Covista Inc. (CVSA) 2026 Q4 法說會逐字稿

Greetings and welcome to the Covista fourth-quarter 2026 earnings.

各位好，歡迎參加 Covista 2026 年第四季財報電話會議。

(Operator Instructions) As a reminder: This conference is being recorded.

(接線員指示) 提醒各位：本次電話會議將被錄音。

It is now my pleasure to introduce Jeremy Cohen, Vice President, Investor Relations. Thank you. You may begin.

現在我很榮幸介紹 Jeremy Cohen，投資人關係副總裁。謝謝。您可以開始了。

Good afternoon and welcome to Covista's earnings call for the fiscal year 2026 fourth quarter and full year.

各位下午好，歡迎參加 Covista 2026 會計年度第四季及全年財報電話會議。

On the call with me, today, are Steve Beard, Chairman and Chief Executive Officer of Covista; and Bob Phelan, Chief Financial Officer.

今天與我一同出席的有 Covista 董事長兼執行長 Steve Beard，以及財務長 Bob Phelan。

Before I hand you over to Steve, I will take you through the legal Safe Harbor and cautionary declarations:

在我把時間交給 Steve 之前，我先說明法律上的「安全港」與警示性聲明：

Certain statements and projections of future results made in this presentation constitute forward-looking statements that are based on our current market, competitive, and regulatory expectations; and are subject to risks and uncertainties that could cause actual results to vary materially.

本簡報中對未來結果所作的某些陳述與預測構成前瞻性陳述，係基於我們目前對市場、競爭及監管環境的預期；並受各項風險與不確定性影響，可能導致實際結果出現重大差異。

We undertake no obligation to update, publicly, any forward-looking statement after this presentation, whether as a result of new information, future events, changes in assumptions, or otherwise.

本簡報後，我們不承擔公開更新任何前瞻性陳述之義務，無論係因新資訊、未來事件、假設變動或其他原因所致。

Please see our latest Form 10-K for a discussion of risk factors, as they relate to forward-looking statements.

有關前瞻性陳述之風險因素討論，請參閱我們最新的 Form 10-K。

In today's presentation, we will use certain non-GAAP financial measures. We refer you to the appendix in the presentation materials available on our Investor Relations website for reconciliations to the most directly comparable GAAP financial measures and related information.

在今天的簡報中，我們將使用若干非 GAAP 財務衡量指標。我們請各位參閱投資人關係網站所提供之簡報資料附錄，其中包含與最直接可比之 GAAP 財務衡量指標的調節表及相關資訊。

You will find a link to the webcast on our Investor Relations website at investors.covista.com.

您可在我們的投資人關係網站 investors.covista.com 找到網路直播連結。

After this call, the presentation and webcast will be archived on the website for 30 days. I will now hand you over to Steve.

本次電話會議結束後，簡報與網路直播將在網站上封存 30 天。現在我把時間交給 Steve。

Thanks, Jeremy. Good afternoon, everyone. Thank you for joining us.

謝謝你，Jeremy。各位下午好。感謝各位加入我們。

Fiscal 2026 closed out growth with purpose. Three years ago, we set out to prove that closing the healthcare workforce gap and delivering for shareholders could be the same thing.

2026 會計年度以「有目的的成長」畫下句點。三年前，我們立志證明：縮小醫療照護人力缺口與為股東創造價值，兩者可以是同一件事。

We were right. We exceeded not just this year's guidance but the long-term targets we set at the outset of the strategy.

我們證明了這點。我們不僅超越了今年的財測指引，也超越了在策略起點所設定的長期目標。

This strategy changed how we operate and where we stand in the market. It built the infrastructure for durable, profitable growth, while holding our focus on student outcomes.

這項策略改變了我們的營運方式，以及我們在市場中的定位。它建立了可持續且具獲利性的成長基礎設施，同時讓我們持續聚焦於學生的成果。

The results are worth stating plainly:

成果值得直白地說明：

On the operational side, we delivered 12 consecutive quarters of total enrollment growth across the company.

在營運面，我們在全公司範圍內實現了連續 12 個季度的總在學人數成長。

Record enrollments at Walden and Chamberlain during fiscal '26: 100,000 enrolled students, up from 76,000, joining a community of 400,000 alumni, delivering care in nearly every community in the country.

2026 會計年度 Walden 與 Chamberlain 的招生創下新高：在學學生達 100,000 人，高於先前的 76,000 人；並加入由 400,000 名校友組成的社群，在全國幾乎每個社區提供照護服務。

Those gains converted into revenue, margin, and free cash flow.

這些成長進一步轉化為營收、利潤率與自由現金流。

Over the last three years, we grew revenue from less than $1.5 billion to $1.95 billion; expanded EBITDA margins by 300 basis points; nearly doubled adjusting earnings per share; and more than doubled free cash flow, which let us invest in high-return opportunities and return capital to shareholders, at the same time.

過去三年，我們將營收從不到 15 億美元成長至 19.5 億美元；EBITDA 利潤率擴張 300 個基點；調整後每股盈餘幾近翻倍；自由現金流更是超過翻倍，使我們得以同時投資於高報酬機會並回饋資本給股東。

Now, we begin Purpose at Scale, our next three-year strategy. It carries forward the operating discipline that produced those results and adds three pillars across our five institutions: platform extension, employer integration, and technology.

現在，我們啟動下一個三年策略「Purpose at Scale」。它延續帶來上述成果的營運紀律，並在我們五所機構中新增三大支柱：平台延伸、雇主整合與科技。

I want to spend my time on those three pillars and how they show up in our fiscal 2027 outlook:

我想把時間放在這三大支柱，以及它們如何反映在我們對 2027 會計年度的展望中：

From a macro perspective, behind our strategy and our guidance sits a demand backdrop that has not changed. The population is aging. Care demand is rising. The existing workforce is under real strain. This is a secular story, not a cyclical one.

從總體角度來看，我們的策略與財測指引背後的需求背景並未改變。人口正在老化。照護需求正在上升。現有勞動力正承受實質壓力。這是結構性趨勢，而非景氣循環性的故事。

In our Covista Care Capacity Monitor, more than 70% of clinicians and healthcare executives told us that staffing shortages are affecting their ability to deliver quality care.

