Grand Canyon Education Inc (LOPE) 2025 Q3 法說會逐字稿

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

各位來賓，感謝您的耐心等待。歡迎參加大峽谷教育集團第三季​​財報電話會議。 （操作說明）請注意，本次會議正在錄音。

I would now like to hand the conference over to your first speaker today, Sarah Collins, General Counselor. Please go ahead.

現在我把會議交給今天的第一位發言人，總法律顧問莎拉·柯林斯女士。請開始吧。

Joining me on today's call is our Chairman and CEO, Brian Mueller; and our CFO, Dan Bachus.

今天與我一起參加電話會議的有我們的董事長兼執行長布萊恩·穆勒，以及我們的財務長丹·巴克斯。

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. 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.

請注意，我們今天的許多演講將包含涉及風險和不確定性的前瞻性陳述。多種因素可能導致我們的實際業績與此類陳述明示或暗示的任何未來業績有重大差異。這些因素已在我們的美國證券交易委員會（SEC）文件中進行了討論，包括我們的10-K表年度報告、10-Q表季度報告和8-K表當前報告。我們不承擔更新本次電話會議中所作前瞻性陳述的義務，並建議所有投資者在對GCE進行任何投資之前仔細閱讀這些報告。

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

接下來，我將把電話交給布萊恩。

Good afternoon, and thank you for joining Grand Canyon Education's third quarter 2025 conference call.

下午好，感謝各位參加大峽谷教育2025年第三季電話會議。

GCE had another strong quarter, producing online enrollment growth of 9.6% in hybrid growth, excluding the closed sites and those in teach-out of 19.3%. New ground traditional enrollment grew in the high single digits year-over-year.

GCE 又迎來了一個強勁的季度，混合式教學模式下的線上入學人數增長了 9.6%，若不計入關閉的校區和停課校區，則增長了 19.3%。新入學傳統課程的入學人數較去年同期增加了接近兩位數。

With that, I would like to review the results of the four delivery platforms at Grand Canyon Education. First, the online campus at Grand Canyon University. New starts were up in the mid-single digits in the third quarter of 2025, which was in line with our expectations and total enrollment growth was 9.6%, which significantly sees GCU's long-term objectives. The new online enrollment growth rate was an expected deceleration from the previous quarter's growth rates, but is a strong result given that the third quarter is the largest start quarter of the year, and thus, the prior year comp is large.

接下來，我想回顧一下大峽谷教育集團旗下四個教學平台的成果。首先是大峽谷大學的線上校園。 2025年第三季新生入學人數實現了中等個位數的成長，符合我們的預期；總入學人數增加了9.6%，顯著實現了大峽谷大學的長期目標。雖然線上新生入學人數的成長率較上一季度有所放緩，但考慮到第三季度是一年中入學人數最多的季度，因此上年同期基數較大，這一成績依然十分亮眼。

In the past, I've highlighted four reasons for the growth. 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, strong retention levels and holding the line on tuition to maintain GCU's competitive pricing position.

過去，我曾重點闡述學校發展的四個原因。其中包括每年持續推出20多個新項目，與超過5,500家雇主直接合作解決勞動力短缺問題，並維持較高的員工留存率，以及控制學費以維持GCU的定價競爭力。

A fifth reason and one growing in significance is the number of students between 18 and 25 years old, they're choosing to go to college online. There are very few universities that have 310 programs delivered fully online. The online campus growth is benefiting from the growing trend of recent 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. Given the trends I just discussed, we believe the momentum that exists will continue.

第五個原因，也是日益重要的一個原因，是越來越多的18至25歲的學生選擇在線上大學。目前，提供310個完全線上課程的大學寥寥無幾。線上校園的發展得益於越來越多的應屆高中畢業生選擇完全在線上完成學業，以及一些在校學生選擇在校園生活和線上學習之間靈活切換，利用網路平台參與其他生活體驗。鑑於我剛才提到的這些趨勢，我們相信這種發展勢頭將會持續下去。

Second, the GCU ground campus for traditional students. New traditional campus enrollments were up in the high single digits and total traditional campus enrollments were down slightly year-over-year in the fall of 2025, while total GCU ground enrollment was flat year-over-year. The slight decline year-over-year in total traditional student enrollment was in line with our expectations given last year's decline in new enrollments caused primarily by the FAFSA site issues and more recently the higher-than-expected summer school graduations.

其次，我們來看GCU面向傳統學生的校園狀況。 2025年秋季，傳統校園新生入學人數實現了接近兩位數的增長，但傳統校園總入學人數同比略有下降，而GCU校園總入學人數則與上年持平。考慮到去年新生入學人數下降主要是由於FAFSA網站問題以及近期暑期學校畢業人數高於預期，傳統學生總入學人數同比略有下降符合我們的預期。

We believe GCU will continue to experience new student growth on the ground campus because of the significant advantages, including the very low price point, very low average debt levels, percent of students completing in less than four years, the relevancy of GCU's academic programs to a fast changing and modern economy and having a 20th ranked campus in the country.

我們相信，由於其顯著優勢，包括極低的學費、極低的平均債務水平、不到四年即可完成學業的學生比例、GCU 的學術課程與快速變化的現代經濟的相關性以及在全國排名第 20 的校園，GCU 的校園將繼續迎來新生增長。

As we move forward, there are three trends that are impacting traditional college campuses throughout the country. Number one, a number of high school graduates on an annual basis continues to decline. Number two, 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.

展望未來，有三大趨勢正在影響全國各地的傳統大學校園。首先，高中畢業生人數逐年下降。其次，選擇四年或五年製本科課程的高中畢業生比例持續下降，而選擇短期證書或職業培訓課程的學生人數則不斷上升。

Three, the number of high school graduates choosing a baccalaureate path, but doing it fully online also continues to go up. We're in a very strong position given these trends. We have a high-quality affordable offering on the 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.

