Laureate Education Inc (LAUR) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Laureate Education third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Laureate Education 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Adam Morse, Senior Vice President of Finance. Please go ahead.

現在我謹將會議交給今天的主講人，財務高級副總裁亞當·莫爾斯。請繼續。

Good morning and thank you for joining us on today's call to discuss Laureate Education's third quarter and year-to-date 2025 results. Joining me on the call today are Eilif Serck-Hanssen, President and Chief Executive Officer; and Rick Buskirk, Chief Financial Officer.

早安，感謝各位參加今天的電話會議，共同討論 Laureate Education 2025 年第三季及年初至今的業績。今天與我一起參加電話會議的有總裁兼執行長 Eilif Serck-Hanssen 和財務長 Rick Buskirk。

Our earnings press release is available on the Investor Relations section of our website at laureate.net. We've also posted a supplementary presentation to the website, which we will be referring to during today's call. The call is being webcast and a complete recording will be available after the call.

我們的獲利新聞稿已發佈在本公司網站laureate.net的投資者關係版塊。我們還在網站上發布了補充演示文稿，我們將在今天的電話會議上提及該演示文稿。本次通話將進行網路直播，通話結束後將提供完整錄音。

I would like to remind you that some of the information we are providing today, including, but not limited to, our financial and operational guidance constitutes forward-looking statements within the meaning of applicable US securities laws. Forward-looking statements are subject to risks and uncertainties that may change at any time, and therefore, our actual results may differ materially from those we expected.

我想提醒各位，我們今天提供的一些信息，包括但不限於我們的財務和運營指導，構成適用美國證券法意義上的前瞻性陳述。前瞻性陳述受風險和不確定性因素的影響，這些因素可能隨時發生變化，因此，我們的實際結果可能與預期結果有重大差異。

Important factors that could cause actual results to differ materially from our expectations are disclosed in our annual report on Form 10-K filed with the US Securities and Exchange Commission, our 10-Q filed earlier this morning as well as other filings made with the SEC. In addition, all forward-looking statements are based on current expectations as of the date of this conference call, and we undertake no obligation to update any forward-looking statements.

可能導致實際結果與預期結果有重大差異的重要因素已在提交給美國證券交易委員會的 10-K 表格年度報告、今天早些時候提交的 10-Q 表格以及提交給美國證券交易委員會的其他文件中披露。此外，所有前瞻性陳述均基於截至本次電話會議之日的當前預期，我們不承擔更新任何前瞻性陳述的義務。

Additionally, non-GAAP measures that we discuss, including and among others, Adjusted EBITDA and its related margin, Adjusted Net Income and Adjusted Earnings Per Share, total cash and equivalents, net of total debt and free cash flow are also detailed and reconciled to their GAAP counterparts in our press release or supplementary presentation.

此外，我們討論的非GAAP指標，包括但不限於調整後EBITDA及其相關利潤率、調整後淨收入和調整後每股收益、扣除總債務後的現金及等價物總額和自由現金流，也在我們的新聞稿或補充演示文稿中詳細列出並與相應的GAAP指標進行了核對。

Let me now turn the call over to Eilif.

現在我把電話交給埃利夫。

Thank you, Adam. And good morning, everyone. Today, we are pleased to report strong operating and financial performance for the third quarter along with the results of our recently completed intake cycles.

謝謝你，亞當。大家早安。今天，我們很高興地宣布第三季強勁的營運和財務業績，以及我們最近完成的接收週期的結果。

Third quarter Revenue was $400 million and Adjusted EBITDA was $95 million. Both metrics were ahead of the guidance we provided in July. Favorable results for the quarter were driven by improved foreign currency rates and double-digit growth in Peru's secondary intake, led by fully online working adult programs as we continue to scale in that segment, albeit from a smaller base.

