Grand Canyon Education Inc (LOPE) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Grand Canyon Education second quarter earnings conference call. (Operator Instructions) I would now like to hand the conference over to your first speaker today, Sarah Collins, General Counsel. Please go ahead.

您好，感謝您的支持。歡迎參加大峽谷教育第二季財報電話會議。（操作員指示）現在，我想將會議交給今天的第一位發言人，總法律顧問莎拉·柯林斯 (Sarah Collins)。請繼續。

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 risk and uncertainties. Various factors could cause our actual results to be materially different from 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 和財務長 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未來結果有重大差異。

These factors are discussed in our SEC filings, including our annual report on Form 10k, quarterly reports on Form 10, 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. With that, I'll turn the call over to Brian.

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 10k 表格年度報告、10 表格季度報告和 8-K 表格當前報告。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。說完這些，我將把電話轉給布萊恩。

Good afternoon and thank you for joining Grand Canyon Education second quarter 2025 conference call. GCE had another strong quarter, producing online enrollment growth of 10.1% and hybrid growth, excluding the closed sites and those in Teachout of 15.4%. With that, I would like to review the results of the four delivery platforms at GCE.

下午好，感謝您參加大峽谷教育 2025 年第二季電話會議。GCE 又度過了一個強勁的季度，線上入學人數增加了 10.1%，混合入學人數（不包括已關閉的學校和 Teachout 學校）增加了 15.4%。在此，我想回顧一下 GCE 四個交付平台的成果。

First, the online campus at Grand Canyon University. New starts were up in the mid-teens in the second quarter of 2025, which exceeded our expectations and total enrollment growth was 10.1%, which significantly exceeds GCU's long-term objectives. In the past, I have highlighted four reasons for the growth.

首先，大峽谷大學的線上校園。2025 年第二季度，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 10.1%，大大超過了 GCU 的長期目標。過去，我曾強調成長的四個原因。

They include continuing to roll out 20 plus new programs on an annual basis, working with over 5,500 employers directly to address workforce shortages, increased retention levels again in the second quarter, and holding the line on tuition to main GCU to maintain GCU's competitive pricing position.

這些措施包括繼續每年推出 20 多個新項目、直接與 5,500 多名雇主合作解決勞動力短缺問題、在第二季度再次提高保留率，以及控制 GCU 主校的學費以保持 GCU 的競爭性定價地位。

[1/5] reason and one growing insignificance, is the number of students between 18 and 25 years old that are choosing to do college online. There are very few universities that have 303 programs delivered fully online. The online campus growth is benefiting from the growing trend of high school graduates that are doing their total program online, as well as students attending the campus that go back and forth between living on campus and using the flexibility of online to engage in other life experiences.

[1/5] 的一個原因，也是一個越來越不重要的因素，是選擇在線上大學學習的 18 歲至 25 歲之間的學生數量。很少有大學提供完全線上授課的 303 個課程。線上校園的成長得益於越來越多的高中畢業生選擇在線上完成整個課程，以及越來越多的學生在校園生活和利用線上靈活性參與其他生活體驗之間來回切換。

Given the trends I just discussed, we believe the momentum that exists in the second quarter will continue into the second half. Comps in the second half are more difficult, but we are still projecting new start growth will be in the mid to high single digits.

鑑於我剛才討論的趨勢，我們相信第二季的勢頭將持續到下半年。下半年的比較困難，但我們仍預期新開工成長率將達到中高個位數。

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 the fall of 2024 for the reasons discussed on previous calls, including the difficulty of navigating the new FASA site.

其次，對於傳統學生來說，GCU 地面校區，正如之前所討論的，2024 年秋季，新入學和總傳統校區入學人數同比略有下降，原因已在之前的電話會議上討論過，包括導航到新 FASA 站點的難度。

Although the spring intake is much less than the fall, we did see an increase in new students starting in at GCU in the spring of 2025 as compared to spring 2024, which helped offset the increasing number of students that graduated at the end of the fall semester.

儘管春季入學人數比秋季少得多，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。

Summer ground enrollment increased 16% over the prior year. Traditional students included in the ground enrollment at GCU at June 30th of each of each year only includes traditional age students that have been attending campus that are taking summer school classes. This has become another reason students are able to graduate in less than four years.

夏季校內入學人數比前一年增加了 16%。每年 6 月 30 日，GCU 地面招生中包含的傳統學生僅包括已在校上暑期學校課程的傳統年齡學生。這也成為學生能夠在不到四年的時間內畢業的另一個原因。

We believe GCU will re-accelerate new student growth on the ground campus because of its significant advantages, including 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. We are currently approximately 10% ahead of last year in new student registrations for the fall of 2025.

我們相信，GCU 將重新加速校園新生的成長，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。目前，2025 年秋季新生註冊人數比去年增加了約 10%。

And although we continue to see greater than historical numbers of students registering and melting at this time of the year, we remain optimistic that we will start the fall 2025 semester, 10% above last year in new students, but flat year over year in total on campus enrollment.

儘管我們看到每年這個時候註冊的學生數量和人數都超過了歷史最高水平，但我們仍然樂觀地認為，2025 年秋季學期的新生人數將比去年增加 10%，但校園入學總人數將與去年持平。

Falling total enrollment is being greatly impacted by summer graduations. Summer school enrollment was greater than expected, and approximately 300 of those students took the credits needed to graduate in the summer rather than return in the fall, which gets their professional career started a semester earlier and reduces the debt level their families need to incur.

夏季畢業典禮對總入學人數的下降產生了很大影響。暑期學校的入學人數超出預期，其中約有 300 名學生在暑假修讀了畢業所需的學分，而不是在秋季返校，這使得他們的職業生涯提前一個學期開始，並減少了他們的家庭需要承擔的債務水平。

As we move forward, there are three trends that are impacting traditional college campuses throughout the country. Number 1, the number of high school graduates on an annual basis continues to decline. Number 2, the percent of high school graduates that are choosing the four or five year baccalaureate path continues to go down, while the number of students choosing shorter certificate or trade programs is going up.

