Lincoln Educational Services Corp (LINC) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the third-quarter 2025 Lincoln Educational Services 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。歡迎參加林肯教育服務公司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, Michael Polyviou. You may begin.

現在我謹將會議交給今天的演講嘉賓麥可·波利維烏。你可以開始了。

Thank you, Kevin. Good morning, everyone. Before the market opened today, Lincoln Educational Services issued a news release reporting financial results for the third quarter ended September 30, 2025, as well as recent corporate developments. The release is available on the Investor Relations portion of the company's corporate website at www.lincolntech.edu.

謝謝你，凱文。各位早安。在今天市場開盤之前，林肯教育服務公司發布新聞稿，公佈了截至 2025 年 9 月 30 日的第三季財務業績以及最近的公司發展。新聞稿可在公司官網 www.lincolntech.edu 的投資者關係欄位中找到。

Joining us today on the call are Scott Shaw, President and CEO, and Brian Meyers, Chief Financial Officer. Today's call is being recorded and is being broadcast live on the company's website. A replay of the call will be archived on the company's website.

今天參加電話會議的有總裁兼執行長史考特·肖和財務長布萊恩·邁耶斯。今天的電話會議正在錄音，並將在公司網站上進行現場直播。電話會議的錄音將存檔在公司網站上。

Statements made by Lincoln's management on today's call regarding the company's business that are not historical facts may be forward-looking statements as the term is identified in federal securities laws. The words may, will, expect, believe, anticipate, project, plan, intend, estimate, and continue, as well as similar expressions, are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance. The company cautions you that these statements reflect certain expectations about the company's future performance or events and are subject to a number of uncertainties, risks, and other influences, many of which are beyond the company's control and may influence the accuracy of the statements and projections upon which the segmented statements are based.

林肯公司管理階層在今天的電話會議上就公司業務發表的聲明，如果並非歷史事實，則可能構成聯邦證券法中定義的前瞻性聲明。「可能」、「將」、「預期」、「相信」、「預期」、「計劃」、「打算」、「估計」和「繼續」等詞語以及類似表達旨在識別前瞻性陳述。前瞻性陳述不應被視為對未來績效的保證。本公司提醒您，這些聲明反映了對公司未來業績或事件的某些預期，並受到諸多不確定因素、風險和其他影響，其中許多因素超出公司的控制範圍，可能會影響分部聲明所依據的聲明和預測的準確性。

Factors that may affect the company's results include, but are not limited to, the risks and uncertainties discussed in the Risk Factors section of the annual report on Form 10-K and the quarterly report on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements are based on information available at the time those statements are made and management's good faith belief as of the time with respect to future events. All forward-looking statements are qualified in their entirety by the cautionary statement. Lincoln undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date thereof.

可能影響公司業績的因素包括但不限於向美國證券交易委員會提交的 10-K 表格年度報告和 10-Q 表格季度報告中「風險因素」部分討論的風險和不確定性。前瞻性陳述是基於作出這些陳述時可獲得的資訊以及管理層當時對未來事件的真誠信念而作出的。所有前瞻性陳述均受本警示聲明的完整約束。林肯公司不承擔在發布日期之後，因新資訊、未來事件或其他原因而公開修訂或更新任何前瞻性聲明的義務。

One other housekeeping matter. During the Q&A portion of the call today, we would ask them to limit themselves to two questions and then requeue as an addition. In advance, we thank you for your cooperation.

還有一件家事。在今天電話會議的問答環節，我們要求他們最多提兩個問題，然後重新排隊提問。我們提前感謝您的合作。

Now I'd like to turn the call over to Scott Shaw, President and CEO of Lincoln Educational Services. Scott, please go ahead.

現在我想把電話交給林肯教育服務公司總裁兼執行長史考特‧肖。斯科特，請繼續。

Thank you, Michael, and good morning, everyone. Thank you for joining us today for our review of another exceptional quarter of operating and financial performance for Lincoln Tech. Our third quarter student start growth of 6% exceeded our internal forecast and marked the 12th consecutive quarter we grew student starts over the prior year's period.

謝謝你，邁克爾，大家早安。感謝各位今天與我們一同回顧林肯科技學院又一個卓越的季度營運和財務表現。第三季學生入學人數增加 6%，超過了我們內部的預測，這也是我們連續第 12 季學生入學人數超過去年同期水準。

We also continue to realize double-digit growth rates in total student population, total revenue, and consolidated adjusted EBITDA over the prior year periods, while also recording the third consecutive quarter of declining year-over-year bad debt levels. We generated $0.12 a share in net income while continuing to invest in our highly successful and expanding growth strategies, and once again are increasing our guidance for full-year financial results. Brian will provide the details on the guidance.

與去年同期相比，我們的學生總人數、總收入和合併調整後 EBITDA 繼續保持兩位數的成長率，同時壞帳水準也連續第三個季度同比下降。我們實現了每股 0.12 美元的淨收入，同時繼續投資於我們非常成功且不斷擴張的成長策略，因此我們再次提高了全年財務表現預期。布萊恩將提供指導方面的詳細資訊。

Lincoln has earned a well-deserved reputation for setting the standard of excellence in helping American corporations and organizations in their constant search for employees trained and skilled in trades such as HVAC installation and repair, residential and commercial real estate electrical systems, installation and repair, automotive and diesel systems maintenance and repair, welding, and nursing and other health care professions. Careers in these fields offer graduates secure, rewarding, and advancement opportunities likely to remain in strong long-term demand despite advancements in artificial intelligence.

林肯公司在幫助美國企業和組織不斷尋找受過訓練且技能嫻熟的員工方面，樹立了卓越的標準，贏得了當之無愧的聲譽。這些員工精通暖通空調安裝和維修、住宅和商業房地產電氣系統安裝和維修、汽車和柴油系統維護和維修、焊接以及護理和其他醫療保健專業等行業。這些領域的職業能夠為畢業生提供穩定、有回報且有晉昇機會的職業，即使人工智慧不斷發展，這些職業的需求也可能在長期內保持強勁。

Recently, our growth has accelerated due to the nation's increased interest in skilled trade careers and through our successful development of greenfield campuses and the expansion of successful programs to existing campuses. Since the beginning of 2024, we have opened new campuses in East Point, Georgia, and Houston, Texas, while relocating outdated and space-constrained campuses in Nashville and Philadelphia to new and expanded state-of-the-art facilities. As we reported during our second quarter call, East Point's start rate after 18 months of operation achieved a level we plan to achieve after three years of operation. Due to this exceptional growth, we have secured an additional 15,000 square feet of space immediately adjacent to our current facility to meet the increasing demand.

近年來，由於全國對技術工種職業的興趣日益濃厚，以及我們成功開發了全新的校園，並將成功的課程推廣到現有校園，我們的發展速度加快了。自 2024 年初以來，我們在喬治亞州東點市和德克薩斯州休斯頓市開設了新的校區，同時將納許維爾和費城過時且空間有限的校區搬遷到新的、擴建的、最先進的設施中。正如我們在第二季度電話會議上報告的那樣，東點公司在營運 18 個月後的開工率達到了我們計劃在營運三年後達到的水平。由於業務的快速發展，我們已在現有設施旁額外購買了 15,000 平方英尺的空間，以滿足不斷增長的需求。

Meanwhile, in Nashville, the start of existing programs at the new campus exceeded our expectations. The expanded campus enabled the addition of electrical and HVAC programs, which also added to the momentum. In Levittown, Pennsylvania, we completed the transfer of our automotive program from Philadelphia and have started our first classes in HVAC, welding, and electrical. Finally, we began our first classes in our new Houston, Texas campus during the third quarter, and the response is also exceeding our pre-opening expectations.

同時，在納許維爾，新校區現有計畫的啟動情況超出了我們的預期。擴建後的校園增加了電氣和暖通空調專業，這也促進了發展勢頭。在賓州萊維敦，我們完成了從費城轉移汽車課程的工作，並開始了暖通空調、焊接和電氣方面的第一批課程。最後，我們在第三季於德州休士頓的新校區開始了第一批課程，反應也超出了我們開學前的預期。

East Point, Nashville, Levittown, and Houston are generating stronger and faster returns than we anticipated when we made these investments. This both increases conviction in our greenfield and expansion strategy and is accelerating our growth, allowing us to fund our ambitious growth plans from operating cash flow supplemented with our credit facility for seasonal needs.

東點、納許維爾、萊維敦和休士頓的收益比我們當初進行這些投資時預期的要強勁、要快。這不僅增強了我們對新建項目和擴張策略的信心，也加速了我們的成長，使我們能夠利用經營現金流，並輔以信貸額度來滿足季節性需求，從而為我們雄心勃勃的成長計畫提供資金。

New campus development has driven about half of our recent start growth, and the implementation of our innovative Lincoln 10.0 hybrid teaching platform, increasing returns from marketing efforts, and the expansion or addition of programs have generated good, solid organic growth at existing campuses. As a result, we are realizing increasing levels of instructional efficiencies, space efficiencies, and organizational productivity through Lincoln 10.0 and other initiatives. Brian will provide more details on the progress we are making by leveraging our operating expenses to generate cash flow that is funding our expanded growth objectives in a few minutes.

