Stride Inc (LRN) 2024 Q4 法說會逐字稿

Good afternoon. And welcome to the Stride fourth quarter fiscal 2024 earnings call. Please note that this call is being recorded. (Operator Instructions)

午安.歡迎參加 Stride 2024 財年第四季財報電話會議。請注意，此通話正在錄音。（操作員說明）

I will now turn the call over to Timothy Casey, Vice President of Investor Relations. You may begin your conference.

我現在將把電話轉給投資者關係副總裁 Timothy Casey。您可以開始您的會議了。

Thank you. And good afternoon. Welcome to Stride's fourth quarter and year-end earnings call for fiscal 2024. With me on today's call are James Rhyu, Chief Executive Officer; and Donna Blackman, Chief Financial Officer. As a reminder, today's conference call and webcast are accompanied by a presentation that can be found on the Stride Investor Relations website.

謝謝。午安.歡迎參加 Stride 2024 財年第四季和年終收益電話會議。與我一起參加今天電話會議的是執行長 James Rhyu；和財務長唐娜·布萊克曼。提醒一下，今天的電話會議和網路廣播還附有演示文稿，您可以在 Stride 投資者關係網站上找到該演示文稿。

Please be advised that today's discussion of our financial results may include certain non-GAAP financial measures. A reconciliation of these measures is provided in the earnings release issued this afternoon and can also be found on our Investor Relations website.

請注意，今天對我們財務表現的討論可能包括某些非公認會計準則財務指標。今天下午發布的收益報告中提供了這些措施的協調表，也可以在我們的投資者關係網站上找到。

In addition to historical information, this call may also involve forward-looking statements. The company's actual results could differ materially from any forward-looking statements due to several important factors as described in the company's latest SEC filings. These statements are made on the basis of our views and assumptions regarding future events and business performance at the time we make them, and the company assumes no obligation to update any forward-looking statements made during this call.

除了歷史資訊外，本次電話會議還可能涉及前瞻性陳述。由於該公司最新的美國證券交易委員會文件中描述的幾個重要因素，該公司的實際結果可能與任何前瞻性陳述有重大差異。這些陳述是根據我們做出這些陳述時對未來事件和業務績效的看法和假設而做出的，公司不承擔更新本次電話會議期間所做的任何前瞻性陳述的義務。

Following our prepared remarks, we will answer any questions you may have. I will now turn this call over to James. James?

在我們準備好的發言之後，我們將回答您可能提出的任何問題。我現在將把這通電話轉給詹姆斯。詹姆斯？

Thanks, Tim. And good afternoon, everyone. I started this year by talking about my belief that Stride can change the future of education. I outlined some of the macro trends in our country precipitating the need for change. Throughout the year, we've continued to see these trends play out. High parent dissatisfaction and surveys showing over 70% of families considering changing schools over the past 12 months, and we continue to see students reconsidering the traditional college pathway in favor of a more skills-based education.

謝謝，蒂姆。大家下午好。今年一開始，我就談到了我的信念：Stride 可以改變教育的未來。我概述了我國迫切需要改變的一些宏觀趨勢。在這一年中，我們不斷看到這些趨勢的發展。家長高度不滿，調查顯示超過 70% 的家庭在過去 12 個月內考慮轉校，我們繼續看到學生重新考慮傳統的大學途徑，轉而接受更以技能為基礎的教育。

I think that the results we posted for this year demonstrate and validate the longevity of our model. We are delivering tomorrow's education today. Students and families are looking for something different and finding it at Stride. We're providing real choice for families, choice that is affordable and accessible to anyone, anywhere, and at any time. Our offerings are personalized, career-forward, and tech-driven. And that translated into another record year.

我認為我們今年發布的結果證明並驗證了我們模型的壽命。我們今天正在提供明天的教育。學生和家庭正在尋找不同的東西，並在 Stride 找到了它。我們為家庭提供真正的選擇，任何人、任何地點、任何時間都可以負擔得起的選擇。我們的產品是個人化的、職業導向的、技術驅動的。這又創造了一個創紀錄的年份。

We crossed $2 billion in revenue for the first time. We had record profitability and free cash flow. Earnings per share increased 58% year-over-year and has now grown almost 700% since 2020. We achieved our highest gross margin in over five years. We had our highest in-year enrollment ever, pushing us to the highest enrollment level in the company's history, even larger than during the pandemic highs. And we finished the year with more enrollments than we started for the second straight year. As I mentioned last year, even with our strong results, including multiple years of near or above double-digit revenue growth, continued margin expansion, and an attractive future growth profile, our valuation multiples still lag the market.