在我們的 Covista Care Capacity Monitor 調查中，超過 70% 的臨床人員與醫療照護高階主管告訴我們，人力短缺正在影響他們提供高品質照護的能力。

Staffing is the constraint. Patient care pays the cost. That's the problem we were built to solve.

人力配置是限制因素。病患照護承擔代價。這正是我們為了解決而建立的問題。

Turning to 2026 results, all three segments finished fiscal 2026 strong:

回到 2026 年的成果，三大事業部在 2026 會計年度皆以強勁表現作收：

Walden and Medical and Veterinary each delivered their strongest total enrollment growth of the year in the fourth quarter. Chamberlain accelerated, again.

Walden 以及 Medical and Veterinary 兩個事業部在第四季都繳出全年最強的總在學人數成長。Chamberlain 再度加速成長。

We exceeded our annual financial guidance, delivering revenue growth of 9.3% to $1.95 billion and adjusted earnings per share growth of 23.7% to $8.25 per share. Both finished above the high end of our raised ranges.

我們超越全年財務指引：營收成長 9.3% 至 19.5 億美元，調整後每股盈餘成長 23.7% 至每股 8.25 美元。兩者皆高於我們上調後區間的上緣。

We're also initiating fiscal 2027 guidance today. But we're pacing ahead of the long-term targets we set at the start of Investor Day. We continue to build momentum towards them. Bob will take you through those details in a few minutes.

我們也在今天提供 2027 會計年度的財測指引。同時，我們目前的進度已領先於在投資人日一開始所設定的長期目標。我們將持續累積動能朝目標邁進。Bob 將在幾分鐘後為各位說明細節。

Turning to platform extension, let me start with Chamberlain, platform extension means putting our programs in more places, more formats, and more markets.

談到平台延伸，我先從 Chamberlain 開始。平台延伸意味著把我們的課程放到更多地點、更多形式，以及更多市場。

At Chamberlain, the team continues to execute the marketing and conversion initiatives we committed to, taking friction out of the funnel and improving marketing efficiencies. That includes a new campaign built on the compassion, camaraderie, and calling that define nursing as a profession.

在 Chamberlain，團隊持續執行我們承諾的行銷與轉換率提升計畫，降低漏斗中的摩擦並提升行銷效率。其中包括一項以同理心、夥伴情誼與使命感為核心的新活動，這些特質定義了護理作為一項專業。

We're also extending existing campuses, with broader course offerings; and evening and weekend access in large urban markets.

我們也在延伸既有校區，提供更廣泛的課程選擇；並在大型都會市場提供夜間與週末的就學安排。

That supports persistence. It expands the addressable student population in markets where we already carry fixed costs.

這有助於提升留校與持續就讀。也能在我們已承擔固定成本的市場中，擴大可觸及的學生族群。

On new capacity, six campuses are in active development and three have full regulatory approval. Cincinnati and Salt Lake opened in the first half of fiscal '27.

在新增產能方面，有 6 個校區正在積極開發中，另有 3 個已取得完整監管核准。辛辛那提與鹽湖城校區已於 2027 會計年度上半年開幕。

The attractive economics are why we are moving at this pace: roughly $9 million to $12 million of capital per campus, EBITDA breakeven in 24 months, and steady-state margins accretive to our existing campus base. Underneath it all sits the structural demand tied to a national nursing shortage.

其具吸引力的經濟效益，是我們以此速度推進的原因：每個校區約需 900 萬至 1,200 萬美元資本支出，24 個月達到 EBITDA 損益兩平，且在穩態下的利潤率對我們既有校區組合具增益效果。而其根本支撐，來自與全國護理人力短缺相關的結構性需求。

Together, these initiatives should drive growth in both new and total enrollment. We expect Chamberlin's total enrollment growth rate to accelerate, again, in the first quarter, consistent with the sequential improvement we saw from the third to the fourth quarter in fiscal '26.

綜合而言，這些計畫應可同時帶動新生與總在學人數成長。我們預期 Chamberlain 的總在學人數成長率將在第一季再次加速，與我們在 2026 會計年度第三季到第四季所見的逐季改善一致。

Turning to Walden, that institution delivered its strongest quarter of the year. Bob will give you the enrollment and revenue detail in a moment.

接著談 Walden，該機構繳出全年最強的一季表現。Bob 稍後會為各位提供在學人數與營收的細節。

What matters, strategically, is the breadth of that growth. It was broad-based, with every degree level contributing.

從策略角度來看，關鍵在於這波成長的廣度。這是廣泛性的成長，各學位層級皆有貢獻。

Doctoral accelerated on better program alignment to professional needs. Master's added the most students in absolute terms. Undergraduate grew fastest, up more than 20%, which we're supporting by our new [Your Career is Our Job] campaign, which positions Walden as a career outcome partner and not just an education provider.

博士班因課程與專業需求的對齊更佳而加速成長。碩士班在絕對人數上新增學生最多。大學部成長最快，增幅超過20%；我們透過全新的「[Your Career is Our Job]」行銷活動加以支持，將 Walden 定位為職涯成果的合作夥伴，而不僅是教育提供者。

Investment in student persistence continues to pay off. Increasingly sophisticated analytics let us support at-risk students before they fall behind. As you know, persistence is one of the critical drivers of both financial and operational performance. Walden compounds that, year after year.

對學生持續就讀（persistence）的投資持續帶來成效。日益精密的分析能力讓我們能在高風險學生落後之前就提供支援。如各位所知，持續就讀是財務與營運表現的關鍵驅動因素之一。Walden 年復一年地在此基礎上持續累積成效。

New programs launched into the 2026 academic year at roughly 1,700 students. Four more launched last month. Two behavioral-sciences programs are in regulatory review. Our ability to launch quickly in high-demand fields is a durable competitive advantage.

在2026學年推出的新課程，學生人數約1,700人。上個月又推出四個新課程。兩個行為科學課程正在接受監管審查。我們能在高需求領域快速推出課程的能力，是一項持久的競爭優勢。

Turning to Medical and Veterinary, the segment delivered strong top-line performance, with disciplined execution. Fiscal 2026 was its strongest year in several years.

接著談醫療與獸醫業務，該事業群在嚴謹執行下，實現強勁的營收表現。2026會計年度是其近幾年來表現最強的一年。

Two important drivers: First, we built an on-the-ground recruitment team that lifted our high-yield prospective student pipeline. We've upgraded tech-enabled admissions to support that yield.

