Grand Canyon Education Inc (LOPE) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q1 2025 Grand Canyon Education Inc. earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第一季大峽谷教育公司財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Sarah Collins, General Counsel.

現在，我想將會議交給今天的第一位發言者，總法律顧問莎拉‧柯林斯 (Sarah Collins)。

Joining me on today's call is our Chairman and CEO, Brian Mueller; and our CFO, Dan Bachus. Please note that many of our comments today will contain forward-looking statements that involve risks and uncertainties. Various factors could cause our actual results to be materially different from any future results expressed or implied by such statements.

參加今天電話會議的還有我們的董事長兼執行長 Brian Mueller；以及我們的財務長 Dan Bachus。請注意，我們今天的許多評論將包含涉及風險和不確定性的前瞻性陳述。各種因素都可能導致我們的實際結果與此類陳述所表達或暗示的任何未來結果有重大差異。

These factors are discussed in our SEC filings, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. We undertake no obligation to provide updates with regard to the forward-looking statements made during this call, and we recommend that all investors review these reports thoroughly before taking a financial position in GCE.

這些因素在我們提交給美國證券交易委員會的文件中進行了討論，包括 10-K 表年度報告、10-Q 表季度報告和 8-K 表當前報告。我們不承擔提供本次電話會議中前瞻性陳述的更新的義務，我們建議所有投資者在對 GCE 進行財務投資之前仔細閱讀這些報告。

With that, I'll turn the call over to Brian.

說完這些，我將把電話轉給布萊恩。

Good afternoon. Thank you for joining Grand Canyon Education's first-quarter 2025 conference call. GCE had another strong quarter, producing online enrollment growth of 7.9%, and hybrid growth, excluding the close side and those in teach-out of 16.5%. We also continue to produce strong retention rates, while at the same time investing heavily initiatives for our university partners.

午安.感謝您參加大峽谷教育 2025 年第一季電話會議。GCE 又度過了一個強勁的季度，線上入學人數增加了 7.9%，混合入學人數（不包括近距離和課外教學）增加了 16.5%。我們也繼續保持較高的留任率，同時為我們的大學合作夥伴投入大量資金。

The investment GCE and its 22 partner institutions are making are based on the belief that there is a vast amount of untapped potential in today's workforce. Many recent high school graduates did not go to college this year because of exorbitant tuition rates, potentially exorbitant debt levels and difficulty managing the FAFSA website. Many working adults who could benefit from higher education are not attending because of the lack of creative delivery models that do not take into account their life situations and the nature of what it is they need to learn. Grand Canyon Education will continue to grow at our stated goals over the long run because we are addressing those challenges in ways that work for students and employees.

GCE 及其 22 家合作機構所做的投資是基於這樣的信念：當今的勞動力中存在著巨大的未開發潛力。由於學費過高、潛在的債務水平過高以及 FAFSA 網站的管理困難，許多應屆高中畢業生今年沒有上大學。許多可以從高等教育中受益的在職成年人卻沒有接受高等教育，因為缺乏創造性的傳授模式，沒有考慮到他們的生活狀況和他們需要學習的內容的性質。從長遠來看，大峽谷教育將繼續按照我們既定的目標發展，因為我們正在以對學生和員工都有效的方式應對這些挑戰。

With that, I would like to review the results of the 4 delivery platforms at Grand Canyon Education. First, the online campus in Grand Canyon University. New starts were up in the low teens in the first quarter of 2025, which exceeded our expectations and total enrollment growth was 7.9%, which slightly exceeds our long-term objectives. And there are many reasons for this point, but I want to highlight four. Number one, we have stayed focused on opportunities that exist in today's labor markets and continue to roll out at least 20 new program for a year for our university partners.

在此，我想回顧一下大峽谷教育的四個交付平台的成果。首先，大峽谷大學的線上校園。2025 年第一季度，新生入學人數增加了 15% 左右，超出了我們的預期，總入學人數成長率為 7.9%，略高於我們的長期目標。造成這現象的原因有很多，但我想強調其中四個。首先，我們一直關注當今勞動力市場中存在的機會，並繼續為我們的大學合作夥伴推出至少一年的 20 個新項目。

Since January 1, 2023, GCU has rolled out 48 new programs, emphases and certificates across the 10 colleges, to bring the total of 353 programs emphases and certificates. These programs are tied directly to labor market opportunities for students. One of the responses of universities to declining, is to reduce the number of programs they offer. Two, we continue to work with employers directly to address their workforce shortages. This effort is focused on the industry specification, health care, engineering, technology, manufacturing, public safety and in military.

自 2023 年 1 月 1 日起，GCU 已在 10 所學院推出了 48 個新課程、重點和證書，使課程、重點和證書總數達到 353 個。這些項目與學生的勞動市場機會直接相關。大學應對衰退的措施之一是減少所提供的課程數量。二是，我們繼續與雇主直接合作，解決他們的勞動力短缺問題。這項工作主要集中在行業規範、醫療保健、工程、技術、製造、公共安全和軍事領域。

In the first quarter, new starts from this work increased 18.2% year-over-year. Three, retention of students in the first quarter increased which we believe continues because of the relevancy of the programs that students are handling and their direct tie to the students' career aspirations. Fourth, GCU has resisted responding to the slower growth in higher education overall by raising tuition significantly which many institutions have done. While a few GCU online delivery programs have gone up approximately 1% per year, overall online net tuition rates at GCU have gone down. GCU continues to build technology and deliver other services to its 22 partner institutions, resulting efficiencies that address the financial crisis that exists in higher education today with regard to rising tuition and (inaudible).

一季度，房地產新開工面積年增18.2%。第三，第一季學生的保留率有所提高，我們相信這種趨勢會持續下去，因為學生所參加的課程具有相關性，並且與學生的職業抱負直接相關。第四，GCU 拒絕像許多院校一樣透過大幅提高學費來應對高等教育整體成長放緩的問題。雖然 GCU 的一些線上授課課程每年上漲約 1%，但 GCU 的整體線上淨學費卻下降了。GCU 繼續為其 22 所合作機構開發技術並提供其他服務，從而提高效率，解決當今高等教育中存在的學費上漲和（聽不清楚）。

Given the tough comps, we are still projecting new start growth will be in the mid- to high single-digit rates during the rest of 2025. Second, the GCU ground campus for traditional students. As has been previously discussed, new and total traditional campus enrollments were down slightly year-over-year in fall of 2024 for the reasons discussed on previous calls. Although the spring intake is much less than the fall, we did see an increase in new students starting at GCU in spring 2025 as compared to spring 2024, which helped offset the increasing number of students that graduated at the end of the fall semester.