新校區的發展推動了我們近期約一半的成長，而我們創新的林肯 10.0 混合教學平台的實施、行銷工作的回報增加以及課程的擴展或增加，都為現有校區帶來了良好、穩健的自然成長。因此，透過林肯 10.0 和其他舉措，我們正在實現教學效率、空間效率和組織生產力的不斷提高。布萊恩將在幾分鐘後詳細介紹我們如何利用營運支出產生現金流，從而為我們不斷擴大的成長目標提供資金。

As the overall national growth and new job creation slows, interest in skilled trade training as an alternative to the traditional four-year college education continues to expand. The federal government's actions impacting student loans have further fueled this interest, and our team is executing our updated growth strategies for the benefit of our students, corporate partners, instructors, and shareholders.

隨著全國整體經濟成長和新增就業人數成長放緩，人們對技能培訓作為傳統四年制大學教育的替代方案的興趣持續增長。聯邦政府對學生貸款採取的行動進一步激發了人們的這種興趣，我們的團隊正在執行我們更新的成長策略，以造福我們的學生、企業合作夥伴、教師和股東。

Last week, we announced plans to expand Lincoln's presence in Texas by developing a new state-of-the-art campus in Rowlett, Texas, a northern suburb of Dallas. This new campus, our 24th nationwide, is located near major interstate highways 635 and 30 and will complement our highly successful Lincoln Tech campus in Grand Prairie, Texas, which is west of Dallas. The new 88,000 square foot campus will have a capacity for over 1,600 students and will offer automotive, welding, electrical, and HVAC training when it opens at the beginning of 2017.

上週，我們宣布計劃擴大林肯大學在德州的業務，在德州羅利特（達拉斯北部郊區）建造一座全新的現代化校區。這個新校區是我們全國第 24 個校區，位於 635 號和 30 號主要州際公路附近，將與我們在德克薩斯州大草原市（達拉斯以西）非常成功的林肯科技校區形成互補。這座佔地 88,000 平方英尺的新校區可容納 1,600 多名學生，並將於 2017 年初開放，屆時將提供汽車、焊接、電氣和 HVAC 培訓。

We have found that by having two strategically located campuses in growing metropolitan markets, we are able to leverage resources and enhance our ability to serve students, instructors, and corporate partners. In Atlanta, our two campuses, located in Marietta and East Point, have both benefited from marketing and other corporate resources, resulting in higher-than-expected starts at both campuses. We are hoping to generate similar leveraging opportunities in the Dallas market when the Rowlett campus opens.

我們發現，透過在不斷發展的大都會市場中設立兩個戰略位置優越的校區，我們可以更好地利用資源，提高我們服務學生、教師和企業合作夥伴的能力。在亞特蘭大，我們位於瑪麗埃塔和東點的兩個校區都受益於行銷和其他企業資源，使得兩個校區的入學人數都高於預期。我們希望羅利特校區開放後，也能在達拉斯市場創造類似槓桿效應的機會。

Similarly, our new campus under development in Hicksville, Long Island, is progressing towards opening in late 2026 and will be our second campus in the metropolitan New York City area, where we have successfully operated our Queens campus for over 20 years. With each new campus, our objective is to achieve $25 million to $30 million in annualized revenue and $7 million to $10 million in EBITDA for the fourth year of operation, if not sooner.

同樣，我們在長島希克斯維爾正在建設的新校區也正在穩步推進，預計將於 2026 年底開放，這將是我們在大紐約地區的第二個校區。我們在該地區的皇后區校區已經成功運作了 20 多年。對於每個新校區，我們的目標是在營運的第四年（如果可能的話）實現 2500 萬至 3000 萬美元的年化收入和 700 萬至 1000 萬美元的 EBITDA。

In addition to new campus development, program expansion or replication at existing campuses is contributing to Lincoln's growth. We added or expanded six programs at existing campuses during 2024 and are well on the way to adding five more this year. In total, these 11 programs are a key contributor to our start growth.

除了新校區外，現有校區的課程擴建或複製也促進了林肯大學的發展。2024 年，我們在現有校區新增或擴建了六個項目，今年預計再新增五個項目。總而言之，這 11 個項目是我們新創企業發展的重要推手。

Lincoln's partnerships with corporations throughout America have long been a contributor to our success. Our tailored training for these companies helps them close the workforce skills gap while providing graduates with secure, rewarding career opportunities with advancement potential. This year, many potential partners have extended decision-making timelines largely due to ongoing economic uncertainty. However, during the third quarter, we did expand our innovative training program with CMC Corporation, under which we are training their employees at their facilities rather than at Lincoln campuses.

林肯與全美各地企業的合作關係長期以來一直是我們成功的重要因素。我們為這些公司量身定制的培訓幫助他們縮小勞動力技能差距，同時為畢業生提供安全、有回報且有晉升潛力的職業機會。今年，由於持續的經濟不確定性，許多潛在合作夥伴延長了決策時間。然而，在第三季度，我們擴大了與 CMC 公司的創新培訓計劃，根據該計劃，我們正在他們的工廠而不是在林肯校區對他們的員工進行培訓。

We signed our original five-year agreement with the company in 2023 and believe our extended partnership with CMC illustrates the contribution we are making to closing their workforce skills gap. Another key growth initiative at Lincoln involves our health care programs. Our new leadership for this segment is hard at work developing changes to our instructional model and improving operating effectiveness and efficiency. One area of focus is to expand our offerings beyond the current LPN certificate so that students can earn RN degrees. Such a development would substantially increase our addressable market in the nursing field.

我們在 2023 年與該公司簽署了最初的五年協議，我們相信，我們與 CMC 的長期合作關係表明了我們為彌合其勞動力技能差距所做的貢獻。林肯公司另一個重要的成長舉措是我們的醫療保健項目。我們部門的新領導團隊正在努力改進我們的教學模式，提高營運效率和效益。其中一個重點領域是擴大我們的課程範圍，使其超越目前的LPN證書，以便學生能夠獲得RN學位。這樣的發展將大幅擴大我們在護理領域的潛在市場。

Meanwhile, last quarter, we talked about our efforts to regain enrollment status at our Paramus Nursing program. We have now exceeded the graduation benchmark in this program for the past 12 months and have received approval from the State Board of Nursing to begin reenrolling students starting in January of 2026. This is great news and is a testament to our ability to deliver quality nursing training across New Jersey. New Jersey, like most of the nation, faces a severe shortage of nurses at all levels, and we look forward to doing our part to lessen the shortage and bring greater and better nursing care to the state.

同時，上個季度，我們討論了我們為恢復帕拉姆斯護理課程的入學資格所做的努力。在過去的 12 個月裡，我們已經超過了該計畫的畢業基準，並已獲得州護理委員會的批准，從 2026 年 1 月開始重新招收學生。這是個好消息，也證明了我們有能力在新澤西州各地提供高品質的護理訓練。與全國大部分地區一樣，新澤西州也面臨著各級護理人員嚴重短缺的問題，我們期待盡自己的一份力量來緩解這種短缺，並為該州帶來更優質、更有效率的護理服務。

We also introduced you to our high school share program during our last call and have made some substantial progress with this initiative. For instance, at our Mahwah, New Jersey campus, the number of students enrolled through high school shares has doubled from last year. More and more school districts in New Jersey, as well as other states where Lincoln operates, have inquired about implementing a share program at their schools.

在上次通話中，我們也向您介紹了我們的高中生分享計劃，並且該計劃已經取得了一些實質進展。例如，在我們位於新澤西州馬瓦的校區，透過高中共享入學名額招收的學生人數比去年翻了一番。新澤西州以及林肯公司運營的其他州的越來越多的學區都詢問瞭如何在他們的學校實施共享計劃。

Under this program, students attend Lincoln classes during their junior and senior year and then continue after high school to gain their certificate in less time, which accelerates their entry into rewarding careers. With school districts under constant budgetary challenges, our initiative enables the continuation of skilled trades training within the high school while building our enrollment. We are quite excited about the potential for this initiative. It, along with additional investments in our high school outreach programs, leads us to be optimistic about our opportunities to enroll more high school students graduating in the spring and summer of 2026.

根據該計劃，學生在高中三年級和四年級期間參加林肯學院的課程，然後在高中畢業後繼續學習，以更短的時間獲得證書，從而加快他們進入高薪職業的速度。由於學區面臨持續的預算挑戰，我們的措施使得高中能夠繼續進行技能培訓，同時擴大招生規模。我們對這項計劃的潛力感到非常興奮。加上我們對高中拓展計畫的額外投資，我們對招收更多 2026 年春夏兩季高中畢業生的機會充滿信心。

In addition to these initiatives, we are also exploring expansion efforts through corporate development activities, including acquisitions and joint ventures. Recently, several start-ups targeting skilled trades have contacted Lincoln to explore ways we could facilitate their strategy through our capabilities. These discussions are in the early stage and require little, if any, of our development resources, but do illustrate the expanded interest in increasing skilled trades training in America to address the continuing skills gap.