第三季營收為 4 億美元，調整後 EBITDA 為 9,500 萬美元。這兩項指標均優於我們7月所給的預期。本季業績表現良好，主要得益於外匯匯率的改善以及秘魯中學入學人數的兩位數增長，其中以完全在線的成人工作課程為主導，儘管基數較小，但我們仍在不斷擴大該領域的規模。

The primary intake in Mexico was up 4% excluding campus closures and in line with our expectations. The solid results during the intake were against the backdrop of a softer macroeconomic environment, reinforcing the resiliency of our business model.

墨西哥的初中招生人數（不包括校園關閉）增加了 4%，符合我們的預期。在宏觀經濟環境較為疲軟的背景下，我們取得了穩健的業績，這進一步證明了我們商業模式的韌性。

During the intake cycle, we also opened two new campuses for our value brand institutions, one in Monterrey, Mexico, and one in Lima's Ate District in Peru. Both campuses opened on time, on budget, and performed as expected. These campus openings were our first new campus launches since 2019.

在招生週期內，我們也為我們的價值品牌學院開設了兩個新校區，一個位於墨西哥蒙特雷，另一個位於秘魯利馬的阿特區。兩個校區均準時、預算開放，並達到預期效果。這些新校區的啟用是我們自 2019 年以來首次啟動的新校區計畫。

We also have two additional new campus projects underway, one in each market, and expect these to open late next year or early in 2027. Beyond that, we have identified numerous other cities and site locations in both Mexico and Peru that are ripe for development over the next several years.

我們還有兩個新的校園建設項目正在進行中，每個市場各一個，預計這些項目將於明年年底或 2027 年初開放。除此之外，我們還在墨西哥和秘魯確定了許多其他城市和地點，這些地方在未來幾年內都具備開發條件。

The completion of the intake cycles provide us with strong visibility for the remainder of the year, and we are announcing an increase to our full year 2025 outlook, which Rick will cover in more detail later in his prepared remarks.

招生週期的完成使我們對今年剩餘時間的前景有了清晰的了解，我們宣布上調 2025 年全年預期，里克稍後將在他準備好的演講中對此進行更詳細的介紹。

Our balance sheet remains exceptionally strong, and today we are also pleased to announce that our Board has authorized a $150 million increase to our stock repurchase program, underscoring our disciplined approach to capital allocation and focus on long-term value creation for our shareholders.

我們的資產負債表仍然非常強勁，今天我們也很高興地宣布，董事會已批准將股票回購計劃增加 1.5 億美元，這凸顯了我們在資本配置方面的嚴謹態度以及對為股東創造長期價值的關注。

From a macro perspective, Peru's economy continues to perform well, driven by robust domestic demand, new mining projects, strong commodity prices, rising wages, and low inflation. GDP growth for this year is projected at approximately 3% with a similar pace expected to continue through 2026, reinforcing the country's path towards sustainable growth.

從宏觀角度來看，秘魯經濟持續表現良好，這得益於強勁的國內需求、新的採礦項目、大宗商品價格走強、工資上漲和低通膨。今年GDP成長率預計約為3%，預計到2026年將繼續保持類似的成長速度，這將鞏固該國實現永續成長的道路。

In Mexico, President Sheinbaum's administration marked its first year in office with a public approval rating above 70%. The government has maintained fiscal discipline, advanced industrial modernization, and promoted infrastructure investments through stronger public-private collaboration.

在墨西哥，總統欣鮑姆執政第一年，公眾支持率超過 70%。政府透過加強公私合作，維持財政紀律，推動工業現代化，並促進基礎建設投資。

US trade policy uncertainties have caused the current macroeconomic environment to be a bit sluggish. However, Sheinbaum's pragmatic approach to managing the US - Mexico relationship has helped maintain a constructive tone ahead of the upcoming USMCA review. Most economists anticipate an increase in economic activity in the second half of 2026 and into 2027 following completion of these trade negotiations.