鑑於嚴峻的競爭情勢，我們仍預期 2025 年剩餘時間內新開工成長率將達到中高個位數。第二，GCU 地面校區是為傳統學生。如同先前所討論的，由於先前電話會議上討論過的原因，2024 年秋季新生和傳統校園總入學人數同比略有下降。儘管春季入學人數遠少於秋季，但我們確實看到 2025 年春季入學 GCU 的新生人數與 2024 年春季相比有所增加，這有助於抵消秋季學期末畢業學生人數的增加。

We believe GCU will reaccelerate growth on ground campus because of the significant advantages, including a very low price point, very low average debt levels, percent of students completing in less than four years and the relevancy of GCU's academic programs. GCU still plans to grow its traditional campus out to 50,000 students. It is our understanding that the Department of Education continues to work that fixes to the FAFSA issues and that the initial results have been positive. We believe that this, along with a number of strategy changes to address this specific challenge for 2025, '26 that we have made will help us meet the university's new enrollment growth goals.

我們相信，GCU 將重新加速地面校園的成長，因為它具有顯著的優勢，包括非常低的價格點、非常低的平均債務水平、在不到四年的時間內完成學業的學生比例以及 GCU 學術課程的相關性。GCU 仍計劃將其傳統校園擴大到可容納 50,000 名學生。據我們了解，教育部正在繼續努力解決 FAFSA 問題，並且初步取得了積極的成果。我們相信，這一點，加上我們為應對2025年和2026年這項具體挑戰而製定的一系列策略變化，將幫助我們實現大學新的招生成長目標。

We remain ahead of last year in new student registrations for the fall of 2025. So although it is still early in the recruitment cycle, the current trends are positive. Third, Grand Canyon Education's hybrid campus had an increase in enrollment year-over-year of 12.1% in the first quarter. Excluding the closed sites and those that are on teach-out, enrollment increased 16.5% year-over-year. We expect the new enrollment rate to maintain up in the low to mid-teens during the spring -- summer 2025 and the rest of 2025.

2025 年秋季新生報名人數仍比去年多。因此，儘管現在仍處於招募週期的早期階段，但目前的趨勢是正面的。第三，大峽谷教育混合校區第一季入學人數較去年同期成長 12.1%。不包括已關閉的學校和正在進行教學的學校，入學人數同比增長了 16.5%。我們預計，2025 年春夏季以及 2025 年剩餘時間的新入學率將維持在 15% 到 19% 左右。

There are two main reasons for this continued growth. One, almost all of our active ABSN partners have responded to the younger students interested in ABSN programs by many advanced standing students or are in the process of making that change. Students with partially completed degrees haven't accumulated a great deal of debt and are very interested in nursing careers but didn't have an efficient way to earn the prerequisite science course work.

這種持續成長有兩個主要原因。首先，我們幾乎所有活躍的 ABSN 合作夥伴都對有興趣參加 ABSN 計畫的低年級學生做出了回應，他們有許多高級學生，或正在進行這種改變。部分完成學位的學生沒有累積大量債務，並且對護理職業非常感興趣，但沒有有效的方法來完成先修的科學課程。

GCU created the science courses and some other gen ed courses, so they could be delivered in online in eight weeks. Students can access these courses from anywhere in the world. There are start opportunities almost every week. These courses have been made very affordable.

GCU 創建了科學課程和一些其他通識教育課程，以便可以在八週內在線授課。學生可以從世界任何地方訪問這些課程。幾乎每週都有開始的機會。這些課程的價格非常實惠。

Our top line experienced faculty have class sizes are low, and there is a tremendous amount of academic support, including an artificial intelligence project, which provides students 24/7 access to tutoring. Since implementing these courses, we have already enrolled over 14,000 students.

我們擁有經驗豐富的頂級教師，班級規模較小，並提供大量學術支持，包括人工智慧項目，為學生提供全天候輔導。自從實施這些課程以來，我們已經招收了超過14,000名學生。

We have a waterfall report which allows us to know how students are progressing through their pre-req courses and when they will be eligible to start at one of our ABSN sites. The success rate of students who successfully entered the ABSN programs is in the high 80% range and our first-time pass rate on the NCLEX stands approximately 90%.

我們有一份瀑布報告，讓我們了解學生在先修課程中的進展以及何時有資格在我們的某個 ABSN 站點開始學習。成功進入 ABSN 計畫的學生的成功率在 80% 以上，而我們在 NCLEX 上的首次通過率約為 90%。

We now have an extremely efficient way to get students academically eligible and prepared to enter the program. These positive results we anticipate will continue. There has never been greater interest among potential students for entering the health care professions and specifically nursing. Because of the low unemployment rate, the interest has shifted to these younger students having accumulated a great deal of debt completing a bachelor's degree in another area and are underemployed.

我們現在有一種極其有效的方法來確保學生的學術資格並準備進入該計畫。我們預計這些正面成果將會持續下去。潛在學生對進入醫療保健行業，特別是護理行業的興趣從未如此濃厚。由於失業率低，人們的興趣轉向了這些年輕學生，他們在完成其他領域的學士學位後積累了大量債務，並且就業不足。

Nearly all our partners have responded positively to the change needed to serve the advanced gaming students. Our goal is to still have 80 locations. Non-GCE partners will have approximately 40 of the locations and GCU will have approximately 40 of the locations.

幾乎所有的合作夥伴都對為高級遊戲學生提供服務所需的改變做出了積極的回應。我們的目標仍然是保留 80 個地點。非 GCE 合作夥伴將擁有約 40 個地點，而 GCU 將擁有約 40 個地點。

In 2025, we will open a total of five additional sites, including our second location in the Boston area in the fall, another site in New York City and GCE will open up three new sites in 2025 in Albuquerque, New Mexico, which was opened in the first quarter of 2025, Lake Mary, Florida near Orlando and in Amglwood, Colorado, South of Denver.

2025 年，我們將共開設 5 個新站點，包括秋季在波士頓地區的第二個站點、紐約市的另一個站點，並且 GCE 將於 2025 年在新墨西哥州阿爾伯克基開設三個新站點（已於 2025 年第一季度開設）、佛羅裡達州奧蘭多附近的瑪麗湖以及科羅拉多州丹佛南部的阿姆格伍德。

The addition of GCU's three new site openings will bring its ABSN total locations to 11. We will also expand our programmatic offerings with our hybrid partners by adding a graduate nursing program with seven specializations with Northeastern University, including master's and doctor level degrees starting this summer at some of our East Coast locations.

