Grand Canyon Education Inc (LOPE) 2026 Q2 法說會逐字稿

Good day and welcome to the Grand Canyon Education second-quarter 2026 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Grand Canyon Education 2026 年第二季財報電話會議。(接線員指示)

Please be advised that today's conference is being recorded.

請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker, Mr. Dan Bachus, Chief Financial Officer. Please go ahead.

現在我想把會議交給今天的主講人——財務長 Dan Bachus 先生。請開始。

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

今天與我一同參與電話會議的還有我們的董事長兼執行長 Brian Mueller。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 年報、Form 10-Q 季報以及 Form 8-K 即時報告。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。

And 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 second-quarter 2026 conference call. There has been major disappointment from investors with regard to Grand Canyon Education's stock performance over the last 12 months. This is true in spite of the fact that GCE's financial performance continues to be remarkably consistent as it has been for 18 years. I'm going to start this call with the reason I believe this is happening.

各位下午好，感謝各位參加 Grand Canyon Education 2026 年第二季電話會議。過去 12 個月，投資人對 Grand Canyon Education 的股價表現感到相當失望。儘管如此，GCE 的財務表現仍一如過去 18 年般地高度穩健一致。我將以我認為造成此情況的原因作為本次電話會議的開場。

The following quote from a recent Wall Street Journal article summarizes what I believe. Major industry shakeups occur when structural shifts such as technological breakthroughs, regulatory changes or economic pressures, allows agile, fast-moving companies to displace legacy incumbents and seize market leadership. In the current economic landscape, market leadership is transitioning at a record pace due to chaos fatigue and rapid AI adoption. Legacy corporations are frequently losing ground to leaner technology native competitors, close quote.

以下引述自近期《華爾街日報》的一篇文章，概括了我的看法。當技術突破、監管變化或經濟壓力等結構性轉變出現時，產業往往會發生重大洗牌，使得靈活、快速行動的公司得以取代傳統既有業者並奪取市場領導地位。在當前的經濟環境中，由於對混亂的疲乏以及 AI 的快速採用，市場領導地位正以創紀錄的速度轉移。傳統大型企業經常被更精實、以科技為原生基因的競爭者超越而失去優勢。引述完畢。

I believe it is taking the investment community time to understand the new environment that emerges when major structural changes take place in what has been an industry that is very slow to change. This is true across industries like artificial intelligence, software, cybersecurity, energy, power, legal services, aerospace, defense, et cetera.

我認為，當重大結構性變化發生在一個向來變革緩慢的產業時，投資界需要時間去理解隨之而來的新環境。這種情況在人工智慧、軟體、資安、能源、電力、法律服務、航太、國防等各行各業皆然。

But it's especially true in higher education. Small private universities have been closing for decades, but closures are going to happen at an increasing rate going forward.

但在高等教育領域尤其如此。小型私立大學關閉的情況已持續數十年，但未來關閉速度將會加快。

Last week, this momentum went to another level when WASC announced for prominent universities were put on warning status due to extreme financial instability. Grand Canyon Education and its largest partner, Grand Canyon University as well as its 19 other partners, represent a good example of an organization that has responded to technology breakthroughs, regulatory changes and economic pressures. It is an agile, fast-moving company that is displacing legacy incumbents. With all the headwinds in the higher ed landscape and the very difficult second quarter comps, GCE delivered another great quarter that included a $0.14 earnings beat over consensus estimates.

上週，當 WASC 宣布數所知名大學因極端財務不穩定而被列入警告狀態時，這股趨勢又上升到另一個層級。Grand Canyon Education 及其最大合作夥伴 Grand Canyon University，以及另外 19 個合作夥伴，是一個很好的例子，說明組織如何回應技術突破、監管變化與經濟壓力。我們是一家靈活、快速行動的公司，正在取代傳統既有業者。在高教環境逆風重重且第二季比較基期非常艱難的情況下，GCE 仍交出另一個非常出色的季度表現，EPS 較市場一致預估高出 0.14 美元。

But as you will see, the changes we continue to make to respond to the opportunities that exist in this volatile environment are going to come to at an increasing rate and make it difficult for many legacy incumbents to keep pace but will continue -- but will allow us to continue to produce extremely positive results.

但正如各位將會看到，我們為了把握這個動盪環境中的機會而持續推動的變革，將以更快的速度發生，這會讓許多傳統既有業者難以跟上；但也將使我們能夠持續創造極為正面的成果。

Now I want to review the three major platforms at Grand Canyon Education. Platform one, the online campus at Grand Canyon University. New online enrollments grew in the low single digits in the second quarter against very tough comps and total enrollment grew at just under 8%. The GCU's long-term goals are to grow new enrollments in the mid-single digits and grow total enrollments like 6% to 7% on an annual basis.

現在我想回顧 Grand Canyon Education 的三大平台。第一個平台：Grand Canyon University 的線上校區。在第二季面對非常艱難的比較基期，新線上招生人數以低個位數成長，而總在學人數成長接近 8%。GCU 的長期目標是：新生招生每年以中個位數成長，總在學人數每年約成長 6% 至 7%。

There's a lot that goes into this, but I want to focus on two things that differentiate our strategy and continue to produce consistent results. Number one is our outside development team that works directly with over 6,000 organizations across the country to develop their talent. From inside from school districts to hospitals, counseling centers, social work organizations military bases, et cetera, over 32% of GCU students are generated through this activity and it continues to grow.

這背後有很多因素，但我想聚焦在兩點，這兩點使我們的策略與眾不同，並持續帶來穩健一致的成果。第一，我們的外部開發團隊直接與全美超過 6,000 個組織合作，協助其培育人才。從學區到醫院、諮商中心、社工機構、軍事基地等，超過 32% 的 GCU 學生來源於這類合作活動，而且仍在持續成長。

Number two, over 70% of online students, GCU's online students, are pursuing degrees in areas that where licensure is required. We believe that some students pursuing business or technology, for example, careers will look for shorter, more direct path to get started.

第二，超過 70% 的線上學生（GCU 的線上學生）攻讀的是需要取得執照（licensure）的領域學位。我們認為，例如攻讀商業或科技相關職涯的部分學生，可能會尋找更短、更直接的途徑來開始職涯。

This is continuing to impact enrollments at many institutions. GCU will offer certificate programs as well as degree options for those students. However, the bulk of degree growth on our online campuses happening in education, healthcare, counseling, social work, et cetera, areas where -- areas that require accredited degree programs that lead to licensure.