兩個重要驅動因素：第一，我們建立了在地招募團隊，提升了高轉化率的潛在學生管道。我們也升級了科技賦能的招生流程，以支援這樣的轉化率。

Some of this quarter's enrollments reflect students moving ahead of the OB3 loan changes. That's a consumer-behavior dynamic, rather than a shift in underlying demand. It doesn't change how we see the segment's full-year trajectory, which is embedded in our fiscal 2027 guide.

本季部分入學人數反映學生因應 OB3 貸款變更而提前入學。這是消費者行為的動態，而非基礎需求的轉變。這不會改變我們對該事業群全年走勢的看法；相關預期已納入我們的2027會計年度指引。

We have also been more methodical about the core student profile that fits our class mix. That leads me to expanding our employer partnerships.

我們也更有系統地聚焦於符合我們班級組成的核心學生輪廓。這也引出我接下來要談的：擴大雇主合作夥伴關係。

First, early results with SSM are strong enough that we're expanding our target enrollment there.

第一，與 SSM 的初步成果相當強勁，因此我們正在擴大該合作的目標招生規模。

Second: We announced a new collaboration with Advocate Health, the third largest non-profit integrated health system in the country. In Covista, they found a partner with the scale and the infrastructure to support them in building a sustainable nursing workforce.

第二：我們宣布與 Advocate Health 展開新的合作；該機構是全美第三大的非營利整合式醫療體系。他們在 Covista 找到具備規模與基礎設施的合作夥伴，協助其打造可持續的護理人力。

Delivered through Chamberlain, the program funds nursing education, builds clinical readiness inside Advocate's care setting, and creates a financially supported pathway into the profession.

該計畫由 Chamberlain 提供，資助護理教育、在 Advocate 的照護場域內建立臨床就緒度，並打造一條獲得財務支持的入行途徑。

The first cohort starts in September. Given the geographic overlap between us, we expect it to serve hundreds of students a year.

第一梯次將於9月開始。鑑於我們在地理上的重疊，我們預期該計畫每年可服務數百名學生。

Employer participation changes the economics for everyone at the table. When an employer commits, whether through tuition support, hiring commitments, or clinical integration, we expect students to roll at higher rates, persist longer, and be more likely to complete their education.

雇主參與會改變所有參與方的經濟效益。當雇主做出承諾——無論是學費補助、聘用承諾或臨床整合——我們預期學生的入學轉化率會更高、持續就讀時間更長，且更可能完成學業。

Health systems get a differentiated pipeline. We get a more durable enrollment model at a lower cost of acquisition.

醫療體系可獲得差異化的人才管道。我們則能以更低的獲客成本，建立更具韌性的招生模式。

Our Care Capacity Monitor shows why the runway is long. Nearly 70% of healthcare executives say talent partnerships work but only 22% are meaningfully investing in them. That gap is the opportunity we're stepping into.

我們的 Care Capacity Monitor 顯示為何成長跑道仍很長。近70%的醫療照護高階主管表示人才合作夥伴關係有效，但只有22%正在對此進行有實質意義的投資。這個落差就是我們正要切入的機會。

Let me now touch on our enterprise-technology investments:

接下來我簡要談談我們在企業技術方面的投資：

We launched AI credentials with Google Cloud in the third quarter and added nine more certifications in the fourth quarter. More than 9,000 learners have enrolled.

我們在第三季與 Google Cloud 推出 AI 證照，並在第四季再新增九項認證。已有超過9,000名學習者報名。

We're also testing prototypes of an AI-powered classroom with students now. The first live deployments are expected in the second half of fiscal 2027. The shift from search optimization to AI-answer optimization is changing how prospects find their options.

我們也正在與學生測試 AI 驅動教室的原型。預計在2027會計年度下半年進行首次正式上線部署。從搜尋最佳化轉向「AI 回答」最佳化的變化，正在改變潛在學生如何找到他們的選項。

Three things to position us well: trusted brands in the category, with durable demand; strong student outcomes; and marketing teams that moved early and are optimizing for both AI and traditional search.

有三點能讓我們處於有利位置：該類別中值得信賴的品牌，且需求具持久性；優異的學生成果；以及及早行動、並同時針對 AI 與傳統搜尋進行最佳化的行銷團隊。

We expect that institutions with trusted brands, authoritative content, relevant programs, and strong conversions will be the ones prospects find and trust. We're watching this shift closely. We'll keep you updated on what we see.

我們預期，具備可信賴品牌、權威內容、相關課程，以及強勁轉化能力的機構，將會是潛在學生最容易找到並信任的對象。我們正密切關注這項轉變。我們會持續向各位更新我們的觀察。

I just want to take a moment on recent leadership additions:

我也想花一點時間談談近期新增的領導團隊成員：

We announced two new Board members, Emily Chiu and Leslie Storms, who bring operating experience and judgment in sectors central to our next phase of growth.

我們宣布兩位新的董事會成員：Emily Chiu 與 Leslie Storms；她們在與我們下一階段成長密切相關的產業領域，帶來營運經驗與判斷力。

In addition, Rick Sinkfield joins as Vice President of Expansion, overseeing the enterprise-wide expansion, including Chamberlain's campus growth. He brings two decades of experience in complex regulated markets, from Laureate to ETS, plus his service on Chamberlain's Board of Trustees.

此外，Rick Sinkfield 加入擔任拓展副總裁（Vice President of Expansion），負責全企業的拓展工作，包括 Chamberlain 的校區擴張。他在高度監管且複雜的市場擁有二十年經驗，歷任 Laureate 與 ETS，並曾擔任 Chamberlain 董事會（Board of Trustees）成員。

In addition, Scott Liles becomes Chief Strategy and Performance Officer, adding corporate strategy and a new performance-acceleration office to his leadership of the Medical and Veterinary segment.

另外，Scott Liles 將出任策略與績效長（Chief Strategy and Performance Officer），在其對醫療與獸醫事業群的領導基礎上，新增企業策略職能與新的績效加速辦公室。

In closing, let me attempt to bring this all together:

最後，讓我嘗試把以上內容做個整合：

We enter Purpose at Scale with the foundation to go after a much bigger opportunity, a proven operating model, a balance sheet that can fund the plan, and momentum already in place across all three segments.