第三，選擇攻讀學士學位的高中畢業生人數持續成長，而且選擇完全在線上學習的人數也不斷增加。鑑於這些趨勢，我們處於非常有利的地位。我們在GCU校園內提供高品質且價格合理的課程，同時為希望完全在線學習或在校園和線上學習之間靈活切換的學生提供更多課程選擇。

In last quarter's earnings call, we discussed the potential to change the categories that we report student enrollments in, so that we most accurately reflect the flexibility that GCU provides to students across the life span, but have decided to report them consistently with what we have reported in prior years as we continue to analyze these trends. We have made some changes to our marketing and recruitment strategy for GCU's traditional campus which accelerated some spend into 2025. Although it is early, those changes to date are producing positive results as registrations for the fall 2026 school year are ahead of last year.

在上個季度的財報電話會議上，我們討論了調整學生入學人數報告類別的可能性，以便更準確地反映GCU為學生在整個學習生涯中提供的靈活性。但考慮到我們仍在分析這些趨勢，最終決定沿用往年的報告方式。我們對GCU傳統校區的市場行銷和招生策略進行了一些調整，並將部分支出提前至2025年。雖然目前還處於早期階段，但這些調整迄今已初見成效，2026年秋季學年的註冊人數已超過去年。

Third, Grand Canyon Education's hybrid campus had an increase in enrollment year-over-year of 17.4% in the third quarter. Excluding the closed sites and those that are on teach-out, enrollment increased 19.3% year-over-year. This exceeded our expectations and is the result of a higher-than-expected number of new students starting in the fall. There are two main reasons for this continued growth.

第三，大峽谷教育集團混合式教學模式的校區第三季入學人數較去年同期成長17.4%。若剔除已關閉和正在進行教學過渡的校區，入學人數年增19.3%。這一數字超出預期，主要得益於秋季入學新生人數高於預期。持續成長的原因主要有兩個。

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 course work.

首先，我們幾乎所有活躍的ABSN合作學院都已回應年輕學生對ABSN計畫的興趣，開始招收高階學生，或正在進行相關改革。這些學生雖然已完成部分學位，但負債不多，而且對護理職業充滿熱情，只是缺乏有效的途徑來修讀必要的先修科學課程。

GCU created the science courses and some other gen ed courses so that 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. Since implementing these courses, we have already enrolled 19,410 students.

GCU開設了科學課程和其他一些通識課程，以便在8週內在線授課。學生可以從世界任何地方訪問這些課程。幾乎每週都有開課機會。這些課程價格非常實惠，由經驗豐富的教師授課，小班授課，並提供大量的學術支持，包括一個人工智慧項目，為學生提供全天候的輔導服務。自從這些課程推出以來，我們已經招收了19,410名學生。

In the summer of 2025 term, 66% of matriculated hybrid students at non-GCU sites took at least one of these courses and of the students, they took five courses on average. We have a waterfall report that allows us to know how students are progressing through their prereq courses and when they will be eligible to start at one of our ABSN sites. Graduation rate of students who successfully enter the ABSN programs is in the mid-80s, and the first-time pass rate on the NCLEX examination is approximately 90%.

2025年夏季學期，在非GCU校區的混合式課程註冊學生中，66%至少選修了一門此類課程，平均每位學生選修了五門課程。我們有一份進度報告，讓我們了解學生完成先修課程的進度，以及何時有資格進入我們的ABSN計畫校區學習。成功進入ABSN課程的學生畢業率約80%左右，NCLEX考試的首次通過率約為90%。

We now have an extremely efficient way to get students academically eligible and prepared to enter the program. These positive results will -- we anticipate will continue. There has never been greater interest among potential students for entering the health care 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.

我們現在擁有極為有效率的方式，能夠幫助學生在學術上達到入學資格並做好入學準備。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，人們的興趣已經轉移到那些尚未背負沉重債務、已完成其他領域學士學位且就業不足的年輕學生身上。

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 the locations being GCU locations. In 2025, we opened up a total of five additional sites, including a second location in the Boston area in the fall, another site in New York City and three 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 Englewood, Colorado, South of Denver, which was opened in the third quarter.

幾乎所有合作夥伴都對為服務高級學生所需的變革做出了積極回應。我們的目標仍是與合作夥伴共同設立80個服務點，其中40個為GCU校區。 2025年，我們新增了五個服務點，包括秋季在波士頓地區開設的第二個服務點、紐約市的一個服務點以及GCU校區的三個服務點。這三個服務點分別位於新墨西哥州阿爾伯克基（已於2025年第一季開放）、佛羅裡達州奧蘭多附近的萊克瑪麗（已於2025年第二季開放）以及科羅拉多州丹佛南部的恩格爾伍德（已於2025年第三季開放）。

The addition of GCU's three new site openings bought 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, which started this fall, a hybrid occupational therapy bridge to master's program to the already successful St. Case Occupational Therapy Assistant hybrid program, which will begin in the fall of 2026. An online health science degree with Utica University and GCU launched a BS in Occupational Therapy Assistance program and the Speech Language Pathology program in 2025 at its Phoenix West Valley location, adding programs at our hybrid locations is an important component to our business plan.

隨著GCU新增三個校區，其ABSN計畫校區總數達到11個。我們也與合作院校拓展課程設置，包括與東北大學合作開設的擁有七個專業方向的護理研究生課程（已於今年秋季開課）；以及與聖凱斯西儲大學合作開設的職業治療碩士銜接課程（該銜接課程已成功應用於聖凱斯西儲大學的職業治療助理混合式項目，將於2026年秋季開課）。此外，我們還與尤蒂卡大學合作，在鳳凰城西谷校區推出了線上健康科學學位項目，包括職業治療助理理學學士學位課程和語言病理學課程（將於2025年開課）。在我們的混合式校區增設課程是我們業務計畫的重要組成部分。

Our strong hybrid results might come as a surprise to some of the investment community given recent commentary. I believe based upon conversations over the years that investors do not always understand the difference between pre-licensure and post-licensure nursing programs. Pre-licensure nursing would probably be better referred to as licensure as these students are studying to become licensed as first-time nurses. These students need to take premed type science courses such as anatomy, physiology, microbiology, chemistry and biology before being qualified to enter the program and then specialize nursing courses that includes hands-on practice in a lab setting in a real-world experience in patient care during their nursing core.

