenth consecutive quarter of growth. This was driven by robust enrollment growth across all degree levels, particularly in master’s and undergraduate and continued high persistence rates. Growth in our health care programs was led by both social and behavioral health and nursing.

與前一年相比，學生總入學人數增加了 13%，這是連續第十個季度實現成長。這主要得益於各學位級別的強勁入學增長，尤其是碩士和本科生入學人數的增長，以及持續較高的留校率。我們的醫療保健計畫發展主要由社會和行為健康以及護理領域引領。

Our non-health care programs also grew in the quarter. Adjusted EBITDA increased by 66.5% to $86.7 million. Adjusted EBITDA margin expanded by 940 basis points versus the prior year to 39.8%. Excluding the one-week revenue shift, Waldman's adjusted EBITDA margin expanded approximately 400 basis points as our operational excellence generated efficiencies and leverage that outpaced increased brand and student-facing digital investments, and additional student support commensurate with the high level of new enrollment.

本季我們的非醫療保健項目也有所成長。調整後 EBITDA 成長 66.5%，達到 8,670 萬美元。經調整的 EBITDA 利潤率較上年增長 940 個基點，達到 39.8%。除去一周的收入波動，Waldman 的調整後 EBITDA 利潤率增長了約 400 個基點，因為我們卓越的運營效率和槓桿作用超過了品牌和麵向學生的數字投資的增長，以及與高入學率相稱的額外學生支持。

For the medical and veterinary segment, second-quarter revenue was $102 million, an increase of 6.9% versus prior year. As Steve mentioned, there is no change in the student enrollment for the second-quarter compared with the first-quarter, given term starts. Adjusted EBITDA increased by 17.6% versus the prior year to $31.4 million.

在醫療和獸醫領域，第二季度營收為 1.02 億美元，比上年同期成長 6.9%。正如史蒂夫所提到的，考慮到學期開始時間，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 比上年增長 17.6%，達到 3,140 萬美元。

Adjusted EBITDA margin increased 280 basis points versus the prior year to 30.8% as we remain focused on operating our institutions efficiently while making long-term growth investments that leverage our existing capacity, creating new enrollment pathways and delivering academic outcomes. Based on the year-to-date performance and our expectations for the balance of the year, we are maintaining our annual revenue guidance as we continue to grow our business on top of strong enrollment levels.

經調整的 EBITDA 利潤率較上年增長 280 個基點至 30.8%，因為我們繼續專注於高效運營我們的機構，同時進行長期增長投資，利用我們現有的能力，創造新的招生途徑，並取得學術成果。根據今年迄今為止的業績以及我們對今年剩餘時間的預期，我們維持年度收入預期，因為我們將繼續在強勁的招生水平基礎上發展業務。

Revenue is expected in the range of $1.9 billion to $1.94 billion, or approximately 6% to 8.5% growth year-over-year. As I mentioned earlier in my remarks, we had a one-week shift in the academic calendar, resulting in Walden, recording one additional week of revenue in the second-quarter and one less week in the third-quarter.

預計營收將在 19 億美元至 19.4 億美元之間，年增約 6% 至 8.5%。正如我之前在演講中提到的，我們的學年安排調整了一周，導致沃爾登大學在第二季度增加了一周的收入，在第三季度減少了一周的收入。

The $18 million shift between the quarters benefited the second-quarter, while it will reduce the third-quarter, but overall has no net impact on our annual performance. In addition, the revenue guidance also continues to reflect our prior comments related to enrollment and revenue growth being higher in the first half of the year as we lap double-digit comps from last year particularly the strong comps from last third-quarter.

季度之間 1800 萬美元的變動對第二季度有利，但會減少第三季度，但總體而言，對我們的年度業績沒有淨影響。此外，營收預期也繼續反映了我們先前關於今年上半年入學人數和收入成長將高於去年同期水準的評論，因為我們將實現兩位數的同比增幅，尤其是去年第三季強勁的同比增幅。

Our reiterated revenue guidance contemplates Chamberlain's top line impact and while operational improvements are resulting in application volumes growing year-over-year in the second-quarter at Chamberlain, the financial impact is not immediate, but we do expect application growth to translate to future quarters new enrollment growth.