隨著我們不斷前進，有三種趨勢正在影響全國各地的傳統大學校園。第一，每年高中畢業生數持續下降。第二，選擇四年或五年制學士學位課程的高中畢業生比例持續下降，而選擇短期證書或職業課程的學生數量正在上升。

Number three, the number of high school graduates choosing a baccalaureate path. But doing it fully online also continues to go up. We are in a very strong position given those trends. We have a high quality, affordable offering on a GCU ground campus, but have even greater program choices for students that want to go fully online or to move back and forth between ground and online. In the future, we will be reporting growth of traditional students under 25 years old and the growth of non-traditional students 25 and older.

第三，選擇學士學位課程的高中畢業生人數。但完全在線上進行的情況也持續增加。鑑於這些趨勢，我們處於非常有利的地位。我們在 GCU 校園提供高品質、價格合理的課程，但對於想要完全在線學習或在地面和線上之間來回切換的學生，我們提供更多的課程選擇。未來，我們將報告 25 歲以下傳統學生的成長情況以及 25 歲以上非傳統學生的成長。

The purpose will be to accurately reflect the flexibility that GCU provides to students across the lifespan, leading to growth levels greatly exceeding the overall trends across the country.

其目的是準確反映 GCU 為學生在整個生命週期中提供的靈活性，從而使成長水準大大超過全國的整體趨勢。

Third, Grand Canyon Education's hybrid campus had an increase in enrollment year over year of 14% in the second quarter, excluding the closed sites and those that are on Teachout, enrollment increased 15.4% year over year. We expect the new enrollment growth rates to remain up in the low to mid-teens during the second half of 2025.

第三，大峽谷教育混合校區第二季入學人數較去年同期成長 14%，不包括已關閉的校區和 Teachout 上的校區，入學人數較去年同期成長 15.4%。我們預計，2025 年下半年新入學人數成長率將維持在 15% 左右。

There are two main reasons for this continued growth. Number one, almost all of our active ABSN partners have responded to the younger students interested in ABSN programs by admitting 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 coursework.

這種持續成長有兩個主要原因。首先，幾乎所有活躍的 ABSN 合作夥伴都已透過招收高級學生或正在進行此類變更來回應對 ABSN 計畫感興趣的年輕學生的需求。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獲得先修的科學課程。

GCU created the science courses and some other GE courses so they could be delivered online in 8 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, are taught by experienced faculty. 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.

GCU 創建了科學課程和一些其他 GE 課程，以便可以在 8 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。這些課程價格非常實惠，由經驗豐富的教師授課。班級規模較小，並提供大量學術支持，包括一個為學生提供全天候輔導的人工智慧計畫。

Since implementing these courses, we have already enrolled 17,085 students. We have a waterfall report that allows us to know how students are progressing through their prerequisite courses and when they will be eligible to start at one of our ABSN sites.

自從實施這些課程以來，我們已經招收了17,085名學生。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。

Graduation rate of students who successfully entered the ABSN programs is in the mid 80s, and the first-time pass rate on the [NFLx] exam is approximately 90%. We now have an extremely efficient way to get students academically eligible and prepared to enter the program.

成功進入 ABSN 課程的學生的畢業率在 80% 左右，[NFLx] 考試的首次通過率約為 90%。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。

These positive results we anticipate will continue. There has never been greater interest among potential students for entering the entering the healthcare professions and specifically nursing, but because of the low unemployment rate, the interest has shifted to these younger students who haven't accumulated a great deal of debt, completing a bachelor's degree in another area and are underemployed.

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，但由於失業率低，他們的興趣轉向了這些沒有積累大量債務、在其他領域完成學士學位且就業不足的年輕學生。

Nearly all our partners have responded positively to the change needed to serve the advanced standing students. Our goal is still to have 80 locations with our partners, with 40 of them, with 40 of the locations being GCU locations. In 2025, we will open five additional sites.

幾乎所有的合作夥伴都對為高級學生提供服務所需的改變做出了積極的回應。我們的目標仍然是與合作夥伴開設 80 家店，其中 40 家是 GCU 門市。2025年，我們將再開設五個站點。

Including a second location in the Boston area in the fall, another site in New York City, and 3 GCU sites in 2025. One in Albuquerque, New Mexico, which was opened in the first quarter of 2025, one in Lake Mary, Florida near Orlando, which was opened in the second quarter of 2025, and one in Inglewood, Colorado, south of Denver, which will open in the fall.

包括秋季在波士頓地區的第二個地點、紐約市的另一個地點以及 2025 年的 3 個 GCU 地點。位於新墨西哥州阿爾伯克基，預計於2025年第一季開幕；位於佛羅裡達州奧蘭多附近的瑪麗湖，預計於2025年第二季開幕；位於科羅拉多州丹佛南部的英格爾伍德，預計秋季開幕。

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

隨著 GCU 新增三個校區，其 ABSN 校區總數將達到 11 個。我們還與混合合作夥伴一起擴大了我們的項目範圍，與東北大學合作增加了一個包含七個專業（包括碩士和博士學位）的研究生護理項目，該項目於今年夏天在東海岸的幾個地方開始實施。

A hybrid occupational therapy bridge to master's program to the already successful Saint Kate's occupational therapy Assistant hybrid program. An online health science degree with Utica University and GCU will launch a Bachelor of Science in Occupational therapy Assistance program and a special a speech language pathology program in 2025 at the Phoenix West Valley location.

混合職業治療橋樑碩士課程，通往已經成功的聖凱特職業治療助理混合課程。尤蒂卡大學和喬治城大學 (GCU) 合作的線上健康科學學位將於 2025 年在鳳凰城西谷地區推出職業治療援助理學學士學位課程和特殊的言語語言病理學課程。

Adding additional programs at our hybrid locations is an important component to our business plan.

在我們的混合地點添加額外的項目是我們業務計劃的重要組成部分。

Fourth, the Center for Workforce Development at Grand Canyon University. In the 2022, 2023 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.

