Grand Canyon Education Inc (LOPE) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to Q1 2026 Grand Canyon Education earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Grand Canyon Education 2026 年第一季財報電話會議。（接線員指示）請注意，今日會議將被錄音。

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

現在我想把會議交給今天的第一位講者——總法律顧問 Sarah Collins。請開始。

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

今天與我一同參與電話會議的有：董事長兼執行長 Brian Mueller，以及財務長 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. 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.

請注意，我們今天的許多評論將包含前瞻性陳述，涉及風險與不確定性。多項因素可能導致我們的實際結果與此類陳述所明示或暗示的任何未來結果存在重大差異。這些因素已在我們向 SEC 提交的文件中討論，包括 Form 10-K 年度報告、Form 10-Q 季度報告，以及 Form 8-K 即時報告。

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.

對於本次電話會議中所作的前瞻性陳述，我們不承擔提供更新的義務；並建議所有投資人在對 GCE 建立任何財務部位之前，務必詳盡審閱上述報告。

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

接下來，我把電話交給 Brian。

Good afternoon and thank you for joining Grand Canyon Education's first quarter 2026 conference call. GCE had another strong quarter, producing online enrollment growth of 8.8% in hybrid growth, excluding the closed sites and those that are in teach-out of 20.3%. Grand Canyon Education, Grand Canyon University, and now 19 additional partners have produced remarkably consistent positive results over the last 17-plus years in spite of significant change in the macro environment of education and the workplace.

各位下午好，感謝您參加 Grand Canyon Education 2026 年第一季電話會議。GCE 再度交出強勁的一季：線上註冊人數成長 8.8%；混合式（hybrid）成長（不含已關閉據點及正處於 teach-out 的據點）為 20.3%。Grand Canyon Education、Grand Canyon University，以及目前另外 19 家合作夥伴，在過去 17 年以上期間，儘管教育與職場的總體環境出現重大變化，仍持續展現極為一致的正向成果。

Most significantly, GCU has got from the brink of bankruptcy to now being the largest private university in America. In addition to over 110,000 students studying online, GCU now has 25,000 students in an on-campus environment and has more students living and university-owned housing on its campus than any university in the country.

最重要的是，GCU 已從瀕臨破產的邊緣，成長為美國最大的私立大學。除了超過 110,000 名線上學習學生外，GCU 現在也有 25,000 名在校園環境就讀的學生；而且在校園內居住於校方自有宿舍的學生人數，超過全美任何一所大學。

Recently, GCE and its partners have built 47 hybrid campuses throughout the country to address severe shortages in the health care fields. More recently, GCE as assisted GCU and building a workforce development center to produce professionals in the rapidly growing construction and manufacturing fields where there are also severe shortages. The growth and success that has taken place is because GCE and its partners have built a model that is extremely flexible is able to respond with great speed and has used advanced technologies to produce tremendous scale.

近年來，GCE 與其合作夥伴在全國各地建立了 47 個混合式校區，以因應醫療照護領域的嚴重人力短缺。更近期，GCE 也協助 GCU 建置一座職能發展中心，以培育在快速成長的營建與製造領域所需的專業人才，而這些領域同樣存在嚴重短缺。這些成長與成功之所以能發生，是因為 GCE 與其合作夥伴打造了一個極具彈性的模式，能以極快速度回應需求，並運用先進科技實現龐大規模。

The current dissatisfaction with higher education is because factory governance models are very inflexible, move very slowly, and can't scale to meet demands. Excellence and higher education is going to be defined in very different terms going forward.

目前外界對高等教育的不滿，源於工廠式治理模式非常僵化、推進速度很慢，且無法擴張以滿足需求。未來對高等教育「卓越」的定義，將以非常不同的方式來衡量。

There's a lot of talk about how AI will produce winners and losers by industry types. The real discussion should be about winners and losers within industries. Higher education as an industry will continue to exist. Institutions that are flexible, fast, and that can scale will be able to use AI to flourish to even greater levels in the next 10 years.

外界有很多討論認為 AI 會在不同產業類型中產生贏家與輸家。真正該討論的是：同一產業內部的贏家與輸家。高等教育作為一個產業將持續存在；而那些具備彈性、速度快、且能擴張的機構，將能運用 AI 在未來 10 年繁榮到更高層次。

Higher Education will be more important than ever if we can educate the next generation of workers to use AI in three important ways: one, to use AI to produce products to increase levels of human productivity; two, to quickly allow workers whose jobs have been eliminated to re-career; and three, to educated generation of workers for jobs that don't exist today but will exist in the future.

如果我們能以三種重要方式教育下一代勞動者使用 AI，高等教育將比以往任何時候都更重要：第一，運用 AI 來產出產品並提升人類生產力；第二，讓因工作被取代的勞工能快速轉職再就業；第三，培育下一代勞動者投入今日尚不存在、但未來將出現的工作。

It's important that universities don't teach just AI but are able to model it in a way it runs its business. GCE and GCU has dozens of AI products and products in development across 10 colleges over 375 academic programs, emphases and certificates and across every operational area. Students are learning with increasing levels of excellence and efficiency.

大學不僅要教授 AI，更重要的是能以其營運方式來示範（model）AI。GCE 與 GCU 在 10 個學院、超過 375 個學位課程、專業方向與證書，以及各個營運領域中，已擁有數十項 AI 產品與開發中的產品。學生正以更高水準的卓越與效率進行學習。

Score is currently produced by GCU students in exit and licensure exams in the areas of health care, education, accounting, et cetera, are reaching all-time highs while scaling to huge numbers. This is especially important for important for GCU since it has rapidly expanded into academic areas requiring licensure.

目前，GCU 學生在醫療照護、教育、會計等領域的畢業（exit）與證照（licensure）考試成績，在擴大到龐大人數規模的同時，正創下歷史新高。這對 GCU 尤其重要，因為 GCU 已快速擴展至需要取得執照的學術領域。

Programmatic areas like nursing, education, social work, counseling, et cetera, will benefit from AI implementation, but employment in those areas will always require formal higher education, the completion of degrees and licensure. Project work produced by business, engineering and technology students are at increasing levels of sophistication. GCU's innovation center is producing new student businesses that are thriving. To succeed in the future, universities must produce these real-world opportunities for students and they must graduate in less time, for less money, and for lower debt levels.

護理、教育、社工、諮商等課程領域將受益於 AI 的導入，但這些領域的就業始終需要正式的高等教育、完成學位以及取得執照。商學、工程與科技學生所完成的專案作品正展現日益提升的成熟度。GCU 的創新中心正在孕育新的學生創業，且發展良好。要在未來成功，大學必須為學生提供這些真實世界的機會；同時也必須讓學生以更短時間、花更少錢、背負更低債務水準完成學業。

Our AI products are making curriculum more targeted, factly, more effective and efficient, and allowing operators to produce greater levels of student support. I believe AI will make our current advantages even greater, which makes me even more confident we will continue to meet or exceed our long-term objectives.