我們以「Purpose at Scale」為起點，具備追求更大機會的基礎：經驗證的營運模式、可為計畫提供資金的資產負債表，以及三大事業群全面展現的既有動能。

The demand opportunity is structural. The returns on the capital we are deploying are attractive. We hold the leading position in healthcare-workforce education. We intend to extend it. Our best work remains ahead of us.

需求機會具有結構性。我們正在部署的資本，其報酬具吸引力。我們在醫療人力教育領域居於領先地位。我們打算進一步擴大這個領先優勢。我們最好的成果仍在前方。

As always, thank you for your continued support. Now, I'll turn it over to Bob for a deeper dive into our operational and financial outcomes.

一如既往，感謝各位持續的支持。接下來我將把時間交給 Bob，請他更深入說明我們的營運與財務成果。

Thank you, Steve. Hello, everyone.

謝謝你，Steve。各位好。

Fiscal year 2026 was a milestone year for Covista. We completed our three-year Growth with Purpose strategy. We did so in a position of real financial strength, exceeding both our 2026 targets and the long-term financial targets that we set at the start of that journey.

2026會計年度是 Covista 的里程碑之年。我們完成了為期三年的「Growth with Purpose」策略。我們是在真正強健的財務狀態下完成的，不僅超越了2026年的目標，也超越了我們在旅程開始時所設定的長期財務目標。

Our results demonstrate the durability of the operating model we have built, sustained enrollment growth, expanding margins, robust cash generation, and a balance sheet that gives us significant flexibility, as we begin our next chapter: Purpose at Scale.

我們的成果證明了所建立之營運模式的持久性：入學人數持續成長、利潤率擴張、強勁的現金創造能力，以及賦予我們高度彈性的資產負債表；在此基礎上，我們將開啟下一篇章：「Purpose at Scale」。

That cash generation and robust balance sheet allowed us to return meaningful capital to shareholders over the course of Growth with Purpose, reducing shares outstanding by 20%, all while continuing to invest in the business.

這樣的現金創造能力與強健的資產負債表，使我們在「Growth with Purpose」期間得以向股東回饋可觀資本，將流通在外股數降低20%，同時仍持續投資於業務。

We enter fiscal 2027 with momentum; and with the financial capacity to further invest in significant and expanding opportunity ahead, while continuing to deliver strong returns for shareholders.

我們帶著動能進入2027會計年度；並具備進一步投資於前方重大且持續擴大的機會之財務能力，同時持續為股東帶來強勁回報。

I will now review our fourth-quarter and full-year results and key drivers and then, I will discuss our expectations and assumptions for fiscal 2027:

我現在將回顧我們第四季與全年業績及其主要驅動因素，接著我將討論我們對2027會計年度的預期與假設：

Starting with the top line, fourth-quarter revenue increased 9.7% to $501.4 million, driven by all three segments and led by Walden and MedVet. For the full year, revenue was $1.954 billion, up 9.3% and which exceeded the high end of our raised guidance range.

先從營收來看，第四季營收成長9.7%至5.014億美元，三大事業部門皆有貢獻，其中以Walden與MedVet領先。全年營收為19.54億美元，年增9.3%，並超越我們上調後財測區間的上緣。

Adjusted EBITDA in the fourth quarter was $126.9 million, up 15.2% compared to the prior year. Growth was led by Walden, with MedVet and Chamberlain contributing. Fourth-quarter adjusted EBITDA margin of 25.3%. expanded 120 basis points from prior year.

第四季調整後EBITDA為1.269億美元，較去年同期成長15.2%。成長主要由Walden帶動，MedVet與Chamberlain亦有貢獻。第四季調整後EBITDA利潤率為25.3%，較去年同期擴張120個基點。

For the full year, adjusted EBITDA was $521.7 million, an increase of 13.5%. Adjusted EBITDA margin was 26.7%, up 100 basis points versus prior year and in line with the approximately 100 basis points we committed to at the start of the year.

全年調整後EBITDA為5.217億美元，成長13.5%。調整後EBITDA利潤率為26.7%，較去年提升100個基點，並符合我們在年初承諾的約100個基點提升幅度。

This reflects the operational leverage and efficiencies embedded across our platform, partially offset by an elevated level of investment in our strategic-growth initiatives.

這反映出我們平台各環節所內建的營運槓桿與效率提升，但部分被我們在策略性成長計畫上的較高投資水準所抵銷。

Fourth-quarter adjusted net income increased 16.6% to $72.8 million. Adjusted earnings per share was $2.09, up 25.9% versus the prior year.

第四季調整後淨利成長16.6%至7,280萬美元。調整後每股盈餘為2.09美元，較去年同期成長25.9%。

For the full year, adjusted net income increased 15.3% to $294.7 million. Adjusted earnings per share was $8.25, up 23.7% and which exceeded the high end of our raised guidance range.

全年調整後淨利成長15.3%至2.947億美元。調整後每股盈餘為8.25美元，年增23.7%，並超越我們上調後財測區間的上緣。

Our EPS growth continues to benefit from lower interest expense and a lower share count. Full-year interest expense declined to $45.4 million from $52.3 million, reflecting our actions to reduce and refinance debt and lower our borrowing costs.

我們的每股盈餘成長持續受惠於較低的利息費用與較少的流通股數。全年利息費用由5,230萬美元降至4,540萬美元，反映我們降低並再融資債務、以及降低借款成本的作為。

Average diluted shares outstanding were approximately $2.6 million lower for the full year at $35.7 million, reflecting our fiscal 2026 share repurchases. These benefits were partially offset by a higher effective tax rate, consistent with what we communicated throughout the year.

全年平均稀釋後流通股數約減少260萬股至3,570萬股，反映我們在2026會計年度的庫藏股回購。上述效益部分被較高的有效稅率所抵銷，這與我們全年溝通的內容一致。

Next, I'll discuss our fourth-quarter financial highlights by segment:

接下來，我將按事業部門說明第四季財務重點：

Chamberlain reported fourth-quarter revenue of $190.2 million, an increase of 3.2% compared with the prior year, driven by pre-licensure nursing and master's program enrollment growth, along with pricing optimization.

