Stride Inc (LRN) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is JL, and I will be your conference operator today. At this time, I would like to welcome everyone to the Stride fourth quarter fiscal year 2025 earnings call. (Operator Instructions) I would now like to turn this over to Tim Casey, VP of Investor Relations. You may begin.

感謝您的支持。我叫 JL，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Stride 2025 財年第四季財報電話會議。（操作員指示）現在我想把這個交給投資者關係副總裁 Tim Casey。你可以開始了。

Thank you, and good afternoon. Welcome to Stride's fourth quarter and year-end earnings call for fiscal year 2025. 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. Please be advised that today's discussion of our financial results may include certain non-GAAP financial measures.

謝謝，下午好。歡迎參加 Stride 2025 財年第四季和年終收益電話會議。和我一起參加今天電話會議的還有執行長 James Rhyu 和財務長 Donna Blackman。提醒一下，今天的電話會議和網路廣播附有演示文稿，可以在 Stride 投資者關係網站上找到。請注意，今天對我們財務結果的討論可能包括某些非 GAAP 財務指標。

A reconciliation of these measures is provided in the earnings release issued this afternoon and can also be found on our Investor Relations website. In addition to historical information, this call will also involve forward-looking statements.

今天下午發布的收益報告中提供了這些措施的對賬，也可以在我們的投資者關係網站上找到。除了歷史資訊外，本次電話會議還將涉及前瞻性陳述。

The company's actual results could differ materially from any forward-looking statements due to several important factors as described in the company's earnings release and latest SEC filings, including our most recent annual report on Form 10-K and subsequent filings.

由於公司收益報告和最新的 SEC 文件（包括我們最近的 10-K 表格年度報告和後續文件）中所述的幾個重要因素，公司的實際結果可能與任何前瞻性陳述有重大差異。

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. Following our prepared remarks, we will answer any questions you may have.

這些聲明是基於我們對未來事件和業務表現的看法和假設而做出的，公司不承擔更新任何前瞻性聲明的義務。在我們準備好發言之後，我們將回答您可能提出的任何問題。

Now I'll turn the call over to James. James?

現在我將把電話轉給詹姆斯。詹姆斯？

Thanks, Tim, and good afternoon, everyone. We recently celebrated our 25th year anniversary and continue to see record demand for the products and services we pioneered a quarter century ago. In a rapidly evolving world, our focus is on how we can best serve customers and the market over the next 25 years. First, some highlights from this year that reinforce our market leadership. We were named one of America's best midsize companies by TIME.

謝謝，提姆，大家下午好。我們最近慶祝了公司成立 25 週年，並且繼續看到市場對我們 25 年前開創的產品和服務的需求創下新高。在快速發展的世界裡，我們關注的是如何在未來 25 年內為客戶和市場提供最好的服務。首先，今年的一些亮點鞏固了我們的市場領導地位。我們被《時代》雜誌評為美國最佳中型公司之一。

We were named 2024 Company of the Year by BIG Awards for Business posted by the Business Intelligence Group and Best EdTech Company by the Global EdTech Awards. We received two Gold Stevie awards, one for our game-based curriculum and one for our virtual learning solution.

我們被商業智慧集團發布的 BIG 商業獎評為 2024 年度最佳公司，並被全球教育科技獎評為最佳教育科技公司。我們獲得了兩項史蒂夫金獎，一項是因基於遊戲的課程而獲得的，另一項是因虛擬學習解決方案而獲得的。

We were awarded digital education awards, digital game-based learning product of the year and named the digital education institution of the year. We are one of the largest employers of teachers and education staff in the country offering choice for teachers as well as families.

我們榮獲數位教育獎、年度數位遊戲化學習產品獎，並被評為年度數位教育機構。我們是全國最大的教師和教育人員雇主之一，為教師和家庭提供選擇。

And in a country where more teachers are leaving the profession than entering and where there is a persistent national teacher shortage, we have managed to grow and provide an outlet to teachers who are looking for something different than the traditional system can provide them.

在這個離職教師數量多於入職教師數量、全國教師短缺現象持續存在的國家，我們成功地發展壯大，為那些尋求不同於傳統體系的教師提供了一個出路。

But all of this pales in comparison to the record numbers of families and students we're able to serve. So how can we build on this momentum and also prepare for the next 25 years? The good news is that macro trends around our core business continue to be positive.

但與我們能夠服務的家庭和學生的創紀錄數量相比，這一切都顯得微不足道。那麼，我們如何才能保持這一勢頭並為未來 25 年做好準備呢？好消息是，我們核心業務的宏觀趨勢持續保持積極。

Demand for school choice is growing, and our customers and potential customers continue to choose us in record numbers. Given where we are, less than 50% through our anticipated enrollment season, we can already see if current trends continue that we will once again achieve double-digit enrollment growth this fall.

對學校選擇的需求正在增長，我們的客戶和潛在客戶繼續以創紀錄的數量選擇我們。考慮到目前的情況，預計入學季節的入學人數還不到 50%，我們已經可以預見，如果目前的趨勢持續下去，今年秋季我們將再次實現兩位數的入學人數成長。

And we are continuing to invest in new products and services. This will both benefit our core business but also give us new market opportunities to pursue. For example, over the past year, our tutoring business hosted over 100,000 sessions.

我們將繼續投資新產品和服務。這不僅有利於我們的核心業務，也為我們提供了新的市場機會。例如，在過去的一年裡，我們的輔導業務舉辦了超過100,000場課程。

In this upcoming school year, we are going to offer dedicated tutoring for all second and third graders focused on the core skill of reading. We also continue to invest in our career platform and programs with an emphasis on building a community of resources that offer practical trajectories.

在即將到來的學年，我們將為所有二年級和三年級學生提供專門的輔導，並專注於閱讀這項核心技能。我們也繼續投資我們的職業平台和項目，重點是建立一個提供實用軌蹟的資源社群。

And of course, everybody is talking about AI. We are proceeding with our cautious but ambitious approach to enable the use of AI in our programs in a responsible and impactful manner. I said a couple of years ago that we are not going to play into the hype around AI, but rather focus on foundational areas and technologies that we can leverage for better customer outcomes and experiences.

當然，每個人都在談論人工智慧。我們正在採取謹慎但雄心勃勃的方法，以負責任和有影響力的方式在我們的專案中使用人工智慧。幾年前我就說過，我們不會過度炒作人工智慧，而是專注於基礎領域和技術，以便我們能夠利用這些領域和技術來獲得更好的客戶結果和體驗。

And we are continuing down that path both in partnership with other providers as well as through proprietary investments that we can leverage our core strengths. We're excited about what the next 25 years hold for us and how we can deliver on tomorrow's education today.

我們將繼續沿著這條道路前進，與其他供應商合作，並透過專有投資來發揮我們的核心優勢。我們對未來 25 年將發生的事情以及我們如何在今天實現未來的教育充滿期待。

Thank you. Now over to Donna.

謝謝。現在輪到唐娜了。

Thanks, James, and good afternoon. As James discussed, we had another strong year, driven by strong demand and the continued momentum in the school choice market. Full year revenue of $2.4 billion was up 18% from last year.