美國貿易政策的不確定性導致當前的宏觀經濟環境略顯疲軟。然而，謝因鮑姆務實的美國-墨西哥關係管理方式，有助於在即將到來的美墨加協定審查之前保持建設性的基調。大多數經濟學家預計，隨著這些貿易談判的完成，2026 年下半年和 2027 年的經濟活動將會增加。

That concludes my prepared remarks. And I'm now handing the call over to Rick for the financial overview of the third quarter as well as guidance for the fourth quarter and the full year 2025. Rick?

我的發言稿到此結束。現在我將把電話交給里克，讓他介紹第三季的財務概況以及對第四季和 2025 年全年的展望。瑞克？

Thank you, Eilif. Before I discuss our financial performance for the quarter, let me provide a few important reminders on seasonality. Campus-based higher education is a seasonal business. Although the third quarter is a large intake period, from a P&L perspective, it is seasonally low as classes are out of session for much of the quarter.

謝謝你，埃利夫。在討論本季財務表現之前，我想先就季節性問題做幾點重要的提醒。校園高等教育是一個季節性行業。雖然第三季是招生高峰期，但從損益表的角度來看，由於該季度大部分時間沒有課程，因此招生人數處於季節性低潮。

In addition, the timing of the start of our classes can shift year over year depending on various factors such as when public universities begin classes or when holidays occur. This in turn affects the timing of enrollments and Revenue recognition and quarter-over-quarter comparability.

此外，我們的課程開始時間每年都會有所不同，這取決於各種因素，例如公立大學何時開學或假期何時到來。這反過來會影響入學時間、收入確認以及季度間的可比較性。

In 2025, the beginning of classes, particularly in Peru, started later versus 2024, extending the enrollment cycle into mid-April and beyond the first quarter cutoff. As a result, we expect approximately $26 million of Revenue and $23 million in Adjusted EBITDA will shift from the first quarter to the second half of the year, primarily to the fourth quarter. As I review our operating results, I will provide additional color on these timing-related impacts.

2025 年，開學時間（尤其是在秘魯）比 2024 年晚，導致入學週期延長至 4 月中旬，甚至超過了第一季的截止日期。因此，我們預計約 2,600 萬美元的營收和 2,300 萬美元的調整後 EBITDA 將從第一季轉移到下半年，主要轉移到第四季。在回顧我們的經營績效時，我將對這些與時間相關的因素的影響進行更詳細的說明。

Let's start with page 10 and 11 of the supplementary presentation which highlight our operating and financial performance for the third quarter in year-to-date. For the quarter, new and total enrollment volumes increased 7% and 6%, respectively, versus the third quarter of the prior year.

讓我們從補充簡報的第 10 頁和第 11 頁開始，其中重點介紹了我們今年迄今為止第三季的營運和財務業績。與去年同期相比，本季新增入學人數和總入學人數分別增加了 7% 和 6%。

Third quarter Revenue was $400 million and Adjusted EBITDA was $95 million. Both metrics were ahead of the guidance we provided three months ago, aided by the favorable secondary intake in Peru, favorable price/mix, and improved currency rates.

第三季營收為 4 億美元，調整後 EBITDA 為 9,500 萬美元。這兩個指標都優於我們三個月前提供的預期，這得益於秘魯有利的二級市場需求、有利的價格/組合以及改善的匯率。

On an organic, constant currency basis and adjusted for the academic calendar shift discussed earlier, Revenue for the seasonally low third quarter was up 6% year over year, and Adjusted EBITDA increased by 3%.

以有機成長、固定匯率計算，並根據前面討論的學年調整進行調整後，季節性低谷的第三季營收年增 6%，調整後 EBITDA 成長 3%。

Third quarter Net Income was $34 million resulting in Earnings Per Share of $0.23 per share on a reported basis. Third quarter Adjusted Net Income was $37 million and Adjusted Earnings per Share was $0.25 per share, an increase of 14% as compared to Q3 of the prior year.

第三季淨利為 3,400 萬美元，以報告基準計算，每股收益為 0.23 美元。第三季調整後淨收入為 3,700 萬美元，調整後每股收益為 0.25 美元，比上年同期成長 14%。

Now, turning to year-to-date performance on an organic constant currency basis and adjusted for academic calendar timing. Results for the nine months of 2025 were strong with Revenue and Adjusted EBITDA growth of 8% and 13%, respectively, versus the prior year period.