第四，大峽谷大學勞動力發展中心。在 2022、2023 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。

The program consists of 44 credit courses and runs one semester. 212 students successfully completed the program in 2024-2025, including 11 in the Austin, Texas hybrid location. In fall 2023, we started GCU's manufacturing CNC Machinist pathway in partnership with companies that are experiencing labor shortages in that area.

課程包含 44 門學分課程，為期一學期。 2024-2025 年，共有 212 名學生成功完成課程，其中 11 名在德克薩斯州奧斯汀的混合地點完成。2023 年秋季，我們與該地區勞動力短缺的公司合作，啟動了 GCU 製造 CNC 機械師途徑。

The program consists of 44 credit courses and runs 1 semester. 33 students completed the program in 2024 to 2025 fiscal year. The those students attend for 20 hours a week and then work in the facility as a paid employee for 20 hours. At the end of the semester, they received a manufacturing certificate and became eligible for employment in Arizona's fast-growing manufacturing industry.

該計畫包含 44 門學分課程，為期 1 個學期。 2024 至 2025 財政年度共有 33 名學生完成了此專案。這些學生每週上課 20 小時，然後作為有償員工在該機構工作 20 小時。學期末，他們獲得了製造業證書，並有資格在亞利桑那州快速發展的製造業就業。

Students in GCU's growing engineering college are getting experience in this manufacturing facility, which is adding to their engineering education. Recently, this manufacturing company owned and operated by a recent GCU graduate and housed in a GCU facility, bought a manufacturing company which has more than doubled its capacity and provides the opportunity to significantly grow the number of students involved in this program.

GCU 不斷發展的工程學院的學生正在製造工廠獲得經驗，這將豐富他們的工程教育。最近，這家由 GCU 的一名應屆畢業生擁有和經營並位於 GCU 工廠內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，並為大幅增加參與該計劃的學生數量提供了機會。

GCU will also be rolling out two new two semester pathway programs. One is a construction general pathway starting fall of 2025, and one is a manufacturing general pathway starting fall of 2026. I started out by talking about the relevant programs and creative delivery models that GCE has implemented with its 20 partner institutions.

GCU 也將推出兩個新的兩學期銜接課程。一條是從 2025 年秋季開始的建築業通用途徑，另一條是從 2026 年秋季開始的製造業通用途徑。我首先介紹了GCE與其20個合作機構實施的相關專案和創新交付模式。

In the seven years since GCE has become a service provider, it has helped its partners accomplish the following. In that time, GCE has helped Grand Canyon University graduate 200,506 students. 54,622 in education, including 26,085 first-time teachers at a time when teacher shortages have created a national crisis.

GCE成為服務提供者七年來，幫助合作夥伴實現了以下目標。在此期間，GCE 幫助大峽谷大學畢業了 200,506 名學生，其中 54,622 名從事教育工作，包括在教師短缺造成全國危機的情況下首次擔任教師的 26,085 名學生。

52,478 in nursing and healthcare professions, including 3,138 pre-licensured nurses at a time when there is a huge shortage of nurses. 41,122 in the College of Humanities and Social Sciences, including thousands in counseling and social work where there are also huge shortages.

護理和保健專業共有 52,478 名學生，其中包括 3,138 名未獲得執照的護士，而目前護士短缺的情況十分嚴重。人文與社會科學學院共有 41,122 名學生，其中包括數千名從事諮商和社會工作的學生，這些領域的護理人員短缺情況也十分嚴重。

The College of Business has become one of the largest business schools in America and has produced 35,168 graduates. The College of Science, Engineering and Technology has grown by 219% and provided 8,702 graduates. The doctoral college, Honors College, and College of Theology also continue to grow.

商學院已成為美國最大的商學院之一，並培養了 35,168 名畢業生。科學、工程與技術學院的畢業生人數增加了 219%，共培養了 8,702 名畢業生。博士學院、榮譽學院和神學院也在不斷發展。

In addition, GCE has helped its par other partners. Graduate 19,320 pre-licensured nurses and occupational therapist assistants.

此外，GCE也幫助了其其他合作夥伴。培養 19,320 名獲得執照的護士和職業治療助理。

The numbers that I've just cited have all happened in the seven years since the GCU, GCE transaction and since GCE has become an education services provider. All of this has occurred while GCE paid $596 million in federal and state taxes. While state universities and community colleges pull money out of the tax system, GCE has helped produce nearly 220,000 graduates while pouring millions of dollars into the system.

我剛才引用的數字都是 GCU、GCE 交易以及 GCE 成為教育服務提供者七年來取得的。所有這一切發生的同時，GCE 還繳納了 5.96 億美元的聯邦和州稅。雖然州立大學和社區學院從稅收體系中抽取資金，但 GCE 培養了近 22 萬名畢業生，同時為該體系注入了數百萬美元。

For those shareholders interested, we recently issued our 2025 corporate social responsibility report. The report is located at gce.com under investor slash corporate governance. We're very proud of the social contributions that the company in concert with its university partners and its employees make to our communities.

對於那些有興趣的股東，我們最近發布了 2025 年企業社會責任報告。該報告位於 gce.com 的投資者/公司治理類別下。我們為公司與其大學合作夥伴和員工一起為我們的社區做出的社會貢獻感到非常自豪。

Before I discuss the financial results, I want to spend a few minutes talking about the regulatory environment. As I talk, as I talked to investors, it seems like there's confusion about the impact that the big beautiful bill that was passed earlier this summer will have on universities such as our partners.

在討論財務結果之前，我想花幾分鐘談談監管環境。正如我與投資者交談時所發現的，他們似乎對今年夏初通過的這項重要法案將對我們合作夥伴等大學產生的影響感到困惑。

Although some universities might be impacted by the big beautiful bill, our partners should see little to no impact and most of what is in the Big Beautiful bill were things that I've endorsed for years. I was very pleased that a workforce Pell grant program was created.

儘管一些大學可能會受到“大美麗法案”的影響，但我們的合作夥伴應該不會受到太大影響，而且“大美麗法案”中的大部分內容都是我多年來一直支持的。我很高興看到勞動力佩爾助學金計劃的建立。

Our country needs more students going into programs such as what GCU is creating in its Center for Workforce Development, and the students in those programs should qualify for Pell grants.