這正持續影響許多機構的招生。GCU 將為這些學生提供證書課程以及學位選項。然而，我們線上校區學位成長的主力仍發生在教育、醫療照護、諮商、社會工作等領域——也就是需要經認證、且能通往執照取得的學位課程領域。

These degree and licensure requirements are not going to change. There are huge shortages in those areas and very few options offered at a distance because of student teaching, observation hours, internships, clinicals, et cetera, that are required and difficult for universities to provide. We have developed a $300 million proprietary administrative system that allows us to serve those students at a distance. We have been moving in this direction for years and have developed a strong brand with employers and built tremendous momentum as a result.

這些學位與執照要求不會改變。這些領域存在巨大的人才短缺，而由於必須完成實習教學、觀課時數、實習（internships）、臨床實作（clinicals）等要求，且大學很難提供，因此能以遠距方式提供的選項非常有限。我們已開發一套價值 3 億美元的專有行政管理系統，使我們能以遠距方式服務這些學生。我們多年來一直朝這個方向前進，因此在雇主端建立了強勢品牌，並累積了巨大的成長動能。

Platform two, the traditional ground campus at Grand Canyon University. GCU started with under 1,000 students 18 years ago and now has just under 25,000 students. This is unprecedented growth. GCU now has more students living on campus and university-owned housing than any university in the country.

第二個平台：Grand Canyon University 的傳統實體校區。18 年前，GCU 的學生人數不到 1,000 人，如今已接近 25,000 人。這是前所未有的成長。目前，GCU 的校內住宿與大學自有宿舍的入住學生數，為全美任何大學之最。

The average income in GPAs are over 3.5. GCU has invested over $2 billion in the campus, and it is currently ranked the 20th best campus in the country. GCU has 22 Advisory Boards and over 800 organizations in Arizona that are represented. GCU hasn't raised to issue in 17 years, and the average student takes out less debt than the average state university student.

平均入學 GPA 超過 3.5。GCU 已在校園投資超過 20 億美元，目前被評為全美第 20 名最佳校園。GCU 設有 22 個諮詢委員會，並有亞利桑那州超過 800 個組織參與代表。GCU 已有 17 年未調漲學費，而平均每位學生的借貸金額也低於一般州立大學學生的平均水準。

As universities continue to raise tuition and more universities close, our advantages will continue to grow. However, in addition to those advantages, GCU is adding three important new tracks that will increase student enrollment opportunities to grow the ground campus to 50,000 students.

隨著各大學持續調漲學費、且更多大學關閉，我們的優勢將持續擴大。然而，除了這些優勢之外，GCU 也正在新增三條重要的新軌道，將增加學生入學機會，並把實體校區的規模擴大至 50,000 名學生。

Number one, the Sheila and Mike Ingram Honors College. The Honors College will grow from 3,000 to 3,500 students this fall. The goal is to grow to 7,000 students by 2030. The average income GPAs are over 4.1 weighted and the students come from all 50 states. GCU is building a 55,000 square foot three-storey building to house the college that will be a state-of-the-art facility.

第一，Sheila 與 Mike Ingram 榮譽學院。榮譽學院今年秋季學生人數將由 3,000 人成長至 3,500 人。目標是在 2030 年前成長至 7,000 人。平均 GPA（加權）超過 4.1，學生來自全美 50 州。GCU 正在興建一棟 55,000 平方英尺、三層樓建築作為學院所在地，將是一座最先進的設施。

GCU was building an Honors College counsel that will be a who's who of successful Arizonans and many other Americans who will provide guidance to the college and its students. This will be one of the largest Honors Colleges in the country. GCU currently has some of the best high school students turning down Ivy League scholarships in order to attend the Ingram Honors College. The fact that the college sits in one of the fastest growing cities and economies in the country will provide the graduates with incredible employment opportunities.

GCU 正在成立榮譽學院諮詢委員會，成員將包括亞利桑那州及全美各地的成功人士菁英，為學院及其學生提供指導。這將成為全美規模最大的榮譽學院之一。目前，GCU 擁有一些最優秀的高中學生，他們為了就讀 Ingram 榮譽學院而放棄常春藤盟校獎學金。由於該學院坐落於全美成長最快的城市與經濟體之一，將為畢業生帶來極佳的就業機會。

Number two, GCU is opening an 11th college that will be called the College of Construction and Industrial Technologies. It is opening with two bachelor's programs in 11 one-year certificate programs to grow America's manufacturing and construction labor force.

第二，GCU 正在開設第 11 所學院，將命名為「建築與工業技術學院」（College of Construction and Industrial Technologies）。開辦時將提供兩個學士學位課程與 11 個一年期證書課程，以擴大美國製造業與建築業勞動力。

There are huge shortages in these areas, and the first goal is to add thousands of students in this college in the first full year of operation, which starts in September. This will add significantly to the revenue performance of both GCU and GCE going forward. GCU now has 13 fully built-out programs, two baccalaureate programs and 11 certificate programs in advanced manufacturing, construction and microchip technology.

這些領域存在嚴重人力短缺，首要目標是在該學院正式營運的第一個完整年度（9 月開始）新增數千名學生。這將在未來顯著提升 GCU 與 GCE 的營收表現。GCU 目前已完整建置 13 個課程：兩個學士學位課程，以及 11 個證書課程，涵蓋先進製造、建築與微晶片技術。

Currently, 20% of students studying in these areas live on campus. And some of the certificate students are going to stay and apply to GCU's engineering bachelor's program when they have completed the year. These programs have high retention rates and are very profitable.

目前，在這些領域就讀的學生中，有 20% 住在校園內。部分證書課程學生在完成一年課程後，將留下來申請 GCU 的工程學士學位課程。這些課程留任率高，且獲利能力強。

Number three, GCU's 12th college is also starting in the upcoming year and will be a law school. GCU intends to make it one of the largest law schools in the country. There is a severe shortage of attorneys in Arizona and the greater Southwest. GCU is working closely with the Arizona Supreme Court. They have been very encouraging and we plan to open in the fall of 2027. GCU has written a curriculum for the program and is in the process of hiring a Dean.

第三，GCU 的第 12 所學院也將於明年啟動，並將是一所法學院。GCU 打算將其打造為全美規模最大的法學院之一。亞利桑那州及更廣泛的美國西南地區律師嚴重短缺。GCU 正與亞利桑那州最高法院密切合作。他們給予非常正面的鼓勵，我們計畫於 2027 年秋季開學。GCU 已為該計畫撰寫課程架構，並正進行院長招聘。

GCU anticipates offered a 3 plus 2 and a 3+3 program, which will boost our prelaw undergraduate enrollment numbers and supply admission ready candidates for the law school. GCU students have been asking for this opportunity for years. GCU believes a majority of the students will live on campus. With the addition of these three new tracks, the path to 50,000 students on the ground campus is becoming clearer.