現在，讓我們來看看以固定匯率計算並根據學年時間調整後的年初至今業績。2025 年頭九個月的業績表現強勁，營收和調整後 EBITDA 分別比上年同期成長 8% 和 13%。

Let me now provide some additional color on the performance of Mexico and Peru, starting with page 13. Please note that all comparisons versus prior year are on an organic and constant currency basis.

現在讓我從第 13 頁開始，對墨西哥和秘魯的表現進行一些補充說明。請注意，所有與去年同期相比的數據均以實際成長率和固定匯率為基礎。

Beginning with Mexico, Mexico's new enrollments for the third quarter increased 2% versus the prior year period on a reported basis, or 4% excluding campus closures during their primary intake. Total enrollment volume for the third quarter increased 4% compared to the prior year period on a reported basis, or 5% when adjusted for the impact of campus closures.

以墨西哥為例，墨西哥第三季度的新生入學人數按報告計算比上年同期增長了 2%，如果排除主要招生期間校園關閉的情況，則增長了 4%。第三季總入學人數比上年同期增加了 4%（按報告數據計算），如果將校園關閉的影響進行調整，則增加了 5%。

As Eilif noted earlier, the macroeconomic environment in Mexico is currently a bit sluggish. The growth we delivered during this intake cycle demonstrates the resiliency of our business model and the value proposition our institutions offer to parents and students.

正如埃利夫之前指出的那樣，墨西哥目前的宏觀經濟環境有些疲軟。我們在本次招生週期中所取得的成長，證明了我們商業模式的韌性以及我們學院為家長和學生提供的價值主張。

Mexico's Revenue for the third quarter increased 5% compared to the prior year period and Adjusted EBITDA was up 25%. Overall, pricing for the intake was in line with inflation for our traditional face-to-face students. On a year-to-date basis, Mexico's Revenue grew 8% and Adjusted EBITDA increased 21% versus the prior year period. The resulting margin increase of 240 basis points was led by productivity gains and Revenue flow through.

墨西哥第三季的營收比去年同期成長了 5%，調整後的 EBITDA 成長了 25%。整體而言，入學價格與我們傳統的面授學生的通貨膨脹率相符。今年迄今為止，墨西哥的營收成長了 8%，調整後的 EBITDA 比去年同期成長了 21%。最終利潤率提高了 240 個基點，這主要得益於生產力的提高和收入的持續成長。

Let's now transition to Peru on slide 14. New enrollments in Peru increased by 21% for the third quarter compared to the previous year. Results were driven by strong growth in our fully online programs that serve working adults as we continue to scale in that segment.

現在讓我們轉到第 14 張投影片，看看秘魯的情況。與去年同期相比，秘魯第三季的新生入學人數增加了 21%。業績成長主要得益於我們面向在職成年人的全線上課程的強勁成長，我們在該領域的規模也在不斷擴大。

Total enrollments were up 8% versus the third quarter of the prior year, supported by a strengthening macroeconomic backdrop and the expansion of our fully online programs. Adjusted for timing of the academic calendar, Peru's Revenue for the third quarter increased 8% year-over-year, driven by higher enrollment volumes.

受宏觀經濟情勢好轉和全線上課程擴展的推動，總入學人數比上年第三季增加了 8%。經調整學年安排後，秘魯第三季營收年增 8%，主要得益於入學人數增加。

Overall, pricing for the secondary intake was in line with inflation for our traditional face-to-face students. Going forward, we do expect a price/mix impact on average Revenue per student due to the higher growth rate of our fully online programs.

整體而言，第二階段招生價格與我們傳統面授學生的通貨膨脹率持平。展望未來，由於我們全在線課程的成長率較高，我們預期價格/產品組合會對每位學生的平均收入產生影響。

Adjusted for timing of the academic calendar, Adjusted EBITDA declined 2% versus the comparable period in the prior year. This was due to timing of expenses, which we expect to be offset in the fourth quarter.