我們的營收首次突破 20 億美元。我們擁有創紀錄的獲利能力和自由現金流。每股盈餘年增 58%，自 2020 年以來已成長近 700%。我們實現了五年多來的最高毛利率。我們實現了有史以來最高的年度入學人數，將我們推向了公司歷史上的最高入學水平，甚至比疫情期間的入學人數還要高。今年結束時，我們的入學人數連續第二年多於年初。正如我去年提到的，即使我們取得了強勁的業績，包括多年來接近或高於兩位數的收入增長、持續的利潤率擴張以及有吸引力的未來增長狀況，我們的估值倍數仍然落後於市場。

In addition, the market continues to recognize our superior product and service offerings. Stride was named the EdTech Breakthrough Remote Learning Solution Provider of the Year. Our MedCerts programs won a bronze medal for Best Use of AI in HealthTech from the Merit Awards. Our game-based learning offerings won almost too many awards to list, including the prestigious Royal Society of Chemistry Horizon Prize for our Periodic Rescue game in Minecraft, a gold Stevie for our Minecraft Education Worlds game; two bronze Stevies, one each for our MathBee and ELL/World Language games; and our professional development offerings won two gold Stevies.

此外，市場繼續認可我們卓越的產品和服務。Stride 被評為年度 EdTech 突破性遠距學習解決方案提供者。我們的 MedCerts 計畫榮獲優異獎「健康科技最佳人工智慧應用」銅牌。我們基於遊戲的學習產品贏得了太多獎項，無法一一列舉，包括我們的《我的世界》定期救援遊戲榮獲著名的英國皇家化學學會地平線獎、《我的世界教育世界》遊戲的史蒂夫金獎；兩個 Stevie 銅獎，MathBee 和 ELL/世界語言遊戲各一個；我們的專業發展產品贏得了兩項史蒂夫金獎。

We also continue to see early traction with our other new product offerings, including our tutoring solution, which gained formal acceptance across a number of states. Now, I understand everybody wants some color on our fall enrollment season. Please remember that it is still early and we have a long way to go to close out the season strong.

我們也繼續看到我們其他新產品的早期吸引力，包括我們的輔導解決方案，該解決方案已在多個州獲得正式認可。現在，我知道每個人都希望我們的秋季招生季有一些色彩。請記住，現在還為時過早，我們還有很長的路要走，才能強勢結束這個賽季。

Having said that, early indicators look positive. Demand, as I have said before we define as application volumes, continue to be strong and are pacing ahead of last year, consistent with the pacing we have seen for much of the prior year. So I feel confident that we will grow our enrollments for this fall, and we remain on track for our long-term goals.

話雖如此，早期指標看起來還是正面的。正如我之前所說，我們將需求定義為申請量，需求持續強勁，並且成長速度超過去年，與去年大部分時間看到的成長一致。因此，我有信心我們將增加今年秋天的入學人數，並且我們將繼續朝著我們的長期目標邁進。

All of this demonstrates what I started my comments with, that Stride is offering tomorrow's education today. Now, I'll pass the call to Donna. Donna?

所有這些都證明了我在評論開始時所說的：Stride 今天正在提供明天的教育。現在，我將把電話轉給唐娜。唐娜？

Thanks, James. And good evening, everyone. We finished fiscal year 2024 with revenue of $2.04 billion, an increase of 11% over the prior fiscal year. Adjusted operating income for the year was $293.9 million, up 46% from last year, and adjusted operating income margin improved 350 basis points.

謝謝，詹姆斯。大家晚上好。2024 財年，我們的營收達到 20.4 億美元，比上一財年成長 11%。全年調整後營業收入為 2.939 億美元，比去年增長 46%，調整後營業利潤率提高了 350 個基點。

Our results for the year further demonstrate the sustained demand for full-time online options in the US K-12 market. Throughout the year, we saw continued strength in in-year enrollment coupled with strong retention. This led to us once again exceeding our revenue and AOI guidance, and it also means we remain firmly on track for achieving our fiscal year 2028 targets.