GCU 預計提供 3+2 與 3+3 方案，將提升我們的預科法律（prelaw）大學部招生人數，並為法學院提供具備入學資格的候選人。GCU 學生多年來一直要求這項機會。GCU 認為多數學生將住在校園內。隨著新增這三條新軌道，通往地面校區 50,000 名學生的路徑正變得更加清晰。

Number three, the hybrid campuses. Grand Canyon Education's hybrid campuses had an increase in enrollment year over year of 18.5% in the second quarter, excluding the closed sites and those that are in teach-out, which exceeded our expectations. We have turned the corner with this platform and the future is very bright.

第三，混合式校區。Grand Canyon Education 的混合式校區在第二季的招生人數年增 18.5%（不含已關閉據點及正處於 teach-out 的據點），超出我們的預期。我們已讓這個平台走出低谷，未來前景非常光明。

We currently have 47 locations that are slightly above 60% capacity. The goal is to have 80 locations with about 300 nursing students per location and an additional 300 students in other healthcare-related programs. We opened a new site in the six months ending June 30, 2026, and closed one site, so the total number of sites remains at 47. We plan to open one new site in the fall of 2026 and three to five new sites in 2027.

我們目前有 47 個據點，整體使用率略高於 60%。目標是達到 80 個據點，每個據點約 300 名護理學生，並在其他醫療保健相關課程再增加 300 名學生。在截至 2026 年 6 月 30 日的六個月內，我們新增一個據點並關閉一個據點，因此據點總數仍為 47 個。我們計畫於 2026 年秋季新增 1 個據點，並於 2027 年新增 3 至 5 個據點。

Additional program offerings are being added including a graduate nursing program with specializations at Northeastern University, which started this past fall. A hybrid occupational therapy bridge to master's program to the already successful St. Catherine's Occupational Therapy Assistant Hybrid Program beginning in the fall of 2026. In online health science degree with Utica University and GCU launched a vascular science and occupational therapy assistance program and a speech language pathology program in 2025 at its Phoenix West Valley location.

我們也在增加更多課程選項，包括與東北大學（Northeastern University）合作的研究所護理課程（含專科方向），已於去年秋季開始。並將於 2026 年秋季推出混合式職能治療銜接碩士課程，銜接至既有且成功的聖凱瑟琳（St. Catherine's）職能治療助理混合式課程。另有與尤蒂卡大學（Utica University）合作的線上健康科學學位；GCU 也於 2025 年在其鳳凰城西谷（Phoenix West Valley）據點推出血管科學與職能治療助理課程，以及語言治療（speech language pathology）課程。

GCU is also adding a Bachelor's Science and Medical Lab Sciences program in the fall of 2026. We currently have almost 6,000 students attending our hybrid campuses. The revenue per student of these students is more than 3 times that of an online student. When we have 80 locations built out with approximately 600 students per location, the capacity will be just under 50,000 students.

GCU 也將於 2026 年秋季新增「理學學士（Bachelor's Science）與醫學檢驗科學（Medical Lab Sciences）」課程。目前約有將近 6,000 名學生就讀我們的混合式校區。這些學生的人均營收是線上學生的 3 倍以上。當我們建置完成 80 個據點、每個據點約 600 名學生時，總容量將接近 50,000 名學生（略低於 50,000）。

The prerequisite business that supports this growth continues to take off. The general education science courses that are designed to get students academically prepared for the ABSN program has enrolled over 25,000 students to date and has tremendous room for additional growth. We believe the investment community is missing the major industry shakeup that occurs when structural shifts such as technology breakthroughs, regulatory changes, or economic pressures allow agile, fast-moving companies to displace legacy incumbents and seize market leadership.

支撐此成長的先修課程業務持續起飛。為讓學生在學術上準備好進入 ABSN 課程而設計的通識科學課程，迄今已招收超過 25,000 名學生，且仍有極大的進一步成長空間。我們認為投資社群忽略了當技術突破、法規變動或經濟壓力等結構性轉變出現時，敏捷且行動快速的公司得以取代傳統既有業者並奪取市場領導地位所帶來的重大產業洗牌。

This is happening right now with Grand Canyon Education in the higher education industry. The online campus will continue to grow at 6 to 7 percentage points. The ground campus, which has been flat, is reignited with the future growth of the Honors College, the huge potential of the college of Construction and Industrial Technologies and the start of what will be a very large law school. We expect the hybrid campus business to continue to grow in the teens or greater in the future.

這件事正於高等教育產業中、在 Grand Canyon Education 身上即刻發生。線上校區將持續以 6% 至 7% 的增幅成長。原本持平的地面校區，將因榮譽學院的未來成長、建築與工業技術學院的巨大潛力，以及一所規模將非常龐大的法學院之啟動而重新點燃成長動能。我們預期混合式校區業務未來將持續以十幾個百分點或更高的速度成長。

Service revenue was $264 million for the second quarter of 2026, an increase of $16.5 million or 6.7% as compared to $247.5 million for the second quarter of 2025. The increase year over year in service revenue was primarily due to an increase in university partner enrollments of 7.6%, including an increase in GCU online enrollments of 7.8% and university partner enrollments at the off-campus classroom and laboratory sites excluding sites in teach-out or close of 18.5%, partially offset by one less day of ground traditional revenue at GCU of $1 million in the quarter as a result of the shift of one day of revenue from the second quarter to the first quarter as compared to last year's spring start date and a slight decrease in revenue per student year-over-year, partially due to the contract modifications with some of our university partners in which our 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 and a slight decline year-over-year in ground students, which generate a higher revenue per student than online students.

2026 年第二季服務營收為 2.64 億美元，較 2025 年第二季的 2.475 億美元增加 1,650 萬美元（年增 6.7%）。服務營收的年增主要來自大學合作夥伴（university partner）招生人數增加 7.6%，其中包括 GCU 線上招生增加 7.8%，以及校外教室與實驗室據點（不含 teach-out 或關閉據點）之大學合作夥伴招生增加 18.5%；部分被以下因素抵銷：本季因春季開學日期相較去年不同，導致 GCU 地面傳統業務少 1 天、約 100 萬美元的營收（相較去年，1 天營收由第二季移轉至第一季）；以及人均營收較去年略降，部分原因是我們與部分大學合作夥伴進行合約修訂，以降低我們的分潤比例，換取我們不再補償合作夥伴部分師資成本，進而使人均營收下降；此外，線上學生的人均營收亦較去年略降，原因在於學生組合持續轉向淨學費率略低的學生；同時地面學生人數較去年略有下降，而地面學生的人均營收高於線上學生。

Operating income and operating margin for the three months ended June 30, 2026, was $58.2 million and 22%, respectively as compared to $51.8 million and 20.9%, respectively, for the same period in 2025. Net revenue was $45.9 million for the second quarter of 2026. GAAP diluted income per share for the three months ended June 30, 2026, is $1.75.