除了這些措施之外，我們也正在探索透過企業發展活動（包括收購和合資）進行擴張的途徑。最近，幾家瞄準技術工人的新創公司聯繫了林肯公司，探討我們如何利用自身能力來幫助他們制定策略。這些討論尚處於早期階段，幾乎不需要我們的發展資源，但確實表明，美國對增加技術工人培訓以解決持續存在的技能缺口表現出越來越濃厚的興趣。

While there is a decided focus on growth at Lincoln, we continue to make investments in people and processes to ensure that we deliver an exceptional learning experience for our students. We want to be the best, and we want the best for our students. To achieve this goal, we are constantly evaluating new software, curriculum, and training aids.

雖然林肯大學非常注重發展，但我們仍會繼續投資於人才和流程，以確保為學生提供卓越的學習體驗。我們想做到最好，也想為我們的學生提供最好的。為了實現這一目標，我們不斷評估新的軟體、課程和培訓輔助工具。

In addition, we want our instructors to have industry-recognized credentials that ensure they have the most up-to-date knowledge in their field, so our students have an edge on their competition. With technology ever changing, we are constantly in pursuit of what will help our students master the skills they desire to become the technicians, welders, and health care providers that will lead the next generation of skilled, hands-on professionals. We believe one way to measure the effectiveness of our investments in people and processes is our graduation rate, as well as the employment of our graduates in their field of training. Despite our growth in students, both metrics remain strong, and we are constantly evaluating ways to build on this success rate.

此外，我們希望我們的教師擁有業界認可的資質，以確保他們擁有該領域最新的知識，從而使我們的學生在競爭中佔據優勢。隨著科技的不斷進步，我們不斷追求能夠幫助學生掌握他們渴望的技能，成為技術員、焊工和醫療保健人員，引領下一代技術嫻熟、動手能力強的專業人員。我們認為，衡量我們在人員和流程方面的投資成效的一個方法是看我們的畢業率，以及畢業生在其培訓領域的就業情況。儘管我們的學生人數有所增長，但這兩個指標仍然保持強勁，我們正在不斷評估如何在此成功率的基礎上繼續提高。

For nearly 80 years, Lincoln has remained focused on delivering high-quality, life-changing career education, and no one else has our combination of longevity, scale, and proven experience. By continuing to expand our network of schools, replicating our most in-demand programs at our existing campuses while building new campuses in new and existing markets, we believe we will comfortably surpass the objectives established last year of approximately $550 million in revenue and approximately $90 million of adjusted EBITDA in 2027. Therefore, today, we are increasing our targets, which Brian will review in more detail in a few moments.

近 80 年來，林肯學院始終專注於提供高品質、改變人生的職業教育，而林肯學院在歷史悠久、規模龐大和經驗豐富方面，無人能及。透過不斷擴大我們的學校網絡，在我們現有的校區複製我們最受歡迎的課程，同時在新的和現有的市場建設新的校區，我們相信我們將輕鬆超越去年制定的目標，即到 2027 年實現約 5.5 億美元的收入和約 9000 萬美元的調整後 EBITDA。因此，今天我們將提高目標，布萊恩稍後會詳細介紹。

While we are always evaluating acquisitions that make strategic and financial sense for our company and our shareholders, our new 2027 milestones will be achieved organically through our existing operations and new campuses developed internally. As I've discussed before, our country's existing severe skills gap will likely get worse before getting better, and we believe there are many significant underserved markets in America where employers and employees will benefit from our innovative and proven approach to skilled trades training.

雖然我們一直在評估對公司和股東具有戰略和財務意義的收購，但我們新的 2027 年里程碑將透過我們現有的營運和內部開發的新園區有機地實現。正如我之前討論過的，我國目前嚴重的技能缺口可能會在好轉之前進一步惡化，我們相信美國有很多重要的服務不足的市場，雇主和僱員都將受益於我們創新且行之有效的技能培訓方法。

Despite all this positive news and solid execution, it appears that the market still does not understand who we are and what we can become. Furthermore, while others in our sector have had their businesses negatively impacted by internal execution challenges and from the external environment, we at Lincoln Tech have not. Consequently, I want to bring additional clarity to our story.

儘管有這麼多利好消息和穩健的執行，但市場似乎仍然不了解我們是誰以及我們能成為什麼樣的人。此外，雖然我們行業內的其他公司都受到了內部執行挑戰和外部環境的負面影響，但林肯科技公司卻沒有。因此，我想進一步闡明我們的故事。

First, while the government shutdown has been the longest in history, our students have continued to receive timely disbursements of federal aid used to finance their education at our schools. The US Department of Education reminded the higher education community of the minimal impact on students at the beginning of the shutdown, and our businesses have not been affected.

首先，雖然政府停擺是歷史上持續時間最長的，但我們的學生仍然及時收到用於資助他們在學校接受教育的聯邦援助款項。美國教育部提醒高等教育界，停課初期對學生的影響微乎其微，我們的企業也沒有受到影響。

Second, we continue to see strong interest in our programs, and the current environment for us has not lessened. Third, the decline in our Healthcare segment is not meaningful, nor is it a concern. We have been rationalizing our program offerings for the past several years to focus resources on our most in-demand programs to meet market demand as well as to ensure that we have the industry-leading curricula and training experiences that will set our students apart and give them an edge in the employment market.

其次，我們看到大家對我們的專案依然表現出濃厚的興趣，而且我們目前的處境也沒有好轉。第三，我們醫療保健業務的下滑並不嚴重，也不值得擔憂。過去幾年，我們一直在調整課程設置，將資源集中投入到最受歡迎的課程中，以滿足市場需求，並確保我們擁有行業領先的課程和培訓經驗，使我們的學生脫穎而出，在就業市場中佔據優勢。

Within our reported Healthcare segment, there are non-healthcare programs such as culinary and IT, as well as small allied health programs such as patient care tech and dental assisting. We are selectively exiting these noncore programs, and we'll continue to do so when we see better opportunities for the classroom space. Our focus currently is on our licensed practical nursing and medical assisting programs. And during this quarter, these grew by 2%, and this is without LPN starts at our Paramus campus, which will restart in a few months. As we have mentioned in the past, we are continuing to work on plans to offer registered nursing programs in the not-so-distant future.

在我們報告的醫療保健領域中，除了醫療保健項目外，還有烹飪和IT等非醫療保健項目，以及病人護理技術和牙科助理等小型輔助醫療項目。我們正在選擇性地退出這些非核心課程，當我們看到更好的課堂空間機會時，我們將繼續這樣做。我們目前的工作重點是執業護理師和醫療助理課程。本季度，這些數字成長了 2%，而且這還不包括我們在帕拉姆斯校區開始的 LPN 課程，該課程將在幾個月後重新開始。正如我們之前提到的，我們正在繼續制定計劃，以便在不久的將來開設註冊護士課程。

Fourth, growth initiatives are meeting and exceeding our expectations and guidance. We are replicating our most successful programs wherever there is demand and we have space, and we are opening new campuses that our research tells us are underserved. In simple terms, we are constantly looking to double down on our success. Our minimum expectation is for all of these investments to achieve a threshold 20% IRR on a fully burdened basis, including all direct costs needed to open and operate these facilities. I'm very proud to say that to date, we have exceeded this threshold.

第四，成長舉措正在達到甚至超越我們的預期和指引。我們會將最成功的計畫複製到有需求且有空間的地方，我們會開設新的校區，根據我們的研究，這些校區目前服務不足。簡而言之，我們一直在尋求鞏固和擴大我們的成功。我們最低期望所有這些投資都能在完全負擔的基礎上實現 20% 的內部收益率 (IRR)，其中包括開設和運營這些設施所需的所有直接成本。我很自豪地說，到目前為止，我們已經超過了這個目標。

Fifth, we've been investing in our team to ensure that we have the talent to not only deliver on what we have announced to date, but also to enable us to capitalize on new opportunities as they arise. One clear example of this is our significant refocus on growing our high school student population. Our recent high school results, along with the increased outreach by numerous high schools around the country who are asking for ways for us to help with vocational training, are clear indicators that the stigma of career technical training is lessening.

第五，我們一直在投資我們的團隊，以確保我們擁有足夠的人才，不僅能夠實現我們迄今為止宣布的目標，而且還能夠抓住新出現的機會。一個明顯的例子是我們大幅調整了工作重點，致力於擴大高中生人數。我們最近的高中成績，以及全國各地眾多高中主動聯繫我們尋求職業培訓方面的幫助，都清楚地表明，職業技術培訓的污名正在減少。

Students, parents, and even high school guidance counselors are more interested in the trades than ever before. To tap into this opportunity, over the past seven months, we have hired new talent and are reinvigorating our high school recruiting strategy, and we are already seeing good results.