我們今年的業績進一步證明了美國 K-12 市場對全日制線上課程的持續需求。在這一年中，我們看到了當年入學人數的持續成長以及強勁的留任率。這使我們再次超越了我們的收入和 AOI 指導，這也意味著我們仍然堅定地朝著實現 2028 財年目標的方向前進。

Returning to our full year results in more detail. Career Learning middle and high school revenues totaled $651.2 million, up 11%, with full-year enrollments of 72,700, up more than 10% from last year. General Education revenue came in at $1.289 billion, up 14%. Enrollments in Gen Ed for the year totaled 121,600, up more than 8%. Total revenue per enrollment for both lines of business was $9,623, up 5.4% from last year.

更詳細地返回我們的全年業績。國中和高中職業學習收入總計 6.512 億美元，成長 11%，全年入學人數為 72,700 人，比去年成長超過 10%。普通教育收入為 12.89 億美元，成長 14%。今年 Gen Ed 的入學人數總計 121,600 人，成長超過 8%。兩條業務線的每次註冊總收入為 9,623 美元，比去年增長 5.4%。

Throughout the year, we saw a divergence in Career Learning and General Education revenue per enrollment. General Education finished up 8% while Career Learning was up just 1%. As we've said all year, Career Learning was up against a hard comp from last year when we finished the year up 16.3% overall funding environment for both Career and General Education throughout the year. But as with any year, revenue per enrollment was impacted by a number of things, including enrollment mix, yields, and timing impacts from prior year catch-ups.

在這一年中，我們發現每位入學者的職業學習和通識教育收入有差異。普通教育增加了 8%，而職業學習僅增加了 1%。正如我們全年所說，職業學習與去年相比面臨嚴峻的挑戰，去年我們全年職業教育和通識教育的整體資金環境成長了 16.3%。但與任何年份一樣，每次入學的收入受到許多因素的影響，包括入學組合、收益率以及上一年追趕的時間影響。

For next year, we still see a largely positive environment from a funding perspective at the state level, though not as strong as we've seen in the past couple of years. States also are grappling with the loss of federal ESSER funding in the coming school year, which will create a headwind in revenue per enrollment growth. Given these competing dynamics, as of right now and it's still early in the year, we expect full year FY 2025 revenue per enrollment growth to be flattish to FY 2024.

明年，從州級的融資角度來看，我們仍然看到基本積極的環境，儘管不像過去幾年那麼強勁。各州也正在努力應對下一學年聯邦 ESSER 資金的損失，這將對單位入學收入成長造成不利影響。鑑於這些競爭動態，截至目前且還為今年年初，我們預計 2025 財年全年每名入學人數的營收成長將與 2024 財年持平。

Adult Learning revenue declined 16% for the year to $99.7 million on continued softness in our IT offerings. The upside is that our Allied Health business continues to see strong growth, finishing the year with revenues up more than 20%. Going forward, this means that the struggling IT side of Adult Learning will continue to be a smaller part of the overall business.

由於 IT 產品持續疲軟，成人學習收入全年下降 16% 至 9,970 萬美元。好的一面是，我們的聯合健康​​業務持續強勁成長，年底收入成長超過 20%。展望未來，這意味著成人學習中舉步維艱的 IT 部門將繼續佔據整體業務的一小部分。

Gross margin for the year was 37.4%, up 220 basis points from FY23. As the business has continued to grow, we've seen benefits from our scale and the payoff from the efficiency efforts we've rolled out over the past couple of years. The teams have done an incredible job improving the leverage we get out of the business, and I will continue to challenge us to improve this going forward.

全年毛利率為 37.4%，較 2023 財年上升 220 個基點。隨著業務的持續成長，我們已經看到了我們的規模所帶來的好處以及我們在過去幾年中推出的效率努力的回報。這些團隊在提高我們從業務中獲得的影響力方面做了令人難以置信的工作，我將繼續挑戰我們，以改善這一點。

Selling, general and administrative expenses were $514 million, up 7% from last year, driven by investments in our technology and higher stock-based compensation. As I mentioned during our Investor Day in November, we will continue to keep our SG&A spending in check, and we expect to see strong leverage out of the business going forward. SG&A as a percent of revenue has declined 500 basis points since FY20. And we believe we can continue to improve this metric as the company grows.