截至2026年6月30日止三個月的營業利益與營業利益率分別為5,820萬美元與22%，相較於2025年同期分別為5,180萬美元與20.9%。2026年第二季淨營收為4,590萬美元。截至2026年6月30日止三個月的GAAP稀釋每股盈餘為1.75美元。

As adjusted, non-GAAP diluted income per share for the three months ended June 30, 2026, is $1.81, which is $0.14 above consensus estimates.

經調整後，截至2026年6月30日止三個月的非GAAP稀釋每股盈餘為1.81美元，較市場共識預估高出0.14美元。

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

接下來，我想把時間交給我們的財務長Dan Bachus，請他就2026年第二季提供更多說明，談談損益表與資產負債表的變動及其他事項，並討論2026年財測指引。

Thanks, Brian. Included in our Form 8-K filed with the SEC, we have included non-GAAP net income and non-GAAP diluted income per share for the three months ended June 30, 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。在我們向美國證券交易委員會（SEC）提交的Form 8-K中，我們已納入截至2026年6月30日止三個月以及2025年同期的非GAAP淨利與非GAAP稀釋每股盈餘。我們相信，非GAAP財務資訊可讓投資人對公司長期表現形成更具意義的理解。

As adjusted, non-GAAP diluted income per share for the three months ended June 30, 2026, and 2025 is $1.81 and $1.53, respectively. In addition, included in our Form 10-Q filed today is the announcement that on July 29, 2026, we entered into an amended and restated master services agreement with GCU. The terms of the amended MSA are generally consistent with the letter of intent that was previously announced.

經調整後，截至2026年6月30日止三個月以及2025年同期的非GAAP稀釋每股盈餘分別為1.81美元與1.53美元。此外，我們今天提交的Form 10-Q亦公告：我們於2026年7月29日與GCU簽訂經修訂並重述的主服務協議（MSA）。該經修訂MSA的條款大致與先前已公告的意向書一致。

The amended MSA is effective as of July 1, 2026, has an initial term of 15 years running through June 30, 2041, and unless notice of non-renewals given at least 18 months in advance of the end of the initial term or any renewal term, will automatically renew up to three additional five-year renewal terms.

該經修訂MSA自2026年7月1日起生效，初始期間為15年，至2041年6月30日止；除非在初始期間或任何續約期間屆滿前至少18個月提出不續約通知，否則將自動續約，最多可再續約三個額外的五年續約期間。

The amended MSA eliminates GCU's ability to terminate for convenience while also eliminating any related or early termination fees owed by GCU prior to the end of the term. Restructures the service fees such that going forward, service fees are calculated as 60% of tuition and academic related fees only. Ancillary fees and other revenue are for the sole benefit of GCU and a reimbursement payment that the university had been making to GCU in respect of certain academic related costs is eliminated.

該經修訂MSA取消GCU得以「便利終止」（terminate for convenience）的權利，同時也取消GCU在期滿前終止時原本可能需支付的任何相關或提前終止費用。並重整服務費結構，使未來服務費僅以學費及學術相關費用的60%計算。附屬費用及其他收入完全歸GCU所有，且大學先前就特定學術相關成本向GCU所作的補償款項亦予以取消。

And last, in lieu of the prior nonrenewal fee that was due if GCU did not renew the MSA at the end of the term, the company would continue to provide services to and receive service fees from GCU for an 18-month period falling termination. As previously disclosed, the company estimates that under the amended MSA, its service revenue will be reduced by approximately $20 million annually, but that its operating income will decline by an immaterial amount that should not exceed $1 million per quarter due to the elimination of the academic reimbursement payment.

最後，取代先前在期滿時若GCU不續約MSA即需支付的不續約費，公司將在終止後的18個月期間內持續向GCU提供服務並收取服務費。如先前揭露，公司估計在經修訂MSA下，其服務收入每年將約減少2,000萬美元；但由於取消學術補償款項，營業利益的下降幅度屬不重大，預期每季不會超過100萬美元。

Service revenue was higher than our expectations in the second quarter of 2026 primarily due to higher-than-expected hybrid and traditional campus summer school enrollments. Online enrollments approximated our expectations. In addition, approximately $1 million of revenue that we had planned to be recognized in the third quarter of 2026 was recognized in the second quarter.

2026年第二季服務收入高於我們預期，主要因混合式與傳統校園暑期課程招生人數高於預期。線上招生人數大致符合我們預期。此外，約100萬美元原本規劃於2026年第三季認列的收入，已於第二季認列。

The second-quarter operating margin was positively impacted on a year-over-year basis by the higher revenue, the contract modifications, and lower general and administrative expenses, partially offset by additional spend for 2026 partner initiatives.

第二季營業利益率較去年同期改善，主要受惠於較高收入、合約修改以及較低的一般及行政費用（G&A），但部分被2026年合作夥伴計畫的額外支出所抵銷。

Our effective tax rate for the second quarter of 2026 was 24.7% compared to 24.5% in the second quarter of 2025 and our guidance of 24.9%. The effective tax rate increased over the prior year, primarily due to state income taxes. We did make contributions in lieu of state income taxes this month that will increase general and administrative expenses in the third quarter while reducing income tax expense in an equal amount quarter of which will be in the third quarter and one quarter in the fourth quarter.

2026年第二季有效稅率為24.7%，相較於2025年第二季的24.5%以及我們指引的24.9%。有效稅率較去年上升，主要因州所得稅所致。本月我們以捐款方式替代州所得稅的繳納，該捐款將使第三季一般及行政費用增加，同時以等額降低所得稅費用；其中四分之三將反映於第三季，四分之一反映於第四季。

Turning to the balance sheet and cash flows. Total unrestricted cash and cash equivalents and investments as of June 30, 2026, were $274.5 million. GCE CapEx in the second quarter of 2026, including CapEx for new off-campus classroom and laboratory sites, was approximately $10.7 million or 4.1% of service revenue. We anticipate CapEx for 2026 will be between $30 million and $35 million.

接著談資產負債表與現金流。截至2026年6月30日，未受限制的現金及約當現金與投資合計為2億7,450萬美元。GCE2026年第二季資本支出（CapEx），包含新設校外教室與實驗室據點的資本支出，約為1,070萬美元，約占服務收入的4.1%。我們預期2026年全年資本支出將介於3,000萬至3,500萬美元。

We repurchased 471,489 shares of our common stock in the second quarter of 2026 at a cost of approximately $75.3 million and another 169,106 shares were repurchased since June 30, 2026. We have [124.1 million] of remaining available as of today under our share repurchase authorization.