我們的 AI 產品正讓課程內容更具針對性、更有效且更有效率，並使營運團隊能提供更高水準的學生支持。我相信 AI 將使我們目前的優勢更為擴大，這也讓我更有信心，我們將持續達成或超越長期目標。

With that, I would like to review the first quarter results. First, the online campus at Grand Canyon University. New starts were up in the high single digits in the first quarter of 2026, which was slightly above our expectations and total enrollment growth was 8.8% and which significantly exceeds GCU's long-term objectives.

接下來，我想回顧第一季的結果。首先是 Grand Canyon University 的線上校區。2026 年第一季的新開課（new starts）成長達高個位數百分比，略高於我們的預期；總註冊人數成長為 8.8%，顯著超過 GCU 的長期目標。

In the past, I have 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 main GCU's competitive pricing position.

過去我曾強調成長的四個原因：包括每年持續推出 20 個以上的新課程、直接與超過 5,500 家雇主合作以因應人力短缺、強勁的留任率，以及在學費上維持不變以維持 GCU 具競爭力的定價定位。

Working with over 5,500 employers directly to address workforce shortages puts us in a very strong position with regard to online enrollment growth. We are now getting approximately 30% of our new starts by directly working with employers.

直接與超過 5,500 家雇主合作以因應人力短缺，使我們在線上註冊成長方面處於非常有利的位置。我們目前約有 30% 的新開課（new starts）是透過直接與雇主合作而取得。

The lead generation environment is definitely being impacted by the increasing numbers of people using artificial intelligence rather than an organization's website to gather information that they will use to make important purchases and life decisions. Our ability to respond to those changes is greater than the competition because of our unique ability to generate a high percentage of our students without using the typical lead generation strategies.

名單開發（lead generation）環境確實正受到影響，因為越來越多人使用人工智慧而非造訪組織的網站來蒐集資訊，並用以做出重要的購買與人生決策。相較競爭對手，我們更能回應這些變化，因為我們具備獨特能力，能在不依賴典型名單開發策略的情況下，仍產生相當高比例的學生來源。

The students we are generating by working directly with employers tend to be very purpose-driven and have high retention and graduation rates. Our marketing team continues to roll out AI strategies to showcase the strong brands and outcomes of our partners. We believe in the long term, this will be very positive for us.

我們透過直接與雇主合作所帶來的學生，通常目標明確，且留任率與畢業率都很高。我們的行銷團隊持續推出 AI 策略，以展現合作夥伴強大的品牌與成果。我們相信長期而言，這將對我們非常有利。

Second, the GCU ground campus for traditional students. Total traditional campus enrollments were down slightly year-over-year in the spring of 2026 as expected. Spring total enrollments have historically been less in fall enrollments as spring new enrollments is a small percentage of overall traditional campus new enrollments as they are mostly made up of transfers of students that deferred a semester and total enrollment is impacted by the growing number of students that are graduating in less than four years.

第二，GCU 的實體校區（ground campus）傳統學生。2026 年春季的傳統校區總註冊人數如預期般較去年同期略為下降。歷來春季總註冊人數通常低於秋季，因為春季新生註冊僅占傳統校區新生總量的一小部分，且多由延後一學期入學的轉學生所構成；此外，總註冊人數也受到越來越多學生在不到四年內畢業的影響。

We believe GCU will continue to experience annual new student growth on the ground campus each fall. Despite this increasing number of graduates 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 be a fast-changing and modern economy, and having the 20th ranked campus in the country.

我們相信 GCU 的實體校區每年秋季仍將持續出現新生人數成長。儘管因畢業生人數增加而帶來影響，但憑藉多項顯著優勢——包括非常低的價格水準、非常低的平均負債水準、不到四年完成學業的學生比例、GCU 學術課程對快速變動且現代化經濟的相關性，以及校園在全美排名第 20——我們仍看好其表現。

As we discussed on last quarter's earnings call, we have made some changes to our marketing and recruitment strategy for GCU's traditional campus, which accelerated some spend into 2025 in the first half of 2026. Those changes to date are producing positive results as registrations for fall of 2026 remain ahead of last year.

如同我們在上一季財報電話會議中所討論的，我們已對 GCU 傳統校區的行銷與招生策略做出一些調整，使部分支出提前至 2025 年以及 2026 年上半年。迄今為止，這些調整正產生正面成果，因為 2026 年秋季的註冊人數仍領先去年。

Even with the macro trends I discussed earlier and the tougher year-over-year comps, we believe we can grow new enrollments significantly year-over-year, which should get residential students back to growth. Two weeks ago, GCU made a major announcement as part of its 25,000 student traditional campus, GCU is one of the fastest-growing honors colleges in the country. Mike Ingram, one of Arizona's most prolific land developers has made a long-term commitment to the future of the college and has been named the Sheila and Mike Ingram Honors College.

即使面臨我先前討論的總體趨勢以及更嚴峻的年對年比較基期，我們仍相信新生註冊人數可以在年對年基礎上大幅成長，這應能讓住宿型學生回到成長軌道。兩週前，GCU 作為其 25,000 名學生的傳統校園的一部分發布了一項重大公告：GCU 是全美成長最快的榮譽學院之一。亞利桑那州最具代表性的土地開發商之一 Mike Ingram，已對學院的未來做出長期承諾，並將該榮譽學院命名為 Sheila and Mike Ingram Honors College。

GCU expects to have over 3,000 students in the fall with average weighted incoming GPAs of over 4.1. This was one of the highest in the country. The students are coming from all 50 states and are studying across all 10 of GCU's colleges. Students are getting internships and eventually jobs at many of America's top companies, health care organizations, school districts, counseling centers, engineering firms, et cetera. GSU plans to more than double the student population making it one of the largest and most impactful ones colleges in the country.

GCU 預期今年秋季將有超過 3,000 名學生，入學新生的加權平均 GPA 超過 4.1，這是全美最高水準之一。學生來自全美 50 州，並在 GCU 旗下 10 個學院的各領域就讀。學生在美國許多頂尖企業、醫療照護機構、學區、諮商中心、工程公司等取得實習機會並最終就業。GSU 計畫將學生人數增加至兩倍以上，使其成為全美規模最大且影響力最深遠的榮譽學院之一。

Mr. Ingram is leading an effort to build a very prestigious honors college counsel, which will be comprised of highly successful professionals from the worlds of business, entertainment, politics, education, health care, and sports.

Ingram 先生正主導一項工作，建立一個極具聲望的榮譽學院諮詢委員會，成員將由來自商業、娛樂、政治、教育、醫療照護與體育等領域的高度成功專業人士組成。

A 55,000 square foot building is under construction to open in the fall that will be a state-of-the-art facility, containing lecture halls, collaboration spaces, maker spaces, and gathering areas for many of America's best students. We believe the University's academic brand will continue to accelerate upwards as the Honors College grows, which is another reason we remain optimistic about the future growth of GCU's traditional campus.