學生、家長，甚至高中升學指導老師都比以往任何時候都更專注於技工產業。為了抓住這個機會，在過去的七個月裡，我們聘請了新的人才，並重新振興了我們的高中招生策略，我們已經看到了良好的結果。

As many of you know, I have been with Lincoln Tech for nearly 25 years, and I believe that our organization has never been stronger nor has had as many growth opportunities as we have today. Moreover, we have consistently proven to ourselves that we can capture opportunities. We have achieved what we have set out to achieve and continue to find new opportunities.

正如你們許多人所知，我在林肯科技學院工作了近 25 年，我相信我們學院從未像今天這樣強大，也從未像今天這樣擁有如此多的發展機會。此外，我們已經不斷向自己證明，我們能夠抓住機會。我們已經實現了既定目標，並將繼續尋找新的機會。

Recent survey results show that our employees have never been more engaged and satisfied. We are all working for the common good of our students so that they can graduate, launch their careers, and find satisfaction and pride. As obstacles arise, and they always do, we find solutions. Our business is strong and our company is vibrant.

最新調查結果顯示，我們的員工從未像現在這樣投入和滿意。我們都在為學生的共同利益而努力，希望他們能夠順利畢業，開啟職業生涯，並獲得滿足感和自豪感。遇到困難時（而困難總是會出現的），我們會找到解決方法。我們的業務實力雄厚，公司充滿活力。

Finally, I'd like to note, we will be continuing our investor outreach during the remainder of the fourth quarter. This week, we have several virtual meetings scheduled by ThinkEquity. Next week, we will be attending the Southwest IDEAS Conference in Dallas. And later this month, we will be in Montreal on November 26 with Barrington. Next month, Brian will be attending Northland's Virtual Conference on December 16.

最後，我想指出，在第四季剩餘的時間裡，我們將繼續與投資者溝通。本週，ThinkEquity安排了多場線上會議。下週，我們將前往達拉斯參加西南創意大會。本月晚些時候，我們將於 11 月 26 日與巴林頓一起在蒙特利爾。下個月，布萊恩將參加12月16日舉行的北地虛擬會議。

Additionally, we will be hosting an Investor Analyst Day at our new Nashville campus on March 19, 2026, to showcase the site and review our long-term growth plan and operating objectives. I urge you to contact Michael Polyviou if you would like to attend. Finally, with Veterans Day being observed tomorrow, I want to extend our appreciation to our military members and their families for their valued service and sacrifice to our country.

此外，我們將於 2026 年 3 月 19 日在納許維爾的新園區舉辦投資者分析師日活動，以展示園區並回顧我們的長期成長計畫和營運目標。如果您想參加，請聯絡 Michael Polyviou。最後，明天就是退伍軍人節了，我想向我們的軍人及其家屬表達我們由衷的感謝，感謝他們為我們國家做出的寶貴貢獻和犧牲。

Now I'll turn the call over to Brian Meyers, so he can review some of our recent financial highlights and guidance. Brian?

現在我將把電話交給布萊恩·邁耶斯，讓他回顧我們最近的一些財務亮點和指導意見。布萊恩？

Thanks, Scott, and good morning, everyone. Lincoln delivered another strong quarter with several key metrics once again exceeding our internal forecast. Continued momentum in enrollment growth, combined with improved operating efficiencies, was the primary driver of this performance. These results reflect the strength of our model and our continued focus on operational execution.

謝謝你，斯科特，大家早安。林肯汽車公司又迎來了一個強勁的季度，多項關鍵指標再次超越我們內部的預期。入學人數持續成長，加上營運效率的提高，是推動這項績效的主要因素。這些結果體現了我們模型的優勢以及我們對營運執行的持續關注。

Before I get into the quarter's financial results, a couple of reminders about our year-over-year comparisons: first, the financial comparisons in my remarks exclude the Transitional segment, which consists of our former Summerlin Las Vegas campus, which we sold in late 2024; second, as noted on last quarter's earnings call, our reported Q2 starts include an adjustment for the 2,764 students that start on July 1 to align with the prior year class start timing. For this quarter's comparison, we have excluded those starts to maintain consistency with the prior year. With those points in mind, let's turn to the quarter's financial highlights.

在介紹本季度財務業績之前，我想提醒大家注意以下幾點，以便進行同比比較：首先，我發言中的財務比較不包括過渡部門，該部門包括我們之前的拉斯維加斯薩默林校區，我們已於 2024 年底將其出售；其次，正如上個季度財報電話會議上提到的，我們報告的第二季度開學人數已根據 7 月 176427 日開學的 272272 月開學。名學生進行了調整，以與上一年的開學時間保持一致。為了與上年保持一致，本季比較中已排除這些新開工項目。考慮到以上幾點，讓我們來看看本季的財務亮點。

Revenue for the quarter was $141.4 million, an increase of 25.4%. The strong performance reflects the continued momentum in student starts year-to-date.

本季營收為 1.414 億美元，成長 25.4%。這一強勁的成績反映了今年迄今為止學生入學人數持續增長的勢頭。

Turning to student starts. Starts for the quarter were approximately 6,400, representing a 6% growth. We had originally expected starts to be relatively flat, given the strong 22.5% growth in last year's third quarter. Achieving a 6% growth over such a high comparative base underscores the persistent demand we are seeing for our programs. The outperformance was mainly in skilled trades, which experienced better-than-anticipated starts, particularly in our new programs and replications.

轉向學生開學。本季新車開通量約 6400 輛，較去年同期成長 6%。鑑於去年第三季強勁成長 22.5%，我們原本預計開工量將相對穩定。在如此高的基數下實現 6% 的成長，凸顯了我們專案持續旺盛的需求。表現優異的主要是技術工種，這些工種的開局比預期要好，尤其是在我們的新項目和複製項目中。

Revenue per student increased by 4.8%, reflecting both tuition increases and the timing of book and tool revenue. The average student population grew by nearly 20% and the ending population increased by about 17%. As we closed the quarter with over 2,500 more students than the prior year, the ending population climbed to about 18,200 compared to 15,600 in the prior year.

每位學生的收入增加了 4.8%，這反映了學費上漲以及書籍和工具收入的到帳時間。學生平均人數增加了近 20%，期末總人數增加了約 17%。本季末，學生人數比前一年增加了 2500 多人，期末學生總數達到約 18200 人，而前一年為 15600 人。

Breaking down the composition of this quarter's start growth. Transportation and skilled trade programs delivered an 11.8% increase in starts, driven by continued strong demand as well as successful program additions and expansions. Excluding the program launches in 2024 and 2025, we still achieved a robust 7.9% growth.

分析本季初成長的組成。交通運輸和技術培訓計畫的開課量成長了 11.8%，這得益於持續強勁的需求以及計畫的成功增加和擴展。即使不計入 2024 年和 2025 年啟動的項目，我們仍然實現了 7.9% 的強勁成長。

As anticipated, our health care and other professional programs experienced a 13.7% decline in starts. Approximately half of this decline resulted from the discontinuation of the smaller programs, which we have determined are no longer part of our core program offering. We continue to refine our program offerings to align with areas of strongest student interest and employer demand. As we sunset smaller programs, we will strengthen our core offerings while improving our profitability, particularly in our licensed practical nurse and medical assistant.

正如預期的那樣，我們的醫療保健和其他專業課程的入學人數下降了 13.7%。大約一半的下降是由於規模較小的課程停辦造成的，我們認為這些課程不再是我們核心課程的一部分。我們將不斷改進課程設置，以迎合學生最感興趣的領域和雇主的需求。隨著我們逐步淘汰規模較小的項目，我們將加強核心業務，同時提高獲利能力，尤其是在執業護理師和醫療助理領域。

In addition, as Scott mentioned, we are pursuing degree-granting approval to offer a registered nurse program. Also, as noted, we will commence new enrollments in our LPM program at our Paramus campus beginning in January 2026.

此外，正如斯科特所提到的，我們正在申請學位授予資格，以便開設註冊護士課程。另外，如同先前所提到的，我們將於 2026 年 1 月開始在帕拉姆斯校區招收 LPM 課程的新學生。

Turning to expenses. Total expenses were $135.1 million compared to $106.3 million in the prior year. The increase was in line with our internal expectations and primarily driven by direct costs associated with the larger student population as well as ongoing investment in our growth initiatives. From a profitability standpoint, our adjusted EBITDA grew by 65.1%, reaching $16.9 million, up from $10.2 million last year, which includes the Transitional segment.

接下來談談費用。總支出為 1.351 億美元，而前一年為 1.063 億美元。這一增長符合我們的內部預期，主要原因是學生人數增加帶來的直接成本以及我們對成長計劃的持續投資。從獲利能力的角度來看，我們的調整後 EBITDA 成長了 65.1%，達到 1,690 萬美元，高於去年的 1,020 萬美元，其中包括過渡業務部門。

This improvement continues to highlight the operating leverage generated by several key initiatives. As Scott mentioned, these include efficiencies from our Lincoln 10.0 hybrid teaching model, which has contributed to lower instructional costs as a percentage of revenue and improved space utilization. In addition, we are seeing improvement in bad debt expenses, which have declined as a percentage of revenue for three consecutive quarters.