隨著 GCU 新增三家店，其 ABSN 門市總數將達到 11 家。我們還將與混合合作夥伴一起擴大我們的計畫範圍，與東北大學合作增加一個包含七個專業的護理研究生項目，包括今年夏天在我們東海岸的一些地點開始提供的碩士和博士學位。

A hybrid occupational therapy bridge to master's program to our already successful St. Kate occupational therapy Assisted hybrid program; an online health science degree with Utica University and GCU will launch a Bachelor's Science and Occupational Therapy Assistance program and a speech language pathology program in 2025 at our West Valley Phoenix location. Adding additional programs at our hybrid location is an important component of our business plan. Fourth, Center for Workforce Development at Grand Canyon University.

混合職業治療橋樑碩士課程，通往我們已經成功的聖凱特職業治療輔助混合課程；尤蒂卡大學和 GCU 合作的在線健康科學學位將於 2025 年在我們位於西谷鳳凰城的分校推出學士學位和職業治療援助計劃以及言語語言病理學計劃。在我們的混合位置添加額外的程序是我們業務計劃的重要組成部分。第四，大峽谷大學勞動力發展中心。

In the 2022-'23 school year, we started 80 students in GCU's electricians pre-apprenticeship program in partnership with companies that are experiencing labor shortages in that area and are excited about hiring GCU's graduates. The program consists of 4, 4 credit courses and runs 1 semester. 212 students successfully completed the program in 2024, '25, including 11 in Austin, Texas. In fall of 2023, we started GCU's manufacturing CNC Machinist Pathway in partnership with companies that are experiencing labor shortages in that area and are excited about hiring GCU grads. The program consists of 4, 4 credit courses and runs 1 semester.

在 2022-23 學年，我們與該地區勞動力短缺且熱衷於聘用 GCU 畢業生的公司合作，開始了 80 名學生的 GCU 電工預學徒計劃。該課程由 4 門 4 學分的課程組成，為期 1 個學期。 2024 年和 2025 年共有 212 名學生成功完成該項目，其中 11 名來自德克薩斯州奧斯汀。2023 年秋季，我們與該地區勞動力短缺且熱衷於聘用 GCU 畢業生的公司合作，啟動了 GCU 製造業 CNC 機械師途徑。該課程由 4 門 4 學分的課程組成，為期 1 個學期。

33 students completed this program in 2024, '25 fiscal year. These students attend school for 20 hours a week and then work in the facilities were paid employee for 20 hours. At the end of the semester, they received a manufacturing certificate became eligible for employment in Arizona's fast-growing manufacturing industry. Students in GCU's growing engineering college are gaining experience in this manufacturing facility, which is adding to their engineering education.

2024年（25財年）有33名學生完成了該課程。這些學生每週上課 20 小時，然後在設施內工作 20 小時並獲得報酬。學期末，他們獲得了製造業證書，有資格在亞利桑那州快速發展的製造業就業。GCU 不斷發展的工程學院的學生正在製造工廠積累經驗，這將豐富他們的工程教育。

Recently, manufacturing company owned and operated by a recent GCU graduate bought an additional manufacturing company, which has more than doubled its capacity and has the opportunity to significantly grow the number of students involved in this program. I started out talking about the development programs and creative delivery models that GCE has implemented with 22 partner institutions. In the 6-plus years since GCE has become a service provider, this helped its partners accomplish the following.

最近，由 GCU 一名應屆畢業生擁有和經營的製造公司收購了另一家製造公司，該公司的產能增加了一倍多，並有機會大幅增加參與該計劃的學生數量。我首先談到了 GCE 與 22 個合作機構實施的發展計畫和創新交付模式。GCE 成為服務提供者以來的 6 年多時間裡，幫助其合作夥伴實現了以下目標。

In that time, GCE has helped Grand Canyon University graduate 189,107 students, 51,381 in education, including 24,247 first-time teachers at a time when teacher shortages have created a national crisis. 50,615 in nursing and health care professionals, including 2,836 pre-licensure nurses at a time when there is a huge shortage of nurses. 38,586 in the College of Humanities and Social Sciences, including thousands in counseling and social work, where there are also huge shortages.

在此期間，GCE 幫助大峽谷大學畢業了 189,107 名學生，其中 51,381 名從事教育工作，包括在教師短缺造成全國危機的情況下培養的 24,247 名首次任教的學生。護理和保健專業人員數量為 50,615 人，其中包括 2,836 名未獲得執照的護士，而目前護士短缺現象十分嚴重。人文與社會科學學院有 38,586 名學生，其中諮詢和社會工作專業的學生有數千人，這些專業的學生也嚴重短缺。

College of business could become one of the largest business schools in America and has produced 32,900 graduates. College of Science, Engineering and Technology has grown by 217% and provided 7,806 graduates. The Doctoral College, Honors College and College of Theology also continue to grow. In addition, GCE has helped its other partners graduate 18,472 pre-licensure nurses and occupational therapist assistants. The numbers that I just cited have all happened in the past 6-plus years since the GCU, GCE transaction and since GCE has become an education services provider.

商學院可能成為美國最大的商學院之一，並培養了 32,900 名畢業生。科學、工程與技術學院的學生人數增加了 217%，共培養了 7,806 名畢業生。博士學院、榮譽學院和神學院也在不斷發展。此外，GCE 還幫助其其他合作夥伴培養了 18,472 名執照前護理師和職業治療助理。我剛才引用的數字都是自從 GCU、GCE 交易以及 GCE 成為教育服務提供者以來的六年多時間裡發生的。

Service revenue was $289.3 million for the first quarter of 2025, an increase of $14.6 million or 5.3% as compared to $274.7 million for the first quarter of 2024. The increase year-over-year in service revenue was primarily due to an increase in partner enrollments of 5.8%, including an increase in GCU online enrollment of 7.9% and university partner enrollments at our off-campus classroom and laboratory sites of 12.1%, partially offset by a decrease in revenue per student year-over-year primarily due to last year being a leap year in previously discussed contract modifications.

2025 年第一季的服務收入為 2.893 億美元，與 2024 年第一季的 2.747 億美元相比增加 1,460 萬美元，增幅為 5.3%。服務收入年增率主要是由於合作夥伴入學人數增加 5.8%，包括 GCU 線上入學人數增加 7.9% 以及校外教室和實驗室站點的大學合作夥伴入學人數增加 12.1%，但部分被人均學生收入同比下降所抵消，這主要是由於去年是先前討論的合約修改中的閏年。

Operating income and operating margin for the three months ended March 31, 2025, was $88 million and 30.4%, respectively, as compared to $84.5 million and 30.8%, respectively, for the same period in 2024. Net income increased 5.3% to $71.6 million for the first quarter of 2025 compared to $68 million for the same quarter of 2024. GAAP diluted income per share for the three months ended March 31, 2025, is $2.52. As adjusted non-GAAP diluted income per share for the three months ended March 31, 2025, is $2.57, which is $0.05 above consensus estimates.