我們的國家需要更多的學生參加 GCU 在其勞動力發展中心創建的項目，參加這些項目的學生應該有資格獲得佩爾助學金。

They've also been a proponent of lowering loan limits at the graduate and professional level and giving universities more ability to limit what is borrowed by its students.

他們還主張降低研究生和專業人士的貸款限額，並賦予大學更多權力來限制學生的借款金額。

All of which is in a big beautiful bill. All of our partners graduate programs are delivered either online or hybrid, and thus the tuition levels are significantly below loan limits. Most of the overborrowing occurs because students take the entire difference between loan limits and the amount due for tuition and fees for living expenses, and in a lot of cases that extra borrowing is not needed as our partner students are working adults.

所有這些都包含在一張美麗的大鈔票裡。我們所有合作夥伴的研究生課程均以線上或混合方式提供，因此學費水準遠低於貸款限額。大多數超額借貸的發生是因為學生將貸款限額和應付學費及生活費之間的差額全部用於償還，而且在許多情況下，由於我們的合作學生都是工作的成年人，因此不需要額外借款。

Reducing the amount available for living expenses will in most cases reduce the amount of debt masters and professional students take on. Loan limits were not changed at the bachelor's level, where they are already fairly low. I also believe the institutional accountability provision contained in the BBB is a much more appropriate way to analyze the value of higher education to students and taxpayers.

在大多數情況下，減少生活費的金額將減少碩士和專業學生所承擔的債務金額。學士學位階段的貸款限額沒有改變，該限額已經相當低了。我還認為，BBB 中包含的機構問責條款是分析高等教育對學生和納稅人的價值的更合適的方式。

We will not know the impact of this provision on our partner programs until Ed releases information. But given GCU's low tuition rates and the high income obtained by graduates of our partners nursing programs, we do not expect any issues.

在 Ed 發布資訊之前，我們不會知道這項規定對我們的合作夥伴計劃的影響。但考慮到 GCU 的低學費和我們合作夥伴護理專業畢業生的高收入，我們預計不會有任何問題。

Service revenue was $247.5 million for the second quarter of 2025, an increase of $20 million or 8.8% as compared to $227.5 million for the second quarter of 2024. The increase year over year in service revenue is primarily due to an increase in partner enrollments of 10.3%, including an increase in GCU online enrollments of 10.1%, and university partner enrollments at the off-campus classroom and laboratory sites of 14%, partially offset by a decrease in revenue per student year over year, primarily due to contract modifications.

2025 年第二季的服務收入為 2.475 億美元，與 2024 年第二季的 2.275 億美元相比增加 2,000 萬美元，增幅為 8.8%。服務收入年增主要是由於合作夥伴入學人數增加 10.3%，包括 GCU 線上入學人數增加 10.1%，以及校外教室和實驗室場所的大學合作夥伴入學人數增加 14%，但主要由於合約修改導致人均學生收入同比下降，部分抵消了這一增長。

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, which had the effect of reducing revenue per student.

對於我們的一些大學合作夥伴來說，收入分成比例減少了。作為交換，我們不再向合作夥伴償還某些教師費用，這導致每位學生的收入減少。

And a slight decline year over year in revenue per student for online students due to the continued mix shift to students that have a slightly lower net tuition rate. Operating income and operating margin for the three months ended June 30, 2025 was $51.8 million and 20.9% respectively, as compared to $42.7 million and 18.8% respectively for the same period in 2024.

由於學生結構持續向淨學費略低的學生轉移，線上學生的人均收入較去年同期略有下降。截至 2025 年 6 月 30 日的三個月的營業收入和營業利潤率分別為 5,180 萬美元和 20.9%，而 2024 年同期分別為 4,270 萬美元和 18.8%。

Net income increased 19.1% to $41.5 million for the second quarter of 2025 compared to $34.9 million for the same period in 2024. GAAP diluted income per share for the three months ended June 30, 2025 is $1.48.

2025 年第二季淨收入為 4,150 萬美元，較 2024 年同期的 3,490 萬美元成長 19.1%。截至 2025 年 6 月 30 日的三個月，每股 GAAP 稀釋收益為 1.48 美元。

As adjusted, non-GAAP, diluted income per share for the three months ended June 30, 2025 is $1.53 which is $0.16 above consensus estimates. With that, I would like to turn it over to Dan Backus, our CFO to give a little more color on our 2025, second quarter, talk about changes in the income statements. Balance sheet and other items as well as to discuss the 2025 guidance.

截至 2025 年 6 月 30 日的三個月，調整後的非 GAAP 稀釋每股收益為 1.53 美元，比普遍預期高出 0.16 美元。接下來，我想將時間交給我們的財務長 Dan Backus，讓他進一步闡述 2025 年第二季損益表的變化。資產負債表和其他項目以及討論2025年指導。

Thanks, Brian. Included in our form AK filed with the SEC, we have included non-gap net income and non-gap diluted income per share for the three months ended June 30, 2025 and 2024. The non-gap amounts exclude the tax effective amount of the amortization of intangible assets of $2.1 million in the second 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 AK 表中，我們包含了截至 2025 年 6 月 30 日和 2024 年 6 月 30 日的三個月的非差距淨收入和非差距稀釋每股收益。非缺口金額不包括 2025 年和 2024 年第二季 210 萬美元無形資產攤銷的稅收有效金額。

And the tax effective amount of $1.1 million in severance costs recorded in the second quarter of 2024 related to an executive that resigned.

2024 年第二季記錄的與一位辭職高階主管有關的遣散費稅收有效金額為 110 萬美元。

We believe that non-Cap, 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 end of June 30, 2025 and 2024 is $1.53 and $1.27 respectively.