我們重申的收入預期考慮了 Chamberlain 的營收影響，雖然 Chamberlain 的營運改善導致其第二季度申請量同比增長，但財務影響並非立竿見影，但我們預計申請量的增長將轉化為未來幾個季度的新入學人數增長。

And finally, strength in Walden's top line is anticipated to continue to deliver robust growth. We are raising our adjusted EPS guidance from the previous range of $7.60 to $7.90, or growth of 14% to 18.5% to a range of $7.80 to $8 or growth of 17% to 20%. At the midpoint, our adjusted EPS range is increasing by $0.15. The increase in adjusted EPS guidance contemplates our continued commitment to expanding our fiscal year 2026 adjusted EBITDA margin by approximately 100 basis points.

最後，沃爾登公司營收的強勁成長預計將繼續帶來穩健的成長。我們將調整後的每股盈餘預期從先前的 7.60 美元至 7.90 美元（成長率 14% 至 18.5%）上調至 7.80 美元至 8 美元（成長率 17% 至 20%）。調整後每股收益預期中位數上調 0.15 美元。調整後每股收益預期上調體現了我們持續致力於將 2026 財年調整後 EBITDA 利潤率提高約 100 個基點的承諾。

We expect quarter-to-quarter margins will fluctuate with a higher level of targeted investments being made in the third-quarter and less investment in the fourth-quarter. Further, the one-week Walden revenue shift into the second-quarter will have a pronounced impact on our third-quarter margin profile. The raised adjusted EPS guidance also incorporates our capital allocation actions and continued strong cash flow generation, and we continue to anticipate an effective tax rate to be higher than fiscal year 2025.

我們預計季度利潤率將出現波動，第三季將進行更多有針對性的投資，而第四季投資將減少。此外，Walden 一周的收入轉移到第二季度，將對我們第三季度的利潤率產生顯著影響。上調後的每股盈餘預期也包含了我們的資本配置措施和持續強勁的現金流產生，我們仍然預期實際稅率將高於 2025 財年。

Overall, we will continue to execute on expanding access and delivering positive student outcomes deploying capital to meet the health care education market's growing demand, maximizing long-term value and ultimately generating high returns for all stakeholders. As Steve noted, I look forward to discussing our longer-term targets at our upcoming Investor Day.

總而言之，我們將繼續擴大招生範圍，為學生帶來積極的學習成果，透過投入資金來滿足醫療保健教育市場不斷增長的需求，最大限度地提高長期價值，並最終為所有利益相關者創造高回報。正如史蒂夫所指出的，我期待在即將舉行的投資者日上討論我們的長期目標。

And with that, I'll now turn the call over to the operator for Q&A.

接下來，我將把電話交給接線生進行問答環節。

(Operator Instructions) Jeff Seibert, BMO Capital Markets.

（操作員說明）傑夫·塞伯特，BMO資本市場。

I'm actually going to start with Walden and I'll let some other folks focus on Chamberlain. Even excluding the calendar shift, the Walden numbers continue to impress, can we just double-click on that? What exactly is going on? Where are you seeing the growth? Do you think you're taking share from other schools in this market?

我打算先從瓦爾登湖開始，讓其他人去研究張伯倫吧。即使不考慮日曆變化，沃爾登的數據仍然令人印象深刻，我們能再點擊一下嗎？到底發生了什麼事？你認為成長點在哪裡？你認為你正在從其他學校手中搶佔市場份額嗎？

Yes. So the Walden growth is consistent across the board, but we see it most pronounced in the areas that we've consistently been most excited about. That's in the behavioral sciences programs and also in the nursing program and the MSN credential. To a lesser extent, we're seeing great returns on our investments in the education programs at Walden.