截至 2025 年 3 月 31 日的三個月的營業收入和營業利潤率分別為 8,800 萬美元和 30.4%，而 2024 年同期分別為 8,450 萬美元和 30.8%。2025 年第一季淨收入為 7,160 萬美元，較 2024 年同期的 6,800 萬美元成長 5.3%。截至 2025 年 3 月 31 日的三個月，每股 GAAP 稀釋收益為 2.52 美元。截至 2025 年 3 月 31 日的三個月，調整後非 GAAP 稀釋每股收益為 2.57 美元，高出普遍預期 0.05 美元。

With that, I'd like to turn it over to Dan Bachus, our CFO, to give a little more color on our 2025 first quarter, talk about changes in the income statement, balance sheet and other items as well as discuss the 2025 guidance.

接下來，我想將時間交給我們的財務長 Dan Bachus，讓他進一步介紹我們的 2025 年第一季度，談談損益表、資產負債表和其他項目的變化，並討論 2025 年的指引。

Thanks, Brian. Included in our Form 8-K filed with the SEC, we have included non-GAAP net income and non-GAAP diluted income per share for the three months ended March 31, '25 and '24. The non-GAAP amounts exclude the tax-affected amount of the amortization of intangible assets of $2.1 million in the first quarters of both 2025 and 2024.

謝謝，布萊恩。在我們向美國證券交易委員會提交的 8-K 表中，我們列出了截至 2025 年 3 月 31 日和 2024 年 3 月 31 日的三個月的非 GAAP 淨收入和非 GAAP 稀釋每股收益。非公認會計準則金額不包括 2025 年及 2024 年第一季 210 萬美元無形資產攤銷的稅務影響金額。

We believe the non-GAAP financial information allows investors to develop a more meaningful understanding of the company's performance over time. As adjusted non-GAAP diluted income per share for the three months ended March 31, 2025, and '24 is $2.57, and $2.35 respectively. Service revenue was higher than our expectations in the first quarter of 2025, primarily due to higher-than-expected enrollments. As we expected, revenue per student decreased slightly between years, primarily due to the additional day for leap year in 2024, which added additional service revenue of $1.5 million as compared to the current year and contract modifications for some of our university partners in which the revenue share percentage was reduced in exchange for us no longer reimbursing the partner for certain faculty costs, both of which had the effect of reducing revenue per student.

我們相信非公認會計準則財務資訊可以讓投資人更深入了解公司長期以來的表現。截至 2025 年 3 月 31 日和 24 年 3 月 31 日的三個月調整後非 GAAP 稀釋每股收益分別為 2.57 美元和 2.35 美元。2025 年第一季的服務收入高於我們的預期，主要原因是入學人數高於預期。正如我們預期的那樣，每名學生的收入在各年之間略有下降，主要是因為 2024 年增加了一天閏年，與今年相比增加了 150 萬美元的額外服務收入，並且我們與一些大學合作夥伴的合同進行了修改，其中收入分成百分比降低了，作為交換，我們不再向合作夥伴報銷某些教師費用，這兩者都導致每名學生的收入。

This is partially offset by the service revenue per student for ABSN students at off-campus classroom and laboratory sites, generating a significantly higher revenue per student than we earn under our agreement with GCU, as these agreements generally provide us with a higher revenue share percentage, the partners have higher tuition rates than GCU, and the majority of our partners' students take more credits on average per semester.

這部分被校外教室和實驗室場所的 ABSN 學生人均服務收入所抵消，產生的人均收入遠高於我們與 GCU 達成的協議所賺取的收入，因為這些協議通常為我們提供更高的收入分成百分比，合作夥伴的學費高於 GCU，並且我們合作夥伴的大多數學生平均每學期修讀更多學分。

The first quarter operating margin was negatively impacted on a year-over-year basis as we expected due to the leap year impact, additional spend for 2025 partner initiatives, but also due to significantly higher-than-expected benefit costs as a result of an increase in the number of high-cost claims.

正如我們預期的那樣，第一季營業利潤率同比受到負面影響，原因是閏年的影響、2025 年合作夥伴計劃的額外支出，以及高成本索賠數量增加導致福利成本遠高於預期。

Our effective tax rate for the first quarter of 2025 was 21.6% compared to 22.9% in the first quarter of 2024 and our guidance of 22.2%. The effective tax rate decreased year-over-year primarily due to an increase in excess tax benefits of $2.7 million as compared to $1.5 million in the three months ended March 31, 2025 and 2024, respectively, partially offset by higher state income taxes.

我們 2025 年第一季的有效稅率為 21.6%，而 2024 年第一季的有效稅率為 22.9%，我們的預期稅率為 22.2%。有效稅率年減，主要原因是超額稅收優惠增加了 270 萬美元，而截至 2025 年 3 月 31 日和 2024 年 3 月 31 日的三個月分別為 150 萬美元，但部分被更高的州所得稅所抵消。

We anticipate this trend of higher state income taxes will continue. We repurchased 395,426 shares of our common stock in the first quarter of 2025 at a cost of approximately $68.4 million and another 125,780 shares were purchased since March 31, 2025. We have $209.4 million remaining available as of today under our share repurchase authorization. The Board and the company intend to continue using a significant portion of its cash flows from operations to repurchase its shares, and we anticipate daily purchases will continue during 2025.

我們預計州所得稅上漲的趨勢將會持續下去。我們在 2025 年第一季回購了 395,426 股普通股，成本約為 6,840 萬美元，自 2025 年 3 月 31 日起又購買了 125,780 股。截至今天，我們的股票回購授權剩餘可用資金為 2.094 億美元。董事會和公司打算繼續使用其經營活動產生的現金流量的很大一部分來回購其股票，我們預計 2025 年將繼續進行日常購買。

Turning to the balance sheet and cash flows. Total unrestricted cash and cash equivalents and investments as of March 31, 2025, was $304.7 million. GCE CapEx in the first quarter of 2025, including CapEx for new off-campus classroom and laboratory sites was approximately $8.9 million or 3.1% of service revenue. We anticipate CapEx for 2025 will remain comparable with prior year at between $30 million and $40 million. Last, I would like to provide color on the updated guidance we have provided in our 8-K filed today.