我們相信，非資本化、非公認會計準則的財務資訊可以讓投資人對公司長期的表現有更有意義的了解。經過調整後，2025 年 6 月 30 日和 2024 年 6 月 30 日止三個月的非 GAAP 稀釋每股收益分別為 1.53 美元和 1.27 美元。

Service revenue was higher than our expectations in the second quarter of 2025, primarily due to higher than expected enrollments in all three pillars. As we expected, revenue per student decreased slightly between years as Brian discussed earlier.

2025 年第二季的服務收入高於我們的預期，主要是因為三大支柱的入學人數都高於預期。正如我們預期的那樣，正如 Brian 之前討論的那樣，每位學生的收入逐年略有下降。

The second quarter offering margin was positively impacted on a year over year basis by the higher revenue, the contract modifications, and the $1.1 million in severance costs recorded in the second quarter of 2024 related to an executive that resigned effective June 30, 2024, partially offset by additional spend for 2025 partner initiatives, but also due to the continued impact of significantly higher than expected benefit costs. As a result of an increase in the number of high cost claims.

第二季的發行利潤率與去年同期相比受到了積極影響，這得益於更高的收入、合約修改以及 2024 年第二季度記錄的 110 萬美元遣散費，該遣散費與 2024 年 6 月 30 日辭職的高管有關，但部分被 2025 年合作夥伴計劃的額外支出所抵消計劃的額外支出所抵消，同時受到預期的福利成本大幅影響。這導致高成本索賠數量增加。

Our effective tax rate for the second quarter of 2025 was 24.5% compared to 25.5% in the second quarter of 2024 and our guidance of 24.9%. The effective tax rate decreased year over year primarily due to changes in state income taxes.

我們 2025 年第二季的有效稅率為 24.5%，而 2024 年第二季的有效稅率為 25.5%，我們的預期稅率為 24.9%。有效稅率同比下降主要是由於州所得稅的變化。

I, as I will discuss in a minute, the second half effective tax rate will be impacted by the contributions made in lieu of state income taxes made in July of 2025 and higher state income taxes. We purchased 259,271 shares of our common stock in the second quarter of 2025 at a cost of approximately $47.4 million and another 157,000 6 shares were repurchased since June 30, 2025.

我稍後將討論，下半年有效稅率將受到 2025 年 7 月繳納的代替州所得稅的捐款以及更高的州所得稅的影響。我們在 2025 年第二季以約 4,740 萬美元的成本回購了 259,271 股普通股，自 2025 年 6 月 30 日起又回購了 157,000 股。

The number of shares beginning at the tail end of June was more than we anticipated and was the result of the decline in our stock price. We have $156.9 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.

從 6 月底開始的股票數量超出了我們的預期，這是我們股價下跌的結果。截至今天，我們的股票回購授權剩餘可用資金為 1.569 億美元。董事會和公司打算繼續使用其經營活動產生的大量現金流來回購其股票。

Turning to the balance sheet and cash flows, total unrestricted cash and cash equivalents and investments. As of June 30th, 2025, we're set 373.9 million.

轉向資產負債表和現金流量、無限現金和現金等價物總額和投資。截至 2025 年 6 月 30 日，我們設定的目標數為 3.739 億。

GCE CapEx in the second quarter of 2025, including CapEx for new off-campus classroom and laboratory sites, with approximately $8.6 million or 3.5% of service revenue. We continue to expect CapEx for 2025 will remain comparable with prior year at between $30 million and $40 million.

GCE 2025 年第二季的資本支出，包括新的校外教室和實驗室場地的資本支出，約為 860 萬美元，佔服務收入的 3.5%。我們繼續預期 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。

Last, I would like to provide color on the updated guidance we have provided in our AK file today. As a reminder, the guidance that we provided in the Outlook section of our AK file 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 com per share.

最後，我想對我們今天在 AK 文件中提供的更新指南進行詳細說明。提醒一下，我們今天在 AK 文件的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，作為調整後的淨收入，將非 GAAP 調整為調整後的每股攤薄收益。

We have updated full year 2025 guidance to include the second quarter revenue and earnings beats, have increased the third quarter revenue and earnings projections by increasing both the low end and the high end of our previously recorded guidance due to the higher than expected enrollments of June 30 and our current expectations for the second half of the year.

我們已更新 2025 年全年指引，將第二季度的收入和盈利超出預期納入其中，並通過提高之前記錄的指引的低端和高端來提高第三季度的收入和盈利預測，這是由於 6 月 30 日的入學人數高於預期以及我們目前對下半年的預期。

For the fourth quarter, we have narrowed the range between the high and low end, producing an increase in revenue at midpoint. We continue to anticipate that new online enrollments will be up year over year in the mid to high single digits in each quarter during the second half of 2025, and that total online enrollments will remain in the high single digits over the prior year.

對於第四季度，我們縮小了高端和低端之間的範圍，從而實現了中點收入的成長。我們繼續預計，2025 年下半年每個季度的線上新入學人數將同比增長中高個位數，而線上入學總人數將比上一年保持高個位數增長。

Total online enrollments will continue to be pressured by increasing graduations and a continued decline in re-entry. Students returning to school after a break due to the high retention rates. There could be some upside to our second half projections, given the strong trends, but given the tough comps, we believe these estimates are appropriate.

由於畢業人數增加和重返校園人數持續下降，線上入學總數將繼續面臨壓力。由於保留率高，學生休息後重返學校。考慮到強勁的趨勢，我們對下半年的預測可能會有一些上行空間，但考慮到嚴峻的競爭形勢，我們認為這些估計是合適的。

We have slightly raised our expectations for the hybrid pillar due to slightly higher than expected hybrid enrollments. We continue to anticipate new and total. Student growth rate in the hybrid pillar to be in the mid to high 10s with the revenue growth rate for the hybrid pillar as a result of the enrollment growth continued continuing to be partially upset by changes made to the contracts for the university partners that are no longer being reimbursed for faculty costs.