一棟 55,000 平方英尺的建築正在施工中，預計於秋季啟用，將成為最先進的設施，包含講堂、協作空間、創客空間，以及供全美最優秀學生使用的聚會區域。我們相信，隨著榮譽學院的成長，大學的學術品牌將持續加速向上提升，這也是我們對 GCU 傳統校園未來成長保持樂觀的另一個原因。

Third, Grand Canyon Education's hybrid campus had an increase in enrollment year-over-year of 18.3% in the first quarter. Excluding the closed sites and those that are in teach-out, enrollment increased 20.3% year-over-year. Hybrid campus new starts in the first quarter, excluding those in teach-outs, were up 20% over the prior year, which exceeded our expectations.

第三，Grand Canyon Education 的混合式校園在第一季的註冊人數年對年增加 18.3%。若排除已關閉據點及正在 teach-out 的據點，註冊人數年對年增加 20.3%。第一季混合式校園的新開課（new starts），若排除 teach-out 的部分，較去年同期成長 20%，超出我們的預期。

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 admitting advanced standing students 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 pre-reposit science coursework.

這項持續成長主要有兩個原因。第一，幾乎所有我們仍在合作的 ABSN 夥伴都已回應對 ABSN 課程有興趣的年輕學生需求，開始招收具進階學分認定（advanced standing）的學生，或正處於推動該變更的過程中。部分完成學位的學生尚未累積大量負債，且對護理職涯非常有興趣，但過去缺乏有效率的方式修完先修的科學課程。

GCU created the science courses and some other gen-ed courses so that they could be delivered 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, are taught by experienced faculty, class sizes are low, and there's a tremendous amount of academic support, including artificial intelligence project, which provides students 24/7 access to tutoring.

GCU 建置了這些科學課程以及部分通識課程，使其能以八週為一期在線上授課。學生可在全球任何地方修讀，幾乎每週都有開課機會。這些課程定價非常可負擔，由具經驗的師資授課，班級規模小，並提供大量學術支援，包括人工智慧專案，讓學生可 24/7 取得家教輔導。

Since implementing these courses, we have already enrolled 23,104 students. 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 ABS in sites. Graduation rate of students who successfully entered the ABSN program is in the mid-80s and the first-time pass rate on the NCLEX exam is approximately 90%.

自從導入這些課程以來，我們已招收 23,104 名學生。我們有一份瀑布式報表（waterfall report），可讓我們掌握學生在先修課程中的進度，以及何時符合在我們某個 ABSN 據點開始就讀的資格。成功進入 ABSN 課程的學生畢業率約在 80% 中段，而 NCLEX 考試首次通過率約為 90%。

Nearly all our partners have responded positively to the change needed to serve the advanced standing students. Our goal is to still have 80 locations with our partners with 40 of the locations being GCU locations. We opened five new sites in the year ended December 31, 2025, closed two sites in which we stopped recruiting new students in 2024, and merged two sites that were located in the same market, bringing the total number of these sites to 47 as of December 31, 2025.

幾乎所有合作夥伴都對為服務具進階學分認定學生所需的變更做出正面回應。我們的目標仍是與夥伴共同維持 80 個據點，其中 40 個為 GCU 據點。在截至 2025 年 12 月 31 日的一年內，我們新增開設 5 個據點，關閉 2 個我們於 2024 年已停止招募新生的據點，並合併 2 個位於同一市場的據點，使這類據點總數截至 2025 年 12 月 31 日達到 47 個。

Three of the five new sites were GCUs bringing their ABSN location total to a 11. We plan to open one to two additional sites in the second half of 2026 while we mutually agreed with one partner to stop the recruiting of new students, and begin to teach out at three of its sites during the first quarter of 2026.

新增的 5 個據點中有 3 個為 GCU 據點，使其 ABSN 據點總數達到 11 個。我們計畫在 2026 年下半年再新增 1 至 2 個據點；同時，我們也與一位合作夥伴達成共識，停止招募新生，並於 2026 年第一季開始在其 3 個據點進行 teach-out。

A couple of sites that were planned to open in the fall of 2026 are more likely to open in the early 2027, as we have previously discussed. We are being more selective on new site openings with a focus on the scalability of the market. 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 past fall.

如我們先前所討論，原本計畫於 2026 年秋季開設的幾個據點，較可能延後至 2027 年初開設。我們在新增據點上採取更嚴格的篩選，重點放在市場的可擴展性。我們也正與混合式合作夥伴擴充課程組合，與 Northeastern University 新增一個具 7 個專精方向的護理研究所課程，並已於去年秋季開始。

A hybrid occupational therapy bridge to master's program to the already successful St. Kate's occupational therapy assisted hybrid program, which will begin in the fall of 2026. In online health science degree with Utica University and GCU launched a BS in occupational therapy assistance program and a speech language pathology program in 2025 at its Phoenix West Valley location.

另有一個混合式職能治療（occupational therapy）銜接碩士課程（bridge to master's program），將接續既有且成功的 St. Kate's 職能治療助理混合式課程，並將於 2026 年秋季開始。此外，還有與 Utica University 合作的線上健康科學學位；而 GCU 也於 2025 年在其 Phoenix West Valley 據點推出職能治療助理學士（BS）課程以及語言治療（speech language pathology）課程。

GCU also plans to add a Bachelor Science and Medical Lab Sciences program in 2026. Adding additional programs at our hybrid locations is an important component to our business plan. We anticipate this momentum will continue, although with the lower number of new site openings and more of our locations getting to capacity, hybrid enrollment growth will slow a bit, while the profitability of this pillar will continue to improve.

GCU 也計畫於 2026 年新增醫學檢驗科學學士（Bachelor Science and Medical Lab Sciences）課程。在我們的混合式據點增加更多課程，是我們商業計畫的重要組成。我們預期這股動能將持續，儘管由於新增據點數較少且更多據點接近滿載，混合式註冊成長將略為放緩，但此支柱的獲利能力將持續改善。

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 machines pathway program, the manufacturing specialist intensive pathway, and a construction general pathway, and we'll be rolling out a fifth program, the Manufacturing general pathway in the fall of 2026.

第四，Grand Canyon University 的勞動力發展中心（Center for Workforce Development），GCU 目前在該中心已有四項課程，包括電工學徒前置課程（electricians pre-apprenticeship program）、CNC 機台職涯路徑課程（CNC machines pathway program）、製造專業人員密集路徑課程（manufacturing specialist intensive pathway），以及營建通用路徑課程（construction general pathway）；我們將於 2026 年秋季推出第五項課程：製造通用路徑課程（Manufacturing general pathway）。

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. These programs are either one1 semester or two semester programs. 116 students successfully completed the electrician pre-apprenticeship program in the fall of 2025 with five in the Austin, Texas hybrid location.