鑑於近期的一些評論，我們強勁的混合型投資績效可能會讓部分投資界人士感到驚訝。我認為，根據我多年來的交流，投資者並非總是了解執業前護理課程和執業後護理課程之間的區別。執業前護理課程或許更應該被稱為執業後護理課程，因為這些學生正在學習以獲得執業護理師資格。這些學生在進入執業後護理專業課程之前，需要修讀一些醫學預科類的科學課程，例如解剖學、生理學、微生物學、化學和生物學，之後才能進入執業後護理專業課程學習。在護理核心課程中，學生需要在實驗室環境中進行實踐操作，從而獲得真實的病患照護經驗。

Students can take the premed science courses completely online through GCU's prerequisite courses. They then can become eligible to enter GCU or one of our other partner ABSN programs. The growth of students in both the prerequisite online courses and the ABSN program continues to be very strong. Post-licensure nursing programs today are generally delivered completely online and include the RN-to-BSN, the Masters of Nursing program and the Doctorate of Nursing. These programs are for those that already are nurses.

學生可以透過GCU的先修課程完全在線學習醫學預科科學課程。之後，他們即可申請進入GCU或我們其他合作院校的加速護理學士（ABSN）課程。無論是先修線上課程還是ABSN項目，學生人數的成長動能都非常強勁。如今，執業後護理課程通常完全在線授課，包括註冊護士到護理學士（RN-to-BSN）銜接課程、護理碩士課程和護理學博士課程。這些課程是為已取得護士資格的人士而設。

The RN-to-BSN student, for example, is someone that became a nurse by completing an associate's degree and wants to get a bachelor's degree. A Masters in nursing is for someone that already has a bachelor of science in nursing and wants a graduate degree, oftentimes to get a management role. Both of these degree programs are typically management programs and have a minimum number of clinical requirements. Many universities that offer online courses offer these programs and they have become competitive. GCU offers both programs and has a large student body in both of these areas.

例如，RN-to-BSN學生是指已經獲得副學士學位並希望繼續攻讀學士學位的護理師。護理碩士則是針對已經擁有護理學士學位並希望獲得研究生學位的人士，通常是為了擔任管理職位。這兩個學位項目通常都屬於管理類項目，並設有最低臨床實習要求。許多提供線上課程的大學都開設了這些項目，競爭也日益激烈。 GCU同時提供這兩個項目，並且在這兩個領域都擁有龐大的學生群體。

Because of the competitive landscape in the law of large numbers, the growth of these programs has been less than our overall growth rate for a number of years. That is not concerning to us because GCU has over 300 other online programs, most of which are less competitive and are growing at a faster pace.

由於大數定律所導致的競爭格局，這些項目的成長速度多年來一直低於我們的整體成長率。但這並未讓我們擔憂，因為GCU擁有300多個其他線上項目，其中大多數競爭較小，成長速度也更快。

Fourth, the Center for Workforce Development at Grand Canyon University. GCU now has four programs in the Center for Workforce Development, including the electricians pre-apprenticeship program, the CNC machinists pathway program and manufacturing specialist intensive pathway and the construction general pathway, and we'll be rolling out a fifth program, the manufacturing general pathway in the fall of 2026. These programs are all built 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。目前，大峽谷大學勞動力發展中心設有四個項目，包括電工預備學徒項目、CNC工具機操作員培訓項目、製造專家強化訓練項目和建築通用訓練項目。我們也將於2026年秋季推出第五個計畫－製造通用培訓計畫。這些項目均與當地面臨勞動力短缺且渴望聘用大峽谷大學畢業生的企業合作。

These programs are either one semester or two semester programs. 212 students successfully completed the electrician pre-apprenticeship program in 2024, '25, including 11 in the Austin, Texas hybrid location. 33 students completed the manufacturing CNC machinist pathway program in the 2024, '25 fiscal year. These students attend school for 20 hours a week and then work in the facility as a paid employee for 20 hours.

這些課程分為一學期和兩學期兩種。 2024-2025學年，共有212名學生成功完成了電工預備學徒課程，其中11名學生在德克薩斯州奧斯汀的混合教學點學習。 2024-2025學年，共有33名學生完成了CNC工具機操作員訓練課程。這些學生每週在校學習20小時，然後在工廠作為受薪員工工作20小時。

At the end of the semester, they received a manufacturing certificate, become eligible for employment in Arizona's fast-growing manufacturing industry. Students in GCU's growing engineering college are getting experience in this manufacturing facility, which is adding to their engineering education. I started out talking about the relevant programs and creative delivery models that GCE has implemented with its 20 partner institutions. In the seven-plus 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 206,709 students, 55,808 in education, including 26,099 first-time teachers at a time when teacher shortages have created a national crisis.

學期末，他們獲得了製造證書，從而有資格在亞利桑那州快速發展的製造業就業。大峽谷大學（GCU）不斷發展的工程學院的學生們正在這家製造工廠獲得實務經驗，這豐富了他們的工程教育。我首先談到了GCE與其20所合作院校共同實施的相關計畫與創新教學模式。自GCE成為服務提供者以來的七年多時間裡，它幫助合作夥伴取得了以下成就：在此期間，GCE幫助大峽谷大學培養了206,709名畢業生，其中55,808名畢業生從事教育專業，包括26,099名新晉教師——而此時教師短缺已造成全國性的危機。

54,068 in nursing and health care professions including 3,383 pre-licensure nurses at a time when there is a huge shortage of nurses. 42,820 in the college of humanities and social sciences, including thousands in counseling and social work where there are also huge shortages.

護理和醫療保健專業共有54,068名學生，其中包括3,383名實習護士，而目前護士嚴重短缺。人文和社會科學學院共有42,820名學生，其中包括數千名諮詢和社會工作專業的學生，而這些專業也同樣面臨嚴重的師資短缺。

College of Business has become one of the largest business schools in America and has produced 36,276 graduates. The College of Science, Engineering and Technology has grown by 220% and provided 9,029 graduates. The Doctoral College, Honors College and College of Theology also continue to grow. In addition, GCE has helped as other partners graduate over 15,000 pre-licensure nurses and occupational therapist assistants. The numbers that I have just cited have all happened in the past seven-plus years since the GCU, GCE transaction and since GCE has become an education services provider.