受技術投資和更高的股票薪酬推動，銷售、一般和管理費用為 5.14 億美元，比去年增長 7%。正如我在 11 月的投資者日期間提到的，我們將繼續控制 SG&A 支出，我們預計未來業務將具有強勁的槓桿作用。自 2020 財年以來，SG&A 佔營收的百分比下降了 500 個基點。我們相信，隨著公司的發展，我們可以繼續改進這個指標。

Stock-based compensation for the year was $31.5 million, up $11.2 million from last year due to the timing of some stock grants.

由於部分股票授予的時間安排，本年度基於股票的薪酬為 3,150 萬美元，比去年增加了 1,120 萬美元。

Adjusted operating income came in at $293.9 million, up $92.9 million or 46% from last year. Adjusted EBITDA was $390.7 million, up $94.6 million or 32% from the prior year.

調整後營業收入為 2.939 億美元，比去年增加 9,290 萬美元，即 46%。調整後 EBITDA 為 3.907 億美元，比上年增加 9,460 萬美元，成長 32%。

Diluted earnings per share totaled $4.69, up 58% from last year. Improvements in our profitability metrics were driven by our top line growth, coupled with our continued efficiency efforts and operating leverage. Our effective tax rate for the year was 24%.

稀釋後每股收益總計 4.69 美元，比去年增長 58%。我們的獲利指標的改善是由我們的收入成長以及我們持續的效率努力和營運槓桿所推動的。我們當年的有效稅率為 24%。

Capital expenditures were $61.6 million for the year. Free cash flow, which we define as cash from operations less CapEx, was $217.2 million, up $80.6 million from last year. We finished the year with cash, cash equivalents, and marketable securities of $714.2 million. Our cash position gives us flexibility to continue to invest in our business, be opportunistic when the right M&A deal presents itself at the right price, and consider returning capital to shareholders at the right time.

本年度資本支出為 6,160 萬美元。自由現金流（我們將其定義為營運現金減去資本支出）為 2.172 億美元，比去年增加 8,060 萬美元。年底，我們的現金、現金等價物和有價證券為 7.142 億美元。我們的現金狀況使我們能夠靈活地繼續投資我們的業務，在正確的併購交易以正確的價格出現時抓住機會，並考慮在正確的時間向股東返還資本。

Fiscal 2024 was another record year for Stride with continued strong revenue and profitability growth. We saw enrollments exceed our pandemic high from FY21 and, once again, finished the year with more enrollments than we started. This puts us in a strong position to see further growth in enrollments, revenue, and profitability in FY25.

2024 財年是 Stride 再創紀錄的一年，營收和獲利能力持續強勁成長。我們看到入學人數超過了 2021 財年大流行期間的最高水平，並且今年結束時的入學人數再次超過了年初。這使我們有能力在 2025 財年看到入學人數、收入和盈利能力的進一步增長。

However, as James said, it's still early in our enrollment season. Historically, August and September are our busiest months so we've got a lot of work ahead of us. Because of this, as we do every year, we'll wait until our Q1 earnings report in October to provide formal guidance.

然而，正如詹姆斯所說，我們的招生季節還處於早期階段。從歷史上看，八月和九月是我們最繁忙的月份，因此我們有很多工作要做。因此，正如我們每年所做的那樣，我們將等到 10 月的第一季財報時提供正式的指導。

A couple of quick notes. Seasonality for next year should be in line with FY24. Though we're still unsure if the in-year enrollment trends we've seen in FY23 and '24 will continue, we expect to see continued gross margin improvement at a slightly lower rate of improvement than we've seen this year.

一些簡短的說明。明年的季節性應與 2024 財年一致。儘管我們仍不確定 2023 財年和 24 財年的年內入學趨勢是否會持續，但我們預期毛利率將持續改善，但改善率略低於今年。

We expect to see continued gross margin improvement at a slightly lower rate of improvement than we saw this year. SG&A expense as a percent of revenue should decrease marginally. CapEx as a percent of revenue will be flattish. Interest expense, tax rate, and stock-based compensation should be in line with FY24.

我們預計毛利率將持續改善，但改善率略低於今年。SG&A 費用佔收入的百分比應該會略有下降。資本支出佔收入的百分比將持平。利息支出、稅率和股票薪酬應與 2024 財政年度保持一致。

With our FY24 results and current trends we are seeing for FY25, we remain on track to achieving the FY28 targets we outlined last November of total revenue CAGR of 10% and AOI CAGR of 20%, both at the midpoint.