這項改進持續凸顯了多項關鍵措施所帶來的營運槓桿效應。正如 Scott 所提到的，這些包括我們 Lincoln 10.0 混合教學模式帶來的效率提升，這有助於降低教學成本佔收入的百分比，並提高空間利用率。此外，我們看到壞帳支出有所改善，壞帳支出佔收入的比例已連續三個季度下降。

Net income for the quarter was $3.8 million compared to $4 million, including Transitional. Adjusted net income was $6.3 million or $0.20 per diluted share compared to $4.1 million or $0.13 per diluted share, representing an increase of $2.2 million or 54.9%.

本季淨收入為 380 萬美元，而上一季為 400 萬美元（包括 Transitional 的收入）。經調整後的淨收入為 630 萬美元，即每股攤薄收益 0.20 美元，而此前為 410 萬美元，即每股攤薄收益 0.13 美元，增長了 220 萬美元，增幅達 54.9%。

Looking at our balance sheet. We ended the quarter with $65.5 million in total liquidity. This quarter, we generated $23.9 million in cash from operations. On a year-to-date basis, cash from operations totaled $15.8 million as reflected on our cash flow statement.

查看我們的資產負債表。本季末，我們的總流動資金為6550萬美元。本季度，我們從經營活動中獲得了 2,390 萬美元的現金。根據我們的現金流量表，年初至今，經營活動產生的現金總額為 1,580 萬美元。

Due to our seasonality, most of our income and cash are generated in the second half of the year, with the highest level typically in Q4. We finished the quarter with $8 million in outstanding borrowings and $13.5 million in cash on hand. Based on historical trends and an outlook for a strong fourth quarter cash flow, we are forecasting to end the year without any debt outstanding and a higher net cash balance.

由於我們的業務具有季節性，大部分收入和現金流都產生於下半年，其中第四季度通常達到最高水準。本季末，我們未償還借款為 800 萬美元，手上現金為 1,350 萬美元。根據歷史趨勢和對第四季度強勁現金流的預期，我們預測年底將沒有任何未償債務，且淨現金餘額將更高。

Now turning to capital expenditures. We continue to execute on our key expansion projects. The total capital expenditures were approximately $21.7 million for the quarter and $68.1 million for the first nine months of the year, as reflected on the cash flow statement. The majority of our quarter's spending was tied to our growth initiatives, including two recent campus relocations and the build-out of our new Houston campus, which opened during Q3.

現在來看資本支出。我們正持續推動各項重點擴張項目。如現金流量表所示，本季資本支出總額約為 2,170 萬美元，今年前九個月的資本支出總額約為 6,810 萬美元。本季大部分支出都與我們的成長計畫有關，包括最近的兩次園區搬遷以及我們在第三季開放的新休士頓園區的建設。

As Scott mentioned, we are excited to announce our fourth greenfield campus in Rowlett, Texas. The build-out is expected to take approximately one year with an anticipated opening in the first quarter of 2027. We view the expansion as an important step in our growth strategy and are encouraged by the strong performance of our prior greenfield campuses.

正如 Scott 所提到的，我們很高興地宣布我們在德克薩斯州羅利特市的第四個新建校區即將建成。預計建設工期約一年，預計 2027 年第一季開放。我們認為此次擴張是我們成長策略中的重要一步，而我們先前新建校區的良好表現也讓我們倍受鼓舞。

While new campuses require meaningful upfront investment and take approximately two years before they become operational, they are an exceptional growth driver for Lincoln. These investments are expected to generate internal rates of return exceeding our 20% threshold. Our East Point campus, now in its second year of operation, is well on its way to delivering returns significantly above this threshold.

雖然新建校區需要大量的初期投資，並且大約需要兩年時間才能投入運營，但它們是林肯大學卓越的成長動力。預計這些投資產生的內部報酬率將超過我們設定的 20% 的門檻。我們的東點校區目前已營運兩年，正朝著實現遠超這項門檻的回報穩步邁進。

Looking ahead to the remainder of 2025. Based on our performance and strong momentum across our core growth drivers, we are raising our full-year guidance across all metrics. We now expect revenue ranging from $505 million to $510 million, adjusted EBITDA in the range of $65 million to $67 million, net income ranging from $17 million to $19 million, student starts growth of 15% to 16%, and capital expenditures unchanged at $75 million to $80 million.

展望2025年剩餘時間。基於我們的業績以及核心成長動力的強勁勢頭，我們將上調全年所有指標的預期。我們現在預計收入在 5.05 億美元至 5.1 億美元之間，調整後 EBITDA 在 6500 萬美元至 6700 萬美元之間，淨收入在 1700 萬美元至 1900 萬美元之間，學生入學人數增長 15% 至 16%，資本支出保持不變，為 7500 萬美元。

As a reminder, our guidance excludes stock-based compensation, one-time noncash pension termination expense expected in Q4, pre-opening and net operating losses from new and relocated campuses, and program expansions. For more detailed guidance, please refer to our earnings release, which was filed earlier today.

提醒各位，我們的業績指引不包括股票選擇權激勵、預計在第四季度發生的非現金退休金終止一次性支出、新校區和搬遷校區的開業前虧損和淨經營虧損，以及項目擴張。如需更詳細的指導，請參閱我們今天早些時候發布的盈利報告。

Beginning in 2026, we will no longer adjust our EBITDA for preopening costs and net operating losses from new campuses and program expansions as we currently do. Going forward, adjusted EBITDA will reflect only the add-back of noncash stock-based compensation and other nonrecurring items. In our discussions of operating expenses, we'll continue to call out the losses incurred from campuses that have not yet commenced operation to provide investors with a clear understanding of the profitability of our current operations in future periods.

從 2026 年開始，我們將不再像現在這樣，對新校區和專案擴張的開業前成本和淨營運虧損調整 EBITDA。未來，調整後的 EBITDA 將僅反映非現金股票選擇權激勵和其他非經常性項目的加回。在討論營運費用時，我們將繼續指出尚未開始營運的校區所造成的損失，以便讓投資者清楚地了解我們目前營運在未來期間的獲利能力。

While we will provide formal 2026 guidance during our fourth quarter earnings call in February, we can communicate today that based on our current growth, improving profitability and current investment plans, we expect our 2026 adjusted EBITDA under the revised methodology to exceed our 2025 guidance of $65 million to $67 million, which excludes approximately $10 million of add-backs for new campuses and program expansions.

雖然我們將在 2 月份的第四季度財報電話會議上提供 2026 年的正式業績指引，但今天我們可以宣布，基於我們目前的增長、盈利能力的提高和目前的投資計劃，我們預計根據修訂後的方法，我們 2026 年的調整後 EBITDA 將超過我們 2025 年 6500 萬美元的指引萬美元的額外支出。

Finally, looking ahead, we remain confident in our long-term growth trajectory. With respect to our previously communicated 2027 financial objective of $550 million in revenue and $90 million in adjusted EBITDA, we now expect to exceed both of these targets. Based on our current performance trends and strategic initiatives, we are projecting to achieve more than $600 million in revenue and over $90 million in adjusted EBITDA by 2027 without the benefit of adding back approximately $10 million of expenses for new campuses and program expansions that were included in our original long-term plan. In closing, as our nation observes Veterans Day, I also want to extend our sincere gratitude to all members of our Lincoln community, students, instructors, and alumni who have served or are serving in the armed forces.

最後，展望未來，我們對公司的長期成長前景依然充滿信心。關於我們先前公佈的 2027 年財務目標，即營收 5.5 億美元和調整後 EBITDA 9,000 萬美元，我們現在預計將超過這兩個目標。根據我們目前的業績趨勢和戰略舉措，我們預計到 2027 年將實現超過 6 億美元的收入和超過 9000 萬美元的調整後 EBITDA，而這還不包括我們最初的長期計劃中包含的用於新建校區和項目擴展的約 1000 萬美元的費用。最後，值此全國紀念退伍軍人節之際，我也要向林肯社區所有曾經或正在軍隊服役的學生、教師和校友表達我們誠摯的謝意。

And with that, I'll turn the call back over to the operator for your questions. Operator?

那麼，我就把電話轉回給接線生，回答您的問題。操作員？

(Operator Instructions) Alex Paris, Barrington Research.

（操作說明）Alex Paris，Barrington Research。

I just wanted to ask a couple more clarifying questions on 2026. Actually, Brian's final comments in his prepared comments. So this year, in 2025, the adjusted EBITDA guidance of $65 million to $67 million. That includes the impact or the add-back of roughly $10 million in pre-opening costs and so on?

我只想再問幾個關於 2026 年的澄清問題。實際上，這是布萊恩在準備好的演講稿中的最後發言。因此，今年（2025 年），調整後的 EBITDA 預期為 6,500 萬美元至 6,700 萬美元。這是否包括約 1000 萬美元的開業前成本等的影響或追加成本？

Correct. You're talking about in 2025?