謝謝，詹姆斯，下午好。正如詹姆斯所討論的，在強勁的需求和學校選擇市場持續成長勢頭的推動下，我們又度過了強勁的一年。全年營收 24 億美元，較去年同期成長 18%。

We continue to see the benefits of our scale coupled with improvements in marketing, which drove adjusted operating income of $466.2 million, up nearly 60% from last year. Our team served more than 240,000 students and families this year, and I am incredibly proud of what we have accomplished.

我們繼續看到規模效益和行銷改善帶來的收益，推動調整後的營業收入達到 4.662 億美元，比去年增長近 60%。今年，我們的團隊為超過 24 萬名學生和家庭提供了服務，我為我們所取得的成就感到無比自豪。

And as I look at the trends we're seeing for the upcoming school year, I see more opportunities ahead. I'll talk a little bit more about next year momentarily, but I want to first provide more detail on our results for FY2025. Career Learning and middle and high school revenues were $876.3 million, up 35%. Full year enrollments totaled 96,300, up 33%. General Education revenue was $1.45 billion, up 12%.

當我看到即將到來的學年的趨勢時，我看到了未來更多的機會。我稍後會再談一些關於明年的事情，但我想先提供更多關於我們 2025 財年業績的細節。職業學習和初中及高中收入為 8.763 億美元，成長 35%。全年入學人數共96,300人，成長33％。普通教育收入為 14.5 億美元，成長 12%。

Enrollment in General Education for the year totaled 137,700, up 13%. Total revenue per enrollment was $9,677, up just slightly from last year. Throughout the year, state mix had an impact on our overall revenue per enrollment, but the strong fourth quarter results meant we finished the year relatively flat. For FY26, we see some states holding funding flat, while others are increasing funding. So overall, we see a fairly positive funding environment.

全年普通教育入學總人數為13.77萬人，成長13%。每位入學學生的總收入為 9,677 美元，比去年略有成長。全年來看，各州的招生組合對我們每位學生的總收入產生了影響，但第四季度的強勁業績意味著我們全年的業績相對持平。對於 2026 財年，我們發現一些州的資金保持平穩，而其他州則增加了資金。因此整體而言，我們看到了相當積極的融資環境。

Additionally, we do not anticipate any material impact on our revenue per enrollment from changes at the federal level. As with any year, revenue per enrollment may be also impacted by state mix and yield. While it's still early in the year, given the current environment, we expect full year FY26 revenue per enrollment to be relatively flat to up slightly from FY25. Gross margin for the year was 39.2%, up 180 basis points. As we mentioned last quarter, there is a balance between continuing to invest in the business and improving gross margin.

此外，我們預計聯邦層級的變化不會對我們每位學生的收入產生任何重大影響。與任何一年一樣，每入學人數的收入也可能受到州組合和收益的影響。雖然現在還處於年初階段，但考慮到目前的環境，我們預計 2026 財年全年每位學生的收入將與 2025 財年持平或略有上升。全年毛利率為39.2%，上升180個基點。正如我們上個季度提到的，繼續投資業務和提高毛利率之間存在平衡。

For FY26, we anticipate making investments in our products and services as we seek to continuously improve the experiences for our students. Therefore, we expect gross margins to continue to grow but at a slower pace than we've seen in the past two years.

對於 26 財年，我們預計將對我們的產品和服務進行投資，以持續改善學生的體驗。因此，我們預計毛利率將繼續成長，但成長速度將比過去兩年慢。

Selling, general, and administrative expenses were $524.3 million, up 2% from last year. We will continue to keep our SG&A spending in check, and we expect to see strong operating leverage out of the business going forward. Stock-based compensation for the year was $36.8 million, up $5.3 million from last year.

銷售、一般及行政開支為 5.243 億美元，較去年同期成長 2%。我們將繼續控制銷售、一般及行政費用 (SG&A) 支出，並預期未來業務將具有強勁的營運槓桿。全年股票薪酬為 3,680 萬美元，比去年增加 530 萬美元。

As you saw in our press release, we booked a onetime noncash impairment charge of $59.5 million related to our Galvanize business. This charge is associated with two aspects of the business. First, $27.3 million is a pull-forward of lease expenses associated with our co-working business, which has never recovered from the COVID pandemic.

正如您在我們的新聞稿中看到的，我們提列了與 Galvanize 業務相關的 5,950 萬美元的一次性非現金減損費用。這項費用與業務的兩個方面有關。首先，2,730 萬美元是與我們的共享辦公室業務相關的租賃費用的提前支出，該業務從未從 COVID 疫情中恢復過來。

And $32.2 million is a trade name write-down due to the continued IT software business decline, which we've previously discussed. Given the onetime nature of this charge, we have excluded this from our adjusted profit metrics.

其中 3,220 萬美元是由於 IT 軟體業務持續下滑而導致的商標減值，我們之前已經討論過。鑑於該費用的一次性性質，我們已將其排除在調整後的利潤指標之外。

For the year, adjusted operating income was $466.2 million, up nearly 60% from last year, and adjusted EBITDA was $571 million, up 46% from the prior year. Diluted net income per share totaled $5.95, up 27% from last year.

全年調整後營業收入為 4.662 億美元，較上年增長近 60%，調整後 EBITDA 為 5.71 億美元，較上年增長 46%。每股攤薄淨收益總計 5.95 美元，較去年同期成長 27%。

As I mentioned last quarter, we're introducing a new metric this quarter, adjusted earnings per share, in order to give investors a better sense of the ongoing operational performance of the business. Similar to our other adjusted metrics, adjusted earnings per share excludes stock-based compensation, amortization of intangible assets and any one-time adjustments.

正如我上個季度提到的，我們在本季度引入了一項新指標，即調整後每股收益，以便讓投資者更了解業務的持續營運表現。與我們的其他調整指標類似，調整後的每股盈餘不包括股票薪酬、無形資產攤銷和任何一次性調整。

Additionally, the metric nets out the tax impact of these adjustments and includes the impact of the shares we expect to receive from the capped call transaction associated with our convertible notes.

此外，該指標還扣除了這些調整的稅收影響，並包括了我們預計從與可轉換票據相關的封頂看漲期權交易中獲得的股票的影響。

We believe this new metric will also help investors better understand the net impact of the convertible notes on our earnings per share. For the full year, our adjusted earnings per share was $8.10, up 48%, compared to $5.49 in FY24. A reconciliation of adjusted EPS is provided in the earnings release and the presentation accompanying our webcast. Our effective tax rate for FY25 was 24.4%. Capital expenditures were $60 million for the year.

我們相信這項新指標也將幫助投資人更了解可轉換票據對我們每股盈餘的淨影響。全年調整後每股收益為 8.10 美元，較 24 財年的 5.49 美元成長 48%。收益報告和網路廣播附帶的簡報中提供了調整後的每股盈餘的對帳。我們 25 財年的有效稅率為 24.4%。全年資本支出為 6,000 萬美元。

Free cash flow, which we define as cash from operations less CapEx, was $372.8 million, up $155.6 million from last year. We finished the year with cash, cash equivalents, and marketable securities of just over $1 billion. This year was another record year for Stride with continued strong revenue and profitability growth.