在調整學年安排後，調整後的 EBITDA 比去年同期下降了 2%。這是由於支出時間安排所致，我們預計這將在第四季度得到抵銷。

On a year-to-date basis and adjusted for timing of the academic calendar, Peru's Revenue increased 7% versus the prior year period. Adjusted EBITDA increased 5% and was impacted by the timing of certain expenses which we are expected to normalize in the fourth quarter.

以年初至今的基數計算，並根據學年安排進行調整後，秘魯的收入比去年同期增長了 7%。調整後 EBITDA 成長 5%，但受到某些費用發生時間的影響，我們預計這些費用將在第四季度恢復正常。

Let me now transition to our balance sheet position. Laureate ended September with $241 million in cash and $102 million in gross debt for a net cash position of $139 million. Through September of this year, we repurchased $71 million of common stock under our previously announced $100 million repurchase program. Our strong balance sheet, cash accretive model, and disciplined capital allocation supported our Board's decision to authorize a $150 million increase in our stock repurchase program.

現在讓我來談談我們的資產負債表狀況。截至 9 月底，Laureate 公司擁有 2.41 億美元現金和 1.02 億美元總債務，淨現金部位為 1.39 億美元。截至今年9月，我們根據先前宣布的1億美元股票回購計劃，回購了價值7,100萬美元的普通股。我們強勁的資產負債表、現金增值模式和嚴謹的資本配置，支持了董事會批准將股票回購計畫增加 1.5 億美元的決定。

In total, $177 million remains available under our current upsized authorization. Upon completion of this authorization, we will have returned more than $3 billion of capital to shareholders since 2019 through a combination of share repurchases, cash distributions, and cash dividends.

根據我們目前擴大的授權範圍，總共有 1.77 億美元可用。完成這項授權後，自 2019 年以來，我們將透過股票回購、現金分紅和現金股利等方式，向股東返還超過 30 億美元的資本。

Moving on to our outlook starting on page 18. Today, we are announcing an increase in our full year 2025 guidance at the midpoint by $61 million for Revenue and $17 million for Adjusted EBITDA. Our improved outlook for 2025 is resulting from the favorable secondary intake in Peru and better price/mix, and favorable currency movements in the Mexican peso and Peruvian sol.

接下來，我們將從第 18 頁開始展望未來。今天，我們宣布將 2025 年全年業績預期中位數上調 6,100 萬美元（營收）和 1,700 萬美元（調整後 EBITDA）。我們對 2025 年前景的改善得益於秘魯有利的二級市場需求和更佳的價格/組合，以及墨西哥比索和秘魯索爾的有利匯率走勢。

Based on our assumed spot FX rates, we now expect full year 2025 results to be as follows. Total enrollments to be approximately 494,000 students, reflecting growth of approximately 5% versus 2024. Revenues to be in the range of $1.681 billion to $1.686 billion reflecting growth of 7% to 8% on an as reported basis and approximately 8% on an organic constant currency basis versus 2024.

根據我們假設的即期外匯匯率，我們現在預期 2025 年全年業績如下。預計總入學人數約為 494,000 名學生，比 2024 年增長約 5%。預計營收將在 16.81 億美元至 16.86 億美元之間，按報告基準計算增長 7% 至 8%，按有機增長（固定匯率）計算增長約 8%（與 2024 年相比）。

Adjusted EBITDA to now be in the range of $508 million to $512 million reflecting growth of 13% to 14% on an as reported basis and 12% to 13% on an organic constant currency basis versus 2024. Adjusted EBITDA margin expansion of approximately 150 basis points, primarily driven by Mexico's continued margin optimization and operating leverage. Adjusted EBITDA to unlevered free cash flow conversion of approximately 50%, reflecting our strong cash accretive business model and disciplined capital approach.