是的。因此，沃爾登的成長是整體一致的，但我們在一直以來最關注的領域中看到了最明顯的成長。這在行為科學課程、護理課程以及護理碩士（MSN）學位課程中都有涉及。從較小程度上來說，我們看到了對沃爾登大學教育計畫的投資獲得了豐厚的回報。

And as we increasingly look to expand that institution's presence and undergraduate enrollments, we're having great traction there as well. So really pleased with the balanced growth across the program mix at Walden.

隨著我們越來越希望擴大該機構的影響力並增加本科生招生人數，我們在這方面也取得了很大的進展。我對瓦爾登大學各計畫組合的均衡發展感到非常滿意。

Okay. and then maybe shifting to one of the regulatory issues. We're expecting some changes in the loan caps this July. I know you had announced an earlier partnership with Salt. Can we get an update in terms of what's going on there?

好的。接下來或許可以轉到某個監管問題上來。我們預計今年7月貸款上限會有一些變化。我知道你之前宣布過與Salt建立合作關係。可否告知一下那邊的最新狀況？

Yes. We're working with Sallie Mae on definitive documentation for that partnership. Sallie Mae has also been working to pull together the syndicate of capital sources that will actually provide the loan dollars. But we continue to be excited about that partnership and what it means for the entire portfolio, including the medical and veterinary segment where obviously we expect to have to utilize supplemental lending sources the most.

是的。我們正在與 Sallie Mae 合作，制定該合作關係的最終文件。Sallie Mae 也一直在努力組建資金來源財團，以實際提供貸款資金。但我們仍然對這項合作關係及其對整個投資組合的意義感到興奮，包括醫療和獸醫領域，顯然我們預計該領域需要最頻繁地利用補充貸款來源。

So more to come on that, but we continue to move at pace with them, and we'll be excited to announce definitive documentation once it's complete.

關於這方面還有更多消息，但我們將繼續與他們保持同步推進，一旦完成，我們將很高興地公佈最終文件。

Jack Slevin, Jefferies.

傑克‧斯萊文，傑富瑞集團。

I am going to decide to dig in on chamber a little bit a bit. So if we just look at a really encouraging sign on the double-digit growth, I guess the immediate question becomes sort of if you could remind us of what that typical lead time is, and I'm hearing the emphasis in the fall cycle, but maybe just walking through a little more detail on sort of what exactly is going right as you're -- you've enacted some of those changes you called out last-quarter?

我打算稍微深入研究一下這個房間。所以，如果我們只看兩位數成長這個非常令人鼓舞的跡象，我想直接的問題是，您能否提醒我們一下通常的提前期是多久？我聽到了秋季週期的重點，但也許可以更詳細地介紹一下，您在上個季度提到的一些變化究竟有哪些進展順利？

And then whether or not that sort of lags through the second half and then see the rebound or sort of an inflection around the fall cycle tracks to what you typically would expect.

然後，這種延遲是否會持續到下半年，以及在秋季週期中是否會出現反彈或轉折點，都取決於你通常的預期。

Yes, happy to speak to it. As we said before, we identified a couple of gaps, marketing effectiveness and enrollment funnel conversion. We took a number of steps to address processes on both dimensions. And as you'll note, we also took a number of steps to make changes in personnel across the Chamberlain organization. We feel really good about the implications of those moves.

是的，我很樂意談論它。正如我們之前所說，我們發現了一些差距，即行銷效果和招生轉換率。我們採取了一系列措施來解決這兩個方面的流程問題。正如您所看到的，我們也採取了一系列措施，對張伯倫集團的人員進行了調整。我們對這些措施帶來的影響感到非常滿意。

As I said in the prepared remarks, some of the leading indicators of enrollment have been really positive. Application volumes up for both pre-licensure and post-licensure nursing programs. You have to remember that fall cycle is the biggest cycle of the Chamberlain fiscal year, and it creates a big hole to dig out of. But we are confident in the trajectory of the recovery.