自由現金流（我們將其定義為經營活動產生的現金減去資本支出）為 3.728 億美元，比去年同期增加了 1.556 億美元。我們截至年底的現金、現金等價物和有價證券總額略高於 10 億美元。今年是 Stride 創紀錄的另一年，營收和獲利持續強勁成長。

And while it's still early in the enrollment season, given that historically August and September are our busiest months, we are on track for another year of strong growth in FY26. And as we've done in the past, we'll wait until the first quarter earnings to provide formal enrollment guidance.

雖然現在仍處於招生季節的早期，但考慮到歷史上八月和九月是我們最繁忙的月份，我們預計在 2026 財年再次實現強勁增長。正如我們過去所做的那樣，我們將等到第一季獲利後再提供正式的招生指導。

However, I'd like to add a little color to the comments James made about our anticipated enrollment growth for the first quarter. Based on our latest data, we expect year-over-year enrollment growth to be in the range of 10% to 15% in the first quarter. It's still early in August, and we will need to continue to execute against what we believe is a strong market trend. A few additional notes for FY26. Seasonality for next year should be in line with FY25.

不過，我想對詹姆斯對我們第一季預期入學人數成長的評論進行一些補充。根據我們的最新數據，我們預計第一季入學人數將年增 10% 至 15% 之間。現在還只是八月初，我們需要繼續執行我們認為強勁的市場趨勢。關於 FY26 的一些補充說明。明年的季節性應與 FY25 一致。

SG&A as a percent of revenue should continue to decrease marginally, while CapEx as a percent of revenue is anticipated to be relatively flat. Stock-based compensation will increase slightly from this year, and interest expense and the tax rate should be in line with FY25. Thanks so much for your time today, and I'll turn the call back over to the operator for your questions. Operator?

銷售、一般及行政費用佔收入的百分比應會繼續小幅下降，而資本支出佔收入的百分比預計會相對持平。股票薪酬將從今年起略有增加，利息支出和稅率應與 25 財年保持一致。非常感謝您今天抽出時間，我會將電話轉回給接線生以回答您的問題。操作員？

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

Congratulations on the quarter and the strong year. I was wondering if we can just talk about fiscal '26. Really appreciate you giving us at least some framework of what you're expecting. You talked about the 10% to 15% potential enrollment growth in the first quarter. And I think you've caveated that with saying if current trends continue.

恭喜本季和今年取得的輝煌成績。我想知道我們是否可以談論 26 財年。非常感謝您至少向我們提供一些您所期望的框架。您談到第一季入學人數的潛在成長率為 10% 至 15%。我認為您在說當前趨勢是否持續下去時已經提出了警告。

So can we just talk about what current trends you're talking about and where you are seeing that strength? What's driving that 10% to 15% expectations?

那麼我們可以談談您所說的當前趨勢以及您在哪裡看到了這種優勢嗎？是什麼推動了 10% 至 15% 的預期？

Yeah, I mean I think we've been pretty consistent that we sort of view demand as application volumes as a proxy for demand. And so when we see early funnel activity, i.e., demand strong, we're really talking about applications. And I think applications have been a much more proven indicator of demand for us. It's much more reliable.

是的，我的意思是，我認為我們一直非常一致地將需求視為申請量作為需求的代理。因此，當我們看到早期的漏斗活動，即需求強勁時，我們實際上是在談論應用程式。我認為應用程式已經成為我們需求的一個更有力的指標。它更加可靠。

It does require some level of sort of increased effort than just clicking a button. So families tend to convert higher. We're not yet, I think, 50% through what we anticipate the season to be. So it is a little bit early, but I think those demand indicators, they look strong year over year. They look strong. And so we're pretty bullish that these trends should hold up and we'll have a strong fall.

它確實需要比僅僅單擊按鈕付出一定程度的努力。因此家庭皈依傾向較高。我認為，我們尚未完成本賽季預期的 50%。雖然現在說這還為時過早，但我認為這些需求指標看起來比去年同期強勁。他們看起來很強壯。因此，我們非常看好這些趨勢將會持續下去，並且我們將迎來強勁的下跌。

All right. That's really helpful. My follow-up was just regarding either new contracts or lost contracts. I know there was some noise out of New Mexico, but you issued a press release last night. So maybe we can get some specific color in terms of what's going on there. And are there any other major changes that we should be aware of for the upcoming fiscal year, both positive and negative?

好的。這真的很有幫助。我的後續行動只是關於新合約或遺失的合約。我知道新墨西哥州有一些喧鬧，但你昨晚發布了新聞稿。因此，也許我們可以對那裡發生的事情有更具體的了解。在即將到來的財政年度中，還有哪些重大變化是我們應該注意的，無論是正面的還是負面的？

Yeah, no other major changes for the fiscal year. As we've said before, I'm not aware of a business that from time to time doesn't have some client turnover. Ours is no different. I think what I see at least is the strength of our franchise is such that -- we did have an unfortunate actually incident in New Mexico where the partner we had didn't turn out to be kind of the partner, I think, that we expected.

是的，本財政年度沒有其他重大變化。正如我們之前所說，我不知道有哪家企業不時會有客戶流失。我們的情況也是一樣。我認為至少我看到的是我們的特許經營實力如此之強——我們在新墨西哥州確實發生了一起不幸的事件，我們的合作夥伴並不是我們所期望的那種合作夥伴。

And we quickly were able to build a pipeline of new potential partners, and it all came together pretty quickly where we got a couple of new districts signed up with us. So I think it sort of speaks more to the strength of our franchise really than any disappointment we have because, again, I think just in any business, it's impossible to have 100% client retention.

我們很快就建立了新的潛在合作夥伴管道，很快就會有多個新地區與我們簽約。因此，我認為這更說明了我們特許經營的實力，而不是我們的任何失望，因為，我認為在任何行業中，都不可能實現 100% 的客戶保留率。

So we're going to experience that from time to time, and I think the strength of our franchise will largely be able to overcome that. And we'll be able to continue to build and grow. And New Mexico is an amazing state.

所以我們會不時經歷這種情況，我認為我們特許經營的實力將在很大程度上能夠克服這一點。我們將能夠繼續建設和發展。新墨西哥州是一個令人驚嘆的州。

It's got a very, very unique population that I think our programs are uniquely beneficial in serving. And I think, again, going back to the strength of our franchise, what we found overwhelmingly is that the families who are with the program last year that we managed have migrated over to our new programs as opposed to staying with the legacy program that they are still trying to run.

我認為我們的計畫對服務這個群體非常非常獨特，因此對他們來說具有獨特的益處。我認為，再次回到我們特許經營的優勢，我們發現絕大多數情況下，去年參加我們管理的項目的家庭已經遷移到我們的新項目，而不是繼續留在他們仍在嘗試運行的舊項目上。

So I think the customers have really spoken that they prefer our program and our approach and our franchise than what got left behind. And I think that really speaks to the strength of our programs.