商學院已發展成為美國規模最大的商學院之一，培養了36,276名畢業生。科學、工程與技術學院成長了220%，畢業生人數達到9,029人。博士學院、榮譽學院和神學院也持續發展壯大。此外，GCE也協助其他合作夥伴培養了超過15,000名執業前護理師和職業治療助理。以上所有數據均來自GCU與GCE合併後的七年多時間，以及GCE轉型成為教育服務提供者之後。

All of this has occurred while GCE paid out $612 million in federal and state taxes. While state universities and community colleges pull money out of the tax system, GCE has helped to produce over 220,000 graduates while pouring millions of dollars into the system. Service revenue was $261.1 million for the third quarter of 2025, an increase of $22.8 million or 9.6% as compared to the $238.3 million, up for the third quarter of 2024. The increase year-over-year in service revenue was primarily due to an increase in partner enrollments of 7.9%, including an increase in GCU online enrollments of 9.6%.

所有這些成就都發生在GCE繳納了6.12億美元聯邦和州稅的同時。當州立大學和社區學院從稅收體系中獲取資金時，GCE卻在培養了超過22萬名畢業生的同時，也向該體系投入了數百萬美元。 2025年第三季的服務收入為2.611億美元，比2024年第三季的2.383億美元增加了2,280萬美元，增幅達9.6%。服務收入較去年同期成長的主要原因是合作院校入學人數增加了7.9%，其中包括GCU線上課程入學人數增加了9.6%。

University partner enrollments at their off-campus classroom and laboratory sites of 17.4% and an additional day of ground traditional revenue at GCU of $0.9 million in the quarter as a result of the one day earlier than last year fall start date, partially offset by a decrease in revenue per student year-over-year, primarily due to 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, which had the effect of reducing revenue per student 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.

大學合作夥伴在校外教室和實驗室的入學人數增加了 17.4%，由於秋季開學日期比去年提前一天，GCU 在本季度增加了 90 萬美元的傳統課堂收入。但部分成長被學生人均收入同比下降所抵消，這主要是由於我們與一些大學合作夥伴的合約進行了修改，其中收入分成比例降低，作為交換，我們不再向合作夥伴報銷某些教師費用，這導致學生人均收入下降。此外，由於學生群體結構持續向淨學費略低的學生群體轉變，線上學生的人均收入也略有同比下降。

Operating income and operating margin for the three months ended September 30, 2025 was $18 million and 6.9%, respectively. Excluding the charges described in detail in our 8-K filed today, adjusted operating income and adjusted operating margin for the three months ended September 30, 2025, was $58.2 million and 22.3%, respectively, as compared to $50.3 million and 21.1%, respectively, for the same period in 2024.

截至2025年9月30日止三個月的營業收入和營業利益率分別為1800萬美元和6.9%。剔除今天提交的8-K文件中詳細描述的費用後，截至2025年9月30日止三個月的調整後營業收入和調整後營業利潤率分別為5820萬美元和22.3%，而2024年同期分別為5030萬美元和21.1%。

Net income was $16.3 million for the third quarter of 2025. GAAP diluted income per share for the three months ended September 30, 2025 is $0.58. As adjusted, non-GAAP diluted income per share for the three months ended September 30, 2025, is $1.78, which is in line with the consensus estimates.

2025年第三季淨利為1,630萬美元。截至2025年9月30日止三個月的GAAP攤薄後每股收益為0.58美元。經調整後，截至2025年9月30日止三個月的非GAAP攤薄後每股收益為1.78美元，與市場普遍預期一致。

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

接下來，我想把麥克風交給我們的財務長丹‧巴克斯，讓他更詳細地介紹一下我們 2025 年第三季的情況，談談損益表、資產負債表和其他項目的變化，以及討論 2025 年的業績指引。

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 September 30, 2025 and 2024. 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 September 30, 2025 and 2024 is $1.78 and $1.48, respectively.

謝謝，布萊恩。我們在向美國證券交易委員會提交的8-K表格中，包含了截至2025年9月30日和2024年9月30日止三個月的非GAAP淨利潤和非GAAP攤薄後每股收益。我們相信，這些非GAAP財務資訊能夠幫助投資人更深入了解公司長期的業績表現。經調整後，截至2025年9月30日及2024年9月30日止三個月的非GAAP攤薄後每股收益分別為1.78美元及1.48美元。

Service revenue was higher than our expectations in the third quarter of 2025, primarily due to higher-than-expected hybrid enrollments. Traditional campus and online enrollments were in line with our expectations, although traditional campus revenue was slightly less than expected due to slightly lower revenue per student than anticipated and online revenue was slightly higher than expected due to slightly higher revenue per student than anticipated.

2025年第三季服務收入高於預期，主要得益於混合式教學模式入學人數高於預期。傳統校園教學和線上教學的入學人數均符合預期，但傳統校園教學收入略低於預期，原因是生均收入略低於預期；而線上教學收入略高於預期，原因是生均收入略高於預期。

The third quarter operating margin was positively impacted on a year-over-year basis by the higher revenue and the contract modifications, partially offset by additional spend for 2026 partner initiatives, but also due to the continued impact of significantly higher-than-expected benefit costs as a result of higher claim costs. The higher-than-expected benefit costs had a $0.06 impact on EPS in the third quarter. We are currently anticipating this trend will continue in the fourth quarter.