根據我們24 財年的業績和我們在2025 財年看到的當前趨勢，我們仍有望實現我們去年11 月制定的28 財年目標，即總收入複合年增長率為10%，AOI 複合年增長率為20%，兩者均處於中點。

Thanks so much for your time today. And I'll pass the call back to the operator for your questions. Operator?

非常感謝您今天抽出時間。我會將電話轉給接線員詢問您的問題。操作員？

(Operator Instructions) Gregory Parrish, Morgan Stanley.

（操作員指示）Gregory Parrish，摩根士丹利。

Congrats on the quarter and strong year, and thank you for the color you guys are giving here in the summer. So I want to ask, any incremental color on what you're seeing in the enrollment trends, of course. It sounds like the commentary is the same as last quarter, right? You're trending up year-over-year. You're in a strong position to grow enrollments. But I mean, has anything changed over the last three months, anything incremental that you're seeing maybe here in August so far?

恭喜本季和強勁的一年，感謝你們在夏天為這裡帶來的​​色彩。所以我想問一下，當然，您在入學趨勢中看到的任何增量顏色。聽起來很評論和上季一樣吧？你的趨勢逐年上升。您在增加入學人數方面處於有利地位。但我的意思是，過去三個月裡有什麼變化嗎？

Hey. Yes, I guess what I would say is that in the intervening three months since the last quarter, I think as Donna mentioned, we still have a long way to go. We've got, I think by our estimate, more than 50% of the season to go in terms of enrollment volumes, so still a lot can happen. But I would say I'm more confident today about our ability to grow into the fall than I was three months ago.

嘿。是的，我想我想說的是，在上個季度以來的三個月裡，我認為正如唐娜所提到的，我們還有很長的路要走。我認為，根據我們的估計，就報名量而言，本賽季還有超過 50% 的時間，所以仍有許多事情可能發生。但我想說，今天我對我們在秋季成長的能力比三個月前更有信心。

Okay. That's helpful. And then, on funding, also I appreciate the color, Donna, you gave on expectation for flat, or maybe that was revenue per enrollment for flat. So do you see a scenario where funding could go backwards next year and perhaps the ESSER headwinds are a little bit greater than you think? Is that a possibility?

好的。這很有幫助。然後，在資金方面，我也很欣賞唐娜的顏色，你對公寓的期望，或者也許是公寓的每次入學收入。那麼，您是否認為明年資金可能會倒退，而且 ESSER 的逆風可能比您想像的要大一些？有這種可能嗎？

From what we're seeing, from looking at just the normal state funding, that funding trend looks favorable from the early funding trends that we're seeing. And from an ESSER standpoint, just given the amount of ESSER funding that we have seen, we'll see some offset to that. And so we think that will sort of offset each other. Now, where we could see some - the variability that we can't quite quantify yet, will be the mix, right? If we happen to grow in states that pay a lower PPR, then the PPR could be lower. If we grow at a state that pays a higher PPR, the PPR would be higher, which is why we are projecting that our PPR will be relatively flat next year, year-over-year.

從我們所看到的情況來看，從正常的國家融資來看，從我們所看到的早期融資趨勢來看，這種融資趨勢看起來是有利的。從 ESSER 的角度來看，只要考慮到我們所看到的 ESSER 資金數量，我們就會看到一些抵銷。所以我們認為這會互相抵消。現在，我們可以看到一些我們還不能完全量化的可變性，這將是混合，對嗎？如果我們碰巧在支付較低 PPR 的州進行成長，那麼 PPR 可能會更低。如果我們在一個支付較高 PPR 的州發展，PPR 也會更高，這就是為什麼我們預測明年我們的 PPR 將相對持平。

Okay. Maybe I'll ask one more odd one and pass it. But the SG&A, historically, fourth quarter has been a little bit higher seasonally. I think you ramped up your marketing. I guess walk us through the SG&A line. It's down sequentially, down year-over-year. Maybe that's just all the efficiencies that you're getting. On the marketing side, I assume that's not down year-over-year, but I just wanted to confirm that point?

好的。也許我會再問一個奇怪的問題並通過它。但從歷史上看，第四季的銷售及管理費用（SG&A）季節性略高。我認為你加大了行銷力道。我想帶我們來了解 SG&A 線。它連續下降，同比下降。也許這就是您所獲得的所有效率。在行銷方面，我認為這並沒有同比下降，但我只是想確認這一點？

Yes. We have been more efficient. So the marketing spend actually is down. We've been doing some automation in our enrollment center, and so that is down. We've also reduced some cost in our coding business to be in line with the decrease in the revenue for that business, and we had slightly lower claims in our medical expenses. But yes, we have been more efficient in our spending for marketing as well, as I said, the automation associated with our enrollment trends.