經調整的 EBITDA 目前預計在 5.08 億美元至 5.12 億美元之間，按報告基準計算增長 13% 至 14%，以有機固定匯率計算增長 12% 至 13%（與 2024 年相比）。經調整的 EBITDA 利潤率擴大約 150 個基點，主要得益於墨西哥持續的利潤率優化和營運槓桿作用。調整後 EBITDA 與無槓桿自由現金流的轉換率約為 50%，反映了我們強大的現金增值業務模式和嚴謹的資本管理方法。

Now, moving to the fourth quarter guidance. For the fourth quarter of 2025, we expect Revenue to be in the range of $521 million to $526 million. Adjusted EBITDA to be in the range of $194 million to $198 million. Our fourth quarter outlook reflects the catch-up benefit from the intra-year academic calendar changes in Peru.

接下來，我們來看看第四季業績展望。我們預計 2025 年第四季的營收將在 5.21 億美元至 5.26 億美元之間。調整後 EBITDA 預計在 1.94 億美元至 1.98 億美元之間。我們第四季的展望反映了秘魯學年內調整學年安排所帶來的追趕效益。

That concludes my prepared remarks. Eilif, I'm handing it back to you for closing comments.

我的發言稿到此結束。艾利夫，現在把發言權交還給你，請你做總結發言。

Thank you, Rick. Our operations in both Mexico and Peru continue to perform very well, resulting in strong performance on a year-to-date basis and causing us to guide to an improved outlook for the remainder of the year.

謝謝你，里克。我們在墨西哥和秘魯的業務持續表現良好，年初至今業績強勁，因此我們對今年剩餘時間的業績前景持樂觀態度。

With leading brands, strong digital capabilities, disciplined capital allocation, and a strong balance sheet, we are very well positioned to execute on our growth agenda and advance our mission of transforming lives across Mexico and Peru through high-quality, affordable education.

憑藉領先的品牌、強大的數位化能力、嚴謹的資本配置和穩健的資產負債表，我們完全有能力執行我們的成長計劃，並透過高品質、價格合理的教育來改變墨西哥和秘魯人民的生活，從而推進我們的使命。

Operator, that concludes the prepared remarks. And we're now happy to take any questions from the participants.

操作員，結束事先準備好的發言。現在我們很樂意回答各位參與者的任何問題。

(Operator Instructions) Jeff Silber, BMO Capital Markets.

（操作員說明）傑夫·西爾伯，BMO資本市場。

Hey. Thank you so much. This is just Ryan on for Jeff. On Peru, Revenue for the quarter was really strong, especially in the context of the $7 million of Revenue falling out from the calendar timing. We're just trying to understand some of the moving pieces with FX, enrollment, and pricing versus your initial forecast. Thank you.

嘿。太感謝了。這是瑞恩替傑夫發言。秘魯方面，本季營收表現非常強勁，尤其是在考慮到日曆時間安排導致 700 萬美元營收減少的情況下。我們只是想了解外匯、招生和定價等方面的一些變動因素，並與您最初的預測進行比較。謝謝。

Well, we're benefiting in Peru, of course, having the recession behind us, which means that we are seeing a little bit of a catch up on delayed demand and deferred demand from last year. But we are also just seeing strong consumer sentiment. We have a very strong value proposition which works well in the premium segment in the value segment as well as a very rapid increase in demand for fully online working adult products.

當然，秘魯從中受益匪淺，經濟衰退已經過去，這意味著我們正在看到去年滯後和推遲的需求正在恢復。但我們也看到了強勁的消費者信心。我們擁有非常強大的價值主張，在高端市場和高性價比市場都表現出色，同時，完全在線使用的成人用品的需求也在快速增長。

In terms of pricing, for face-to-face, we've been pricing in line with inflation. With the working adult product that's fully online,we have adjusted pricing to optimize our Revenue production, but it has been from a relatively small base. It shouldn't have a material impact on the overall price dynamics in the market. But net-net, on the fully online product, we have taken a slight reduction in headline pricing.