由於混合入學人數略高於預期，我們略微提高了對混合支柱的預期。我們繼續期待新的和全面的。混合支柱的學生成長率將在 15% 左右，而由於入學人數持續增長，混合支柱的收入成長率將繼續受到大學合作夥伴合約變化的影響，因為大學合作夥伴不再報銷教師費用。

We remain optimistic that fall ground traditional new enrollment will be up in the upper half of our original guidance, up approximately 10% year over year. But total enrollment expectations have been lowered slightly at midpoint, as we have decreased the high end and increased the low end of the range based on current registrations, current new enrollment trends, and the higher than expected summertime graduations, with approximately one month until the start of the fall semester.

我們仍然樂觀地認為，秋季傳統新生入學人數將達到我們最初預期的上半部分，同比增長約 10%。但總入學人數預期在中間值略有降低，因為根據目前的註冊人數、當前的新入學趨勢以及高於預期的夏季畢業人數，我們降低了範圍的高端並提高了範圍的低端，距離秋季學期開始大約還有一個月的時間。

As Brian mentioned, ground traditional summer school enrollment exceeded our expectations, which, along with the higher than expected online and hybrid enrollments resulted in higher than expected revenue in the second quarter and our expected higher revenue in the third quarter. It appears approximately 300 of the higher than expected ground traditional summer school enrollment was related to students that we had expected to finish their program in the fall, but instead accelerated their coursework and finished in the summer.

正如布萊恩所提到的，地面傳統暑期學校的入學人數超出了我們的預期，再加上線上和混合入學人數高於預期，導致第二季的收入高於預期，第三季的收入也高於我們的預期。看起來，傳統暑期學校入學人數比預期高出約 300 名，這與我們原本預計在秋季完成課程的學生有關，但他們加快了課程進度，並在夏季完成了學業。

Thus, revenue for these students was accelerated from the fourth quarter to the second slash three quarters. Retention for non-graduated students appears as if it will be in line with our expectations. As a reminder, the ground traditional campus starts one day earlier in 2025 than in 2024, which will have an impact of moving $1.4 million in revenue from the fourth quarter to the third quarter in comparison to the prior year.

因此，這些學生的收入從第四季加速到第二季至第三季。未畢業學生的保留率似乎符合我們的預期。提醒一下，2025 年地面傳統校園的開工時間比 2024 年早一天，與前一年相比，這將導致第四季 140 萬美元的收入轉移到第三季。

On the expense side, as you'll recall, after a pause on certain investments primarily in headcount in the 1st 9 months of 2024, we ramped up hiring and other spend in the fourth quarter of 2024 and anticipate this continued investment to accelerate in the second half 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 both the first and second quarters.

在費用方面，您會記得，在 2024 年前 9 個月暫停某些主要針對員工人數的投資之後，我們在 2024 年第四季度增加了招聘和其他支出，並預計下半年將繼續加速投資，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，第一季和第二季的福利成本都大大超出了我們的預期。

Our revised guidance assumes these trends continue in the second half of the year. As it relates to the hybrid pillar, we will continue to incur additional costs for the new hybrid locations that have opened in 2024 and 2025, but we're experiencing increased site level profitability due to the increasing enrollments.

我們修訂後的指引假設這些趨勢將在今年下半年持續下去。就混合支柱而言，我們將繼續為 2024 年和 2025 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。

Last, we continue to anticipate an increase in legal fees again in 2025, 2024, as we have a couple of lawsuits filed in prior years, they're expected to go into the discovery phase and or trial during 2025.

最後，我們繼續預計 2025 年、2024 年律師費將再次增加，因為我們在前幾年提起了幾起訴訟，預計它們將在 2025 年進入調查階段和/或審判階段。

General and administrative expenses was increased in the third quarter of 2025 by $5 million for the contributions in lieu of state income taxes made in July 2025. These dollar for dollar tax credits reduce our state Arizona state tax liability for the amount of donation and support private school education through contributions to school tuition organizations, which then provide scholarships to students attending private high schools in Arizona.

2025 年第三季度，一般及行政開支增加了 500 萬美元，用於取代 2025 年 7 月繳納的州所得稅。這些一美元對一美元的稅收抵免減少了我們亞利桑那州的捐款額度的納稅義務，並透過向學校學費組織捐款來支持私立學校教育，然後這些組織為就讀亞利桑那州私立高中的學生提供獎學金。

Roughly 75% of the tax credit is recognized as lower income tax in the third quarter, and the remaining 25% is recognized as lower income tax expense in the fourth quarter. Contributions of $4.5 million were made in July of 2024.

大約 75% 的稅收抵免在第三季被確認為較低的所得稅，剩餘的 25% 在第四季度被確認為較低的所得稅費用。2024 年 7 月捐款 450 萬美元。

We're 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. We have lowered interest income slightly for the rest of the calendar year due to the greater than expected stock buybacks during the first and second quarters while decreasing the number of weighted average shares outstanding.

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，利息收入將繼續逐年下降。由於第一季和第二季的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。

We have lowered the effective tax rate for the last two quarters of 2025 to 20.6% and 22.8% with a full year tax rate of 22.3% due to the $5 million of contributions made in lieu of state income taxes made in July. Our effective tax rate for the third and fourth quarters would have been 24.7% and 24.1%, and our full year tax rate would have been 23.6% if the contributions had not been made.

由於 7 月繳納了 500 萬美元的州所得稅替代捐款，我們已將 2025 年最後兩季的有效稅率降低至 20.6% 和 22.8%，全年稅率為 22.3%。如果沒有這些捐款，我們第三季和第四季的有效稅率將分別為 24.7% 和 24.1%，全年稅率將為 23.6%。

The effective tax rate continues to be impacted by higher state taxes as we continue to add new sites in states outside of Arizona which have higher state tax rates and other factors. As mentioned earlier, our weighted average year guidance has decreased slightly for each of the two remaining quarters due to the greater than expected purchases.

由於我們繼續在亞利桑那州以外州稅率較高的州增加新站點以及其他因素，有效稅率繼續受到州稅上漲的影響。如前所述，由於購買量超出預期，我們對剩餘兩個季度的加權平均年度指導均略有下降。

Beginning in June, 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 to EBITDA and the free cash flow yield rather than multiples of other education companies, as we can be viewed as being in the same sector, there are a few, if any, appropriate comps. I will now turn the call over to the moderators so that we can answer questions.