我們於2026年第二季以約7,530萬美元的成本回購471,489股普通股，且自2026年6月30日以來另回購169,106股。截至今日，我們在股票回購授權項下尚有可用額度為[1億2,410萬美元]。

The Board and the company intend to continue using its cash flow from operations to repurchase this share. We are also currently working with our primary banking partner on a line of credit that we hope will be in place by the middle of August, that will allow us to continue buying back stock at current or higher levels. Given that the size of the line has not yet been finalized, the interest expense and the impact of any accelerated stock purchases are not included in the guidance below. We will file an 8-K with further details when it is finalized.

董事會與公司擬持續運用營運現金流回購本公司股票。我們目前也正與主要往來銀行合作洽談一項信用額度（line of credit），希望能在8月中旬前到位，使我們得以在目前或更高的水準持續回購股票。由於額度規模尚未定案，利息費用以及任何加速股票購買的影響尚未納入下列指引。待定案後，我們將提交8-K以提供進一步細節。

Last, I'd 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 outlook section of our 8-K filed today is GAAP net income and diluted income per share with the components to adjust GAAP amounts to non-GAAP as adjusted net income and non-GAAP as adjusted diluted income per share.

最後，我想就我們今天提交之8-K所提供的財測指引補充說明。提醒一下，我們在今日提交的8-K之展望（outlook）部分所提供的指引為GAAP淨利與稀釋每股盈餘，並同時列示將GAAP金額調整為經調整後非GAAP淨利與經調整後非GAAP稀釋每股盈餘的調整項目。

We have updated full year 2026 guidance to include the second quarter revenue and earnings piece. We have made adjustments to second half revenue and operating income guidance previously provided to reflect the impact of the amended MSA and the approximately $1 million in revenue that was recognized in Q2 that had been forecasted to be recognized in the third quarter of 2026.

我們已更新2026年全年指引，納入第二季的營收與獲利表現。我們也對先前提供的下半年營收與營業利益指引進行調整，以反映經修訂MSA的影響，以及第二季已認列、原先預估將於2026年第三季認列的約100萬美元收入。

We have also narrowed the range in both the third and fourth quarters to reflect current trends. We have also reflected the $5 million in contributions made in lieu of state income taxes that will be paid in the third quarter and higher G&A expenses and lower income tax expense and decreased interest income and decreased the weighted average share cost as we have purchased and plan to continue to repurchase more stock than was originally forecasted.

我們亦縮小第三季與第四季的區間範圍，以反映目前趨勢。我們也反映將於第三季支付、以捐款替代州所得稅的500萬美元，並反映較高的G&A費用與較低的所得稅費用、較低的利息收入，以及因我們已買回且計畫持續回購的股票數量高於原先預估而使加權平均股數成本下降。

I realize that all of these changes need to be pushed through your model, but the result should be adjusted EPS that is $0.03 above consensus estimates in the second half of 2026, when the impact of the $1 million of revenue that was recognized in the second quarter instead of the third is considered and $0.14 above consensus estimates for the full year 2026.

我了解所有這些變動都需要納入你們的模型中，但在考量到原本應於第三季認列、卻在第二季提前認列的100萬美元營收之影響後，結果應為：2026年下半年調整後EPS將較市場一致預估高出0.03美元，而2026年全年則將較市場一致預估高出0.14美元。

On a more detailed basis, including current trends, revenue is expected to decrease by $4 million and $6 million in the third and fourth quarters of 2026, respectively, due to the amended and restated MSA while structural costs and services will be reduced by $3 million and $5 million in the third and fourth quarters of 2026, respectively, as we will no longer be making a certain academic reimbursement to GCU. $1million of revenue was accelerated from the third quarter of 2026 for the second quarter and recognizing the financials we reported today.

更細部來看，並納入目前趨勢，受修訂並重述之MSA影響，預期2026年第三季與第四季營收將分別減少400萬美元與600萬美元；同時，由於我們將不再向GCU支付特定的學術補償款，結構性成本與服務費用將在2026年第三季與第四季分別減少300萬美元與500萬美元。另有100萬美元營收自2026年第三季提前至第二季認列，並反映在我們今天公布的財務數字中。

The year-over-year changes in the start and end dates of the semesters for GCU's ground traditional campus will move $8.3 million in revenue from the third quarter to the fourth quarter in comparison to last year. The change between the third and fourth quarter is more significant this year than in past years as GCU's fall semester for its ground traditional campus begins and ends six days later this year than last year.

由於GCU實體傳統校區學期開始與結束日期相較去年有所變動，將使營收有830萬美元從第三季移轉至第四季。今年第三季與第四季之間的變動幅度較往年更為顯著，因為GCU實體傳統校區的秋季學期相較去年延後6天開始並延後6天結束。

We continue to anticipate that new online enrollments will be up year-over-year in the mid- to high single digits during the second half of 2026. The second quarter 2026 new start growth rate was expected given that in the prior year, new starts were up in the mid-teens and the second quarter is not a traditional back-to-school time.

我們仍預期2026年下半年線上新生註冊人數將較去年同期成長中至高個位數百分比。2026年第二季新生開課（new start）成長率符合預期，因為前一年新生開課成長為中十位數百分比，而第二季並非傳統的返校旺季。

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. We continue to anticipate online revenue per student will be slightly down year over year due to mix shift to programs that have slightly lower net tuition rates. The revenue range continues to assume that GCU's ground enrollment will be approximately 25,000 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 slightly down on a year-over-year basis.

由於畢業人數增加，以及在高留任率下復學（reentries，即休學後返校）人數持續下降，線上總在學人數成長仍持續承壓。我們仍預期每位學生的線上營收將較去年同期略為下降，原因在於課程組合轉向淨學費率略低的方案。營收區間仍假設GCU秋季實體在學人數約為25,000人。所報告的實體人數仍包含持續成長的GCU hybrid，以及專業進修學生（professional study students），我們預期其年增率將略為下降。

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. We continue to expect total enrollment growth rate for the hybrid pillar to remain in the teens during the second half of 2026.

實體總在學人數仍受到2024年秋季新生開課較低，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的時間內畢業。我們仍預期混合式（hybrid）支柱在2026年下半年的總在學人數成長率將維持在十位數百分比。

As has been previously -- as has been discussed previously, the hybrid growth rate is currently being impacted by the fact that we now have 14 locations that are at or near capacity and thus, we have little to no growth year-over-year in total enrollment at those locations. 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 as although eight locations are not at state authorized capacity, we started the maximum number of students allowed during fall of 2025.