Chamberlain第四季營收為1.902億美元，較去年同期成長3.2%，主要受益於考照前護理與碩士課程的招生人數成長，以及定價最佳化。

Importantly, Chamberlain delivered its second consecutive quarter of positive total enrollment growth, up 1.6%; and its 16th consecutive quarter of pre-licensure BSN total enrollment growth.

重要的是，Chamberlain連續第二季實現總在學人數正成長，年增1.6%；同時也達成考照前BSN總在學人數連續第16季成長。

Fourth-quarter adjusted EBITDA increased 3.8% to $46.8 million, with adjusted EBITDA margin of 24.6%, up 20 basis points versus the prior year.

第四季調整後EBITDA成長3.8%至4,680萬美元，調整後EBITDA利潤率為24.6%，較去年同期提升20個基點。

Turning to Walden, fourth-quarter revenue increased 15.7% to $210.8 million, driven by strong enrollment growth.

再看Walden，第四季營收成長15.7%至2.108億美元，主要由強勁的招生人數成長所帶動。

Total student enrollment was up 14% to nearly 55,000 students, our 12th consecutive quarter of growth and the highest total enrollment in Walden's history, with strength across healthcare and non-healthcare programs. This also represents the ninth straight quarter of double-digit enrollment growth.

總在學人數成長14%至接近55,000名學生，為Walden連續第12季成長，亦創下Walden史上最高總在學人數，醫療保健與非醫療保健課程皆表現強勁。這也代表總在學人數連續第九季達到雙位數成長。

Fourth-quarter adjusted EBITDA increased 32.3% to $69.7 million. Adjusted EBITDA margin expanded 410 basis points to 33%, driven by our strong revenue growth and operational excellence that generated efficiencies and leverage.

第四季調整後EBITDA成長32.3%至6,970萬美元。調整後EBITDA利潤率擴張410個基點至33%，受惠於強勁的營收成長，以及我們在營運卓越上的執行所帶來的效率與槓桿。

For the MedVet segment, fourth-quarter revenue was $100.3 million, an increase of 10.7% versus the prior year.

就MedVet事業部門而言，第四季營收為1.003億美元，較去年同期成長10.7%。

Total student enrollment was up 7.3% to over 5,100 students, led by Medical, with new enrollment accelerating at both Med and Vet.

總在學人數成長7.3%至超過5,100名學生，其中以醫學（Medical）領先；醫學與獸醫（Vet）兩端的新生招生皆加速成長。

Fourth-quarter adjusted EBITDA increased 12.3% to $22.5 million, with adjusted EBITDA margin of 22.4%, up 30 basis points versus the prior year.

第四季調整後EBITDA成長12.3%至2,250萬美元，調整後EBITDA利潤率為22.4%，較去年同期提升30個基點。

Shifting the cash flow and the balance sheet, we continue to enhance our financial strength through robust cash generation and disciplined capital deployment.

轉向現金流與資產負債表，我們持續透過強勁的現金創造能力與嚴謹的資本配置，提升財務體質。

Full-year operating cash flow of $471 million was up 41% over the prior year, while free cash flow of $393 million was up 39%, reflecting our high cash conversion and strong operating performance.

全年營運現金流為4.71億美元，較去年成長41%；自由現金流為3.93億美元，成長39%，反映我們高現金轉換率與強勁的營運表現。

Net leverage improved to 0.5 times, down from 0.8 times at the end of fiscal 2025. During the year, we also refinanced our debt at attractive rates and extended our maturities, further solidifying our financial position.

淨槓桿倍數改善至0.5倍，較2025會計年度末的0.8倍下降。年內我們亦以具吸引力的利率為債務再融資並延長到期年限，進一步鞏固我們的財務狀況。

Taken together, these actions give us the financial flexibility under Purpose at Scale to invest in the growth ahead and, at the same time, return capital to shareholders.

綜合而言，這些行動使我們在「Purpose at Scale」架構下具備財務彈性，得以投資未來成長，同時也能回饋資本給股東。

On that front, during fiscal 2026, we returned $238 million to shareholders through share repurchases at an average cost of $98.35.

在此方面，2026會計年度期間，我們以平均每股98.35美元的成本，透過股票回購向股東返還2.38億美元。

We have $662 million remaining under our $750 million repurchase program, which was authorized in late 2025. We will continue to take a disciplined, returns-focused approach to capital allocation.

在我們於2025年末核准的7.5億美元回購計畫下，目前尚餘6.62億美元額度。我們將持續以嚴謹、以報酬為導向的方式進行資本配置。

Turning to our outlook, today, we are initiating fiscal 2027 guidance, the first year of our Purpose at Scale strategy.

接著談展望，今天我們正式發布2027會計年度財測，這也是我們「Purpose at Scale」策略的第一年。

Importantly, we are pacing ahead of plan toward our long-term targets, aided by our strong performance in the back half of fiscal 2026. This is a testament to our business model and the execution against the strategic plan we have put in place.

重要的是，在2026會計年度下半年強勁表現的帶動下，我們正以超前於計畫的步調朝長期目標邁進。這證明了我們的商業模式，以及我們對既定策略計畫的落實執行。

For fiscal 2027, we expect revenue in the range of $2.050 billion to $2.090 billion or approximately 5% to 7% growth, year over year.

對於2027會計年度，我們預期營收介於20.50億至20.90億美元之間，約為年增5%至7%。

We expect adjusted earnings per share in the range of $8.90 to $9.15 or approximately 8% to 11% growth, year over year.

我們預期調整後每股盈餘介於8.90至9.15美元之間，約為年增8%至11%。

A few underlying assumptions to frame the guidance:

以下是用以理解本次財測的幾項基本假設：

We continue to expect a positive step-change in Chamberlain's total enrollment. For the first quarter, we expect the total enrollment growth rate to accelerate, again, consistent with the sequential improvement we saw from the third quarter to the fourth in fiscal 2026. We'd expect additional growth throughout the balance of the year.

我們仍預期Chamberlain的總在學人數將出現正向的階躍式提升。就第一季而言，我們預期總在學人數成長率將加速，這也與我們在2026會計年度第三季到第四季所見的逐季改善一致。我們預期在今年其餘期間仍將持續成長。

Walden and MedVet are facing stronger comparables, which was already contemplated in our long-term targets.