正如我在準備好的發言稿中所說，一些入學率的領先指標確實非常正面。護理專業執照前培訓和執照後培訓計畫的申請人數均有所增加。你必須記住，秋季週期是張伯倫財政年度最大的周期，它會造成一個巨大的缺口，需要花一番功夫才能填補。但我們對復甦的軌跡充滿信心。

So while we expect -- the total enrollment story on a quarter-over-quarter basis to be flat over the balance of the fiscal year, we do expect as we approach that fall enrollment cycle to be in a position to go back to positive total enrollment year-over-year and get back to a total enrollment trajectory consistent with what we've enjoyed in the last few cycles.

因此，雖然我們預計在本財年剩餘時間裡，各季度的總入學人數將保持平穩，但我們預計，隨著秋季入學週期的臨近，我們將能夠恢復到同比總入學人數為正增長的水平，並恢復到與過去幾個週期一致的總入學人數增長軌跡。

So we think we have the situation well in hand. We feel good about the early signals we're seeing and we're confident that we exit the fiscal year moving towards a positive total enrollment growth in Chamberlain with the benefit of a robust trajectory in pre-licensure and a return to form in post-licensure nursing.

所以我們認為我們已經很好地控制了局面。我們對目前看到的早期跡象感到滿意，並且我們有信心，在執業前教育穩步發展以及執業後護理教育恢復正常的情況下，本財年結束時，張伯倫學院的總入學人數將實現正增長。

Got it. Okay. Really helpful, Steve. And one more for me here. I guess, running some quick numbers. The last few years, you've seen roughly $60 million of improvement in revenues second half versus first half, the timing of that one-week impact. But even adjusting for that, it looks like the high end of the guide at about $45 million. I guess I'd just be curious to sort of describe what the scenario would play out that would see you sort of meet or exceed the high end of that guide? Is it simply Chamberlin coming in a little ahead or really where you could envision that upside potentially coming from if it were to materialize?

知道了。好的。史蒂夫，你真是幫了大忙。我這裡還有最後一個。我猜，我快速計算了一下。過去幾年，下半年的收入比上半年增加了約 6,000 萬美元，這種影響主要體現在一週的時間內。但即使考慮到這一點，它看起來也接近指導價的上限，約 4500 萬美元。我只是好奇，什麼樣的情況才能讓你達到甚至超過該指南中的上限？只是張伯倫略微領先，還是說如果這種情況真的發生，你認為潛在的上漲空間會來自哪裡？

Yes, I think it would come from a quicker-than-anticipated return to form at Chamberlain and potentially some additional acceleration in the trajectory of the Med bed segment. We think we're moving at sort of an optimal clip at Walden, and so it would come from the other two segments.

是的，我認為這將源自張伯倫醫院比預期更快恢復狀態，以及醫療床業務發展軌跡的進一步加速。我們認為我們在沃爾登的發展速度達到了最佳狀態，所以成長應該來自其他兩個部分。

Okay. Got it. Super helpful. Can you rats again on the quarter and looking forward to seeing you at Investor Day.

好的。知道了。非常有用。你們能否再次公佈季度業績？期待在投資者日見到你們。

Thank you. I appreciate it.

謝謝。謝謝。

Thank you. There are no further questions at this time. I'd like to pass the call back over to Steve for any closing remarks.

謝謝。目前沒有其他問題了。我想把電話轉回給史蒂夫，讓他做最後的總結發言。

Yes, I want to do two things. First, thank all of our colleagues across the ad talent portfolio for all of their incredible work over the course of the last-quarter. We've come back from the break in the calendar year to hit the ground running aggressively. I also just want to put out a plug for our upcoming Investor Day on February 24. We've got a lot of news that we're prepared to share. We're really excited about it, and we look forward to having you all participate virtually or in person -- thank you so much.

是的，我想做兩件事。首先，感謝我們廣告人才庫的所有同事在過去一個季度所做的出色工作。經過一年中的這段休息時間，我們重新投入工作，積極向上。我也想藉此機會宣傳我們即將於2月24日舉行的投資者日活動。我們有很多消息準備要與大家分享。我們對此感到非常興奮，期待大家以線上或線下的方式參與——非常感謝。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。