從 6 月開始，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的 EBITDA 之比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，因為我們可以被視為處於同一行業，如果有的話，有幾個合適的可比對象。現在我將把電話轉給主持人，以便我們回答問題。

Thank you. At this time, we will conduct the question and answer session. (Operator Instructions) Jeff Silber, BMO Capital Markets.

謝謝。此時，我們將進行問答環節。（操作員指示）Jeff Silber，BMO 資本市場。

Thanks so much. I wanted to focus on the accelerating enrollment growth in the quarter. Brian, in your remarks you highlighted a number of areas that drove that, but we really saw a pick up between 1Q and 2Q. Maybe one or two of those can you highlight specifically for that acceleration?

非常感謝。我想重點關注本季入學人數的加速成長。布萊恩，您在發言中強調了推動這一趨勢的多個因素，但我們確實看到第一季和第二季之間出現了回升。也許您可以特別強調一下其中的一兩個，以說明這種加速現象？

Well, some of the things that we're doing, especially around, teacher education, nursing, and healthcare programs are really kicking in. The growth of our other programs are pretty much as we expect, the lead generation and what we're getting from converting those leads and starts into our programs are pretty much what we expect.

嗯，我們正在做的一些事情，特別是圍繞教師教育、護理和醫療保健計劃，確實取得了成效。我們其他項目的成長與我們預期的差不多，潛在客戶的產生以及我們從將這些潛在客戶轉化為我們的專案中獲得的收益也與我們預期的差不多。

But what we're doing in teacher education with paraprofessions is really adding significantly to that increase. We've got, we just keep signing contracts with public schools that want us to help them produce teachers and one of the big targets is the [paraprofessions], and so we're getting above average, increases in that. That's one.

但我們在教師培訓中對助理教師的培訓確實大大促進了這一增長。我們一直在與公立學校簽訂合同，這些學校希望我們幫助他們培養教師，其中一個重要目標是[助理教師]，因此我們在這方面的增幅高於平均水平。那是一個。

Number two, the pre-reg courses. Those courses that students are taking to get ready academically for, the healthcare program or healthcare careers, specifically nursing, those things are coming at us in a higher rate than expected.

第二，註冊前課程。學生們為了做好學術準備而學習的課程、醫療保健計劃或醫療保健職業，特別是護理，這些課程的出現速度比我們預期的要快。

And then thirdly, and I referred to this a number of times in the, in, but the number of students in the country that are wanting to go to college post high school graduation, but are content to do it from home. And, that number is really increasing now our online enrollments. We're one of the few universities that have fully online programs. We have over 300 of them.

第三，我多次提到這一點，但是，全國有很多學生想在高中畢業後上大學，但滿足於在家學習。而且，現在我們的線上註冊人數確實在增加。我們是少數幾所提供完全線上課程的大學之一。我們有 300 多個。

And so, if you want to be an accountant, for example, and you earned 30 or 40 college credits through dual enrollment or other means while you were in high school, 2 and 2.5 years, you can complete a baccalaureate degree in accounting, incur very little debt, and, students are starting to wake up to that opportunity. There are students who are staying home and entering our teacher ed program. Our other business programs.

因此，如果你想成為一名會計，並且你在高中期間通過雙重註冊或其他方式獲得了 30 或 40 個大學學分，那麼 2 年或 2.5 年的時間，你就可以完成會計學士學位，而且幾乎不會產生債務，學生們開始意識到這個機會。有些學生待在家裡並參加我們的教師教育計劃。我們的其他商業計劃。

And so it's, I would say it's those, it's the pre-rep courses in the science area. It's the, paraprofessional growth in producing teachers, and then it's the uptick of students that graduated in the in the spring and are deciding to do college from home, that have really helped boost that those online enrollments.

所以，我想說的是，這些都是科學領域的預備課程。教師隊伍的專業化發展，以及春季畢業並決定在家上大學的學生數量的增加，真正幫助推動了線上入學人數的增長。

The only other thing, Jeff, I'd like to remind investors is that, although GCU has weekly starts, we are some seasonal in that the third quarter is by far the largest start quarter of the year, followed by the first quarter with the second and fourth being about the same.

傑夫，我唯一想提醒投資者的是，儘管 GCU 每週都有開工，但我們具有一定的季節性，因為第三季度是今年迄今為止開工量最大的季度，其次是第一季度，第二季度和第四季度大致相同。

And so I give that color, the second quarter was outstanding significantly over last year. But if we do, mid to low end of high single digit starts in the third quarter, that will be a very strong quarter. So, I don't want people to come back and be concerned about a slowdown in the third quarter, if it's in that, 5%, 6%, 7% year over year range. That is a very big raw growth year over year. If that the momentum.

因此我認為，第二季的表現比去年同期出色得多。但如果我們這樣做，第三季開始出現中低端的高個位數成長，那將是一個非常強勁的季度。因此，如果第三季經濟成長在 5%、6% 或 7% 的範圍內，我不希望人們擔心第三季經濟放緩。這是同比非常大的原始成長。如果那是動力。

Is going to continue. It's just the costs change.

將會繼續。只是成本改變了。

Got it. Yeah, no, that's very helpful. Thank you for reminding us of that, Dan. Maybe I can shift gears to regulatory. I know Brian, in your repair remarks, he said, some of the changes on the loan side should have little to no impact, but, I wanted to focus a little bit more specifically on the changes on the graduate loans.

知道了。是的，不，這非常有幫助。謝謝你提醒我們這一點，丹。也許我可以轉向監管。我知道布萊恩，在你的修復評論中，他說，貸款方面的一些變化應該幾乎沒有影響，但是，我想更具體地關註一下研究生貸款的變化。

I know Grand Canyon, the campus is mostly undergrad. I know you have, a lot of grad students online, but more curious for your partners, are there a lot of grad students in your hybrid programs and there could there be an issue where those programs might be a little bit more expensive compared to the new caps? Thanks.