Walden與MedVet面臨較強的比較基期，而這點已納入我們的長期目標之中。

Related to the quarterly phasing, our fiscal 2027 assumptions contemplate Walden returning to an academic calendar that will have one less week in Q2 and one additional week in Q3 compared to fiscal 2026; thereby, impacting the year-over-year comparisons in those two quarters.

就季度分期而言，我們對2027會計年度的假設是：Walden 將回到學術曆，相較於2026會計年度，第二季將少一週、第三季將多一週；因此，將影響這兩個季度的年對年比較。

As a reminder: In fiscal 2026, the shift resulted in $18 million of revenue and profitability being recognized in the second quarter, rather than in the third quarter.

提醒一下：在2026會計年度，這項調整使得1,800萬美元的營收與獲利在第二季認列，而非在第三季認列。

To be clear: There is no net impact for the full-year comparison of fiscal 2027 to fiscal 2026.

需要說明的是：就全年比較而言，2027會計年度相較於2026會計年度沒有淨影響。

With respect to adjusted EBITDA margins, we expect approximately zero to 50 basis points of adjusted EBITDA margin expansion for the full-year fiscal 2027.

就調整後 EBITDA 利潤率而言，我們預期2027會計年度全年調整後 EBITDA 利潤率約擴張0到50個基點。

Our growth reflects the impact of our Purpose at Scale strategy and is in spite of investments we're making in campus expansion.

我們的成長反映了「Purpose at Scale」策略的影響，且是在我們持續投入校區擴張的情況下達成的。

We also anticipate more of our improvement in adjusted EBITDA margin expansion to be in the back half of the year due to the Walden academic calendar shift and relatively higher investment levels anticipated in the first half of the year.

我們也預期調整後 EBITDA 利潤率擴張的改善將更多落在下半年，原因是 Walden 學術曆的調整，以及預期上半年投資水準相對較高。

We anticipate a capital expenditure run rate slightly higher than the annualized fourth-quarter fiscal 2026 spend, as we bring new capacity to market.

隨著我們將新增產能推向市場，我們預期資本支出執行率將略高於2026會計年度第四季支出的年化水準。

We will continue to invest in new technology as one of our pillars of the Purpose at Scale strategy.

我們將持續投資新技術，作為「Purpose at Scale」策略的支柱之一。

Finally, we expect our effective tax rate to be higher in fiscal 2027 than in fiscal 2026.

最後，我們預期2027會計年度的有效稅率將高於2026會計年度。

Overall, we conclude Growth with Purpose, having exceeded our commitments. We enter Purpose at Scale with strong momentum, including a proven operating model, a strong balance sheet, and a clear path to converting durable healthcare demand into sustainable, profitable growth.

整體而言，我們以「Growth with Purpose」作結，並已超越我們的承諾。我們以強勁動能進入「Purpose at Scale」，包括經驗證的營運模式、強健的資產負債表，以及將持續性的醫療照護需求轉化為可持續、具獲利性的成長之清晰路徑。

We expect to continue to execute on expanding access and delivering positive student outcomes; deploying capital to meet the healthcare education market's growing demand; and ultimately generating high returns for all stakeholders.

我們預期將持續推動擴大可及性並帶來正向的學生成果；部署資本以滿足醫療照護教育市場日益成長的需求；並最終為所有利害關係人創造高報酬。

With that, I will now turn the call over to the operator for Q&A.

接下來，我把電話交給接線員進行問答。

Thank you. At this time, we will be conducting our question-and-answer session.

謝謝。現在我們將進行問答環節。

(Operator Instructions)

(接線員指示)

Jack Slevin, Jefferies.

Jefferies 的 Jack Slevin。

Hey. Good afternoon. Thanks for taking the question. Congrats on another strong quarter, guys.

嗨。下午好。謝謝讓我提問。恭喜各位又交出一個強勁的季度表現。

To kick off -- I know this is going to be a point that is important for a lot of investors so I'll just address it head on -- I heard a little bit of the commentary on some pull-forward activity into the second quarter related to OB3.

先從一點開始——我知道這會是許多投資人很在意的重點，所以我就直接切入——我聽到一些關於與 OB3 相關、部分活動提前到第二季的評論。

I'd just love to get your take on having passed that 7/1 drop-dead date on Grad PLUS; what you've seen before it across the business and what you've seen post that date in the last month or so here.

我想請教你們：在 Grad PLUS 的 7/1 最後期限已經過了之後，你們在期限前於整體業務上看到什麼情況？以及在那個日期之後、過去一個月左右又看到什麼？

Let me start by reiterating what we said before, which is that we don't anticipate any headwinds for any of our programs or any challenges for any of our students persisting to our programs resulting from the OB3 loan changes. Obviously, we continue to monitor that closely.

我先重申我們先前說過的：我們不預期 OB3 貸款變更會對我們任何課程造成逆風，也不預期會對任何學生持續就讀我們課程造成任何挑戰。當然，我們仍會密切監控。

With respect to MedVet, we have seen some pull-forwards in the quarter, with folks attempting to front run the changes from the legislation. We view that as a consumer-behavior dynamic, not a shift in underlying demand.

就 MedVet 而言，我們確實在本季看到一些提前入學的情況，有些人試圖在立法變更前搶先行動。我們將其視為消費者行為的動態，而非基礎需求的轉變。

The way we encourage investors to think about it is that a portion of the incremental growth coming in the fourth quarter as a shift between two periods, right? We'll get some of those enrollments now. Maybe, we'll get some of those enrollments in the next enrollment cycle.

我們建議投資人這樣理解：第四季出現的部分增量成長，其實是兩個期間之間的移轉，對吧？我們現在會先取得其中一些報名。也許，我們會在下一個招生週期取得其中一些報名。

But, over the two enrollment cycles, together we expect total enrollment to trend consistent with our forecast for the year.

但把這兩個招生週期合在一起，我們預期總入學人數的走勢將與我們對全年預測一致。

Our view of the world is that it has shortened the sales cycle for some students who have decided to jump into our programs earlier. That's fantastic. That just means that we have more capacity for the additional demand that we expect to show up in the fall-enrollment cycle.