轉向資產負債表和現金流量。截至 2025 年 3 月 31 日，無限現金、現金等價物及投資總額為 3.047 億美元。普通中等教育證書2025 年第一季的資本支出（包括新的校外教室和實驗室場地的資本支出）約為 890 萬美元，佔服務收入的 3.1%。我們預計 2025 年的資本支出將與前一年持平，介於 3,000 萬美元至 4,000 萬美元之間。最後，我想對我們今天在 8-K 文件中提供的最新指導進行詳細說明。

As a reminder, the guidance that we have provided in the outlook section of our 8-K filed today is GAAP net income and diluted income per share with the components to adjust the GAAP amounts to non-GAAP as adjusted net income and non-GAAP as adjusted diluted income per share. We have updated full year 2025 guidance to include the first quarter revenue and earnings piece, have increased the second quarter revenue and earnings projections by increasing both the low end and the high end of our previously provided guidance due to the higher-than-expected enrollments at March 31.

提醒一下，我們在今天提交的 8-K 展望部分提供的指導是 GAAP 淨收入和每股攤薄收益，其中將 GAAP 金額調整為非 GAAP 的部分為調整後的淨收入，將非 GAAP 部分調整為調整後的每股攤薄收益。我們已更新 2025 年全年指引，將第一季度的收入和收益部分納入其中，並且由於 3 月 31 日的入學人數高於預期，我們通過提高之前提供的指引的低端和高端來增加第二季度的收入和收益預測。

We continue to anticipate that new enrollments will be up year-over-year in the mid- to high single digits in each quarter during 2025 and that total online enrollments will remain in the mid- to high single digits over the prior year throughout 2025. Total online enrollments will continue to be pressured by increasing graduations and a continued decline in reentries, students returning to school after a break due to high retention rates. There could be some upside to our second half projections given the strong trends.

我們繼續預計，2025 年每個季度的新生入學人數將同比增長中高個位數，並且 2025 年全年的線上入學總人數將與上一年相比保持在中高個位數。由於畢業人數不斷增加，以及學生因保留率高而休假後重返學校，重返學校的人數持續下降，線上入學總數將繼續面臨壓力。鑑於強勁的趨勢，我們對下半年的預測可能會有一些上調。

But given the tough comps, we believe these estimates are appropriate. We continue to anticipate new and total student growth rate in the hybrid pillar to be in the mid- to high teens with the revenue growth rate for the hybrid pillar as a result of the enrollment growth continuing to be partially offset by changes made to the contracts for the university partners that are no longer being reimbursed for faculty costs. All ground traditional enrollment expectations remain the same as what was provided last quarter.

但考慮到嚴峻的競爭情勢，我們認為這些估計是合理的。我們繼續預期混合支柱的新生和總學生成長率將達到十五六到十五六個百分點，而由於入學人數增長，混合支柱的收入增長率將繼續被大學合作夥伴合約的變化所部分抵消，因為大學合作夥伴不再報銷教師費用。所有地面傳統入學預期與上個季度的預期保持一致。

On the expense side, as you'll recall, after a pause on certain investments, primarily in headcount in the first 9 months of 2024, we ramped up hiring and other spend in the fourth quarter of 2024 and anticipate this continued investment to continue in the second quarter to meet the growth goals of our partners. We also continue to absorb significant increases in both benefit costs and technology services with benefit costs significantly exceeding our expectations in the first quarter and during the month of April.

在費用方面，您會記得，在 2024 年前 9 個月暫停某些投資（主要是員工人數投資）之後，我們在 2024 年第四季度增加了招聘和其他支出，並預計這種持續投資將在第二季度繼續，以滿足我們合作夥伴的增長目標。我們也持續吸收福利成本和技術服務的大幅成長，第一季和四月的福利成本大大超出了我們的預期。

As it relates to the hybrid pillar, we will continue to incur additional costs for the new hybrid locations that have opened in the last 6 months or will open in '24, '25, but we are experiencing increased site level profitability due to the increasing enrollment. Last, we continue to anticipate an increase in legal fees again in 2025 over 2024 as we have a couple of lawsuits filed in prior years that are expected to go into the discovery phase and/or into trial during 2025.

就混合支柱而言，我們將繼續為過去 6 個月內開設或將於 24 年、25 年開設的新混合地點承擔額外成本，但由於入學人數的增加，我們的站點級盈利能力正在提高。最後，我們繼續預計 2025 年的法律費用將比 2024 年再次增加，因為我們在前幾年提起了幾起訴訟，預計這些訴訟將在 2025 年進入調查階段和/或審判階段。

So to summarize, we continue to believe we will see a slight decline in margins in the second quarter as we did in the first due to the investments and other items noted but are optimistic that margins will expand in the second half as long as we see year-over-year growth in the traditional campus enrollment. We are estimating that interest income will continue to be down year-over-year due to the declining cash balances due to more aggressive stock buybacks and a declining interest rate environment.

總而言之，我們仍然相信，由於投資和其他項目的影響，第二季度的利潤率將像第一季一樣略有下降，但我們樂觀地認為，只要我們看到傳統校園入學人數同比增長，下半年的利潤率就會擴大。我們估計，由於更積極的股票回購和利率下降導致現金餘額下降，利息收入將繼續同比下降。

We have lowered interest income slightly for the rest of the calendar year due to the greater-than-expected stock buybacks during the first quarter while decreasing the number of weighted average shares outstanding. We still believe the effective tax rate for the last 3 quarters of 2025 will be 24.9%, 24.9% and 24.1% with a full year tax rate now of 23.7% -- the effective tax rate continues to rise due to higher state taxes as we continue to add new sites and states outside of Arizona, which have higher state tax rates and other factors.

由於第一季股票回購量超出預期，同時加權平均流通股數減少，我們略微降低了今年剩餘時間的利息收入。我們仍然認為，2025 年最後三個季度的有效稅率將分別為 24.9%、24.9% 和 24.1%，全年稅率目前為 23.7%——隨著我們繼續增加新的站點和亞利桑那州以外的州（這些州的州稅率更高）以及其他因素，由於州稅上漲，有效稅率將繼續上升。

These estimates do not assume a contribution in lieu of state income taxes, but if one is made, that will increase G&A expense in the third quarter and decrease the effective tax rate in the second half of the year. As mentioned earlier, our weighted average shares guidance has decreased slightly for each of the three remaining quarters due to the greater-than-expected purchases in the first quarter.

這些估計值並不假設代替州所得稅的貢獻，但如果做出貢獻，這將增加第三季的一般及行政費用，並降低下半年的有效稅率。如前所述，由於第一季的購買量超出預期，我們對其餘三個季度的加權平均股票預期均略有下降。

The Board continues to authorize the repurchase of shares as it believes the stock remains undervalued based on the metrics it uses to evaluate, including the ratio of enterprise value to adjusted EBITDA and the free cash flow yield rather than multiples of other education companies as although we can be viewed as being in the same sector, there are few, if any, appropriate comps. I will now turn the call over to the moderator so that we can answer questions.