所以我認為客戶確實表示他們更喜歡我們的計劃、我們的方法和我們的特許經營權，而不是被遺忘的東西。我認為這確實體現了我們專案的優勢。

Greg Parrish, Morgan Stanley.

摩根士丹利的格雷格·帕里什。

Congrats on the results. And thanks for all the color heading into next year. I guess maybe I want to start with your long-term framework, especially on operating income. You've outperformed your targets and essentially hit them already. But thinking about the 10%, 20% framework, now that you've exceeded your plan and you've rebased the margin higher, I guess, the question is, does that get harder from here to grow operating income at twice the rate of revenue?

恭喜取得成果。感謝你們為明年帶來的所有色彩。我想也許我想從你的長期框架開始，特別是關於營業收入。您已經超越了自己的目標，基本上已經達成目標。但是考慮到 10%、20% 的框架，既然您已經超出了計劃，並且已經重新提高了利潤率，我想，問題是，從現在開始，以兩倍於收入的速度增長營業收入是否會變得更加困難？

And then thinking about next year, more specifically, is EBIT growth 2x revenue growth? Is that still the right target when thinking about next year?

然後考慮明年，更具體地說，息稅前利潤成長是收入成長的 2 倍嗎？當你考慮明年的時候這仍然是正確的目標嗎？

Yeah, I think in any business, obviously, it gets harder the bigger scale you get. Just mathematically, I think it gets harder to 2x your revenue growth. I think that we've set pretty ambitious targets in the past over the past several years, and we've beaten those targets. I think we need to take a fresh look, though.

是的，我認為在任何行業中，規模越大顯然就越難。從數學角度來看，我認為將收入成長翻倍會變得更加困難。我認為我們在過去幾年中設定了非常雄心勃勃的目標，我們已經超額完成了這些目標。但我認為我們需要重新審視。

As Donna said, the expansion on our gross margin is likely to regulate a little bit here this year and going forward. So as she said, I don't think we're going to continue to see the type of gross margin expansion, which I think disproportionately helps that 10% and 20% model.

正如唐娜所說，今年及未來我們的毛利率成長可能會有所調整。所以正如她所說，我認為我們不會繼續看到這種類型的毛利率擴張，我認為這對 10% 和 20% 的模型有不成比例的幫助。

So sure, it's going to get a little bit tougher. I also think that as long as we can continue to grow the way we have and the market continues to have the kind of demand that we see, our investors should be very pleased if we do something that's -- if it's 10% and 18%, I think that's a pretty darn good outcome. And we're going to take a fresh look this year at our planning. And we'll provide some updates either later this fiscal year or soon thereafter.

所以可以肯定的是，這會變得更加困難。我還認為，只要我們能夠繼續保持現有的成長方式，並且市場繼續保持我們所看到的需求，我們的投資者就會非常高興，如果我們能取得 10% 和 18% 的成長率，我認為這是一個相當不錯的結果。今年我們將重新審視我們的計劃。我們將在本財年晚些時候或之後不久提供一些更新資訊。

Great. That's helpful. And then maybe I come back to funding. One question on the fourth quarter number. I think the Career Learning, the 4Q number was pretty strong.

偉大的。這很有幫助。然後我可能會回到融資問題。關於第四季數據的一個問題。我認為職業學習的第四季數據相當強勁。

I think that's sort of a true-up for the year. Maybe you could help us understand where that came in better than expected. I don't know if there's anything to call out. And then maybe bigger picture heading into '26, I mean, a lot of noise out there, all the federal funding and sort of districts facing uncertainty and state budgets, et cetera. Maybe kind of just flesh out what you're seeing.

我認為這是今年的真實情況。也許您可以幫助我們更好地理解事情發生的原因。我不知道有沒有什麼需要呼籲的。然後也許進入 26 年，更大的情況是，外面有很多噪音，所有的聯邦資金和各區都面臨不確定性，還有州預算等等。也許只是充實了你所看到的東西。

I know you called out your expectation for flat, but maybe just kind of anything to call out from your conversations with states.

我知道您提到了對持平的預期，但也許您只是從與各州的對話中提到了任何事情。

Yeah, with respect to Q4, you hear me talk more about overall revenue per enrollment as opposed to bringing it out from General Ed versus Career Learning because it really sometimes depends on what the mix is like from -- between General Ed and Career Learning.

是的，關於第四季度，您聽到我更多地談論的是每位入學學生的總收入，而不是將其從通識教育與職業學習中分離出來，因為它有時實際上取決於通識教育和職業學習之間的組合情況。

So I don't typically focus so much on whether it's a General Ed or Career. What I would say is that kind of reiterate what I said in my prepared remarks that we sort of continue to see strength throughout the course of the year. We thought we would have some softness as we did relative to mix.

所以我通常不會太在意它是通識教育還是職業教育。我想說的是，重申我在準備好的發言中所說的話，即我們在今年全年將繼續看到強勁勢頭。我們認為我們會有一些柔軟度，就像我們相對於混合所做的那樣。

But as the year progressed, those numbers started to improve. And so we ended the year certainly higher as the year progressed. We did have some favorable funding as it relates to some growth funding and some completion funding that happened in Q4 as well. But it's overall strong performance in both General Ed and Career Learning. And with respect to the funding environment, as I said in my prepared remarks, the funding environment looks favorable.

但隨著時間的推移，這些數字開始改善。因此，隨著時間的推移，我們以更高的業績結束了這一年。我們確實獲得了一些有利的資金，因為它與第四季度發生的一些成長資金和一些完成資金有關。但它在通識教育和職業學習方面總體表現強勁。至於融資環境，正如我在準備好的演講中所說，融資環境看起來很好。

We have some states that are planning to increase while some are remaining flat. And so overall, we think it's going to be a positive funding environment for 2026. And as it relates to -- at the federal level, we don't expect that to have any significant impact on our funding for 2026.

有些州計劃增加，而有些州則保持平穩。整體而言，我們認為 2026 年的融資環境將會積極。就聯邦層級而言，我們預計這不會對我們 2026 年的資金產生任何重大影響。

I think the good news for us on the funding side is in addition to everything Donna outlined, our partners, given the strength of the funding environment, their financial profiles also continue to improve. So I think just -- there's a lot of residual benefit of having the kind of environment that we're having because our partners have strong balance sheets.

我認為，對我們來說，在融資方面好消息是，除了唐娜概述的一切之外，我們的合作夥伴，鑑於融資環境的強勁，他們的財務狀況也在不斷改善。所以我認為——我們所處的這種環境會帶來很多剩餘利益，因為我們的合作夥伴擁有強大的資產負債表。

And that obviously accrues to the customers that they're serving. And so I think just -- it's a very healthy environment for the overall sector for us to be in. And as Donna said, the federal side of this stuff, again, everything -- we've said this before.

這顯然會為他們所服務的客戶帶來好處。所以我認為——對於我們整個產業來說，這是一個非常健康的環境。正如唐娜所說，關於聯邦方面的事情，我們之前已經說過了。

Everything that I think we can see is that there is not any negative repercussion of any of the actions that we can see so far that the federal government is taking. And we're supportive of what we see that they are doing in that they are focusing on school choice for families in this country, which we believe is the right thing.