第三季營業利潤率年增於營收成長和合約調整，但部分被2026年合作夥伴計畫的額外支出所抵消，同時也受到理賠成本上升導致福利成本顯著高於預期這一持續影響。高於預期的福利成本對第三季每股盈餘造成了0.06美元的影響。我們目前預計這一趨勢將在第四季度持續。

Our effective tax rate for the third quarter of 2025 was 24.9% compared to 20.8% in the third quarter of 2024 and our guidance of 20.6%. The higher-than-expected effective tax rate is primarily to the tax impact of the key TAM settlement. As we discussed in our last quarter's conference call, we did make $5 million in contributions in lieu of state income taxes in the third quarter of 2025, which had the effect of increasing general and administrative expenses in the third quarter by this amount and lowering income tax expense approximately three quarters in the third quarter and one quarter in the fourth quarter.

我們2025年第三季的實際稅率為24.9%，高於2024年第三季的20.8%和先前預測的20.6%。實際稅率高於預期主要是由於關鍵的TAM和解協議的稅務影響。正如我們在上一季電話會議中所討論的，我們在2025年第三季度繳納了500萬美元的州所得稅替代金，這導致第三季度的行政管理費用增加了500萬美元，同時所得稅費用在第三季度減少了約三個季度，在第四季度減少了一個季度。

We repurchased 219,369 shares of our common stock in the third quarter of 2025 at a cost of approximately $39.5 million and another 38,745 shares were repurchased since September 30, 2025. We have $136.4 million remaining available as of today under our share repurchase authorization. The Board and the company intends to continue using a significant portion of its cash flows from operations to repurchase its shares.

我們在2025年第三季回購了219,369股普通股，總成本約為3,950萬美元；自2025年9月30日以來，又回購了38,745股。截至今日，根據我們的股票回購授權，我們仍有1.364億美元的可用資金。董事會和公司計劃繼續將相當一部分經營活動產生的現金流量用於股票回購。

Turning to balance sheet and cash flows, total unrestricted cash and cash equivalents and investments as of September 30, 2025 were $277 million. GCE CapEx in the third quarter of 2025, including CapEx for new off campus classroom laboratory sites -- classroom and laboratory sites, was approximately $9.7 million or 3.7% of service revenue. We anticipate CapEx for 2025 will be between $30 million and $35 million.

從資產負債表及現金流量來看，截至2025年9月30日，本公司非限制性現金及現金等價物及投資總額為2.77億美元。 2025年第三季度，GCE的資本支出（包括新建校外教室和實驗室的資本支出）約為970萬美元，佔服務收入的3.7%。我們預計2025年的資本支出將在3,000萬美元至3,500萬美元之間。

Last, I'd like to provide color on the updated guidance we have provided in our 8-K filed today. As a reminder, the guidance we have provided in the outlook section of our 8-K filed today is GAAP net income and diluted income per share with components to adjust 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 third quarter results.

最後，我想就我們今天提交的8-K文件中更新的業績指引做個簡要說明。再次提醒，我們在今天提交的8-K文件展望部分提供的業績指引是基於美國通用會計準則（GAAP）的淨利潤和攤薄後每股收益，並包含調整後的淨利潤和非GAAP攤薄後每股收益。我們已更新了2025年全年業績指引，納入了第三季的業績數據。

We have reaffirmed the previously provided range for the fourth quarter based on current online trends in the fall, ground and hybrid enrollment. It is likely that revenue would have been in the top half of our previously provided fourth quarter guidance, but we anticipate slightly lower revenue from military tuition assistant students due to the government shutdown. A little under 5% of GCU's online students are service members using the Department of Defense program to fund their education. The program provides up to $250 per credit hour, has an annual cap of $4,500 and the aid year begins on October 1 of each year.

我們根據秋季學期目前的線上學習趨勢、線下課程和混合式課程的招生情況，重申了先前提供的第四季度收入預期範圍。收入原本可能處於先前預期範圍的上半部分，但由於政府停擺，我們預期軍人學費資助學生的收入會略有下降。 GCU 的線上學生中，近 5% 是使用國防部資助計畫的現役軍人。該計劃每學分最高資助 250 美元，年度上限為 4,500 美元，資助年度從每年 10 月 1 日開始。

No courses starting during the government shutdown will be paid on those programs. So not only will new students typically delay starting their program, but continuing students will take a break in their studies and students that had planned to restart their program in October due to previously reaching their annual cap, will wait to restart. Assuming that each of these students is out for one course or eight weeks, the impact on -- of this on GCE is $3 million. We are hopeful the effect will be less due to timing of when students courses start and end, the length of the shutdown and when the students choose to return once it is over. But if the shutdown continues through Thanksgiving as many predict, fourth quarter likely will be impacted by $3 million.

政府停擺期間開設的課程將不會獲得這些計畫的資助。因此，不僅新生通常會推遲入學，在學學生也會暫停學業，而那些原本計劃在10月份因達到年度學分上限而重新開始學習的學生也將不得不等待。假設每位學生停課一門課程或八週，那麼這將對GCE造成300萬美元的損失。我們希望由於學生課程的開始和結束時間、停擺的持續時間以及學生在停擺結束後選擇返校的時間等因素，實際影響會有所減輕。但如果停擺如許多人預測的那樣持續到感恩節，那麼第四季很可能將損失300萬美元。

Other than this timing issue, all pillars are performing better than or as we had expected when we significantly raised our guidance last quarter. We continue to anticipate that new online enrollments will be up year-over-year in the mid- to high single digits in the fourth quarter, and that total online enrollments will remain in the high single digits over the prior year.

除了時間安排上的問題，所有業務支柱的表現都優於或符合我們上季度大幅上調業績預期時的預期。我們仍預計，第四季新增線上註冊人數將年增5%至5%左右，而線上註冊總人數也將比上年同期維持在5%左右。

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 the high retention rates. We have raised our expectations for the hybrid pillar due to higher-than-expected 2025 hybrid enrollments, revenue growth rates for the hybrid pillar continued to be impacted by changes made to the contracts for university partners that are no longer being reimbursed for faculty costs.