我知道大峽谷，校園裡大部分都是本科生。我知道你們有很多線上研究生，但我更好奇的是，對於你們的合作夥伴，你們的混合課程中是否有很多研究生，是否存在這樣的問題：與新的上限相比，這些課程的費用可能會稍微貴一些？謝謝。

No, the 90% plus of our partner programs are at the undergraduate level. Marquette has a master's degree program that's pretty well attended. I think we have one other one that's at the master's degree level. Northeastern is opening a master's degree program at one of its locations, but no, 95% plus, are at the undergraduate level, earning Bachelor of Science and Nursing degrees.

不，我們 90% 以上的合作課程都是本科階段的。馬凱特大學的碩士學位課程參加人數相當多。我認為我們還有另一個是碩士學位等級的。東北大學正在其一所分校開設碩士學位課程，但 95% 以上的學生都是本科生，獲得理學學士和護理學學位。

Okay, that's really helpful. I'll get back in the queue. Thanks so much.

好的，這確實很有幫助。我會回到隊列中。非常感謝。

Thank you.

謝謝。

Steven Pawlak, Baird.

史蒂文·帕拉克，貝爾德。

Yeah, thank you. I guess maybe just jumping off from that point, Brian, you talked about the regulatory environment, sort of, or the changes to the bill affecting other providers in the industry, I guess what are you expecting or maybe things to look out for in terms of like changing competitive response you've talked about increased scholarships, things like that in prior cycles, so any sort of comments and maybe what you're expecting from a competitive standpoint.

是的，謝謝。我想也許只是從這一點開始，布萊恩，你談到了監管環境，或者影響行業中其他供應商的法案變化，我想你期待什麼，或者也許要注意的事情，比如改變競爭反應，你談到增加獎學金，諸如此類的事情在之前的周期中，所以任何形式的評論，也許你從競爭的角度期待什麼。

Yeah, I mean, it is, it's interesting. I mean, locally, we, locally, I mean, in the Southwest and in the west in California, I think you're referring to really competitive offers made for traditional students coming to campus. It was in the midsummer, beginning summer, midsummer that in the last couple of years we saw a lot of what we thought were crazy.

是的，我的意思是，這很有趣。我的意思是，在當地，我們當地，我的意思是在加州西南部和西部，我認為你指的是為來到校園的傳統學生提供的真正有競爭力的報價。過去幾年裡，在仲夏、初夏、仲夏時節，我們看到了很多我們認為瘋狂的事情。

Offers made to students and when not this current President at UA but the previous President, one of his explanations for why they had a fiscal crisis down there and we compete against the state universities was that there were just too many students who were going to school that weren't paying.

向學生提供的優惠，以及當時不是阿拉巴馬大學現任校長而是前任校長，他對為什麼那裡會遭遇財政危機以及我們為何要與州立大學競爭的解釋之一是，上學的學生太多了，卻沒有支付學費。

And so we haven't seen that nearly as much this year as we have seen in prior years, which is partly why we're saying we are fairly confident that we'll be 10% up in new enrollments on our ground campus. There have been some, offers, but not nearly what it's been in the last number of years. I think that thing is caught up to the universities and I'm really happy that we didn't respond to that.

因此，我們今年看到的情況並不像前幾年那麼多，這也是為什麼我們說我們相當有信心我們地面校區的新生入學人數將增加 10％ 的原因之一。有一些提議，但遠不及過去幾年的提議。我認為這件事已經困擾到了大學，我很高興我們沒有對此做出回應。

Our, scholarship program is, set in stone and it's based upon, grade point average, and we don't vary a lot from that. We've got a tremendous offering that returns a tremendous return on investment for our students. Almost 50% of our students on our campus now are graduating in three years. Which really reduces the amount of money they have to borrow, and so, I think we've stayed in the right place from that standpoint and we're benefiting from it now.

我們的獎學金計劃是固定的，以平均績點為基礎，並且不會有太大變化。我們提供了大量的服務，為學生帶來巨大的投資回報。目前，我們校園裡幾乎有 50% 的學生將在三年內畢業。這確實減少了他們需要藉入的資金量，所以，我認為從這個角度來看，我們處於正確的位置，現在我們正在從中受益。

And again, a reminder to investors that there were no material changes to bachelor's level loan limits. And so you probably won't see any significant change there. It, there was changes to the masters and professional, but as Brian said, most of the master's programs out there today are significantly below even the revised loan limits. It will reduce living expense, distributions to students potentially, but shouldn't preclude, students being able to pay for graduate level tuition.

再次提醒投資者，學士學位貸款限額沒有重大變化。因此你可能不會看到任何重大變化。碩士和專業課程發生了變化，但正如布萊恩所說，如今大多數碩士課程的貸款限額甚至遠低於修訂後的貸款限額。這可能會減少分配給學生的生活費，但不應妨礙學生支付研究生學費。

Understood and just I hear your comments from Jeff's other question about the accelerating enrollment growth and sort of the tougher comps in Q3, but again, you also talked about sort of pro potential for upside still so maybe just in terms of balance where kind of maybe the upside drivers.

明白了，我剛剛聽到了您在 Jeff 的另一個問題上關於加速入學增長和第三季度更艱難的競爭的評論，但同樣，您也談到了上行潛力，所以也許只是在平衡方面，也許是上行驅動因素。

Well, it's just, can we continue to exceed our own internal goals on new enrollments, in the second half? Those are pretty aggressive goals, given the tough comps, but that's where the upside would get is if we exceed our own internal goals, in the third and fourth quarter from a new online new start perspective.

嗯，問題是，下半年我們能否繼續超越我們自己的內部新生入學目標？考慮到嚴峻的競爭形勢，這些都是相當激進的目標，但從新的線上新起點的角度來看，如果我們在第三季和第四季超越我們自己的內部目標，那麼就會有好處。

Understood. Thank you.

明白了。謝謝。

We've reached the end of our second 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.

我們的第二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。

Thank you for your participation in today's conference. This does conclude the program, you may now disconnect.

感謝大家參加今天的會議。這確實結束了程序，您現在可以斷開連接。