我認為，我們所看到的是，迄今為止聯邦政府採取的任何行動都沒有產生任何負面影響。我們支持他們正在做的事情，即關注這個國家的家庭的學校選擇，我們相信這是正確的做法。

Jason Tilchen, Canaccord Genuity.

Canaccord Genuity 的 Jason Tilchen。

First thing, I just wanted a bit of a follow-up on the comment that was made earlier regarding some of the -- maybe the slower pace of gross margin expansion next year. Maybe if there's anything you could share on where some of those investments in products and services will be focused on, how they could benefit the student or teacher experience. And then more broadly, sort of what are some of the other notable opportunities for cost savings here over the near term?

首先，我只是想對之前​​關於明年毛利率擴張速度可能放緩的評論進行一些跟進。也許您可以分享這些產品和服務投資的重點，以及它們將如何改善學生或教師的體驗。那麼更廣泛地說，短期內還有哪些值得注意的成本節約機會？

I think -- I don't know, somebody will correct me on the exact numbers. But four or five years ago, when I took the job, our gross margins were hovering in the 33-and-change percentile and now we're pushing 40. And I think that's just -- it's a very significant improvement that we've made.

我想——我不知道，有人會糾正我確切的數字。但四、五年前，當我接手這份工作時，我們的毛利率徘徊在 33% 左右，而現在我們已經接近 40%。我認為這只是——這是我們取得的一個非常重大的進步。

All the while, we've tried to balance that with ongoing investments in the programs themselves. This year specifically, we're doing something I think I mentioned that's going to be a little bit unusual, which is we are offering tutoring services, high-dosage tutoring services to all second and third graders, specifically targeting the one thing that you hear repeatedly within education, which is kids need to learn by the third grade.

一直以來，我們都試圖透過對專案本身的持續投資來平衡這一點。具體來說，今年我們正在做一些我認為有點不尋常的事情，那就是我們為所有二年級和三年級學生提供輔導服務，高劑量的輔導服務，專門針對你在教育中反复聽到的一件事，那就是孩子們需要在三年級之前學習。

And if they can learn to read by the third grade, then they can learn other things, right? And that's really what we're targeting is getting kids to learn to read by the third grade. And that's not an insignificant investment we're making to do that. We're going to see and monitor how effective it is. But as Donna said, that doesn't mean, by the way, we're indicating any contraction in margin.

如果他們能在三年級學會閱讀，那麼他們就能學習其他東西，對嗎？我們真正的目標是讓孩子在三年級時學會閱讀。為了實現這個目標，我們所做的投資並不小。我們將觀察並監測其有效性。但正如唐娜所說，這並不意味著我們表示利潤率會有所收縮。

We're finding other ways to fund it, but it just does mean that the expansion is probably going to abate a little bit. I think that the area where we have ongoing opportunity is the same area that the rest of corporate America is talking about is I think there's a lot of efficiency that can be gained in adopting technologies like AI. AI is not the only one, but there are a lot of different technologies that we can adopt that make our operations more efficient. And I think we're going to continue to pursue those as well.

我們正在尋找其他方式來籌集資金，但這確實意味著擴張可能會減弱。我認為，我們擁有持續機會的領域與其他美國企業正在談論的領域是相同的，我認為採用人工智慧等技術可以提高許多效率。人工智慧並不是唯一的技術，我們還可以採用許多不同的技術來提高我們的營運效率。我認為我們也將繼續追求這些目標。

We grew 180 basis points in gross margin this year, 220 basis points last year. And some of the additional investments that we're going to be making to not only just improve the -- to help with the students in terms of the outcomes with the tutoring, but also investing in some of the engagement work we're doing. You've heard us talk about our K-12 zone and investing and operating that as well.

今年我們的毛利率成長了 180 個基點，去年成長了 220 個基點。我們將進行一些額外投資，不僅是為了改善輔導效果，幫助學生取得更好的學習成果，而且還將投資於我們正在進行的一些參與工作。您已經聽我們談論了我們的 K-12 區域以及對該區域的投資和營運。

Very helpful. One quick follow-up if I may. The Adult Learning business showed a little bit of stabilization in Q4. The decline there was much lower than in the first three quarters of the year. Just wondering if you could share anything about the transition that's ongoing there. And anything else you're seeing from the demand environment for those platforms?

非常有幫助。如果可以的話，我想快速跟進一下。成人學習業務在第四季略有穩定。該地區的降幅比今年前三個季度低得多。只是想知道您是否可以分享一些有關那裡正在進行的轉變的信息。您還從這些平台的需求環境中看到了什麼其他情況嗎？

Yeah. Like, listen, this has been just a miss on our part. It's been a disappointment. I don't think there's really any way to sugarcoat it. Obviously, the markets turned against us a little bit, specifically in the technology area.

是的。聽著，這只是我們的失誤。這真令人失望。我認為沒有任何方法可以粉飾它。顯然，市場對我們有些不利，特別是在科技領域。

But I think overall in this, we've actually made some changes here in the past couple of months. I think that the demand side of it, particularly on the healthcare, continues to be an opportunity for us. We need to execute better than we have.

但我認為總體而言，過去幾個月我們確實做出了一些改變。我認為，需求方面，特別是醫療保健方面，對我們來說仍然是一個機會。我們需要比現在做得更好。

And I think there is an opportunity for us to execute better and still get some value out of these things. But certainly, on the tech side, we haven't executed well, and the demand side has sort of turned against us. It's not a great story for us, and we just have to do better there.

我認為我們有機會更好地執行並從這些事情中獲得一些價值。但可以肯定的是，在技術方面，我們執行得併不好，而且需求方面也對我們不利。對我們來說這不是一個好故事，我們必須做得更好。

Alex Paris, Barrington Research.

巴林頓研究公司的亞歷克斯‧帕里斯 (Alex Paris)。

Congrats on a strong finish to the year. I just wanted to follow up a little bit about the lost contracts, gained contracts that we started the Q&A section with. It was late May that news broke that the Gallup-McKinley school district terminated their contract. I think that was around 4,000 students. So it was not insignificant.

恭喜您今年取得了圓滿的成績。我只是想稍微跟進一下我們在問答部分開始提到的丟失的合約和獲得的合約的情況。五月底，有消息指出蓋洛普-麥金利學區終止了合約。我認為大約有 4,000 名學生。所以這並不是無關緊要的事。

And again, some years, you lose them, some years, you gain new contracts. And then roughly two months later, you announce this big multi-district deal also in the state of New Mexico. I just wonder if we can get a little bit more color there. You said a few interesting things. Number one, parents that had students at Gallup-McKinley have moved over to Destinations Career Academy of New Mexico if I understood that correctly.

再說，有些年份，你會失去這些合同，有些年份，你會獲得新的合約。大約兩個月後，你們又在新墨西哥州宣布了這項大型跨區交易。我只是想知道我們是否可以在那裡獲得更多的色彩。你說了一些有趣的事。第一，如果我理解正確的話，原來在蓋洛普麥金利學校上學的學生的家長已經轉到新墨西哥州目的地職業學院了。

I'm wondering, what's the magnitude there? And then the second and related question is, was this Destinations Career Academy already up and running because I think you noted that there was 3,000 students there in the press release?