正確的。你指的是2025年嗎？

Yes, in 2025. And then you said regarding 2026, it sounded like you're forecasting maybe another $10 million of preopening costs.

是的，2025年。然後你提到 2026 年，聽起來你預測可能還需要 1000 萬美元的開業前成本。

Correct. And even without those add-backs, we'll be able to exceed the $90 million that we originally had in our plan with the add-back of that $10 million.

正確的。即使不考慮這些追加撥款，加上追加的 1,000 萬美元，我們也能超過原計劃的 9,000 萬美元目標。

And you'll exceed the $65 million to $67 million that you're going to do in 2025 based on guidance?

你們能否超過根據指導方針預測的2025年6500萬至6700萬美元的目標？

Correct.

正確的。

This is my follow-up question. What about CapEx for 2026? I think you said $70 million to $80 million this year to my notes here somewhere.

這是我的後續問題。2026年的資本支出計畫是什麼？我記得你好像在筆記裡說過今年預算是7000萬到8000萬美元。

We haven't put anything out yet for 2026. We'll announce that in February. It will probably be similar or maybe slightly down from this year.

我們還沒有發布任何關於 2026 年的計劃。我們將在二月宣布此事。可能與今年持平，或略有下降。

Luke Horton, Northland Capital Markets.

盧克霍頓，北地資本市場。

Congrats again on a nice quarter. Just wondering if we could get a sense of what drove this strong performance? I mean, a little bit from a campus level or from a program mix perspective. Just looking at the updated guide for 2025 starts, I mean, this implies nearly a 30% start growth in 4Q. So, a little bit for the quarter, what drove the beat, and then the expectation in 4Q of that strong start from a campus-level or program mix perspective?

再次恭喜你們本季業績出色。我想知道能否了解一下是什麼因素促成了這次強勁的業績表現？我的意思是，從校園層級或課程組合的角度來看。僅從 2025 年的最新開賽指南來看，這意味著第四季開賽人數將成長近 30%。那麼，就本季而言，是什麼因素推動了業績成長？從校園層級或課程組合的角度來看，人們對第四季強勁開局的預期是什麼？

Right. So at the low end of the range, that's actually a 15% stock growth for Q4. And at the high end of the range, it will be about a 20% stock growth for Q4. So not exactly 30%, but with that being said, we are forecasting robust stock growth for Q4.

正確的。因此，以最低預期計算，第四季股票實際成長率為 15%。而以預期範圍的上限計算，第四季股票成長率將達到 20% 左右。所以雖然不是正好30%，但即便如此，我們仍預測第四季股票將實現強勁成長。

Which is what we guided to before, just based on the trends we're seeing, as we are seeing strong interest overall, as well as the performance of our new campuses and programs.

這正是我們之前根據我們所看到的趨勢所做的指導，因為我們看到整體上的興趣非常濃厚，而且我們的新校區和課程也表現出色。

And then you guys did mention building out some more square footage at East Point. Can we get a sense of student capacity with these ads? Is this a meaningful expansion here, just trying to rightsize the space?

然後你們也提到要在東點擴建一些建築面積。我們能透過這些廣告了解學生的招生容量嗎？這算是一次有意義的擴張，還是只是為了調整空間大小？

Sure. So we're probably adding, frankly, about 500 student capacity with this addition.

當然。坦白說，這次擴建大概可以增加 500 個學生容量。

And then just lastly, on the health care side, you guys talked about expanding to RN programs beyond just the LPN. You said in the near future, I guess, could you just walk us through the timeline of this, or from a regulatory perspective, what needs to be done here? And then would that give you accreditation to offer these across all campuses? Or is it a state-by-state accreditation?

最後，在醫療保健方面，你們談到了將課程擴展到註冊護理師（RN）課程，而不僅僅是執業護理師（LPN）課程。您剛才提到在不久的將來，我猜您能給我們介紹一下這件事的時間安排嗎？或者從監管的角度來看，這裡需要做些什麼？那麼，這是否就意味著你們獲得了在所有校區開設這些課程的資格認證？或者說，這是逐州認證？

Yes, it's a good question. So it's a long process, and it is step-by-step. Today, where we have our LPN program, we're not degree-granting. And in order to offer an RN, we have to become degree-granting. So we have applications to become degree-granting in New Jersey, New York, and Connecticut.

是的，這是個好問題。所以這是一個漫長的過程，而且是一步一步進行的。目前，在我們開設LPN課程的地方，我們不授予學位。為了能夠授予註冊護士資格，我們必須先獲得學位授予權。因此，我們已收到在新澤西州、紐約州和康乃狄克州獲得學位授予資格的申請。

And so that process could take anywhere from 12 months to, frankly, 48 months, depending on the state. We're obviously pushing to make it happen as quickly as possible. But we know that our LPN students, a large percentage of them are going on to become RNs as well, as naturally the RN career itself is the largest in the health care sector. And in these states, and particularly New Jersey, is one of the highest that has the greatest shortfall of nurses to population. So we feel really good about the opportunity.

因此，這個過程可能需要 12 個月到 48 個月不等，具體取決於各州的情況。我們顯然正在努力盡快實現這一目標。但我們知道，我們的 LPN 學生中很大一部分人最終也會成為 RN，因為 RN 職業本身就是醫療保健行業中規模最大的職業。在這些州，尤其是新澤西州，護理人員與人口比例嚴重不足，是各州中護理人員缺口最大的州之一。所以我們對這個機會感到非常樂觀。

It's the process of getting through the regulatory hurdles to get there. But we're also looking in certain other states where we have degree-granting already, but don't have an LPN program; we're evaluating putting an RN program there. But there's been nothing decided as of yet.

這是克服監管障礙最終實現目標的過程。但是我們也正在考察其他一些州，這些州已經授予學位，但是沒有LPN（執業護士）課程；我們正在評估在那裡開設RN（註冊護士）課程的可能性。但目前尚未做出任何決定。

Eric Martinuzzi, Lake Street Capital Markets.

Eric Martinuzzi，Lake Street Capital Markets。

The 2027 new guide, I just wanted to make sure I'm apples-to-apples with the old guide. I think the $550 million excluded Atlanta, Houston, and then the program expansions at Levittown and Nashville. Can you clarify that?

我只是想確認一下，2027 年的新指南與舊指南是否完全一致。我認為 5.5 億美元不包括亞特蘭大、休士頓，以及萊維敦和納許維爾的專案擴建。你能解釋一下嗎？

Go ahead, Brian.

請繼續，布萊恩。

No, it always included -- it didn't include Houston because when we first put that out, Houston, what wasn't announced yet. It was really only included for the new campuses, the East Point. So it included revenue from East Point. Now exceeding $600 million, that includes everything announced as of today for revenue.

不，它一直都包含——它最初沒有包含休斯頓，因為當我們第一次發佈時，休斯頓的情況還沒有公佈。它實際上只包含在新建的東點校區。因此，它包含了來自東點市的收入。目前已超過 6 億美元，其中包括截至今日公佈的所有收入。

So that would be assuming Pikesville and Rowlett are online, they would contribute towards that 600?

假設派克斯維爾和羅利特都已上線，那麼它們將為這 600 個席位做出貢獻嗎？

Correct. (inaudible) online first quarter of '27. Correct.

正確。 （聽不清楚）2027 年第一季線上。正確的。

And then the decline in the hop starts. You clarified that that was tied to Paramus, and we're going to get the green light for Paramus in 2026. And then the massage and culinary, we're choosing not to pursue those. At what point do we get back to organic positive growth? And were we positive ex the Paramus and the massage and culinary here in Q3?

然後，跳躍的幅度就開始下降了。您澄清說，這與帕拉姆斯有關，我們將在 2026 年獲得帕拉姆斯計畫的批准。至於按摩和烹飪，我們選擇不涉足這些領域。我們何時才能恢復到自然成長？我們之前在帕拉姆斯 (Paramus) 的按摩和美食體驗在第三季是否令人滿意？

Yes. So as I mentioned, the two core programs that represent more than 80% of the students in health care are LPN and medical assisting. And those two programs grew at 2% in the third quarter. I would anticipate next year that we should be positive again, especially with the opening of nursing at our Paramus campus. So in 2026, certainly, those two programs will continue to grow.

是的。正如我之前提到的，佔醫療保健專業學生 80% 以上的兩個核心專業是 LPN（執業護理師）和醫療助理。這兩個項目在第三季成長了2%。我預計明年情況會再次好轉，特別是隨著帕拉姆斯校區護理專業的開放。因此，可以肯定的是，到 2026 年，這兩個項目將繼續發展壯大。

Raj Sharma, Texas Capital.

Raj Sharma，德州資本。

Congratulations on solid results again, especially given where some of the other players in the education space are talking about. So it seems like in the healthcare starts, there's a lot of noise. There are programs that are going out, and the programs are coming back in. So what starts, and what kind of growth do you expect? I know you just said about 2%.