這些課程皆與在該領域面臨勞動力短缺、並樂於聘用 GCU 畢業生的企業合作打造。課程為一學期或兩學期制。2025 年秋季共有 116 名學生成功完成電工學徒前置課程，其中 5 名在德州奧斯汀的混合式據點。

15 students completed the manufacturing CNC machines pathway program in the fall of 2025 cohort, and 29 students completed the manufacturing specialist intensive program. These students attend school for 20 hours a week and work in the facilities have paid employees for 20 hours. At the end of the semester, they receive the manufacturing certificate and become eligible for employment in Arizona's fast-growing manufacturing industry.

2025 年秋季梯次中，有 15 名學生完成製造 CNC 機台路徑課程，另有 29 名學生完成製造專業人員密集課程。這些學生每週上課 20 小時，並在設施中以受薪員工身分工作 20 小時。學期結束時，他們取得製造證書，並具備在亞利桑那州快速成長的製造業就業資格。

Students in GCUs 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 GCU is implemented with its 20 partner institutions.

GCU 成長中的工程學院學生也在這座製造設施中取得實務經驗，進一步強化其工程教育。我一開始談到的是，GCU 與其 20 所合作機構所推動的相關課程與創新授課模式。

In the seven-plus years since GCE has become a service provider has helped its partners accomplish the following. In that time, GC has helped Grand Canyon University regulate 221,436 students. 59,659 in education, including 27,601 first-time teachers at a time when teacher shortages have created a national crisis.

在 GCE 成為服務提供者的七年多以來，已協助合作夥伴達成以下成果。在此期間，GC 已協助 Grand Canyon University 招收 221,436 名學生。其中教育領域 59,659 名，包括 27,601 名首次任教的教師；在教師短缺已造成全國性危機之際，這一點尤為重要。

57,412 in nursing and health care professions including 3,723 pre-licensure nurses at a time when there is a huge shortage of nurses. 46,520 in College of Humanities and Social Sciences, including thousands and counseling and social work, where there are also huge shortages.

護理與醫療照護專業領域 57,412 名，包括 3,723 名執照前護理人員；在護理人力嚴重短缺之際，這同樣關鍵。人文與社會科學學院 46,520 名，包括數千名諮商與社會工作相關學生，而這些領域同樣存在嚴重短缺。

The College of Business has become one of the largest business schools in America has produced 38,823 graduates. The College of Science, Engineering and Technology has grown by 22% and provided 9,739 graduates. The Doctoral College, Honors College, and College and College of Theology also continued to grow.

商學院已成為美國規模最大的商學院之一，已培育出 38,823 名畢業生。科學、工程與科技學院成長 22%，並培育出 9,739 名畢業生。博士學院、榮譽學院，以及神學院等也持續成長。

In addition, GCE has helped its partner to graduate over -- its other partners graduate over 15,000 pre-licensure nurses and occupational therapists assistance. The numbers that I've cited have all happened in the past seven years since the GCU GCE transaction and since GCE has become an education services provider.

此外，GCE 也協助其合作夥伴畢業超過——其其他合作夥伴在協助下畢業超過 15,000 名取得執照前（pre-licensure）的護理師與職能治療師。我所引用的數字都發生在過去七年，也就是自 GCU 與 GCE 交易完成、以及 GCE 成為教育服務提供者以來。

This is a great example of a futuristic educational model that is flexible, moves fast, and is capable of great scale. All of this has occurred while GCE paid $627 million in federal and state taxes, while state universities and community colleges pull money out of the tax system. GCE has helped produce over 235,000 graduates while pouring millions of dollars into the system.

這是一個極佳的例子，展現一種面向未來的教育模式：具備彈性、反應快速，且能夠大規模擴展。在此同時，GCE 已繳納 6.27 億美元的聯邦與州稅，而州立大學與社區學院則從稅收體系中提取資金。GCE 在向體系投入數百萬美元的同時，已協助培育超過 235,000 名畢業生。

Services revenues was $308.8 million for the first quarter of 2026, an increase of $19.5 million or 6.7% as compared to $289.3 million for the first quarter of 2025. The increase year-over-year in service revenue was primarily due to an increase in university partner enrollments of [7.1%], including an increase in GCU online enrollments of 8.8%, and university partner enrollments at the off-campus classroom and laboratory sites of 18.3% and one additional day of ground traditional revenue at GCU of $1 million in the quarter as a result of the shift.

2026 年第一季服務營收為 3.088 億美元，較 2025 年第一季的 2.893 億美元增加 1,950 萬美元（增幅 6.7%）。服務營收年增主要來自大學合作夥伴註冊人數增加 [7.1%]，其中包括 GCU 線上註冊人數增加 8.8%，以及校外教室與實驗室據點的大學合作夥伴註冊人數增加 18.3%；此外，由於日期調整，本季 GCU 的地面傳統（ground traditional）營收因多出一天而增加 100 萬美元。

A one day of revenue from the second quarter to the first quarter as compared to last year's spring start date, partially offset by a slight decrease in revenue per start year-over-year, primarily due to contract modifications with some of our university partners in which our revenue share percentage was reduced in exchange for us no longer reimbursing new partner for certain (inaudible) costs, which had the effect of reducing revenue per student and a slight decline year-over-year in revenue per student -- for online students.

相較於去年春季開學日期，本年度有一天的營收由第二季移至第一季；但部分被每次開課（per start）營收年比略為下降所抵銷。該下降主要源於我們與部分大學合作夥伴的合約修訂：我們的分潤比例下調，作為交換，我們不再補償新合作夥伴的某些（聽不清）成本；其結果是每名學生的營收下降，且線上學生的每名學生營收年比亦略有下滑。

Due to the continued mix shift to students that have a slightly lower net tuition rate and a slight decline year-over-year in ground students, which generate a higher revenue per student than online students.

原因在於學生組合持續轉向淨學費率略低的學生，以及地面學生人數年比略為下降；而地面學生每名學生所帶來的營收高於線上學生。

Operating income and operating margin for the three months ended March 31, 2026, was $95.5 million and 30.9%, respectively, as compared to $88 million and 30.4%, respectively, for the same period in 2025. Net income was $75.3 million for the first quarter of 2026, GAAP diluted income per share for the three months ended March 31, 2026, was $2.80.

截至 2026 年 3 月 31 日止三個月的營業利益與營業利益率分別為 9,550 萬美元與 30.9%，相較 2025 年同期分別為 8,800 萬美元與 30.4%。2026 年第一季淨利為 7,530 萬美元；截至 2026 年 3 月 31 日止三個月的 GAAP 稀釋每股盈餘為 2.80 美元。

As adjusted non-GAAP diluted income per share for the three months ended March 31, 2026, is $2.86, which is $0.08 above the consensus estimates.