我想知道那裡的規模有多大？然後第二個相關的問題是，這個目的地職業學院是否已經開始運作了，因為我認為您在新聞稿中提到了那裡有 3,000 名學生？

Yeah. So let me try to unpack this here a little bit. When we encountered the difficulties with the Gallup-McKinley school district, we were uncertain about how those families were going to be able to continue in a program and -- period. Like we just -- we didn't have enough information sort of broadly whether it was going to be ours or theirs or whatever. And so we made a decision to offer those families a spot in a comparable private academy in New Mexico.

是的。因此，讓我嘗試在這裡稍微解釋一下這個問題。當我們在蓋洛普-麥金利學區遇到困難時，我們不確定這些家庭是否能夠繼續參與這個計畫——就這樣。就像我們一樣——我們沒有足夠的資訊來大致判斷它是我們的還是他們的，或是其他什麼的。因此，我們決定為這些家庭提供進入新墨西哥州一所類似私立學院的機會。

And our view of it was that we were going to invest in those families irrespective of sort of whatever contractual outcome happened because it was important to us to make sure that we protected those families. Our team did an amazing job in securing these contracts.

我們的觀點是，無論合約結果如何，我們都會向這些家庭進行投資，因為對我們來說，確保保護這些家庭非常重要。我們的團隊在確保這些合約方面做得非常出色。

And so those families now have, I'll say, a more secure home if you will, in a similar environment if you will, that they were previously in. But we did make an offer, and that would have been an investment on our part for these families. It also, by the way, ensured teachers that we employed in New Mexico were able to retain their jobs, which was also important to us, which we also made that decision at potentially investment on our part.

因此，我想說，這些家庭現在擁有了一個更安全的家，並且處於與他們以前所處的環境類似的環境中。但我們確實提出了報價，這對這些家庭來說是一項投資。順便說一句，這也確保了我們在新墨西哥州僱用的教師能夠保住他們的工作，這對我們也很重要，我們做出這個決定也可能是我們的投資。

Now it's all worked out. But we made that decision before we knew it was going to work out because it was the right thing to do for the families and for the teachers in that state. And we stood by them, and I think they're now standing by us. But it was dicey. It was difficult.

現在一切都解決了。但我們在知道這樣做是否會成功之前就做出了這個決定，因為這對該州的家庭和教師來說是正確的做法。我們曾經支持他們，我想現在他們也支持我們。但這很危險。這很困難。

We were not sure that we were going to secure a new set of agreements. Shout out to the districts that signed up with us. I think they worked very quickly and diligently as well. So thank you to them. And I think we've all got the same goals in mind here, which is to ensure seamless education opportunities for those families. And we've been able to come together and provide that. And we're very grateful for that opportunity to serve those families.

我們不確定我們是否能夠達成一套新的協議。向與我們簽約的地區致敬。我認為他們工作起來也非常迅速和勤奮。所以向他們表示感謝。我認為我們都懷著相同的目標，那就是確保這些家庭獲得無縫的教育機會。我們已經能夠齊心協力並提供這些幫助。我們非常感謝有機會為這些家庭提供服務。

So that's great. So the 3,000 students already enrolled for the upcoming fall term. Did they come from Gallup-McKinley? Or are they already existing students that you were serving during fiscal '25?

這太棒了。因此，已有 3,000 名學生報名參加即將到來的秋季學期。他們是從蓋洛普-麥金利民調中心來的嗎？或者他們已經是您在 25 財年期間服務過的學生了？

They largely came from the previous program. There are some new students in there as well. But if you think about it, you start with your 4,000 number that you started with. Well, there's a bunch of students that either will naturally attrit or graduate or whatever. And we go through every year a reregistration process with the schools. And the vast, vast, vast majority of families who have reregistered have reregistered into this program.

它們大部分來自先前的程序。那裡還有一些新生。但如果你仔細想想，你一開始的數字是 4,000。嗯，有一大批學生要嘛自然退學，要嘛畢業，要嘛其他什麼的。我們每年都會與學校進行重新註冊的過程。絕大多數重新登記的家庭都已重新登記加入該計劃。

So who's left at the Gallup-McKinley? Or is the Gallup-McKinley program closing?

那麼蓋洛普-麥金利調查還剩下誰呢？或者蓋洛普-麥金利項目正在關閉？

We can't speak on their behalf. We have no idea. All we know is that the families have spoken to us, and they overwhelmingly want to continue in our program. I have no idea what's going on with them. That's for them to decide.

我們不能代表他們發言。我們不知道。我們所知道的是，這些家庭已經與我們進行了交談，並且他們非常希望繼續參加我們的計畫。我不知道他們發生了什麼事。這是由他們決定的。

But I know what we can control is that we want to continue to support the families in New Mexico. We made a commitment to do so. We wanted to continue to support the teachers in New Mexico. We made a commitment to do so. We backed up our commitment, and we were very fortunate, and we're very grateful to have our new partners in New Mexico.

但我知道我們能控制的是，我們希望繼續支持新墨西哥州的家庭。我們承諾這樣做。我們希望繼續支持新墨西哥州的教師。我們承諾這樣做。我們履行了承諾，我們非常幸運，並且非常感激在新墨西哥州擁有新的合作夥伴。

So last point about that. And just to put it in perspective, if I'm right on that 4,000 number, it's only 4,000 of 234,000 from a financial perspective, from a stock market perspective. So that was a 4,000 hole that we were going to have to overcome, but it looks like that we don't need -- we're not going to have to overcome that anymore given that the families have spoken and they've registered at the Destinations Career Academy of New Mexico, which is your operated site, correct?

關於這一點，最後一點。為了更清楚地說明這一點，如果我對 4,000 這個數字的判斷正確的話，那麼從財務角度、從股市角度來看，這只是 234,000 中的 4,000。所以，我們必須彌補 4,000 個空缺，但看起來我們不需要了——我們不再需要彌補這個空缺了，因為這些家庭已經表達了意見，並且已經在新墨西哥州目的地職業學院（這是你們運營的站點）註冊了，對嗎？

Correct. We anticipate no hole to fill. And yes, you have the numbers directionally right. It would have been something probably less than 2% of the total that we would have, in theory, had at risk. But we feel pretty confident that New Mexico is a really strong demand state.

正確的。我們預計不會出現需要填補的空缺。是的，你的數字方向正確。從理論上講，這可能還不到我們面臨風險的總額的 2%。但我們非常有信心，新墨西哥州是一個需求非常強勁的州。

We see a lot of demand in that state. We think we're going to continue to perform very well in that state, and we think that the families have really recognized us as the premier operator in that state.

我們發現該州的需求很大。我們認為我們將繼續在該州表現出色，我們認為這些家庭已經真正認可我們是該州首屈一指的運營商。

That's great. That's really good news. And then I guess just the last question I'll ask you and I'll get back into the queue is, was there anything from the One Big Beautiful Bill that applies to your business either positively or negatively?