如先前所提—也如先前已討論，目前混合式成長率受到影響，原因在於我們現在有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幾乎沒有成長。從新生招生角度來看，秋季將有22個據點的新生註冊無法呈現年增；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年秋季已招收達到允許的最大學生數。

The higher-than-expected new starts in spring 2026 will also have an impact on new start growth rates at a few locations in the fall due to capacity constraints. But total enrollment should continue to meet or exceed our expectations. 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，也會因容量限制而影響秋季少數據點的新生開課成長率。但總在學人數應仍可持續達到或超越我們的預期。我們仍希望其中一些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, but continue to anticipate margin expansion in 2026. As has been previously discussed, the online programs, primarily the lead to licensure in which GCU was growing at an accelerated rate that cost us more to service than the traditional online programs are at lower net tuition rates which is putting some pressure on margins.

在費用方面，我們仍持續投資以支持大學合作夥伴的成長，但仍預期2026年利潤率將擴張。如先前所述，線上課程中主要是「通往執照」（lead to licensure）類別，GCU在該類別以加速速度成長，而其服務成本高於傳統線上課程，且淨學費率較低，因而對利潤率造成一定壓力。

We also continue to absorb significant increases in technology services and benefit costs. We have some pressure on margins in the third quarter as the GCU traditional campus started end dates moved back this year but that reverses in the fourth quarter. As it relates to the 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, early 2027, but we are experiencing increased site level profitability due to the increasing enrollments.

我們也仍在吸收科技服務與員工福利成本的大幅上升。由於今年GCU傳統校區的學期開始與結束日期延後，我們在第三季的利潤率會有一些壓力，但在第四季會反轉。就混合式支柱而言，過去一年已開設或將於2026年末、2027年初開設的新混合式據點將帶來額外成本，但隨著招生增加，我們正看到據點層級的獲利能力提升。

Projected general and administrative expenses have increased our guidance in the third quarter of 2026 by the contributions in -- income taxes of $5 million -- approximately 75% of this is recognized as a reduction in income tax expense in the third quarter of 2026, with the remaining recognized as a reduction in income tax in the fourth quarter.

一般與行政費用的預測方面，我們對2026年第三季的指引因—所得稅捐贈（contributions in income taxes）500萬美元的影響而上調；其中約75%將在2026年第三季以所得稅費用減少的方式認列，其餘則在第四季以所得稅減少的方式認列。

This is consistent with the prior year. We are estimating that interest income will decline year over year in 2026 due to the declining cash balances due to more aggressive stock buybacks and a declining interest rate environment. The effective tax rates for the remaining two quarters of 2026 have been reduced due to the contribution of income taxes to 20.8% and 23.2% in the third and fourth quarters, respectively, with a full year tax rate of 23.2%.

這與前一年一致。我們估計2026年利息收入將較去年下降，原因是因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。由於所得稅捐贈的影響，2026年剩餘兩季的有效稅率已下調，第三季與第四季分別為20.8%與23.2%，全年稅率為23.2%。

Had the contributions not been made, we estimate our effective tax rate would have been 24.7% and 24.4% in the third and fourth quarters, respectively. These effective tax rates continue 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, including the decrease year over year in the excess tax benefit due to a decline in our stock price.

若未進行該等捐贈，我們估計第三季與第四季的有效稅率將分別為24.7%與24.4%。這些有效稅率仍受到較高的州所得稅影響，因為我們持續在亞利桑那州以外、州稅率較高的州增設新據點；以及其他因素影響，包括因股價下跌導致超額稅務利益（excess tax benefit）年減。

Our weighted average shares guidance takes into account the significant amount of stock we have or plan to purchase. We anticipate continuing our excess cash to repurchase shares as the Board believes the stock is materially undervalued based on the metrics that it uses to evaluate this, including the ratio of enterprise value to adjusted EBITDA and free cash flow yield in comparison to the other S&P 500 companies.

我們對加權平均股數的指引已納入我們已回購或計畫回購的大量股票。我們預期將持續運用超額現金回購股份，因董事會認為依其用來評估的指標來看，公司股價被明顯低估；相關指標包括企業價值對調整後EBITDA之比率，以及相較其他S&P 500公司之自由現金流殖利率。

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。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

Jasper Bibb, Truist Securities.

Truist Securities 的 Jasper Bibb。

Hey, good afternoon, guys. Really nice online enrollment figures. Obviously, kind of one of the big topics around the space has been a potential impact of consumer adoption of Gen AI on customer acquisition and enrollment.

嗨，大家午安。線上在學人數數據非常亮眼。顯然，這個領域的一個重要議題是：消費者採用生成式AI（Gen AI）可能對客戶獲取與招生帶來的潛在影響。

Just kind of curious, hoping maybe you could share what your experience has been with inquiry volumes, this kind of AI theme? And how you're reacting to the kind of broader consumer share there?

只是有點好奇，希望你能分享一下，你們在詢問量方面的經驗如何，尤其是在這種 AI 主題之下？以及你們如何看待更廣泛的消費者市占變化？

Yes. We have listened to other calls and so we've heard that too. The way we're getting over 30% of our starts, and I think it's going to grow to 40% of our starts has nothing to do with generating leads. It has to do with meeting needs of organizations throughout the country.

是的。我們也聽了其他公司的電話會議，所以也聽到同樣的情況。我們目前超過 30% 的開案（starts），而且我認為會成長到 40% 的開案，這與產生潛在客戶（leads）無關。而是與滿足全國各地組織的需求有關。

It's just such a high-quality way to -- for a university to serve the needs of the economy. And so we are shielded from some of the growth that is -- that causes the decline in the efficiency of marketing spend. We are impacted the same way others are from the standpoint of web leads being down. But we're not as impacted because we don't have to get our growth from increased lead amounts like other people do.

這是一種非常高品質的方式——讓大學去服務經濟的需求。因此，我們在某種程度上能避開那種成長——也就是導致行銷支出效率下降的成長。從網路名單（web leads）下滑的角度來看，我們受到的影響和其他人一樣。但我們受影響沒那麼大，因為我們不必像其他人那樣，必須靠增加名單量來取得成長。

AI is absolutely the future and positioning ourselves so that the best stories come out when people go to AI to check on Grand Canyon University is going to be the future of this -- of the whole market. And we are working very hard to position the best things about GCU, especially by other partners as well so that they'll come up when people look for us: the Honors College; the opening of the law school, the tremendous contribution to what it has to be a rebuilding of the labor force in construction, industrial technologies; our relationship, our growing relationship with TSMC, which is the largest chip manufacturer in the world that sits 20 minutes from here. And we're doing we're opening incredible partnerships with that company with Amkor.