截至 2026 年 3 月 31 日止三個月，經調整後的非 GAAP 稀釋每股盈餘為 2.86 美元，較市場共識預估高出 0.08 美元。

With that, I would like to turn it over to Dan Bachus, our CFO, to give a little more color, 2026 first quarter, talk about changes in the income statement, balance sheet, and other items as well as to discuss the 2026 guidance.

接下來，我想把時間交給我們的財務長 Dan Bachus，請他就 2026 年第一季提供更多說明，談談損益表、資產負債表及其他項目的變動，並討論 2026 年的財測指引。

Thanks, Brian. Included in our Form 8-K filed with the SEC, we have included non-GAAP net income and non-GAAP diluted net income per share for the three months ended March 31, 2026 and 2025. We believe the non-GAAP financial information allows investors to develop a more meaningful understanding of the company's performance over time.

謝謝，Brian。我們已在提交給 SEC 的 8-K 表格中，納入截至 2026 年與 2025 年 3 月 31 日止三個月的非 GAAP 淨利與非 GAAP 稀釋每股淨利。我們認為非 GAAP 財務資訊能讓投資人更有意義地理解公司隨時間推移的經營表現。

As adjusted, non-GAAP diluted income per share for the three months ended March 31, 2026 and 2025 is $2.86 and $2.57, respectively. Service revenue was higher than our expectations in the first quarter of 2026, primarily due to higher-than-expected enrollments and slightly higher-than-expected revenue per student.

經調整後，截至 2026 年與 2025 年 3 月 31 日止三個月的非 GAAP 稀釋每股盈餘分別為 2.86 美元與 2.57 美元。2026 年第一季服務營收高於我們的預期，主要因註冊人數高於預期，以及每名學生營收略高於預期。

The first 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. Our effective tax rate for the first quarter of 2026 was 23.5% compared to 21.6% in the first quarter of 2025 and our guidance of 23.4%.

第一季營業利益率在年比基礎上受到較高營收與合約修訂的正面影響，但部分被 2026 年合作夥伴計畫的額外支出所抵銷。2026 年第一季的有效稅率為 23.5%，相較 2025 年第一季為 21.6%，亦略高於我們指引的 23.4%。

The higher-than-expected effective tax rate is primarily due to state income taxes and a decrease in excess tax benefits of $1.4 million in the first quarter of 2026 as compared to $2.7 million in the first quarter of 2025. We repurchased 724,408 shares of our common stock in the first quarter of 2026 at a cost of approximately $120.4 million and another 202,010 shares were repurchased since March 31, 2026.

有效稅率高於預期主要是因州所得稅，以及 2026 年第一季超額稅務利益（excess tax benefits）降至 140 萬美元，低於 2025 年第一季的 270 萬美元。2026 年第一季我們以約 1.204 億美元回購 724,408 股普通股；自 2026 年 3 月 31 日以來，另回購 202,010 股。

We have $189.7 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.

截至今日，我們在股票回購授權下仍有 1.897 億美元可用額度。董事會與公司計畫持續將營運現金流中的相當大一部分用於回購股份。

Turning to the balance sheet and cash flows. Total unrestricted cash and cash equivalents and investments as of March 31, 2026 were $251.7 million. GCE CapEx in the first quarter of 2026, including CapEx for new off-campus classroom and laboratory sites was approximately $8.1 million or 2.6% of service revenue. We anticipate CapEx for 2026 will be between $30 million and $35 million.

接著看資產負債表與現金流。截至 2026 年 3 月 31 日，未受限制的現金及約當現金與投資總額為 2.517 億美元。GCE 於 2026 年第一季的資本支出（CapEx），包含新設校外教室與實驗室據點的資本支出，約為 810 萬美元，約占服務營收的 2.6%。我們預期 2026 年的資本支出將介於 3,000 萬至 3,500 萬美元。

Last, I would like to provide color on the guidance we have provided in our 8-K filed today. As a reminder, the guidance that we have provided in the outlet 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.

最後，我想就我們今日提交之 8-K 中所提供的指引補充說明。提醒一下，我們在今日提交之 8-K 的展望（outlook）段落所提供的指引為 GAAP 淨利與稀釋每股盈餘，並列示將 GAAP 金額調整為經調整後非 GAAP 淨利與經調整後非 GAAP 稀釋每股盈餘的各項調整組成。

We have updated full year 2026 guidance to include the first quarter revenue and earnings beats. We are reaffirming our revenue and operating income guidance previously provided for the rest of 2026 while slightly decreasing interest income and decrease in the weighted average share count as we purchased back more of our stock through today than it was planned.

我們已更新 2026 全年指引，以納入第一季營收與獲利優於預期的表現。我們重申先前對 2026 年其餘期間所提供的營收與營業利益指引，同時略為下調利息收入，並下調加權平均股數，因為截至今日我們回購的股票數量高於原先規劃。

As a reminder, revenue continues to be slightly impacted in 2026 due to the modification of the contract for one university partner effective January 1, 2026, and which we will no longer be reimbursed in the partner for their faculty costs and due to the teach-out of one partner three locations.

提醒一下，2026 年營收仍將受到些微影響，原因是我們與某一所大學合作夥伴的合約修訂自 2026 年 1 月 1 日起生效，我們將不再由該合作夥伴補償其師資成本；以及某一合作夥伴三個據點的 teach-out（結束教學安排）。

We estimate that these changes will reduce revenue by $4.2 million in 2026. This slightly lowers the revenue growth rate in 2026, but both are long-term positives for the company and will positively impact margins in 2026. We continue to anticipate online revenue per student will be slightly down year-over-year due to the mix shift to programs have slightly lower net tuition rates.

我們估計這些變動將使 2026 年營收減少 420 萬美元。這會使 2026 年的營收成長率略為降低，但兩者對公司長期而言皆為正面因素，並將在 2026 年對利潤率帶來正向影響。我們仍預期，由於學生組合轉向淨學費率略低的課程，線上每名學生營收將較去年略為下降。

The year-over-year changes in the start and end dates of the semesters for GCU's ground traditional campus moved $1 million in revenue from the second quarter to the first quarter and $8.3 million in revenue from the third quarter to the fourth quarter in comparison to last year. The change between the third and the fourth quarter is more significant this year than in past years as GCU's fall semester for its ground traditional campus begins an end six days later this year than last. We continue to anticipate that new online enrollments will be up year-over-year in the mid- to high single digits during 2026.

相較去年，GCU 地面傳統校區學期起訖日期的年比變動，使 100 萬美元營收由第二季移至第一季，並使 830 萬美元營收由第三季移至第四季。今年第三季與第四季之間的變動幅度較往年更大，因為 GCU 地面傳統校區的秋季學期今年的開始與結束時間較去年晚了六天。我們仍預期 2026 年新增線上註冊人數年比將以中至高個位數成長。

As has been previously discussed new enrollment growth in the second quarter of 2025 was up in the mid-teens over the prior year, and thus, mid-single-digit growth in the second quarter would be strong growth. Total online enrollment growth continues to be pressured by increasing graduations and a continued decline in reentries, students returning to school after break due to the high retention rates.