那太棒了。這真是個好消息。然後我想我要問您的最後一個問題，我會回到隊列中，那就是《一攬子美麗法案》中是否有任何內容對您的業務產生積極或消極的影響？

Well, I think -- I have to be honest, I haven't dissected the One Big Beautiful Bill probably in its entirety sufficiently. I think that the sort of the overall corporate tax regime is -- looks to be generally favorable to most companies. I suspect that, that's also going to be generally favorable to us.

嗯，我想──我必須誠實地說，我可能還沒有充分地剖析《美麗大法案》。我認為整體企業稅制對大多數公司來說總體上是有利的。我想，這對我們整體來說也是有利的。

I think, generally speaking, the line, not just from the tax bill, but the general line this administration is taking is a line of support for school choice. So I suspect that if there are things in that bill that impact us, it would be along the lines of school choice.

我認為，一般來說，不僅僅是稅收法案的路線，而且本屆政府採取的整體路線都是支持學校選擇。因此，我懷疑，如果該法案中的內容對我們產生影響，將與學校選擇有關。

It would be relatively favorable. So I just -- again, putting politics aside, I just -- I think that an administration that favors school choice and favors parental choice and wants to put the voice of the families first, that is very much aligned with our mission. And so I just -- I think I give a lot of kudos to an administration that's willing to put families first. And I think that aligns with this company's view as well to make sure that we're putting the families first.

這將是相對有利的。所以我只是——再說一次，拋開政治不談，我只是——我認為一個支持學校選擇、支持家長選擇、並希望把家庭的聲音放在首位的政府，這與我們的使命非常一致。所以我只是——我認為我對願意把家庭放在第一位的政府表示高度讚揚。我認為這也符合我們公司的觀點，確保我們把家庭放在第一位。

(Operator Instructions)

（操作員指示）

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

You have Pat McIlwee on for Stephen this evening. Congratulations on another great year. My first question, James, just to elaborate on your commentary surrounding enrollments. I wanted to ask how much of this persistently strong enrollment trend you've seen that you would attribute to greater shifts in demand for this type of offering versus more company-specific changes you've made to your marketing strategy, word-of-mouth referral or anything else we should be thinking about there.

今晚，帕特·麥克爾威 (Pat McIlwee) 將代替史蒂芬 (Stephen)。恭喜您又度過了美好的一年。詹姆斯，我的第一個問題只是想詳細說明你對招生的評論。我想問一下，您認為這種持續強勁的招生趨勢在多大程度上是由於對此類產品的需求發生了更大的變化，還是由於您在營銷策略、口碑推薦或其他我們應該考慮的因素方面所做的更具體的公司變化。

Yeah, it's a really interesting question. And we've -- obviously, we've tried to understand the market dynamics ourselves as well. And I think it's -- fortunately, I think it's a combination. One of the benefits, I think, of scale is you have increasing word of mouth, increasing awareness.

是的，這是一個非常有趣的問題。而我們——顯然，我們也試著自己了解市場動態。我認為——幸運的是，我認為這是一個組合。我認為規模化的好處之一是可以增加口碑，提高知名度。

We recently did some awareness studies. And I think our brand is really resonating, and the awareness of our brand is increasing. So I think those are all trending in a positive way. I talk to families all the time. And almost to a tee, almost every family I speak to tells me a story about how they referred other families to our programs.

我們最近做了一些意識研究。我認為我們的品牌確實引起了共鳴，而且我們的品牌知名度正在提高。所以我認為這些都是正面的趨勢。我經常和家人交談。幾乎與我交談過的每個家庭都向我講述了他們如何向其他家庭推薦我們的專案的故事。

So it's -- certainly, that has had some -- given us some positive momentum. I think we also cannot deny the fact that the overall market demand seems to be growing and increasing. Every survey, our own data suggests that families are increasingly looking for alternatives and increasingly looking for options. And in increasing numbers, that leads them to us or an option like us. I do think that we have been executing pretty well.

所以，這確實給了我們一些正面的動力。我認為我們也不能否認整體市場需求似乎正在成長和增加的事實。每次調查，我們自己的數據都表明，家庭越來越多地尋找替代方案，越來越多地尋找選擇。越來越多的人選擇我們或像我們這樣的選擇。我確實認為我們的執行情況相當好。

And so therefore, maybe disproportionately, maybe we're picking up a little higher proportion of those -- of that increase in demand. But I think it's a combination of those things. And I think, again, I talked about our franchise. And I think as we continue to execute well and as we continue to make investments in our customers, I think we believe it will pay long-term dividends for the franchise.

因此，也許不成比例，也許我們獲得的這些需求成長的比例略高一些。但我認為這是這些因素的綜合作用。我想我再次談論了我們的特許經營權。我認為，隨著我們繼續良好地執行並繼續對客戶進行投資，我們相信它將為特許經營帶來長期紅利。

Right. Okay. That's helpful. And then on the tutoring front, it sounds like you've seen some really nice early acceptance of that offering. And you mentioned that you plan to continue scaling that offering this year. So I just wanted to ask if you could provide an update on how you're thinking about the monetization potential you see for that business and what the timing of that might look like.

正確的。好的。這很有幫助。然後在輔導方面，聽起來你已經看到這項服務的早期接受度非常好。您提到您計劃今年繼續擴大該產品的供應範圍。所以我只是想問您是否可以提供最新消息，說明您如何看待該業務的盈利潛力以及可能的盈利時間。

Yeah, so just to be clear, we offer that platform both internally to the programs that we're managing as well as externally. It's getting in the external if you will, market. That's sort of a market rate they're going to pay and it gets monetized in a normal way. I think that our business has a couple of unique characteristics that distinguish us in the marketplace that we know both districts and states are increasingly honing in on.

是的，需要明確的是，我們為我們管理的專案內部和外部都提供該平台。如果你願意的話，它正在進入外部市場。這是他們將要支付的市場價格，並以正常方式貨幣化。我認為我們的業務具有一些獨特的特點，使我們在市場上脫穎而出，我們知道地區和州都越來越關注這些特點。

One is we're staffed with certified teachers. That's important. We also -- it's all -- it's certified teachers in the US, and it's a wholly US-owned company. And I think in some states, that's becoming increasingly important. And so that gives us some distinguishing characteristics.

一是我們配備了經過認證的教師。這很重要。我們也是美國認證教師，也是全美獨資公司。我認為在某些州，這一點變得越來越重要。這給了我們一些顯著的特徵。

And so we're seeing traction not just with the programs that we manage, but also with other districts. A number of states are supporting sort of tutoring. And depending on the state, some states are putting dollars behind it. Some states are sort of advocating for it. And we think that, that trend is going to continue because we do see tutoring does give measurable academic gains for kids.

因此，我們看到的不僅僅是我們管理的項目，還有其他地區的項目也取得了進展。許多州都支持這種輔導。根據各州的具體情況，一些州正在為此投入資金。一些州正在大力提倡這種做法。我們認為，這種趨勢將會持續下去，因為我們確實看到輔導確實為孩子們帶來了可衡量的學業進步。

And we're also investing in the platform itself such that the tutors have access to better technology, more materials. Obviously, we're looking at ways that we can infuse AI appropriately into our academic models, including tutoring.