我們的看法是：這縮短了部分學生的銷售週期，因為他們決定更早加入我們的課程。這很棒。這也意味著，我們有更多產能來承接我們預期在秋季招生週期出現的額外需求。

We view it as a net positive. We're prepared to serve those students who decided they wanted to jump in a term early.

我們把它視為淨正面因素。我們已準備好服務那些決定提早一個學期加入的學生。

Awesome. I appreciate the color there, Steve.

太好了。Steve，謝謝你提供這些補充說明。

For my follow-up: Just looking a little bit forward here to the September-enrollment cycle and lapping some of the headwinds or mis-execution you saw last year, just wanted to check in on any leading KPIs you have for Chamberlain, specifically; and how post-licensure and the broader Chamberlain portfolio might be shaping up, as we head toward September enrollment.

我的追問是：稍微往前看九月的招生週期，並且在去年你們遇到的一些逆風或執行不佳因素逐步消退之際，我想確認一下你們是否有任何針對 Chamberlain 的領先 KPI；以及在邁向九月招生時，取得執照後（post-licensure）與更廣泛的 Chamberlain 產品組合可能會呈現什麼樣的態勢。

Yeah. We continue to be very encouraged with the trajectory for total enrollment at Chamberlain. As you know, we're accelerating beyond where we were at the time we announced Q3 earnings.

是的。我們對 Chamberlain 總入學人數的走勢仍然非常受到鼓舞。如你所知，我們的加速程度已超過我們在公布第三季財報時的水準。

We feel good about the places that enrollment momentum is coming from, particularly in pre-licensure BSN. But, also, recovery and stability in post-licensure RN to BSN and in the other graduate programs.

我們對入學動能的來源感到樂觀，特別是在取得執照前的 BSN。同時，在取得執照後的 RN to BSN 以及其他研究所課程方面，也出現復甦與穩定。

We're really bullish on Chamberlain's performance into fiscal '27. All of the leading indicators we monitor, including search data, increased application, are all trending as favorably as we close out Q4, as they were at the close of Q3, which bodes well for the all-important fall intake cycle.

我們對 Chamberlain 在2027會計年度的表現非常看多。我們監控的所有領先指標，包括搜尋數據、申請量增加等，在第四季接近尾聲時的趨勢，與第三季結束時一樣有利，這對至關重要的秋季入學週期是個好兆頭。

I appreciate the color. Thanks, again.

謝謝補充說明。再次感謝。

Of course.

當然。

Jeff Silber, BMO Capital Markets.

BMO Capital Markets 的 Jeff Silber。

Thank you so much. This is Ryan, on for Jeff.

非常感謝。我是 Ryan，代 Jeff 提問。

(inaudible) -- congratulations on the Advocate Health partnership; was wondering how we should think about the scaling of that -- and over time -- and then, just the magnitude of the P&L impact for Chamberlain?

(聽不清楚)——恭喜與 Advocate Health 的合作夥伴關係；想請教我們應該如何看待該合作的擴張——以及隨時間推進的規模化——另外，對 Chamberlain 的損益表（P&L）影響幅度大概會是如何？

I think we're encouraged to have the endorsement of the third largest not-for-profit health system in the country and their willingness to work with us to think creatively about how we meet their nursing pipeline needs.

我們很受鼓舞，因為這是全國第三大非營利醫療體系對我們的背書，而且他們願意與我們合作，以更具創意的方式思考如何滿足其護理人才管道需求。

The program will start out relatively modestly tailored, focused primarily in North Carolina. But we expect it to expand in due course, as we've proven out, much as has been the case with SSM, where we started out with a narrowly definedprogram.

該計畫一開始會以相對適度、量身打造的方式推動，主要聚焦在北卡羅來納州。但我們預期在適當時機會擴大，因為我們已驗證其成效；這與 SSM 的情況相似，我們當初也是從一個範圍較窄的計畫開始。

The demand and performance of that program has been sufficiently robust. We've actually raised the enrollment targets in St. Louis.

該計畫的需求與表現都相當強勁。我們其實已提高了聖路易斯的招生目標。

We're super encouraged in the partnership. We're looking forward to delivering for the folks at Advocate and then, taking that success across the various markets in which they're prepared to deploy this innovative approach to talent acquisitions.

我們對這項合作關係感到非常振奮。我們期待為 Advocate 的夥伴交付成果，並將這份成功複製到他們準備在各個市場推動這項創新人才招募方式的版圖中。

Thank you. And then, I know the definition of professional programs changed a bit at the end of the quarter, inclusive of nursing now. I was wondering if you're feeling any better about some of your programs now.

謝謝。另外，我知道在本季末，專業課程的定義有些調整，現在也把護理納入其中。我想請教，您是否對目前部分課程的情況感覺更樂觀一些？

Thank you.

謝謝。

We think that's a positive development. It wasn't one that we factored into the way we thought about the market opportunity for those programs.

我們認為這是正向的發展。這並不是我們在評估這些課程的市場機會時所納入的假設。

We were highly confident that, even with the old definition, we'd be able to support our students in financing their academic journeys with us.

我們非常有信心，即使在舊的定義之下，我們也能協助學生為他們在我們這裡的學習旅程取得資金支持。

As you know, we surveyed a not insignificant number of working adults for whom –they provided variety of inputs to the pay mix. But, net-net, it's a very positive development. We're encouraged to see it.

如您所知，我們針對相當數量的在職成人做了調查——他們就薪酬組合提供了各式各樣的意見。但總體而言，這是一項非常正面的發展。我們很高興看到這樣的結果。

We know that the nursing profession is quite amenable to that outcome, as well, so it's a positive, all around.

我們也知道護理這個職業同樣非常適合這樣的結果，因此整體來說是正向的。

Jasper Bibb, Truist Securities

Jasper Bibb，Truist Securities

Hey. Good afternoon, guys.

嗨。各位下午好。

I'll start on what's been the topic of this earnings season, so far, right? Curious, what you're seeing with the increased consumer adoption of agentic search.

我先從本次財報季到目前為止的熱門話題開始，好嗎？想請教你們如何看待消費者對代理式搜尋（agentic search）採用率提升的情況。

Has that had any impact on the volume or the quality of leads you're seeing or, maybe, the conversion rates further down the funnel?

這是否對你們看到的潛在客戶（leads）數量或品質，或是漏斗更下游的轉換率造成任何影響？

We're monitoring this dynamic closely. I'm pleased to say that it hasn't had any headwind impact on our funnel, particularly at the top of the funnel.