再次恭喜你們取得優異成績，尤其考慮到教育領域其他一些參與者的言論。所以，醫療保健產業似乎有很多雜音。有些項目正在取消，有些項目正在重新推出。那麼，從哪裡開始，你預期會有怎樣的成長？我知道你剛才說的是2%左右。

Is that overall, your other noise goes away in the health care arena, and now you're left with LP, and can you talk about just ongoing in the next couple of years, what should we expect from the health care and nursing segment?

整體而言，您在醫療保健領域的其他幹擾因素都消失了，現在只剩下LP（利巴韋林）了。您能否談談未來幾年醫療保健和護理領域的發展趨勢？

Sure. So again, let's just put this all in perspective. Today, the health care and other segments are 20% of our population. So the bulk of what we're doing is all in the automotive and skilled trades, and those are the programs today that we're replicating. As we said in the call, the core programs in health care, LPN, and MA are still growing, and we would anticipate that to continue into the future.

當然。所以，我們還是應該從整體來看這件事。如今，醫療保健和其他行業從業人員占我國人口的20%。因此，我們目前所做的大部分工作都集中在汽車和科技產業，而這些正是我們今天正在複製的項目。正如我們在電話會議中所說，醫療保健、LPN 和 MA 等核心項目仍在發展，我們預計這種情況將持續到未來。

We are going to complement that in the future with an RN. But again, it's too early in the game to say where things are going. All I can share with you is that all of our guidance and all the information that we're sharing incorporates all these changes that are taking place. And the overall message is that our business is very, very robust and our growth rates will reflect that. I don't know if that helps you.

未來我們將聘請一名註冊護士來補充這一空缺。但話說回來，現在判斷事情會如何發展還為時過早。我只能告訴你們，我們提供的所有指導和資訊都包含了所有這些正在發生的變化。總而言之，我們的業務非常非常強勁，我們的成長率也將反映這一點。我不知道這是否對你有幫助。

Yes. And then just following on, I know Brian had touched on the guidance of fiscal '26. So the way I read it is you're talking about the EBITDA guidance, the apples-to-apples would be the $65 million, $67 million this year would have been $75 million, $77 million at least for fiscal '24. Are you saying anything about start of next year's revenue growth? Do you see anything on the horizon that would disrupt the current starts growth for transportation or health care?

是的。然後，我知道布萊恩談到了 2026 財年的指導。所以我的理解是，你指的是 EBITDA 指引，如果按實際比較，今年應該是 6500 萬美元，6700 萬美元，而 2024 財年至少應該是 7500 萬美元，7700 萬美元。您指的是明年營收成長的開端嗎？您認為未來有哪些因素會阻礙交通運輸或醫療保健產業目前的快速發展？

No. I mean, as I think we said in our remarks, things are, frankly, very robust, have been very steady, and we're seeing just strong conversions and strong interest, both also, as we said, from the adult market and the high school market. And I'll just highlight that the high school market is seeing increased interest, and that's an exciting opportunity for us, and we're going to capitalize on that more so in 2026, given the investments we're making today. And then that will grow even more, I believe, into 2027.

不。我的意思是，正如我們在演講中提到的，坦白說，情況非常強勁，一直非常穩定，我們看到了強勁的轉換率和濃厚的興趣，正如我們所說，這體現在成人市場和高中生市場。我還要強調一點，高中市場正受到越來越多的關注，這對我們來說是一個令人興奮的機會，鑑於我們今天所做的投資，我們將在 2026 年更好地利用這一機會。我相信，到 2027 年，這種情況還會進一步成長。

And then just lastly, on the regulatory horizon, any developments that we should be on the lookout for? I mean, anything happening in the negotiated rulemaking that we should be on the watch out for?

最後，在監管方面，有哪些發展趨勢值得我們關注？我的意思是，在協商制定規則的過程中，有什麼值得我們關注的事情嗎？

Sure. There's nothing that I'm aware of that affects Lincoln Tech that's out there. Obviously, we have to stay on top of it because things change in this environment very quickly. But as of right now, Raj, I don't see anything that's going to derail us from what our plans are and where we're going as a company.

當然。據我所知，目前沒有任何因素會影響林肯科技學院。顯然，我們必須密切關注事態發展，因為這種環境下的變化非常迅速。但就目前而言，拉傑，我看不出有什麼事情會阻礙我們實現既定計劃，以及公司未來的發展方向。

(Operator Instructions) Steve Frankel, Rosenblatt Securities.

（操作說明）史蒂夫·弗蘭克爾，羅森布拉特證券。

What did you learn from East Point that maybe you're going to change as you open this new campus in Texas? Is there anything that you take away from the early days of East Point that says, well, maybe we could do these things to get an even faster start?

在東點軍校的經驗中，你學到了哪些經驗，可能會在你於德州開設新校區時加以改變？從東點軍校的早期發展中，你有沒有學到什麼，讓你覺得，或許我們可以採取這些措施來更快地取得進展？

Yes. I think that the biggest thing we took away is that we made East Point very efficient. It was less than 60,000 square feet, and it filled up so quickly that in planning our next campuses, we already realized that we should be looking at larger square footage, as our more recent campuses, even our relocations, Philadelphia is at 90,000, Houston is at around 90,000.

是的。我認為我們最大的收穫是讓東點鎮的效率非常高。面積不到 60,000 平方英尺，很快就被佔滿了。因此，在規劃下一個校區時，我們已經意識到應該考慮更大的面積，因為我們最近的校區，甚至是搬遷後的校區，費城校區面積為 90,000 平方英尺，休士頓校區面積約為 90,000 平方英尺。

And as we mentioned, Roulette will be around 90,000. And I also highlight that within that 90,000, we have about 10,000 to 12,000 of undeveloped space for future programs. So we just decided, given the success that we were seeing, that we should build facilities that could accommodate more in those local markets, as well as build in some opportunity for future expansion opportunities for us. So that's the biggest lesson.

正如我們之前提到的，輪盤賭的賠率大約是 9 萬。我還想強調，在這 9 萬平方英尺的土地中，我們還有大約 1 萬到 1.2 萬平方英尺的未開發空間，可用於未來的專案。鑑於我們所取得的成功，我們決定在這些當地市場建造能夠容納更多客戶的設施，同時也為我們未來的擴張創造一些機會。這就是最重要的教訓。

The others are operational. We hadn't opened a new campus in about 18 years. And I think that we've now figured out what the model is and when to staff it, and how to get the excitement within the market up before our campuses open up. I mean, East Point was a market where we already had a presence with our campus in Marietta. Houston is a market where our name isn't as well-known.

其他設備均運作正常。我們已經大約18年沒有開設新校區了。我認為我們現在已經弄清楚了模式是什麼，何時配備人員，以及如何在校園開放之前激發市場熱情。我的意思是，我們在東點市已經透過位於馬里埃塔的校區建立了業務。在休士頓這個市場，我們的品牌知名度並不高。

So we're spending a little bit more to make it well known, but we're starting to see similar results as in East Point. So things are going well, and we constantly learn as we open up new programs and replicate in each market.

所以我們多花了一些錢來提高知名度，但我們開始看到與東點類似的結果。所以一切進展順利，我們在開設新專案並在每個市場複製的過程中不斷學習。

And then from a 30,000-foot view, have you seen any material decline in interest for legacy auto diesel programs? Or does that continue to be a healthy portion of the skilled trade mix?

那麼從宏觀的角度來看，您是否看到人們對傳統柴油汽車計畫的興趣出現實質下降？或者說，這仍然是技術工人組成中健康的一部分？

We're still seeing positive growth, but certainly, the skilled trades are growing faster at this point. Things fluctuate. Obviously, if you look at our numbers overall or I would say we've replicated the skilled trades the most. Simply because it's the most cost-effective for us to do that. So we have more skilled trades programs today than we have auto programs.

我們仍然看到積極的成長，但可以肯定的是，目前技術工種的成長速度更快。事物總是在波動。顯然，如果你看一下我們的整體數據，或者我會說，我們在技術工種的複製方面做得最好。只因為這樣做對我們來說是最划算的。所以現在我們的技術工種訓練計畫比汽車製造訓練計畫要多。

But we are still seeing, as I've mentioned, our organic growth has been, frankly, very strong due to improvements in the Lincoln 10.0 and due to increased marketing efforts to get the word out, and frankly, the receptivity that's out there. So skilled trades are definitely growing more for Lincoln than auto, but we're seeing positive growth in, frankly, all segments.

但正如我之前提到的，我們仍然看到，坦白說，由於林肯 10.0 的改進和加強行銷來宣傳，以及坦白說，市場接受度很高，我們的自然成長非常強勁。因此，林肯汽車的熟練技工業務成長速度肯定比汽車業務更快，但坦白說，我們看到所有細分市場都呈現積極成長。

Griffin Boss, B. Riley Securities.

Griffin Boss，B. Riley Securities。

So I'll just start off, you sort of back out an average tuition per student. That came in very strong in the quarter. I think Brian mentioned something about structurally higher tuition. But curious if you could expand on that. Is this higher average tuition per student just pricing?

那我就先從計算每位學生的平均學費開始吧。該季度表現非常強勁。我想布萊恩提到學費結構性上漲的問題。不過，我很想知道您能否詳細解釋一下。較高的平均學生學費只是定價問題嗎？

Or is it also program mix?