我們也對平臺本身進行了投資，以便導師能夠使用更好的技術和更多的材料。顯然，我們正在尋找將人工智慧適當地融入我們的學術模式（包括輔導）的方法。

And so all those things and all those investments over time, I think, will provide more efficient means of tutoring, better teacher tools, better tutor experiences, et cetera. So I think there's good traction here that we're starting to see, and I expect it would continue over the next few years.

因此，我認為，隨著時間的推移，所有這些事情和所有這些投資將提供更有效的輔導方式、更好的教師工具、更好的輔導體驗等等。所以我認為我們開始看到良好的發展勢頭，而且我預計這種勢頭將在未來幾年持續下去。

Gowshi Sri, Singular Research.

Gowshi Sri，Singular Research。

Congratulations on your results. First-time caller, longtime listener. What are the operational regulatory or partner constraints currently that limits your ability to convert the demand into incremental enrollments? If you can talk about how much you had to quantify on how many applicants you might have to underway. And is there any initiatives that will increase your addressable seat capacity next year?

恭喜你所取得的成績。第一次打電話，長期聆聽。目前哪些營運監管或合作夥伴限制限制了您將需求轉化為增量註冊的能力？如果您可以談論您需要量化多少申請人，那麼您可能需要進行多少量化。有什麼舉措可以增加明年的可容納座位數嗎？

Yeah. So the constraints, they tend to be on, I'll say, sort of multiple levels. So I think right at the end there, you probably addressed one of the constraints. And there are programs that we manage that have some kind of structural constraint, whether it's a cap or our partner doesn't want to exceed a certain limit of enrollments for some reasons. Sometimes, we purposefully regulate the enrollments because we want to ensure there's -- we operate under certain state standards or state frameworks.

是的。所以我認為這些限制往往存在於多個層面。所以我認為在最後你可能已經解決了其中一個限制因素。我們管理的某些項目存在某種結構性限制，無論是上限還是我們的合作夥伴由於某些原因不想超過一定的入學人數限制。有時，我們會刻意規範招生，因為我們想確保—我們在某些​​國家標準或國家框架下運作。

And so we want to make sure that we're getting the best outcome for the longevity of the program and things like that. So there's a lot of factors that will go into sort of an accountability standard in a state or something like that.

因此，我們希望確保該計劃的長期性和諸如此類的事情能夠取得最佳結果。因此，有很多因素會影響一個州的問責標準或類似的東西。

And then there's just the sort of the operational, I'll say, conversion metric if you will, of funnel conversion metrics that improve the lead conversion rate into an application and the application conversion rate into an enrollment.

然後就是一種可操作的轉換指標，如果你願意的話，可以將其稱為漏斗轉換指標，它可以提高潛在客戶轉換為應用程式的轉換率，以及應用程式轉換為註冊的轉換率。

And a lot of that has to do with just sort of the operational mechanics of contacting families and how easy you make the application process for them and ensuring that they're not overburdened with document requirements and things like that. And so we look to improve the customer experience at all levels while also focusing on the outcomes.

這在很大程度上與聯繫家庭的操作機制有關，以及如何簡化他們的申請流程，並確保他們不會因文件要求等而負擔過重。因此，我們希望在各個層面改善客戶體驗，同時也關注結果。

And there's a little bit of a balance there that we're always striking. We've been able to really make those improvements over the last several years so -- such that we see -- we sort of have line of sight into the fact that we know if we do certain things and pull certain levers, we're going to improve our outcomes. But again, it's always a balance. And so we continue to try to optimize that balance. And I think we've been doing a pretty good job, and I think we have room to continue improving though.

我們總是在尋求一種平衡。在過去的幾年裡，我們已經能夠真正實現這些改進，因此，我們看到，我們在某種程度上已經認識到，我們知道，如果我們做某些事情並採取某些措施，我們就會改善我們的結果。但同樣，這始終是一種平衡。因此，我們將繼續努力優化這種平衡。我認為我們做得非常好，但我認為我們還有繼續改進的空間。

Okay. On the enrollment per -- revenue per growth in the Career Learning segment kind of outpacing the General Ed, is this sustainable? What are the kind of mix pricing or state formula changes that might -- that will allow it to persist?

好的。職業學習部門的入學人數增長率超過了普通教育，這種增長可持續嗎？什麼樣的混合定價或國家公式變化可能會使其持續下去？

One of the comments I made earlier is when I'm looking at the revenue per enrollment, I am looking at it combined, gen ed and career. It's not like it's just -- it's not as if the funding is different for gen ed versus career. It really is a matter of mix.

我之前提出的評論之一是，當我查看每位入學學生的收入時，我會將其綜合起來，包括普通教育和職業教育。這並不是說——通識教育和職業教育的經費有所不同。這確實是一個混合的問題。

So when I talk about the funding environment for next year looking favorable, I am speaking about it in general, in total for Career Learning versus -- and General Education. And so we're not looking at one versus the other. And so that difference really, really depends on what the mix is, where we're growing from a Career Learning standpoint, where we're going from a Gen Ed standpoint.

因此，當我談到明年的資金環境看起來良好時，我指的是整體而言，即職業學習與通識教育的整體情況。因此我們並不是比較這兩者。所以，這種差異其實取決於組合方式，從職業學習的角度來看，我們的發展方向是什麼，從通識教育的角度來看，我們的發展方向是什麼。

Got you. And then the Adult Learning, given its size now and -- would you consider selling or winding it down or aggressively overhauling it? I mean what are the KPIs are you using to measure B2B transition progress?

明白了。然後是成人學習，考慮到它現在的規模——你會考慮出售或關閉它，還是積極改革它？我的意思是您使用什麼 KPI 來衡量 B2B 轉型進度？

Yeah, I think -- listen, I mean, it's -- overall, it's not a material part of our business. We do think it can generate incremental value. We're not a seller right now of that business. We see some of the operational things that we haven't executed well against, and we think we can do better.

是的，我認為——聽著，我的意思是——總的來說，這不是我們業務的重要組成部分。我們確實認為它可以產生增量價值。我們目前還不是該業務的賣家。我們發現一些操作方面我們執行得不夠好，我們認為我們可以做得更好。

And so we're focused on just operating that business better every day, and I think we will see improvement over time. But it's not a drag, you know what I mean? So it's -- and it's not -- it hasn't proven to be a distraction. And so I think as long as it's not a drag and it's not a distraction and we think there's value to be created there for our shareholders, we're going to continue to try to operate it better.

因此，我們每天都專注於更好地經營業務，我認為隨著時間的推移，我們會看到進步。但這不是什麼麻煩，你懂我的意思嗎？所以它 — — 但事實並非如此 — — 並沒有證明它會造成乾擾。因此我認為，只要它不會成為拖累、不會分散注意力，而且我們認為它能為股東創造價值，我們就會繼續努力更好地經營它。

Thank you. We've reached time for questions. This now concludes today's conference call. We thank you for your participation. You may now disconnect.

謝謝。我們已經到了提問時間。今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。