我們正密切監控這個趨勢。我很高興地說，這並未對我們的漏斗造成任何逆風影響，尤其是在漏斗頂端。

That said, we believe the dynamic is real. It's one that I think all consumer discretionary plans will have to adjust to.

話雖如此，我們認為這個趨勢確實存在。我想所有面向消費者的可選消費（consumer discretionary）業者都必須因應調整。

As we said in prior call, I think we got an early start on that, particularly from the content-development perspective, because we were rebranding the enterprise as Covista.

如同我們在先前的電話會議中提到的，我認為我們在這方面起步較早，特別是在內容開發的角度，因為我們正在將企業重新品牌化為 Covista。

We're at a point, now, in our journey that we actively track how our brands are represented across all the major AI platforms and answer engines, including tracking visibility, share of voice, competitive positioning.

目前在我們的進程中，我們會主動追蹤我們的品牌在所有主要 AI 平台與答案引擎上的呈現方式，包括追蹤能見度、聲量占比（share of voice）、競爭定位。

Obviously, this is going to continue to evolve. It's a bit of a moving target. But, as we sit here today, we feel pretty good about the handle that we have on it.

顯然，這還會持續演變。這有點像是移動的目標。但就目前而言，我們對自己掌握的程度感到相當有信心。

We've been able to continue to drive robust, top-of-the-funnel activity for our programs, despite these dynamics.

儘管有這些動態變化，我們仍能持續為各項課程帶來強勁的漏斗頂端活動量。

–Good to hear

關於 Chamberlain——你們對 Chamberlain 推進節奏的說明很有幫助。我想請你們再多提供一些細節：你們在 '27 年指引中，預期入學成長會加速到什麼程度？

On Chamberlain -- helpful comments on the Chamberlain sequencing. I'm wondering if you could give us any additional detail on how much of an acceleration in enrollment growth you're anticipating the '27 guidance?

另外，回顧過去幾季，你們提供了不少申請量成長的細節。我認為那在過去兩季是領先指標。如果你們有那個數字，我想了解目前的趨勢如何。

And then, thinking back the last couple of quarters, you've given us some pretty good detail on application growth. That's the leading indicator in the past two quarters, I think. If you have that number, I'm curious how that's trending.

We don't guide to enrollment growth by institution or program. We provide direct commentary, from time to time.

我們不會按機構或課程提供入學成長的指引。我們會不時提供直接的評論。

What I will tell you is that we do feel that the issue that we were remediating a little over a year ago at Chamberlain is one that has been fully addressed.

我可以告訴你的是，我們在 Chamberlain 於一年多前著手改善的問題，現在已經完全解決。

We feel really good about the performance of our marketing and enrollment teams at Chamberlain. We feel really good about the trajectory of new enrollment across -- particularly, pre-licensure nursing -- and the stabilization in post-licensure nursing. I think we expect, putting aside the year-over-year comparisons for a moment -- I think, on a sequential basis, we're expecting to keep really attractive gains in total enrollment in Chamberlain over the course of fiscal '27.

我們對 Chamberlain 的行銷與招生團隊表現非常有信心。我們對新生入學的走勢感到非常樂觀——特別是執照前護理（pre-licensure nursing）的表現——以及執照後護理（post-licensure nursing）的穩定化。我想我們預期，先暫時不看年對年比較——以季對季來看，我們預計在 2027 財年期間，Chamberlain 的總在學人數將持續取得相當亮眼的增長。

Got it. Thanks, guys.

了解。謝謝各位。

Thank you. That's all the questions we have for today.

謝謝。今天的提問就到這裡。

I'll now hand it back to Chairman and CEO, Steve Beard, for closing remarks.

接下來我把時間交回董事長兼執行長 Steve Beard，請他做結語。

Thank you. I think what I'd love to do, as we close, is, really, extend my sincere gratitude to the Covista family; and all of our faculty and student-advisors who stood by our students throughout the year.

謝謝。在結束之前，我最想做的是，向 Covista 大家庭致上我最誠摯的感謝；也感謝我們所有的教職員與學生顧問，在整個年度中一路陪伴並支持我們的學生。

The results that we enjoyed over the course of this fiscal year is, really, the product of the incredible work that they do. I want to express my gratitude for that.

我們在本財年所取得的成果，確實是他們卓越工作的結晶。我想對此表達我的感謝。

And then, the final idea, I think, I want to leave the investment community with is that, as we turn the page from fiscal '26 to '27, the structure and demand environment for the programs we take to market is broad; it's robust; and it's durable.

最後，我想留給投資社群的一個重點是：當我們從 2026 財年翻頁進入 2027 財年，我們推向市場的課程，其結構與需求環境是廣泛的、強勁的，而且具有持久性。

But demand alone isn't an advantage. The advantage is really converting that demand into qualified licensed clinicians.

但僅有需求本身並不是優勢。真正的優勢在於把這些需求轉化為合格、持照的臨床人員。

That depends on improving student journey, clinical-placement capacity, strong licensure outcomes, and regulatory standing built through years of consistent execution.

這取決於改善學生就學旅程、提升臨床實習安置容量、強健的執照考試成果，以及透過多年一致執行所建立的法規合規地位。

These capabilities can be enjoyed at scale; and difficult to replicate; and can't be assembled quickly. We're going to continue to invest behind those capabilities and those advantages, while thoughtfully returning excess capital to shareholders.

這些能力可以規模化享有；也難以複製；而且無法在短時間內拼湊完成。我們將持續投資於這些能力與優勢，同時審慎地將多餘資本回饋給股東。

Our owners can rest assured that we're not managing Covista for the next quarter or the next year, we're building the capacity America will need in 2035 and the durable earnings power that results from that.

我們的股東可以放心：我們不是為了下一季或下一年來經營 Covista；我們是在打造美國於 2035 年所需要的產能，以及由此帶來的可持續獲利能力。

Thank you for your support. Looking forward to seeing you next quarter.

感謝各位的支持。期待下季再與各位見面。

Thank you. That concludes today's conference.

謝謝。今天的電話會議到此結束。

All parties may disconnect. Have a good day.

各方可掛線離開。祝各位有美好的一天。