由於畢業率上升和復學人數持續下降（即學生因高留校率而中斷學業後重返校園的人數減少），線上課程總註冊人數將繼續面臨壓力。鑑於2025年混合式教學模式的註冊人數高於預期，我們提高了對混合式教學模式的預期。然而，混合式教學模式的收入成長率持續受到大學合作夥伴合約變更的影響，這些大學不再獲得教師費用報銷。

We have slightly lowered our expectations for the ground traditional campus revenue per student based on the actual net tuition revenue of the fall students. And excluding the military tuition assistance impact, we have increased our revenue per student expectations for online. As a reminder, the ground traditional campus for GCU starts one day earlier in 2025 and in 2024, which will have an impact of moving $0.9 million in revenue from the fourth quarter to the third quarter in comparison to the prior year.

根據秋季學期學生的實際淨學費收入，我們略微下調了傳統校園每位學生的預期收入。同時，在不計入軍人學費資助的影響後，我們提高了線上課程的每位學生預期收入。需要注意的是，GCU 的傳統校園將於 2025 年和 2024 年提前一天開學，這將導致 90 萬美元的收入從第四季度轉移到第三季度，與前一年相比。

On the expense side, we do not anticipate any material changes in the assumptions we gave last quarter. The current trends that we have been discussing will continue in the fourth quarter. We continue to absorb significant increases in both benefit costs and technology services and we have accelerated some ground campus spend into the second half of 2025.

在支出方面，我們預計與上季所做的假設相比不會發生任何重大變化。我們一直在討論的當前趨勢將在第四季度延續。我們將繼續承擔福利成本和技術服務的顯著成長，並將部分園區建設支出提前至2025年下半年。

We are estimating that interest income will continue to be down year-over-year due to the decline in cash balances due to more aggressive stock buybacks and a declining interest rate environment. We still believe that the effective tax rate for the fourth quarter of 2025 will be 22.8%, with a full year tax rate of 22.9%.

我們預計，由於更積極的股票回購和利率環境下降導致現金餘額減少，利息收入將繼續同比下降。我們仍認為，2025年第四季的實際稅率為22.8%，全年稅率為22.9%。

The effective tax rate continues to be impacted by higher state income taxes as we continue to add new sites in states outside of Arizona, which have higher state tax rates and other factors. We have not adjusted our weighted average shares outstanding amount, the number of shares purchased were less on a daily basis through late October, but have accelerated in the last week due to the decline in the stock price.

由於我們在亞利桑那州以外的其他州（這些州的州稅率較高）持續新增站點，實際稅率仍然受到較高州所得稅的影響。我們尚未調整加權平均流通股數。 10 月下旬之前，每日購股數量較少，但由於股價下跌，上週購股數量增加。

The Board continues to authorize the repurchase of shares as it believes the stock remains undervalued based on the metrics that 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 a few, if any, appropriate comps and the board has instructed us to be more aggressive in stock buybacks when the stock drops like it has recently.

董事會繼續授權回購股票，因為根據其評估指標（包括企業價值與調整後 EBITDA 的比率和自由現金流收益率，而不是與其他教育公司相比的倍數），董事會認為該股票仍然被低估。儘管我們可以被視為處於同一行業，但幾乎沒有合適的比較對象，董事會已指示我們在股價像最近這樣下跌時，更積極地進行股票回購。

I will now turn the call over to the moderator so that we can answer questions.

現在我將把通話交給主持人，以便我們回答問題。

(Operator Instructions) Jeff Silber, BMO Capital Markets.

（操作員說明）傑夫·西爾伯，BMO資本市場。

Brian, really appreciate the color on what's going on in your nursing programs. Maybe we can just double-click on that. Can you just frame it for us in terms of how large your nursing programs are at GCU and how they differ between pre- and post-licensure programs and how each one of them have been growing.

布萊恩，非常感謝你對你們護理計畫進展的詳細介紹。我們或許可以雙擊查看。你能否為我們概述GCU的護理計畫規模，以及執業前和執業後計畫之間的區別，並分析一下每個計畫的發展？

Yes. When you think of everything related to health care, at GCU, probably about 30% of our students are in those areas, but that's pretty diversified. That's pre-licensure students on our campus that's ABSN students at our off-site campuses that is prerequisite students preparing for the ABSN. It's RN-to-BSN, it's MSN, it's Doctorate of Nursing. And so like -- unlike other institutions, yes, we are heavily vested in the health care industry. But then I should also include occupational therapy, the nurse practitioner program.

是的。說到醫療保健相關的一切，在GCU，大約有30%的學生都從事這些領域的工作，而且涵蓋範圍很廣。這包括我們校內準備執業資格考試的學生，校外校區就讀加速護理學士（ABSN）課程的學生，以及正在為ABSN課程做準備的先修課程學生。此外，還有RN-to-BSN（註冊護理轉護理學士）、MSN（護理碩士）和護理學博士（DN）課程。所以，與其他院校不同，我們確實在醫療保健行業投入了大量資源。但我也應該提到職業治療和執業護理師計畫。

And so health care is about 30% of our total enrollments, but even that is highly diversified across program levels and in different programs. And so I know that there has been a lot of concern about less diversified institutions with regards to health care. We're very different and not nearly impacted the way others would be because of how diversified and competitive we are in the programs that we offer. Does that help?

因此，醫療保健專業約占我們總招生人數的30%，但即便如此，不同層級和不同專業的學生組成也高度多元化。我知道大家對一些醫療保健專業多元化程度較低的院校表示擔憂。我們的情況截然不同，由於我們提供的課程種類繁多且具有競爭力，我們受到的影響遠小於其他院校。這樣解釋清楚了嗎？

That's really helpful. It does. And of that 30%, and I know you may not have the numbers at your fingertips, but roughly, what percentage of the total of that 30% are specifically in post-licensure nursing programs.

這真的很有幫助。確實如此。在這30%中，我知道您可能沒有具體數字，但大致來說，這30%中有多少人是專門參加執業後護理課程的？

In post-licensure nursing?

執業後護理？

Yes. Well, roughly, as you know, 5,000 GC -- of the hybrid student. We have roughly 5,000 hybrid students. We have a couple of hundred GCU pre-licensure students. And then the rest is online nursing students as Brian said, which includes the prerequisite studies.