如先前所討論，2025 年第二季的新入學成長率較去年同期上升至十幾個百分點的中段，因此，第二季若能達到中個位數的成長，將屬於強勁成長。由於畢業人數增加，以及在高留任率下、復學（休學後返校）人數持續下降，線上總在學人數成長仍持續承壓。

The revenue range assumes that GCU ground enrollment will range from 8,500 to 8,800 in the summer and be between 24.9% and 25.6% in the fall. The reported ground number continues to include GCU hybrid, which continues to grow and professional study students, which we expect to be flat on a year-over-year basis.

營收區間假設 GCU 實體（ground）在學人數於夏季介於 8,500 至 8,800 人，且秋季介於 24.9% 至 25.6%。所揭露的實體人數仍包含持續成長的 GCU 混合式（hybrid），以及專業進修學生（professional study students），我們預期其年增率將持平。

Total ground enrollment continues to be impacted by the lower fall 2024 new start and the growing number of graduates year-over-year as a significant number of ground traditional students continue to graduate in less than four years. The new and total enrollment growth rate for the hybrid pillar is predicted to grow on a year-over-year basis in the high single digits to mid-teens during each of the four quarters of 2026.

實體總在學人數仍受到 2024 年秋季新生開課（new start）較低，以及畢業人數逐年增加的影響，因為相當多的實體傳統學生持續在不到四年內畢業。預期混合式支柱（hybrid pillar）的新生與總在學人數成長率，於 2026 年四個季度各季將以年增高個位數至十幾個百分點的中段成長。

As has been previously discussed, the hybrid growth rate is being impacted by the fact that we now have 14 locations that are at or near capacity, and thus we will have little to no growth year-over-year in total enrollments at those locations.

如先前所討論，混合式成長率受到影響，原因在於我們目前有 14 個據點已達或接近滿載，因此這些據點的總在學人數年增將幾乎沒有或完全沒有成長。

And from a new enrollment perspective, 22 locations will not have year-over-year growth in new enrollments on a year-over-year basis in the fall, although eight locations are not at state authorized capacity, we started the maximum number of students allowed during the fall of 2025.

從新入學角度來看，秋季將有 22 個據點的新入學人數不會呈現年增；雖然其中 8 個據點尚未達到州政府核准的容量上限，但我們在 2025 年秋季已招收至法規允許的最大學生數。

The higher-than-expected new starts in spring 2026 could also have a small impact in new start growth rates at a few of the locations in the summer and fall due to capacity constraints. We remain hopeful that some of these locations will get local regulatory approval to grow in the future as they currently have wait list and we still have a lot of opportunities at the other locations.

2026 年春季新生開課高於預期，也可能因容量限制，對少數據點在夏季與秋季的新生開課成長率造成小幅影響。我們仍希望其中部分據點未來能取得地方監管機關核准以擴增規模，因為目前已有候補名單，而其他據點仍有許多機會。

On the expense side, we continue to make investments to support our university partners' growth goals, but continue to anticipate margin expansion in 2026. As has been previously discussed, the online programs primarily that lead to licensure in which GCU is growing at an accelerated rate, either cost us more to service than the traditional online programs or are at a lower net tuition rates which is putting some pressure on margins. We also continue to absorb significant increases in technology services and benefit costs.

在費用面，我們持續投資以支持大學合作夥伴的成長目標，但仍預期 2026 年利潤率將擴張。如先前所討論，GCU 正以加速速度成長的線上課程主要為可取得執照（licensure）的課程，這些課程要嘛比傳統線上課程更昂貴、服務成本更高，要嘛其淨學費率（net tuition rates）較低，因而對利潤率造成一些壓力。我們也持續吸收科技服務與福利成本的大幅上升。

We have some pressure on margins in the first six months of this year as ground traditional enrollment is down year-over-year and in the third quarter as the GCU traditional campus start and end date moves back this year. As it relates to hybrid pillar, we will incur additional costs for the new hybrid locations that have opened in the last year or will open in late 2026 or early 2027, but we are experiencing increased site level profitability due to the increasing enrollment.

今年上半年利潤率承壓，原因在於實體傳統在學人數較去年同期下降；第三季亦承壓，因為今年 GCU 傳統校園的開學與結束日期往後移。就混合式支柱而言，過去一年已開設、或將於 2026 年底或 2027 年初開設的新混合式據點將帶來額外成本，但由於在學人數增加，我們正看到據點層級獲利能力提升。

We are estimating that interest income will decline year-over-year in 2026 due to declining cash balances due to more aggressive stock buybacks, and a declining interest rate environment. We continue to believe the effective tax rate for the remaining three quarters of 2026 will be 24.9%, 24.9% and 24.3% with a full year tax rate of 24.4%.

我們估計 2026 年利息收入將較去年同期下降，原因是更積極的庫藏股回購導致現金餘額下降，以及利率環境走低。我們仍認為 2026 年剩餘三個季度的有效稅率將分別為 24.9%、24.9% 與 24.3%，全年稅率為 24.4%。

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 including the decrease year-over-year in the excess tax benefit deduction due to a decline in our stock price.

有效稅率仍受到較高州稅的影響，因為我們持續在亞利桑那州以外的州新增據點，而這些州的州稅率較高；此外還包括其他因素，例如因股價下跌導致超額稅務利益扣除（excess tax benefit deduction）較去年同期減少。

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 our effective tax rate in the second half of the year. Our weighted average shares guidance takes into account the significant amount of stock we repurchased in the last few months.

上述估計未假設以捐款替代州所得稅（contribution in lieu of state income taxes）。但若有進行此類捐款，將在第三季增加一般及行政費用（G&A），並在下半年降低我們的有效稅率。我們的加權平均流通股數指引已納入過去幾個月大量回購股票的影響。

We anticipate continuing to use our excess cash to repurchase shares as the Board believes the stock is materially undervalued based on the metrics it uses to evaluate this, including the ratio of enterprise value to adjusted EBITDA and free cash flow yield in comparison to other S&P 500 companies.

我們預期將持續運用多餘現金回購股份，因董事會認為依其用以評估的指標來看，本公司股價被明顯低估；這些指標包括企業價值對調整後 EBITDA 的比率，以及相較其他 S&P 500 公司之自由現金流殖利率（free cash flow yield）。

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

接下來我將把電話會議交給主持人，以便我們回答問題。

(Operator Instructions)

（接線員指示）

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO Capital Markets。

I want to focus on the first quarter adjusted operating margin beat. It was pretty sizable this quarter. Maybe we can get a little bit color in terms of what drove that? And was there any expense shift timing between the quarters?