董事會繼續授權回購股票，因為董事會認為，根據其評估所使用的指標，包括企業價值與調整後 EBITDA 的比率和自由現金流收益率（而不是其他教育公司的倍數），該股票仍然被低估，因為儘管我們可以被視為處於同一行業，但合適的可比公司很少（如果有的話）。我現在將電話轉給主持人，以便我們回答問題。

(Operator Instructions) Jeff Silber, BMO Capital Markets.

（操作員指示）Jeff Silber，BMO 資本市場。

In your prepared remarks, you mentioned a few times about the better-than-expected enrollment in the first quarter. I was wondering if we can get a little bit of color where that came from? Is it specific programs, et cetera? Anything would be great.

在您的準備好的發言中，您多次提到第一季的入學人數好於預期。我想知道我們是否可以得到一點顏色，看看它從何而來？它是特定的程序嗎？等等？任何事情都很好。

Yes. It's two things. One, lead flow and the interest in what we're doing here is -- continues to grow. I think a lot of that lead flow increase is because of new programs we're in. Most of our competition can't compete with the number of programmatic offerings. And students increasingly when they're going out and looking for academic programs as working adults are trying to complete just complete degree.

是的。這是兩件事。首先，人們對我們所做的事情的興趣和關注度正在持續增長。我認為，潛在客戶流量的增加很大程度上是因為我們參與了新專案。我們的大多數競爭對手都無法在程序化廣告的數量上與我們競爭。越來越多的學生在外出尋找學術課程時，作為在職成年人，只是想完成學位。

They're looking for a specific area. And so that's one of the reasons. The second reason is we continue to sign contracts with school districts, hospitals, military bases, just signed with three large school districts in Florida, including Miami Bay, just signed a contract with a major military base in Missouri. So the work that we're doing directly with corporations, school districts, hospitals, military bases engineering firms, others are creating a lot of opportunities for working adults to go back to school. So it's a combination of those two things that increased the online enrollments. And those things we believe will continue to experience those things.

他們正在尋找一個特定區域。這就是原因之一。第二個原因是我們繼續與學區、醫院、軍事基地簽訂合同，剛剛與佛羅裡達州的三個大型學區簽訂了合同，包括邁阿密灣，剛剛與密蘇裡州的一個主要軍事基地簽訂了合同。因此，我們直接與企業、學區、醫院、軍事基地工程公司等合作，為在職成年人重返校園創造了許多機會。因此，這兩件事的結合增加了線上註冊人數。而我們相信那些事情將會繼續經歷那些事。

My follow-up question, I know there's been a lot of noise in the media about fears of potential funding cuts coming out of Washington. From a student perspective, I'm just curious are you seeing students or parents worried about that? And I'm specifically interested in your fall enrollment at the ground campus, if you might think that might have an impact?

我的後續問題是，我知道媒體上有很多關於華盛頓可能削減資金的擔憂。從學生的角度來看，我只是好奇你是否看到學生或家長擔心這一點？我對您秋季在地面校區的入學情況特別感興趣，您認為這可能會產生影響嗎？

I have been a part of some of those discussions in Washington. I won't get real specific about that. But most of the talk is around dollars that would go directly to states in the form of block grants. And so I don't believe that there is going to be less funding for higher education.

我曾參加過在華盛頓舉行的一些此類討論。我不會具體談論這一點。但大部分的討論都圍繞著以整筆撥款的形式直接撥給各州的資金。因此，我認為高等教育的資金不會減少。

I think the funding will remain the same, might even increase. Some of it might be returned to the states. Some of the things that people are seeing now in the news have to do with research grants, more so with research grants and they have to do with either core grant levels or loan levels, those kind of things.

我認為資金將保持不變，甚至可能增加。其中一部分可能會返還給各州。現在人們在新聞中看到的一些事情與研究補助有關，更多的是與研究補助有關，而且它們與核心補助水平或貸款水平等有關。

And so there are some universities that are very concerned about that. We are not in that -- we're not -- we don't play in that area a lot. We do significant levels of research, especially at the graduate level, but most of it is in direct relationship with companies that we're working and we're not relying on a lot of grant funding from the federal government.

有些大學對此非常擔憂。我們不在那裡——我們不在那裡——我們不經常在那個地區活動。我們進行了大量研究，特別是在研究生階段，但大多數研究都與我們合作的公司有直接關係，我們並不依賴聯邦政府的大量撥款。

And so I think some universities have reason to be nervous about some of that -- those -- the grant money, the research grant money, but I'm not hearing anything in terms of Title IV programs. In fact, what I'm hearing that Title IV programs, even though the Department has been cut back significantly, will probably stay with the people operating at the Department satisfied. I don't think any of that is going to impact us at all.

因此，我認為一些大學有理由對其中一些感到緊張——那些——補助金、研究補助金，但我沒有聽到有關第四章計劃的任何消息。事實上，我聽說儘管該部門的第四章計劃已被大幅削減，但部門內的工作人員可能會滿意地繼續執行該計劃。我認為這些都不會對我們造成任何影響。

Alex Paris, Barrington Research.

巴林頓研究公司的亞歷克斯‧帕里斯 (Alex Paris)。

Thank you and congrats on the strong start to the new year. I have got a couple of follow-up questions, primarily on all the enrollment, which was sort of above target and representing acceleration from the fourth quarter. In your prepared comments, you talked about above the long-term target. And so I thought maybe now would be a good time to get an update on long-term targets by line item, maybe total partner enrollment GCU online, GCU ground, Orbis, I'm looking for kind of longer-term targets for each of those pillars.

謝謝您，並祝賀您在新的一年裡有一個良好的開端。我有幾個後續問題，主要是關於所有入學人數，這有點高於目標，並且代表著第四季度的加速。在您準備好的評論中，您談到了上述長期目標。因此，我想現在可能是按專案更新長期目標的好時機，也許是 GCU 在線、GCU 地面、Orbis 的總合作夥伴註冊人數，我正在尋找每個支柱的長期目標。

Well, we don't break them out typically, but our long-term enrollment goal is 7% -- so we're slightly above that at 7.9%. And that's a combination of online enrollments, ground enrollments and hybrid enrollments and then we're starting to factor in our workforce development area.

嗯，我們通常不會將其細分，但我們的長期入學目標是 7%——所以我們略高於 7.9%。這是線上註冊、地面註冊和混合註冊的結合，然後我們開始考慮勞動力發展領域。

I can tell you that we're running ahead in terms of new enrollments on the online side. We are running ahead in terms of hybrid enrollments. Both are very strong, and we're running ahead of registration on ground. Now the majority of that obviously doesn't start until September -- late August, early September.