是的。嗯，如您所知，大約有5000名混合式學習學生。我們大約有5000名混合式學習學生。我們還有幾百名GCU的執照前學生。剩下的就是布萊恩所說的線上護理學生，其中包括預科課程學生。

Got it. Okay. All right. That's really helpful. Let me shift gears and talk about your focus on younger students specifically with GCU online. You talked about some changes to campus marketing. I'm just curious, do you market to the students that will potentially go online, these younger students any differently? And if so, if we can talk about the different marketing channels.

明白了。好的。這很有幫助。我想換個話題，談談你們GCU線上課程對低年級學生的關注。您提到了一些校園行銷的調整。我很好奇，你們針對這些可能選擇線上學習的低年級學生，是否會採用不同的行銷策略？如果是的話，我們能否談談你們所使用的不同行銷管道？

No, what I referred to in terms of the change -- a little bit of a change in strategy is, so much of the work that we've done for GCU traditional students has been work in high schools. We have a sizable staff that works in high schools throughout the country. We signed contracts with schools. We have over, I think, 8,000 partnership with high schools. And so that's been 95% of our work. But what we figured out is that we can contact through social media avenues students at a less expensive rate and to a far greater extent.

不，我所說的改變——或者說策略上的些許調整——是指，我們之前為GCU傳統學生所做的大部分工作都是在高中開展的。我們有一支相當規模的團隊在全國各地的高中工作。我們與學校簽訂了合約。我們與高中建立了合作關係，我想，超過8000所。這佔據了我們95%的工作量。但我們發現，透過社群媒體管道，我們可以以更低的成本，更廣泛地聯繫學生。

And so we are starting to advertise more, especially in social media areas and the -- so we spent some money there where we typically haven't spent it, but the results have been tremendous. Our actual registrations at this time are significantly ahead of what they were last year at this time. And we're watching that carefully. In fact, we watch it every day.

因此，我們開始加大廣告投入，尤其是在社群媒體領域——我們在以往很少涉足的領域投入了一些資金，但效果非常顯著。目前我們的實際註冊量遠超過去年同期。我們正在密切關注這一趨勢，事實上，我們每天都在關注。

But part of our thinking is that, yes, there's fewer high school graduates and fewer as a percent are going to college. But the reasons that are -- that is true, we've answered in space. The value proposition that we have here is just, I think, under -- not understood by enough Americans right now, and we need to get that word out in a way that is more aggressive than just depending upon those people working in high schools.

但我們的一部分想法是，沒錯，高中畢業生人數減少了，上大學的比例也下降了。但造成這種情況的原因——的確如此，我們已經在太空探索中探討過了。我認為，我們提出的價值主張目前還沒有被足夠多的美國人理解，我們需要以更積極的方式宣傳這一點，而不僅僅依靠高中教職員。

And so our initial results are really good. and we'll keep monitoring them. And if it continues in that vein, we'll spend even more money in January and February. So it's a slight change in terms of the balance really between what we're doing from an advertising standpoint and what we're paying in salaries for people working in high schools.

因此，我們的初步結果非常好，我們會繼續密切關注。如果這種勢頭能夠維持下去，我們將在1月和2月投入更多資金。所以，這其實是在廣告投入和支付給高中教職員的薪資之間做出的微調。

We're moving a little bit out of the salary component. We're moving that into the advertising component. And initially, we're getting a broader reach. We're getting a broader reach, and we're getting very strong interest. So we're excited about that.

我們正在逐步減少對薪資方面的投入，將其轉移到廣告方面。初期，我們的覆蓋範圍正在擴大，而且反應非常熱烈。對此我們感到非常興奮。

Steven Pawlak, Robert W. Baird.

史蒂文·帕拉克，羅伯特·W·貝爾德。

You talked about the diversification beyond nursing programs. I know in the past you've talked about education being one of them. I guess, what other programs are you in that are sizable, that are growing at and above nursing program rate? And I guess, how would you just characterize the competitive landscape in those programs?

您談到了護理專業以外的多元化發展。我知道您之前也提到教育是其中之一。我想問的是，您還關注哪些規模較大、成長速度達到或超過護理專業的其他專業？另外，您如何評價這些專業的競爭格局？

Yes. We're having a tremendous amount of success in education. The fact that there's a teacher shortage in this country is really the problem of universities. They're waiting for 17-year olds to decide to become a teacher, go through years -- four years of college and then step into a public school classroom. It is our belief that anybody between the ages of 18 and 50 years old may have a reason to re-career into teaching.

是的。我們在教育領域取得了巨大的成功。美國教師短缺的問題其​​實是大學的問題。他們等著17歲的年輕人決定成為教師，然後讓他們經過四年的大學學習，最後走進公立學校的課堂。我們認為，任何18歲到50歲的人都有理由重新投入教育事業。

And so we're signing contracts with major school districts all over the country, helping them take military veterans and people have retired from the police and fire department. People that work in public schools as paraprofessionals or as teachers' aids. And we're bringing education right into the school district, so that they can become baccalaureate prepared and they can -- school districts can license those people and put them in the classroom.

因此，我們正在與全國各地的主要學區簽訂合同，幫助他們接收退伍軍人、退休警察和消防員，以及在公立學校擔任助教或教師助理的人員。我們將教育直接引入學區，使他們能夠獲得學士學位，學區可以為他們頒發執照，並將他們安排到課堂上任教。

That thing is growing tremendously. Our business programs continue to grow. We have one of the fastest-growing business programs in the country. We're really excited about the future of counseling and social work.

那方面發展迅猛。我們的商業課程也在持續成長。我們擁有全國發展最快的商業課程之一。我們對諮詢和社會工作的未來充滿信心。

Those are two areas where there's also a tremendous shortage of professionals. And like teacher education, counseling and social work, those are licensure areas. They're very difficult to operate at a distance because you have to do all of the work necessary, not just to teach the student in the classroom, but you've got to provide observation hours, you've got to provide internships, you've got to provide student teaching. Those things have to be viewed and evaluated.