我想聚焦在第一季調整後營業利潤率優於預期（beat）。本季幅度相當可觀。能否請你們多提供一些背景，說明是哪些因素驅動？另外，各季度之間是否有任何費用認列時點的移轉？

No, not really expense shift timing more just the revenue beat drove that. We are still managing expenses as tight as we can and investing where management believes we need to invest. But nothing that really moved expenses between the two quarters. It was really just the revenue and the enrollment and thus, the revenue beat and just managing expenses.

沒有，並非費用時點移轉，主要是營收優於預期所帶動。我們仍盡可能嚴控費用，並在管理層認為需要投資之處進行投資。但沒有任何真正把費用在兩個季度之間挪移的情況。主要就是營收與招生，因此帶來營收超預期，以及費用控管。

Okay. That's helpful. And Brian, in your prepared remarks, you alluded to some issues that are going on in the industry in terms of the AI impact on lead generation in terms of where they're sourcing. And I know you don't do much of that. But can you just talk about if it's had any impact on you at all? And what you are doing about it, if that's the case?

了解，這很有幫助。Brian，在你準備好的發言中，你提到產業內正在發生一些問題，關於 AI 對名單開發（lead generation）以及來源渠道的影響。我知道你們不太做那一塊，但你能否談談它是否對你們有任何影響？如果有，你們正在如何因應？

No. It's a very interesting time, obviously. We had long meetings in here with a lot of people, including Google, initiative Media, which is the largest media buying company in the world, which has been a partner of ours for a long time. It's just a general move by the population not to depend on an organization's website for information on the organization. I mean, AI is taking over. People would prefer to hear other people's opinions before they make decisions versus the organization's own website.

沒有。這顯然是一個非常有意思的時期。我們在這裡開了很長的會議，與許多人交流，包括 Google、Initiative Media（全球最大的媒體採購公司），他們長期以來一直是我們的合作夥伴。整體而言，大眾正在轉向不再依賴某個組織的網站來取得該組織的資訊。我的意思是，AI 正在接管。人們在做決策前，更偏好先聽取其他人的意見，而不是看組織自己的網站。

And so we've got the largest advertising agency in the state of Arizona here at GCE. And so we've got a lot of experience and a lot of -- the huge depth of knowledge, great partners and this has been happening in the last 12 -- this has been happened in the last 12 months, especially accelerating in the last six months.

因此，我們在 GCE 這裡有亞利桑那州最大的廣告代理商。我們擁有大量經驗，以及非常深厚的知識深度、優秀的合作夥伴。這種情況在過去 12 個月一直在發生——在過去 12 個月發生，尤其在最近六個月加速。

And so the web leads, which were a huge part of what we did, highest converting leads, those are shrinking in number, and we're just spending money in other places to replace those leads. You won't get as good a conversion rate with those other sources, but you get more leads, and so you can come out at the same place. You just have to understand what's happening and be able to make that adjustment.

因此，網站名單（web leads）——過去是我們很大的一部分，也是轉換率最高的名單——其數量正在縮減；我們只是把預算花到其他地方去替代這些名單。你不會從那些其他來源得到同樣好的轉換率，但你會得到更多名單，因此最終仍可達到相同結果。你只需要理解正在發生什麼，並能做出相應調整。

Now for us, there's a -- we don't have as much pressure because of those rapid changes because we're getting 30% of our starts now from working directly with partners across the country. We're taking lower-level people within health care organizations, within school districts, counseling centers, and we're putting them in back Laureate and Master's programs.

就我們而言，因為這些快速變化，我們承受的壓力沒有那麼大，因為我們現在有 30% 的新生開課是透過與全國各地合作夥伴直接合作而來。我們把醫療機構、學區、諮商中心中的基層人員，送進學士後（baccalaureate）與碩士課程。

And those students is 30% of our new starts, but more than that from a total enrollment standpoint because their retention rates are so high. And so as we look forward the next five years, we need to start moving those numbers to 40%. They're just really good students. It puts us in a great place with employers who are benefiting from a workforce shortage perspective by being able to elevate people within their own organization.

這些學生占我們新生開課的 30%，但從總在學人數角度來看占比更高，因為他們的留任率非常高。因此，展望未來五年，我們需要把這個比例提升到 40%。他們真的是非常優質的學生。這也讓我們在雇主端處於很好的位置——雇主面臨人力短缺時，能透過提升其組織內部人員的能力而受益。

And then when we talk about margin expansion, historically, that margin expansion has come from the fact that we've been able to reduce our cost per start. And if things go as well as we think they might go, in the next number of years, and we get margin expansion. It will come from that place. Obviously, there are no guarantees, but we think we are really well positioned.

接著，當我們談到利潤率擴張時，從歷史上看，這種利潤率擴張來自於我們能夠降低每次入學（start）的單位成本。若事情如我們所預期般順利，在接下來幾年我們實現利潤率擴張，它將會來自於這一點。當然，沒有任何保證，但我們認為我們的布局非常到位。

One of the moves we're making with our Honors College, very honestly, is that we want that position when people go to ChatGPT in other places, we want that highly positioned because it's such a strong leading indicator of university in this case, GCU's really strong brand growth. The academic credibility of what is happening and what's going to happen, we believe we're going to get everything else that we do is going to draft behind that from a quality standpoint. So that might be a lot more than you were asking for. But I hope that helps.

我們在榮譽學院（Honors College）上正在做的一項舉措，坦白說，是我們希望當人們在其他地方使用 ChatGPT 時，我們能在那裡有很高的能見度與排序，因為在這個案例中，這是大學（GCU）品牌強勁成長的一個非常有力的領先指標。我們相信，正在發生以及即將發生的事情所帶來的學術公信力，會讓我們其他所有作為在品質層面都能跟著受益、形成帶動效應。所以這可能比你問的還多，但希望對你有幫助。

Alex Paris, Barrington Research.

Alex Paris，Barrington Research。

Congrats on the strong quarter, and I appreciate all the detail and color. Again, just a couple of follow-ups. Starting with GCU ground, you talked a lot about the Honors College and initiatives that you have planned for it.

恭喜本季表現強勁，也感謝你們提供這麼多細節與補充說明。我再追問幾點。先從 GCU 實體校園（ground）開始，你們談了很多關於榮譽學院以及你們為其規劃的各項計畫。

But last quarter, we talked a bit about -- and you touched on it in your prepared comments, the change in the marketing strategy at GCU ground, shifting some expense from reps in the high school salaries to social media and that sort of thing. So you had expected that to continue to be an investment area in the first half. Just wondering if that continues to be the case and maybe just an update on the progress there.