或者它也是節目組合？

It's a good question. For the quarter, we got the benefit of the timing of books and tools. I think I might have mentioned that in my prepared remarks. When we give out tools, we earn the revenue when it was given out, but we also have the expense.

這是個好問題。本季度，我們受益於書籍和工具到貨的時間安排。我想我可能在準備好的發言稿中提到過這一點。當我們發放工具時，我們會在發放時獲得收入，但同時也要承擔費用。

So that big start that happened on July 1, we did have a pickup in revenue there, but we also have an offsetting expense on that as well. We benefited from that for Q3 as well.

所以，7 月 1 日的這次大啟動確實帶來了收入成長，但同時也產生了相應的抵銷支出。第三季我們也從中受益。

But just to be clear, we raised tuition by 3% or less. It varies by program, and that happens just once a year, so usually at the beginning of the year. So the changes that Brian is mentioning could either be a somewhat program mix or, as he said, we got the benefit of all these starts. And so when students start, we book a lot of the books and tools revenue at that point. So that can distort it slightly.

但要說明的是，我們只提高了3%或更少的學費。具體情況因專案而異，而且每年只發生一次，通常是在年初。所以布萊恩提到的這些變化可能是一種節目組合調整，或者正如他所說，我們從所有這些首發中受益。因此，當學生入學時，我們就能獲得大量的書籍和教具收入。所以這可能會使其略微變形。

Right. Because overall, it was about 4%. So as Scott was saying, about, I would say, 2% to 3% is tuition increases. We do benefit from a little bit of our program mix being slightly higher with our starts, but then some of it was due to the book and tool revenue.

正確的。因為總體而言，大約是 4%。正如斯科特所說，學費上漲幅度大約在 2% 到 3% 之間。在我們的節目組合中，首播節目數量略有增加，這確實為我們帶來了一些好處，但部分原因還是歸功於書籍和工具的收入。

And then just last one for me. Can you remind us what maybe the average ramp-up period is for new campuses? Obviously, you talk a lot about revenue and EBITDA expectations, but you mentioned that this new Routed campus will have 1,600 student capacity.

最後，我還要再來一個。能否提醒我們一下，新校區的平均啟動週期大概是多久？顯然，你們經常談到收入和 EBITDA 預期，但你們提到這個新的 Routed 校區將有 1600 名學生容量。

How long does it take you to fill those seats? When you open up a campus, do you expect to have a certain amount of capacity initially that maybe increases over time? How do you think about that?

你需要多久才能坐滿這些座位？當你開設一個校園時，你是否預期初期會有一定的招生規模，然後隨著時間的推移而增加？你對此有何看法？

Sure. So I mean, just looking at East Point as an example, obviously, a very strong performer for us. Within the first 18 months, it has about 700 to 800 students. We would anticipate that our other campuses will perform similarly in the first 18 to 24 months.

當然。所以我的意思是，就拿東點隊來說，很明顯，他們是我們隊表現非常出色的隊伍。在最初的18個月裡，它擁有大約700到800名學生。我們預計其他校區在前 18 至 24 個月內也會有類似的表現。

When we say it has about 1,600 student capacity to get our return on investment that we're looking for, we don't need that many. Frankly, we're basing that off of closer to, let's say, 850 to maybe 1,000 students. So I hope that helps you.

當我們說要達到我們所期望的投資回報，學校大約需要容納 1600 名學生，但我們並不需要那麼多學生。坦白說，我們是根據大約 850 到 1000 名學生的規模來估算的。希望這對你有幫助。

Alex Paris, Barrington Research.

Alex Paris，巴林頓研究公司。

Just a quick follow-up. I meant to ask on the previous -- In light of Veterans Day tomorrow, you mentioned military. Just curious, what is Lincoln's overall military exposure as a percent of total enrollment? And what is the character of that military enrollment? Is it military tuition assistance for active duty? Or is it the Veterans Administration GI bill?

再補充一點。我本想在上一個問題中問——鑑於明天是退伍軍人節，您提到了軍隊。我很好奇，林肯學校的軍事相關學生人數佔總入學人數的百分比是多少？那麼，這群兵役登記人員的特質是什麼？這是針對現役軍人的軍事學費補助嗎？還是退伍軍人事務部的GI法案？

Yes, it's a good question. Well, as a reminder, we started as a military training organization by our founder to train vets from World War II. And unfortunately, we're down to only about 5% to 6% of our students today who are military. And part of that is because when we move to the Lincoln 10.0 model, you're not allowed to provide housing benefits to our military through the GI bill if it's a diploma hybrid program unless you have a degree program.

是的，這是個好問題。提醒一下，我們最初是由創辦人創辦的軍事訓練機構，旨在訓練二戰老兵。遺憾的是，如今我們學生中只有大約 5% 到 6% 是軍人。部分原因是，當我們採用林肯 10.0 模式時，如果課程是文憑混合課程，除非你擁有學位課程，否則你不允許通過 GI 法案向我們的軍人提供住房福利。

So our initiative to get degrees in a number of states where we don't have degrees will enable us to start reenrolling veterans in those areas. So they're all using their GI benefits. So these are people who have left the military. And we would anticipate as we get, as I said, degree branding, particularly in the states of New Jersey and New York, that we'll start seeing, frankly, a growth again in our veteran population.

因此，我們計劃在一些我們尚未設立學位的州設立學位，這將使我們能夠開始在這些地區重新招募退伍軍人。所以他們都在使用他們的GI福利。這些人都是已經退伍的軍人。正如我所說，隨著學位品牌的普及，尤其是在新澤西州和紐約州，我們預計退伍軍人人口將會再次成長。

So to be clear, it's veterans, and that's what I thought. You don't have a material amount of active duty. And GI bill funds are flowing. It had been an issue for another one of your competitors, the American public.

所以說清楚點，是退伍軍人，我也是這麼想的。你沒有大量的現役服役經驗。退伍軍人教育福利金正陸續到位。這對你們的另一個競爭對手——美國大眾來說，也是一個問題。

Yes, that is correct. That's what I tried to say in my remarks, I mean for us, for Lincoln, for what we do, who we serve, the shutdown and the changes that are taking place in Washington have not negatively impacted our business, and that's why we're able to get those strong results that we've been achieving to date and that's why I believe that we'll continue to achieve these strong results going forward.

是的，沒錯。這就是我在演講中想要表達的意思，我的意思是，對我們林肯公司而言，對我們所做的工作，對我們服務的對象而言，政府停擺和華盛頓正在發生的變化並沒有對我們的業務產生負面影響，這就是為什麼我們能夠取得迄今為止取得的強勁業績，也是為什麼我相信我們未來將繼續取得這些強勁業績。

And I'm not showing any further questions at this time. I'd like to turn the call back over to Scott Shaw for any closing remarks.

我目前不會再提出其他問題。我謹將電話交還給斯科特·肖，請他作總結發言。

Great. Thank you, operator, and thank you all for joining us today as we reviewed our continued progress, growth, and increased financial guidance for the full year. As more and more high school graduates and adults seek a time-efficient, cost-effective path to develop skills that can serve them a lifetime, interest in our programs continues to grow. And with our student start growth, new campus development, and increasing level of operating efficiencies, we believe we have numerous opportunities to generate increasing levels of shareholder returns over several years.

偉大的。謝謝運營商，也感謝各位今天與我們一起回顧我們持續取得的進展、成長以及全年財務預期的提高。隨著越來越多的高中畢業生和成年人尋求一種省時省錢的途徑來培養終身受益的技能，人們對我們課程的興趣也持續增長。隨著學生人數的成長、新校區的建設以及營運效率的提高，我們相信在未來幾年內，我們將有很多機會為股東創造不斷增長的回報。

Our success is only made possible by the commitment and dedication of our faculty and staff to our students and their success, and we will continue to share with the world that middle skills careers like the ones we offer lead to rewarding, productive, and fulfilling careers that our nation desperately needs. I'd like to thank our shareholders for their support and our entire team for their dedication to achieving our goals. I hope to see you during my time on the road visiting shareholders, employers, and politicians as I share the Lincoln Tech story. Thank you all again, and have a great day. Bye-bye.

我們之所以能夠成功，全賴全體教職員工對學生及其成功的投入與奉獻。我們將繼續向世界展示，我們提供的這類中等技能職業能夠帶來回報豐厚、富有成效且令人滿足的職業生涯，而這正是我們國家迫切需要的。我要感謝股東們的支持，以及全體團隊成員為實現我們的目標所付出的奉獻。我希望在我巡迴拜訪股東、雇主和政界人士，分享林肯科技學院的故事時，能見到您。再次感謝大家，祝大家今天過得愉快。再見。

Ladies and gentlemen, this does conclude today's presentation. We thank you for your participation. You may now disconnect and have a wonderful day.

女士們、先生們，今天的演講到此結束。感謝您的參與。現在您可以斷開連接，祝您度過美好的一天。