這兩個領域也嚴重缺乏專業人才。和教師教育、諮商和社會工作一樣，這些都是需要執照的領域。遠距教學非常困難，因為你必須完成所有必要的工作，不僅是課堂教學，還要提供觀摩課程、實習機會和學生教學實踐。這些都需要經過審核和評估。

And we have a $300 million plus administrative system plus a field force that allows us to provide those opportunities. And so it's very uncompetitive in those -- it was a huge need, but it's not very competitive because those things are very difficult to do at a distance.

我們擁有超過3億美元的行政系統和一支強大的現場隊伍，這使我們能夠提供這些機會。因此，在這些方面我們幾乎沒有競爭力——這曾經是一個巨大的需求，但競爭並不激烈，因為遠端進行這些工作非常困難。

In addition, we're very excited about where we're going in a number of technology and engineering areas. The engineering is a little bit tougher to do online, although we're going to be doing it, but technology is not. And we're just scratching the surface in terms of what we're capable of from a technology standpoint, especially in areas like cyber and especially in those areas -- and places like military bases, where they can't compete with the outside workforce from a salary standpoint, but they need cybersecurity specialists, wars are going to be fought that way. And so some of the major military contracts that we've signed recently are the result of expansion in those areas.

此外，我們對在多個技術和工程領域的發展前景感到非常興奮。工程方面的工作雖然會在線上進行，但難度稍大，技術方面則不然。從技術角度來看，我們目前的能力還只是冰山一角，尤其是在網路安全等領域，以及像軍事基地這樣的地方——這些地方的薪資水平無法與外部勞動力競爭，但他們需要網路安全專家，戰爭也需要透過網路安全手段來打。因此，我們最近簽署的一些重大軍事合約正是我們在這些領域拓展業務的結果。

And so I'm glad you asked that question because when people are viewing this industry, frequently, they are responding to institutions that have a limited number of programs so that if something happens that impacts the enrollment in those programs, they're really in trouble. Our programmatic mix is so expensive. And it's one of the reasons our online leads are up, because so many students now, potential students are not searching on universities. They're searching on careers and they're searching on programs to help gain entrance into those careers.

所以我很高興你問了這個問題，因為人們在關注這個行業時，往往會傾向於選擇那些課程數量有限的院校。一旦出現影響課程招生人數的情況，這些院校就會面臨很大的麻煩。我們的課程組合成本很高。這也是我們線上招生線索增加的原因之一，因為現在很多學生，或者說潛在學生，不再搜索大學信息，而是搜索職業信息，以及能夠幫助他們進入這些職業的課程。

And our name comes up first because there's very few universities in the country that have our expansive programs. And so when you think about the ups and downs that have been part of this industry, we look at our 17-year history, we have basically moved through the ups and downs and it's mainly because of the diversity that exists in our programmatic offerings and in our delivery models that allows us to move things around if there are changes. And it just makes us not as susceptible to minor changes in -- or even major changes in a specific area. We can move money and we can move emphasis, and we can do it very quickly.

我們之所以名列前茅，是因為全國只有極少數大學擁有我們這樣涵蓋極廣的課程體系。回顧這個行業的起伏，我們走過了17年的發展歷程，基本上經歷了所有起伏，這主要歸功於我們課程設置和交付模式的多樣性，使我們能夠根據市場變化靈活調整。這使得我們不易受到特定領域細微變化甚至重大變化的影響。我們可以迅速調整資金投入和重點方向。

No, I appreciate all the color there. And then you've also talked about sort of the positive spread between -- or sort of the enrollment adviser efficiency as you have over the last few years. Are you still seeing the positive spread between enrollment gains and enrollment adviser growth? And I guess do you expect that to be sustainable for the next couple of years?

不，我很欣賞那裡豐富多彩的景象。您之前也提到招生顧問效率提升與招生人數成長之間的正相關關係，就像您過去幾年所做的那樣。現在您仍然看到招生人數增長與招生顧問人數增長之間的正相關關係？您認為這種正相關關係在未來幾年內能夠持續嗎？

Yes. the we -- there's -- another way that we have become diversified and not subject to the vagaries of changes is that about 33% of our starts through GCU, come as a result of activity working directly inside companies and organizations all over the country. One of the things that people hear us say now frequently and people are responding to is that there are vast amounts of untapped potential in today's American workforce. And that's basically because only about 25% of students that want to access higher education can do it on a college campus and spend four or five years on that campus.

是的。我們實現多元化發展並免受市場變化影響的另一個途徑是，我們透過GCU課程招收的學員中，約有33%是透過我們在全國各地公司和機構的直接工作經歷而獲得的。我們現在常聽到人們談論，人們也對此表示贊同，那就是當今美國勞動市場蘊藏著巨大的未開發潛力。這主要是因為，只有大約25%想要接受高等教育的學生能夠在大學校園完成四到五年的學習。

We are really growing, working directly with companies and helping people working at lower levels in the organization move up through education. So whether it's military bases, school districts, hospitals, clinics, social work agencies, all of those areas. And that -- the percent of new starts that we're getting as a result of that work continues to go up, which puts less pressure on our need to generate leads, and it makes our lead purchase that much more effective.

我們發展迅猛，直接與企業合作，幫助基層員工透過教育提升職涯發展。無論是軍事基地、學區、醫院、診所、社會工作機構，或是其他任何領域，我們都提供服務。而且，透過這些合作獲得的新學員比例持續上升，這減輕了我們開發新學員的壓力，也讓我們的學員購買策略更有效率。

And so when you think about GCE and our capabilities as compared to our competitors, we're just more diverse in a whole variety of ways, which allows for the consistency of the performance that we've been able to have.

因此，當您考慮 GCE 和我們與競爭對手相比的能力時，我們會發現我們在各個方面都更加多元化，這使得我們能夠保持業績的一致性。

We've reached the end of our third 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 all.

我們的第三季電話會議到此結束。感謝您抽出寶貴時間並關注大峽谷教育。如果您還有任何疑問，請聯絡我，丹‧巴克斯。謝謝大家。

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

感謝您參加今天的會議。本次會議到此結束，您可以斷開連線了。