是的。我們變得更有效率。所以行銷支出其實是下降的。我們一直在招生中心進行一些自動化操作，所以情況有所下降。我們還降低了編碼業務的一些成本，以適應該業務收入的下降，並且我們的醫療費用索賠略有減少。但是，是的，我們在行銷支出方面也更加高效，正如我所說，與我們的招生趨勢相關的自動化。

Okay. Thanks for all the color.

好的。感謝所有的顏色。

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO 資本市場。

Thanks so much. Wanted to go back to the funding environment not necessarily from your perspective but from a competitive perspective. We've been reading about some states cutting back on their own virtual schools as funding has kind of slowed. Are you seeing any of that in the states that you compete or potential new states? And do you think that might give you an advantage from a competitive perspective?

非常感謝。希望回到融資環境，不一定是從你的角度，而是從競爭的角度。我們一直在讀到一些州由於資金投入放緩而削減自己的虛擬學校的資金。您在您競爭的州或潛在的新州中看到過這種情況嗎？您認為從競爭角度來看這會為您帶來優勢嗎？

Yes. I mean I think what we see in the states where we're operating is, and I think by and large, absent something very unusual, I think the fall sort of school season is upon us and therefore, for states to make a change at this point going forward, it would be very unusual, so we don't really see a lot of risk for this fall. I do think that there are a couple of states out there where there's some political pressure to either cut funding, but we just haven't seen that for this fall. And we feel pretty good about where we are heading into the season.

是的。我的意思是，我認為我們在我們開展業務的州所看到的情況是，總的來說，沒有什麼非常不尋常的情況，我認為秋季開學季即將到來，因此，各州應該在展望未來，這將是非常不尋常的，因此我們並沒有真正看到今年秋天的太多風險。我確實認為有幾個州存在一些削減資金的政治壓力，但我們今年秋天還沒有看到這種情況。我們對本賽季的進展感到非常滿意。

I think that the state political landscape for us, as you know, which is very important, I think since the pandemic has become just a little bit more bipartisan. The need to have educational choices for consumers is real. And just like in any other sector of the economy, I don't think that's exactly a partisan issue. Just customer choice is not really a partisan thing, so we're hopeful that education continues to migrate in that direction. But just the way the politics unfortunately play in the education landscape, there is a little bit, probably a couple of states, that did worry us earlier in the season, and I think sort of we've settled into a nice place for the fall.

我認為，正如你所知，國家政治格局對我們來說非常重要，我認為自從大流行以來，兩黨合作變得更加緊密了。消費者確實需要有教育選擇。就像經濟的任何其他部門一樣，我認為這不完全是黨派問題。客戶的選擇並不是真正的黨派之爭，因此我們希望教育繼續朝這個方向發展。但不幸的是，正如政治在教育領域發揮的方式一樣，有一點，可能是幾個州，在本賽季早些時候確實讓我們感到擔憂，我認為我們已經在秋季找到了一個不錯的地方。

All right. That's good to hear. I'm apologizing in advance for this next question, but you talked about being comfortable with your longer-term goals of 10% topline compounded growth in revenues and 20% compounded growth in adjusted operating income. I think that's off your base from fiscal 2023. You did better than that in 2024. Does that imply growth slows from current levels even though you still would be on track to hit those targets?

好的。很高興聽到這個消息。對於下一個問題，我提前表示歉意，但您談到了對收入 10% 複合增長和調整後營業收入 20% 複合增長的長期目標感到滿意。我認為這與 2023 財年的基礎不符。2024 年你做得比現在更好。這是否意味著即使您仍有望實現這些目標，但成長速度將從當前水準放緩？

That does not imply that we think growth will slow. We think we have a good trajectory to continue momentum for the foreseeable future.

這並不意味著我們認為成長將會放緩。我們認為，在可預見的未來，我們將保持良好的發展動能。

Okay. I appreciate that. I know you're not providing any forward-looking guidance beyond, I guess, what you gave us so far. And just I wanted to clarify one thing. You talked about revenue per enrollment, expecting that to be flat in fiscal 2025. Are we talking just for the General Education segment or for the total company?