AI 絕對是未來；而讓我們做好定位，使得當人們透過 AI 查詢大峽谷大學（Grand Canyon University）時，能呈現出最好的故事，將會是這個——乃至整個市場——的未來。我們正非常努力地去凸顯 GCU 最好的面向，尤其也透過其他合作夥伴，讓這些內容在大家搜尋我們時能被呈現出來：榮譽學院（Honors College）；法學院的開設；以及我們在建築、工業技術等領域對於重建勞動力所做的巨大貢獻；我們與台積電（TSMC）的合作關係，以及持續深化的合作——台積電是全球最大的晶片製造商，距離這裡只要 20 分鐘車程。我們也正在與該公司以及 Amkor 展開、並推動非常出色的合作夥伴關係。

And so everybody is impacted to some extent by the shift away from searches to AI, we're not as impacted by it. And we expect our growth rates that we talked about today not to be impacted by any of that. And I think it will only get better for us as we go forward.

因此，從搜尋轉向 AI 的變化，多少都會影響到每個人，但我們受到的影響較小。我們預期今天所談到的成長率不會受到任何這些因素影響。而且我認為，隨著我們往前走，對我們只會越來越有利。

I can't underemphasize the other structural change that's taken place. And thank you for picking up coverage for us. But for four or five years, we were just fighting the negative PR that came from the pack that was placed on us by the Biden administration. That's all done. That's all gone. People aren't even talking about that. People are talking about our Honors College. They're talking about our new law schools. They're talking about those kinds of things, which has changed everything for us.

我再怎麼強調也不為過，還有另一個已經發生的結構性變化。也謝謝你開始對我們進行研究覆蓋（coverage）。但在過去四、五年，我們一直在對抗負面公關，那是拜登政府對我們施加的那一波壓力所帶來的。那一切都結束了。都消失了。人們甚至不再談論那些事。大家在談的是我們的榮譽學院。他們在談我們新的法學院。他們在談這類事情，而這已經徹底改變了我們的處境。

And that's kind of a long-winded answer to your question, but we're not -- we're just not as impacted by those changes like people who are more dependent on those things are.

這個回答有點冗長，但總之，我們——我們確實不像那些更依賴這些因素的人那樣，會受到這些變化的影響。

Right. No, that makes sense. And thanks for all the detail there. It sounds like a lot of exciting things going on. Maybe just last one for me. On the new student loan rules that took effect on July 1, I know it's early, you probably only had a couple of weeks of experience with this.

了解。不，這很合理。也謝謝你提供這麼多細節。聽起來有很多令人振奮的進展。我這邊最後一個問題。關於 7 月 1 日生效的新學生貸款規則，我知道現在還早，你們可能也才累積了幾週的經驗。

But could you just walk us through maybe how you're managing that through transition, there are some new processes, new borrowing caps for different programs. Just any detail on how that's going so far would be great.

但你能否帶我們了解一下，你們如何在過渡期間進行管理？因為有一些新流程、不同課程也有新的借款上限。目前為止進展如何，任何細節都會很有幫助。

But I assume you're talking about the master's degree program limitations on loans?

不過我猜你指的是碩士學位課程的貸款限制？

Yes. I think there's some just different operational processes of how that has to be handled on your -- like that so --.

是的。我想在作業面上也有一些不同的流程，必須在你們那邊——像那樣去處理，所以——。

Yes, I'll talk about that one because I think that's the big one. We've been encouraging the Department of Ed to do that for years. When the rules around loan amounts for master's degree students, graduate level students were put in place, it was when most graduate students were students who graduated from program and entered a master's degree program and spent two years doing that. And sometimes they would be married with kids, and they needed living expense money. That's all changed in the last 30 years.

是的，我就談這一項，因為我認為這是最重要的一項。我們多年來一直鼓勵教育部（Department of Ed）這麼做。當年制定碩士生、研究生層級的貸款額度規則時，多數研究生是從大學畢業後直接進入碩士班，花兩年完成學業。而且有時他們已婚、有小孩，需要生活費資金。但在過去 30 年，這一切都改變了。

90%-plus of students that are now in graduate programs are doing it online. And they are mid-career professionals. And they have salaries and they have benefits and they don't need that limit expense money.

現在就讀研究所的學生中，超過 90% 是線上學習。而且他們多是職涯中期的專業人士。他們有薪資、有福利，不需要那筆生活費資金。

But since they could get it, they would take it. And then when loans didn't have to be paid back, they didn't get paid back. And we told the Department of Ed for years, adjustments should be made to reflect who graduate students are today versus who they used to be.

但因為他們可以借到，就會去借。然後當貸款不必償還時，他們就不會償還。我們多年來一直告訴教育部，應該做出調整，以反映今日研究生的樣貌，與過去的研究生已經不同。

We had a thing called responsible -- we have a thing responsible borrowing. And we would chose students, if you're going to borrow money to do your program and you borrow the amount to cover the direct costs, this would be your payments. And then if you borrow the full amount including living expense, but this will be your payments.

我們有一個叫做「負責任借貸」（responsible borrowing）的機制。我們會告訴學生：如果你為了完成課程而借款，且借的金額只涵蓋直接成本，你的每期還款會是這樣。如果你借到包含生活費在內的全額，那你的每期還款會是這樣。

And we were actually criticized for doing that by the previous administration because we weren't being -- we were trying to preclude -- to keep people from overborrowing. And that was just -- it was just found to lead to loan defaults. And so that major change has taken place. We are fully behind, and it's not impacted any of our programs.

而我們過去這麼做，反而被前一屆政府批評，說我們不夠——我們是在試圖預防——避免人們過度借貸。但事實上，那樣做被證明只會導致貸款違約。因此，這項重大改變已經發生。我們完全支持，而且這並未影響我們任何課程。

Our tuitions are way under what the amount the students can borrow. And so we're not impacted by it at all. In fact, we think it's a really good thing.

我們的學費遠低於學生可借到的金額上限。所以我們完全不受影響。事實上，我們認為這是一件非常好的事。

Got it. Thank you for taking the questions.

了解。謝謝你回答問題。

Thank you.

謝謝。

Jeff Silber, BMO Capital Markets.

BMO 資本市場（BMO Capital Markets）的 Jeff Silber。

Hey, thank you so much. This is Ryan on for Jeff. I was just curious if you think your competitors are intentionally shifting their degree mix to more license your programs in the wake of the perceived AI risk on some of those certain degrees. And do you think we could see a larger tuition differential between different majors and programs in coming years?