在定價方面，對於面對面交易，我們的定價一直與通貨膨脹率保持一致。對於完全在線銷售的成人工作產品，我們已經調整了定價以優化收入，但基數相對較小。它應該不會對市場整體價格動態產生實質影響。但總的來說，對於完全在線的產品，我們略微降低了主要定價。

Appreciate that. And just for the follow-up, on the Mexican new enrollment growth for the quarter, I was hoping you could part apart the plus 2 or the plus 4, I guess, on an organic basis. I think last quarter you had highlighted some working adult strength, so I was just wondering how that evolved. And then if you could give us anything on how the face-to-face new enrollment involved in Mexico as well for the intake cycle. Thank you very much.

謝謝。另外，關於本季度墨西哥新入學人數的增長，我希望您能從自然增長的角度，把增加的 2 人或 4 人那部分具體分析出來。我認為上個季度您重點介紹了成年勞動者的優勢，所以我想知道這方面是如何發展的。另外，如果您能提供一些關於墨西哥新生面對面入學流程的信息，以及入學週期的相關情況，那就太好了。非常感謝。

Yes, so the third quarter is really the main enrollment. So the focus is really young students. And what would we call C1, or cycle one, and cycle two in firstand second quarter are primarily the working adult markets. So, the vast majority of the volume momentum is driven by traditional 18- to 24-year-old undergraduate students in Mexico for third quarter.

是的，所以第三季才是真正的招生高峰期。所以，重點是低年級學生。我們所說的 C1（第一周期）和第二週期，第一季和第二季主要面向的是成年勞工市場。因此，第三季墨西哥 18 至 24 歲的傳統本科生是推動成交量成長的主要力量。

(Operator Instructions) Lucas Nagano, Morgan Stanley.

（操作說明）盧卡斯·納加諾，摩根士丹利。

Hey. Good morning. We have a question about the intake in Mexico. If you could quantify the contribution, the percentage points from the new campus launched this quarter. In other words, how much did it grow without the new campus?

嘿。早安.我們有一個關於墨西哥進口量的問題。如果可以量化這項貢獻，那麼本季新校區的投入產出比將達到百分之幾。換句話說，如果沒有新校區，它的發展規模有多大？

So we had 4% growth when excluding campus closures, and 1 point of that came from new campus launches. So 3%, same store.

因此，如果排除校園關閉的影響，我們的成長率為 4%，其中 1 個百分點來自新校園的開幕。所以是3%，同一家店。

Perfect. And also, you mentioned that going forward you expect a pricing in Peru in line with installation. How much should the average Revenue per student be impacted due to the needs of fully online?

完美的。另外，您也提到，未來您希望秘魯的定價能與安裝成本保持一致。由於全面線上教學的需求，每位學生的平均收入會受到多大影響？

Rick, do you want to take the mix impact?

瑞克，你想體驗混音效果嗎？

I mean, overall, inflation in Peru is trending very well. It's a headline around 2%, so that's just a starting point of what our target would be to match that in the market. And then mix impact could be upwards of 2% as we continue to aggressively go after the fully online working adult segment.

我的意思是，總體而言，秘魯的通膨趨勢非常好。目前的市場預期是 2% 左右，所以這只是我們目標的起點，目的是在市場上達到這個目標。然後，隨著我們繼續積極開拓完全在線的成年工作市場，產品組合的影響可能會達到 2% 以上。

And as a reminder, we're just getting started in Peru. We have over 100,000 students approximately in Mexico. We have a fraction of that in Peru, and we're starting to really see solid growth in that segment as we've seen posted in Q3 of this year.

再次提醒大家，我們在秘魯的旅程才剛開始。我們在墨西哥大約有超過10萬名學生。我們在秘魯的業務量只有這個數字的一小部分，而且正如我們在今年第三季所看到的，我們開始真正看到該領域的穩健成長。

Very clear. Thank you

非常清楚。謝謝

Thank you. This concludes our question-and-answer session and also today's conference call. Thank you for participating and you may now disconnect.

謝謝。我們的問答環節和今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。