我可以告訴你，我們在線上新生入學方面處於領先地位。我們在混合招生方面處於領先地位。兩者都非常強大，而且我們在地面註冊方面處於領先地位。現在，大部分活動顯然要到 9 月（8 月底、9 月初）才開始。

So we won't know ultimately whether we're ahead or behind until we get to August or September. But we -- our low guidance there and our high guidance, there's a pretty big gap there. And right now, online is doing so well that if we do well from a ground standpoint, things are going to be very good. If we don't do quite as well, they're still going to be good because the two of the other three areas are very strong. And the ground enrollment, we have a lot of confidence in.

因此，直到八月或九月我們才會最終知道我們是領先還是落後。但是我們的低指引和高指引之間存在著相當大的差距。現在，線上業務表現非常好，如果我們從實際角度做得好，事情就會非常好。即使我們做得不那麼好，他們仍然會表現得很好，因為其他三個領域中的兩個都非常強大。我們對地面招生非常有信心。

There's been, as you know, high school graduates, number of high school graduates on an annual basis is going down. The percent of them that are going to college is going down. So you're absolutely seeing a mix shift in terms of selections people are making.

正如你們所知，高中畢業生的數量逐年下降。其中上大學的人數比例正在下降。因此，你絕對會看到人們的選擇發生了混合轉變。

The areas that are growing are mid-tier public universities. More students are staying closer to home and going to mid-tier institutions that have lower tuition. And so those institutions are gaining and an institution like ours. We still have students from all 50 states and students that want to travel will come to a destination city and state like (inaudible)

正在發展的地區是中等規模的公立大學。越來越多的學生選擇離家較近的地方就讀學費較低的中等院校。因此，這些機構正在獲得發展，就像我們這樣的機構一樣。我們仍然有來自所有 50 個州的學生，想要旅行的學生會來到目的地城市和州，例如（聽不清楚）

When you have the 21st rank campus in the country, and we've reached tuition in 16 years and our average student (inaudible) average state university student. And so people are making different choices in terms of 18-year-olds and how they can best prepare for life to work, but we are in the sweet spot of that. We're definitely in the sweet spot of that. And so we believe that this little bit of 2-year pullback that even we experienced a little bit is going to be reversed this year because of the value proposition that we represent. Does that help Alexander?

當你擁有全國排名第 21 位的校園時，我們在 16 年內就達到了學費標準，而且我們的平均學生（聽不清楚）是平均州立大學學生的學費標準。因此，人們對 18 歲年輕人以及如何為工作生活做好最佳準備做出了不同的選擇，但我們正處於最佳狀態。我們確實處於最佳狀態。因此，我們相信，由於我們所代表的價值主張，我們經歷的這兩年的小幅回檔今年將會得到扭轉。這對亞歷山大有幫助嗎？

Absolutely. I appreciate the additional color. And then sort of the same question, looking for an update on expectations for this year from an enrollment perspective. I had kind of a bad connection for the prepared comments. So if you talked about this, I apologize. But you had said with regard to GCU online starts in the mid- to high single digits every quarter of 2024 Orbis up low to mid-teens rest of 2025. Do those still stand?

絕對地。我很欣賞這種額外的顏色。然後是同樣的問題，從招生角度尋找對今年的期望的最新情況。我對準備好的評論的理解有點差。所以如果你談論了這件事，我深感抱歉。但您曾說過，關於 GCU 線上課程，2024 年每季的開學人數將達到中高個位數，而 2025 年剩餘時間的 Orbis 課程將達到低到中等個位數。這些還存在嗎？

Yes. Yes.

是的。是的。

Great. And then last question, a question I haven't asked in a while, maybe because it's not particularly relevant, but I'll ask anyway. So it's on M&A, Grand Canyon Education has made acquisitions in the past, obviously, the hybrid line. Wondering what your thoughts are with regard to M&A.? Do you look at them -- is there anything that you'd like to acquire, particularly with a new administration and different rules being proposed in Washington D.C.?

偉大的。最後一個問題，我已經有一段時間沒有問過這個問題了，可能是因為它不是特別相關，但我還是會問。因此，在併購方面，大峽谷教育過去曾進行過收購，顯然是混合型路線。想知道您對併購有何看法？您是否考慮過這些——有什麼是您想要獲得的嗎，特別是在新政府上台並且華盛頓特區正在提出不同的規則的情況下？

No. It's a good question, but we continue to prefer building -- we did make an acquisition with Orbis, and we like very much the market that they were addressing. They had a little bit of a head start. They missed on some things, and we've corrected those things, and now we're in a very good position as a result of that acquisition.

不。這是個好問題，但我們仍然傾向於建設——我們確實收購了 Orbis，我們非常喜歡他們所針對的市場。他們稍微領先了一點。他們忽略了一些事情，而我們已經糾正了這些問題，現在由於那次收購，我們處於非常有利的地位。

But for the most part, we're addressing what we see as the real potential in higher ed by building things. And that there's very little chance at this point that we'll be purchasing anything, but we will be continuing to spend that CapEx to buildings.

但在大多數情況下，我們透過建立事物來解決我們所看到的高等教育的真正潛力。目前我們購買任何東西的可能性很小，但我們會繼續將資本支出用於建築。

What we're doing in workforce development is a very good example of that. The things come -- I do believe that manufacturing come back (inaudible). I don't believe it will come back the same way it came back after World War II because I think AI and robotics is going to have a big impact. But the reason we're working with this manufacturing facility is that we're trying to find the right intersection between engineering, technology and manufacturing.

我們在勞動力發展方面所做的工作就是一個很好的例子。事情會發展——我確實相信製造業會復甦（聽不清楚）。我不相信它會像二戰後那樣復甦，因為我認為人工智慧和機器人技術將產生巨大的影響。但我們與該製造工廠合作的原因是我們試圖找到工程、技術和製造之間的正確交匯點。

Arizona is growing up with these major Taiwanese chip manufacturing companies that are coming here and their need for skilled labor anywhere from electrical engineering students down to entry-level technicians and everything in between, including manufacturing specialists is huge, and we're going to be a big part of that. We don't see anything out there that can accelerate that for us. We think we can move faster by working directly with companies and building things. And we'll continue to spend most of our time building things first of all.

隨著台灣大型晶片製造公司的進駐，亞利桑那州正在蓬勃發展，這些公司對熟練勞動力的需求巨大，從電子工程專業的學生到入門級技術人員，包括製造專家，我們將在其中發揮重要作用。我們沒有看到任何可以加速這一進程的東西。我們認為，透過直接與公司合作並進行建設，我們可以更快地發展。我們將繼續把大部分時間花在先建造事物上。

Steven Pawlak, Baird.