不過在上一季，我們也談到一些——你在事先準備的發言中也有提到——GCU 實體校園行銷策略的調整，把部分費用從高中端招生代表（reps）的薪資轉向社群媒體等項目。因此你們原本預期上半年會持續把它當作投資領域。想請問這是否仍然如此，以及那邊進展的最新狀況。

No. Yes. Thank you for your question. We're continuing to invest dollars to a greater extent than we have in the past in advertising strategies around our ground campus. And from the standpoint of where we are, registrations are up, housing numbers are up, but it's extremely competitive.

不。是的。謝謝你的提問。我們確實持續在實體校園周邊的廣告策略上投入比過去更高的預算。就目前狀況而言，註冊人數上升、宿舍入住（housing）數字也上升，但競爭非常激烈。

It's always been competitive, but it's never been like this. There are universities that are very honestly, struggling from a financial perspective and they're trying to hang on. And so it will be an interesting last three- or four months going up to the fall start.

競爭一直都存在，但從來沒有像現在這樣。有些大學坦白說在財務面正面臨困境，他們正在努力撐住。因此接下來到秋季開學前的最後三到四個月會很有意思。

In terms of actual students registered, we are up. In terms of student housing, we are up, but we got to work hard to maintain that and depending upon where we come in in August, a lot of that will depend on how we invest money in the future to grow the ground campus.

就實際已註冊的學生而言，我們是成長的；就學生住宿而言，我們也是成長的，但我們必須努力維持。而且我們在八月的落點如何，將在很大程度上影響我們未來要如何投入資金來擴大實體校園的成長。

You know that from a ground campus perspective, the revenue per student is very high as compared to online students. And so the investment is worth it and the return to investors is significant if we're able to continue to make that thing grow. I think the next step in our whole plan around the ground campus is to increase the academic excellence and the visibility of that through the Honors College.

你也知道，從實體校園的角度來看，每位學生的營收遠高於線上學生。因此這項投資是值得的；若我們能持續讓實體校園成長，對投資人的回報也相當可觀。我認為我們整體實體校園計畫的下一步，是透過榮譽學院提升學術卓越與其能見度。

And so in addition to what we're doing from an advertising standpoint, we want for that as Honors college to be extremely visible because it's right in the middle of one of the most dynamic economies in the country. We were on I-17 in 33 Avenue in Phoenix, which is right in the middle of 6 million people. It's a growing economy, growing manufacturing -- the growing manufacturing industry from a chip manufacturing perspective because TSMC is here and everything that they're bringing to this economy.

因此，除了我們在廣告方面所做的事之外，我們也希望榮譽學院能夠非常醒目，因為它位於全美最具活力的經濟體之一的核心地帶。我們在鳳凰城 I-17 與第 33 大道（33 Avenue）附近，正處於 600 萬人口的中心。這是一個成長中的經濟體、製造業也在成長——尤其是晶片製造相關的製造業正在擴張，因為台積電（TSMC）在這裡，以及他們為這個經濟體帶來的一切。

And so the come and study in Arizona, in a premier honors college and graduate in three years and have a chance to get employed by some of the top companies in the country is going to be, I think, an extremely strong brand builder for the university and a big part of our strategy. So we'll keep you updated. We're running ahead, but you've got to finishing it out is -- we've got to finish it out over the next three- or four months.

因此，「來亞利桑那就讀一所頂尖的榮譽學院、三年畢業，並有機會受雇於全美一些頂尖公司」我認為將會是這所大學非常強的品牌建立因素，也是我們策略的重要一環。我們會持續向你更新。我們目前進度領先，但要把最後三到四個月收尾完成——我們必須在接下來三到四個月把它完成。

And then just to that point, while the enrollment on GCU ground was down in the first quarter, the guidance at the midpoint that Dan just outlined, calls for modest growth in the summer and in the fall.

另外就這點而言，雖然 GCU 實體校園第一季的入學人數（enrollment）下滑，但 Dan 剛剛概述的指引在中位數（midpoint）預期，夏季與秋季將會有溫和成長。

Yes, that's correct. We're very excited about the summer trends. So that's looking really good. And as Brian said, we still have a few months to go, but we're optimistic about where fall looks at the moment.

是的，沒錯。我們對夏季的趨勢非常振奮，目前看起來很不錯。正如 Brian 所說，我們還有幾個月，但就目前來看，我們對秋季的情況感到樂觀。

Great. And then my one other question is really a follow-up from the third quarter conference call. I just thought it'd be a reasonable time to get an update on what's going on with nursing. We talked about it on the third quarter call because a large competitor talked about declines in post-licensure nursing and said that it was really self-inflicted in execution issues.

很好。那我另一個問題是第三季法說會的延伸。我覺得現在是合理的時間，想請你們更新一下護理（nursing）方面的狀況。我們在第三季電話會議上談到，因為有一家大型競爭對手提到執照後（post-licensure）護理下滑，並表示那主要是執行問題造成的「自我傷害」。

You guys said that -- well, you guys had said that is growing slower than the average of your other 350 programs. Just wondering what's going on there? Has there been any change in enrollment in post-licensure nursing because what I'm seeing is obviously one of the bigger verticals.

你們當時說——嗯，你們當時提到它的成長速度低於你們其他 350 個課程的平均。想請問那邊目前發生了什麼事？執照後護理的入學人數是否有任何變化？因為我看到這顯然是較大的垂直領域之一。

Actually, we've seen it. Brian can get it more details, but we've seen a reacceleration in RN to BSN rates. So it had a really good quarter. So yes, on the pre-licensure. Pre-licensure continues to do very well. Post-licensure, just because of the competitiveness of that market has been growing, but growing at a kind of a low single-digit rate, although that's accelerated of late is actually one of the reasons that we're getting a little bit of pressure on the revenue per student side.

其實我們看到它重新加速了。Brian 可以補充更多細節，但我們看到 RN to BSN 的比率重新加速，因此本季表現相當不錯。至於執照前（pre-licensure），執照前持續表現很好。執照後（post-licensure）方面，因為市場競爭激烈，仍在成長，但成長率大概是低個位數，雖然近期確實有所加速；而這其實也是我們每位學生營收（revenue per student）端承受一些壓力的原因之一。

Yes. We've made some adjustments. We have made some adjustments in both the RN to BSN and MN in our product, in our pricing, and in our placement and all of that. And that's going to be -- we're going to be very successful in that area in the next three- or four years. So the growth in this quarter has been good. We expect that to continue.

是的。我們已做了一些調整。我們在 RN to BSN 以及 MN 這兩個產品上，包含產品設計、定價、投放（placement）等各方面都做了調整。未來三到四年，我們在這個領域會非常成功。因此本季的成長表現不錯，我們也預期這樣的趨勢會延續。

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

謝謝。我們第一季電話會議到此結束。感謝各位撥冗並關注 Grand Canyon Education。若您仍有任何問題，請聯絡我本人 Dan Bachus。謝謝各位的時間。

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

感謝各位參與今天的電話會議。本次節目到此結束，您現在可以中斷連線。