嗨，非常感謝。我是 Ryan，代 Jeff 發問。我只是好奇，你是否認為競爭對手正在有意調整其學位組合，轉向更多需要執照／證照（license）的課程，以因應外界對某些學位存在的 AI 風險疑慮。以及你是否認為，未來幾年不同主修與課程之間的學費差距可能會進一步拉大？

No, good question. To the first question, it's just the opposite. I won't name names, but there are a number of -- we're pretty strong players in the counseling area, and there's a huge shortage of counselors in America that because of K crop accreditation requirements drop their programs. They just didn't have the technology and the resources to provide services to students at a distance that allow them to completely to successfully complete clinical hours and observation hours and internship powers and all those things. And so it's just the opposite.

不，問得很好。針對第一個問題，情況正好相反。我不點名，但有不少——我們在諮商領域是相當強的參與者，而美國諮商師嚴重短缺，因為K作物認證要求而把他們的課程停掉。他們就是沒有技術與資源，無法為遠距學生提供服務，讓他們能完整且成功地完成臨床時數、觀察時數、實習時數以及所有那些要求。所以情況正好相反。

We see more people dropping out of those programs that are getting into them. And so we think going forward, we will be the major player in providing teachers, counselors, social workers, nurses, other healthcare fields, accounting, where you got to sit to the CPA. We openly embrace and we're excited about the law school from that standpoint because of board pass rates.

我們看到退出這些課程的人比加入的人還多。因此我們認為，往後我們將成為提供教師、諮商師、社工、護理師、其他醫療保健領域、會計（你必須參加CPA考試）等方面的主要參與者。從董事會通過率的角度來看，我們公開擁抱並且對法學院感到興奮。

We intend to inject the same kind of student support services around and the academic support services that we do with programs in education, where there are content tests that are necessary. We're seeing where the -- examination is necessary. We look forward to producing extremely high first-time board pass rates.

我們打算注入與教育類課程相同的學生支援服務與學術支援服務，因為那裡需要內容測驗。我們也看到——需要考試。我們期待能產出極高的首次董事會考試通過率。

Those things are challenges to us. It's more difficult, but the difficulty of it once you've made the investment and it separates you from the rest of the pack; the people who just aren't willing to do those things. And so the answer to your first question is no, we don't expect to see that. In fact, we're seeing the opposite.

那些對我們而言都是挑戰。確實更困難，但一旦你完成投資，這種難度會讓你與其他人拉開差距；那些不願意做這些事的人就會被甩開。所以對你第一個問題的答案是：不，我們不預期會看到那種情況。事實上，我們看到的是相反的情況。

The second question --

第二個問題--

Differentiated tuition rates by the program.

依課程區分的學費費率。

Yes. I think we'll see some of that. I think the thing that we're going to see more than anything is what's been true for four or five years, which is the way to grow margins in this business is to decrease the cost to acquire a student. And the stronger the brand that you have, the less amount of money it cost to acquire a student and the more you can freeze tuition, which we've done in our ground campus for 18 years. And pretty much most online programs for over a decade.

是的。我想我們會看到一些。我認為我們最主要會看到的，仍然是過去四、五年一直成立的事：在這個產業要提升利潤率的方法，就是降低取得學生的成本。品牌越強，取得一名學生所需的成本就越低，你就越能凍結學費——我們在實體校區已經這麼做了18年。而幾乎大多數線上課程也已經超過十年。

So I don't see a tremendous need to differentiate more than we already are other than the ABSN program is a premium price program. It's very expensive to operate, but the value that it offers to students in terms of the salaries that they make and the jobs that they can get more than make up for that premium price.

所以我不認為有很大的必要在我們既有的差異化之外再做太多，除了ABSN課程是高價位課程。它的營運成本非常高，但它為學生帶來的價值——就他們的薪資與能取得的工作而言——足以彌補這個溢價。

And the law school will be a premium price program as compared to others but the payout is the same thing and so we're excited about that. From the standpoint of the number of students we think we can have, the revenue per student is going to be very high and the margins are going to be significant as long as we can produce the results.

而法學院相較於其他課程也會是高價位課程，但回報也是同樣的道理，所以我們對此感到興奮。從我們認為能招收的學生數來看，每位學生的營收會非常高，只要我們能做出成果，利潤率也會相當可觀。

The other thing that's going to happen is that we think that we can really increase our ground enrollment in our free law program. Because students will be able to stay right here and hopefully do the whole thing in five years. So no, we don't -- I don't think -- other than the ABSN program, maybe programs like occupational therapy, law, certainly, there will be some differentiation there. But other than that, not more than there is today.

另外一件會發生的事是，我們認為我們真的可以提高我們在免費法律課程的實體招生。因為學生可以就留在這裡，並希望在五年內把整個流程完成。所以不，我們不——我不認為——除了ABSN課程之外，可能像職能治療、法律，當然會有一些差異化。但除此之外，不會比今天更多。

And just to add on that, GCU has always had differentiated tuition rates. If you look at, for example, bachelor's programs, not all bachelor's programs are the same rate and same at the master's level. So I think GCU has been doing that for as long as I can remember. And so if others are doing that probably makes sense.

再補充一下，GCU一直都有差異化的學費費率。例如你看學士課程，並不是所有學士課程都是同一個費率；碩士層級也是一樣。所以我想就我記憶所及，GCU一直都是這樣做的。因此如果其他人也這麼做，大概也合理。

I appreciate it. And then just on the hybrid programs. I heard the commentary on the long-term growth. I was just curious if you can update us on where those programs stand from a profitability standpoint today? And then where do you think the margins could go as you really scale that up?

感謝。另外想問一下混合式課程。我聽到了關於長期成長的評論。我只是好奇，你能否更新一下這些課程目前在獲利能力方面的狀況？以及當你們真正把規模做大時，你認為利潤率可能走到哪裡？

Yes. They're profitable. This year, they'll be profitable. How much? I would say we don't really measure it on a stand-alone basis.

是的。它們是獲利的。今年它們會獲利。有多少？我會說我們其實不會以單獨事業體的方式去衡量。

But it will be profitable. Those programs will be profitable. And where they could go, I mean, again, we don't allocate costs and whatever. But I think on a site basis, if you just look at all those locations on a site basis, I think it could be 20%-plus margins on a site basis perspective.

但它會獲利。那些課程會獲利。至於它們能到什麼程度，我是說，再次強調，我們不分攤成本之類的。但我認為以據點為基礎，如果你只從各個地點的據點角度來看，我覺得以據點口徑可能可以做到20%以上的利潤率。

Great. Thanks so much.

太好了。非常感謝。

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

我們的第二季電話法說會到此結束。感謝各位撥冗並關注Grand Canyon Education。如果你仍有問題，請聯絡我本人，Dan Bachus。感謝各位的時間。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝各位參與。您現在可以掛線。