史蒂文·帕拉克，貝爾德。

Just wanted to ask on the process for converting the students that are in the prerequisite program into the hybrid ABSN programs. And like I said, the question is that it's like there's 14,000 students that you've enrolled in the prerequisite program, but the ABSN enrollments sort of in that mid-teens or mid single-digit thousands. So just kind of what's the process for converting the 14,000 to the 5,000?

只是想詢問將先修課程的學生轉換為混合 ABSN 課程的過程。正如我所說的，問題在於，你們的先修課程招收了 14,000 名學生，但 ABSN 的註冊人數只有十幾歲或幾千人。那麼將 14,000 轉換為 5,000 的過程是怎麼樣的呢？

It's most students that are interested in nursing career are our people that have 30 or so college credits. They are 19, 20, 21 years old. They've gone to community college. They are attempting to try and get into a nursing program, but you can see that it's a really, really long route. Biology is offered this semester at this time, but not next semester at this time. Most of them are working hard time.

大多數對護理職業感興趣的學生都是擁有 30 個左右大學學分的人。他們的年齡分別是19、20、21歲。他們已經上過社區大學。他們正在嘗試進入護理課程，但你會發現這是一條非常漫長的路。本學期此時開設生物學課程，但下學期此時不開設。他們中的大多數人都在努力工作。

They haven't accumulated a lot of depth. And so even though our courses are accelerated, they're with us anywhere between 6 months and up to between 12 and 18 months before they finish that course work and are eligible to get into an ABSN program. And so with 24,000 -- when we get to 80 -- one way to think about it is this, I think, when we get 80 locations, we want approximately 300 ABSN students per location 24,000 slots.

他們還沒有累積太多的深度。因此，儘管我們的課程是加速的，但他們仍需要 6 個月到 12 到 18 個月的時間才能完成課程並有資格進入 ABSN 計劃。因此，當我們有 24,000 個名額時——當我們達到 80 個名額時——一種思考方式是這樣的，我認為，當我們有 80 個名額時，我們希望每個名額有大約 300 名 ABSN 學生。

Eventually, we're going to have to have more than 24,000 students taking prerequisites in order to get those 24,000 slots filled or we could have more than 24,000 students taking pre-rec courses in order to get those 24,000 slots filled. We think this is going to be the absolute predominant way to get prepared to get one of those programs.

最終，我們將需要有超過 24,000 名學生參加先修課程才能填滿這 24,000 個名額，或者我們可以有超過 24,000 名學生參加預科課程才能填滿這 24,000 個名額。我們認為這將是準備獲得這些計劃之一的絕對主要方式。

Many of our partners do have pre-rec programs on their campuses, but there's semester long courses and they're $800 credit hour and to expect people to borrow that money and to borrow money is unrealistic. And so gradually, even our non-DC partners are sending their students into these pre-req courses in order to get qualified to be in.

我們的許多合作夥伴確實在他們的校園裡設有預科課程，但這些課程為期一學期，學分費用為 800 美元，指望人們藉這筆錢並藉錢是不現實的。因此，漸漸地，甚至連我們 DC 以外的合作夥伴也開始送他們的學生參加這些先修課程，以獲得入學資格。

And so we have a waterfall and we can see which students are progressing and which ones are likely to be eligible because it's not 100%. The courses are difficult. But we need to build that number even above 14,000 to eventually fill 24,000 slots. Does that make sense?

因此，我們有一個瀑布圖，我們可以看到哪些學生正在進步，哪些學生可能符合條件，因為這不是 100%。這些課程很難。但我們需要將這個數字增加到 14,000 以上，以最終填補 24,000 個空缺。這樣有道理嗎？

No, it makes perfect sense. And then on the non-ABSN hybrid program that you referenced, how quickly can you scale those and (inaudible) where they're contributing to the financial performance?

不，這完全有道理。然後，關於您提到的非 ABSN 混合計劃，您可以多快擴展它們以及（聽不清楚）它們對財務業績的貢獻如何？

It's going to go a little quicker than maybe we even thought six months ago because what's going on at places like Northeastern and what's going on at places like the GCU location is having an impact on the thinking of our less -- our more conservative partners.

這個過程會比我們六個月前想像的要快一些，因為東北大學和 GCU 等地發生的事情正在對我們不那麼保守的合作夥伴的想法產生影響。

Those that are a little slower to respond, I believe, are going to respond more quickly in the future because the financial pressures they're under with their normal business is not getting better.

我相信，那些反應稍慢的企業將來會反應得更快，因為他們在正常業務中面臨的財務壓力並沒有改善。

And these programs can be so profitable for them and have such an impact on their bottom line that especially those smaller schools are going to be a lot more open to take a little risk and start these other programs before I think in the past they would want to. So we've had a lot of movement just in the last couple of months. And so I think things will accelerate over the next couple of years.

這些項目可以為他們帶來豐厚的利潤，並對他們的盈利產生巨大影響，尤其是那些規模較小的學校，他們現在會更願意承擔一點風險，在他們過去不願意的時候啟動這些其他項目。因此，在過去的幾個月裡，我們已經有很多動作。因此我認為未來幾年事情會加速發展。

The thing I would like to add to that, and I know Brian talked about this in his prepared remarks, but we're unbelievably excited about the start-up of some of these additional programs with some of our other non-GCU partners. This is something we've been talking about for a few years, and it's coming to fruition this year. And so I think right to Brian's point, I think these partners are seeing the success that we're having with GCU and some of our other partners and are asking for additional programs. And some of those programs are actually starting up in 2025, which is really exciting.

我想補充一點，我知道 Brian 在他的準備好的演講中談到了這一點，但我們對與其他一些非 GCU 合作夥伴啟動一些附加項目感到無比興奮。這是我們幾年來一直在談論的事情，今年即將取得成果。所以我認為 Brian 的觀點是正確的，我認為這些合作夥伴看到了我們與 GCU 和其他一些合作夥伴的成功，並要求提供更多的計劃。其中一些項目實際上將於 2025 年啟動，這確實令人興奮。

Thank you very much.

非常感謝。

We've reached the end of our first quarter conference call. We appreciate your time and interest in Grand Canyon Education. If you still have questions, please contact myself, Dan Bachus. Thank you very much for your time.

我們的第一季電話會議已經結束。我們感謝您對大峽谷教育的時間和興趣。如果您還有疑問，請聯絡我，Dan Bachus。非常感謝您抽出時間。