好的。我很欣賞這一點。我知道您沒有提供任何超出您迄今為止向我們提供的前瞻性指導。我只是想澄清一件事。您談到了每次註冊的收入，預計 2025 財年將持平。我們談的是普通教育部門還是整個公司？

For the total company.

對於整個公司來說。

Okay. Great. Thanks so much for the color.

好的。偉大的。非常感謝你的顏色。

(Operator Instructions) Stephen Sheldon, William Blair.

（操作員說明）史蒂芬謝爾頓、威廉布萊爾。

Hi, team. You have Pat McIlwee on today. Thank you for taking my questions. So my first question, it sounds like early indications of application volumes and conversion are looking strong. So I just wanted to ask, how much of those enrollment trends would you attribute to the kind of refreshed marketing strategy versus better retention or anything else we should be thinking about?

大家好。今天請到帕特·麥克伊爾威。感謝您回答我的問題。所以我的第一個問題是，聽起來申請量和轉換率的早期跡像看起來很強勁。所以我只是想問，這些入學趨勢中有多少是由於更新的營銷策略而不是更好的保留率或我們應該考慮的其他因素？

Yes. I don't think - or actually, I wouldn't exactly say our marketing strategy has changed dramatically over the past year, from last year to this year. I think our execution has improved. And I think I mentioned we brought in a new person last spring. She was able to implement a number of things during the course of last season, but we didn't really have a full season of it. We now are seeing the full season effect of some of the things that she's implemented, and I think they're paying dividends. So I think right now, we're in, I'd say, sort of a pure execution game, and I think we're putting points on the board.

是的。我不認為——或者實際上，我不會說我們的行銷策略在過去的一年裡，從去年到今年發生了巨大的變化。我認為我們的執行力有所提升。我想我提到過去年春天我們引進了一個新人。她在上個賽季中實現了很多事情，但我們並沒有真正擁有完整的賽季。我們現在看到了她所實施的一些措施對整個賽季的影響，我認為它們正在帶來紅利。所以我認為現在我們正處於一種純粹的執行遊戲中，我認為我們正在把分數放在棋盤上。

Okay. Understood. And then, my second question is on the tutoring front. It sounds like there's been some solid early acceptance with that offering. And you have more than enough teachers that are looking for supplemental income. So I just wanted to ask if you could provide an update on the monetization potential you see there and what the timing of that could potentially look like?

好的。明白了。然後，我的第二個問題是關於輔導方面的。聽起來該產品已經得到了一些可靠的早期接受。而且有足夠的教師正在尋求額外收入。所以我只是想問您是否可以提供您所看到的貨幣化潛力的最新資訊以及可能的時間表？

Yes, it's still early. I think that there's a lot of opportunity out there. There's a lot of opportunity both with district contracts as well as with direct-to-consumer offerings. I think we're in a unique position in that market where we actually can offer a very competitive platform, I think, and you'll see this year with increasing functionality, that is going to start separating us from the marketplace.

是的，現在還早。我認為那裡有很多機會。地區合約和直接面向消費者的產品都有很多機會。我認為我們在該市場處於獨特的地位，我們實際上可以提供一個非常有競爭力的平台，我認為，今年你會看到功能不斷增加，這將開始將我們與市場區分開來。

And it's a real convenience to be able to do it online. I think there's greater acceptance to doing it online. I don't think we would expect this year for it to materially impact our financials, just sort of given such a low starting base and the fact that we're over $2 billion of revenue now. But yes, I could see us being a serious player in the next couple of years in the tutoring marketplace. And I think that can add a couple of points of growth over the next few years.

而且能夠在線上完成這件事確實很方便。我認為人們更願意在網路上做這件事。我認為我們預計今年不會對我們的財務狀況產生重大影響，只是考慮到起始基數如此之低，而且我們現在的收入超過 20 億美元。但是，是的，我可以看到我們在未來幾年內成為輔導市場的重要參與者。我認為這可以在未來幾年增加幾個增長點。

Understood. Thank you for the color, James.

明白了。謝謝你的顏色，詹姆斯。

There are no further questions at this time. With that, we will conclude today's conference call. Thank you all for your participation. You may now disconnect.

目前沒有其他問題。至此，我們將結束今天的電話會議。感謝大家的參與。您現在可以斷開連線。