Stride Inc (LRN) 2026 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Stride third-quarter fiscal year 2026 earnings call. (Operator Instructions)

您好，感謝各位耐心等候。我是 Tiffany，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Stride 2026 會計年度第三季財報電話會議。(接線員指示)

I would now like to turn the call over to Eliza Henson, Manager of Investor Relations. Eliza, please go ahead.

現在我想將電話轉交給投資人關係經理 Eliza Henson。Eliza，請開始。

Thank you, and good afternoon. Welcome to Stride's third-quarter earnings call for fiscal year 2026. 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 webcasts 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. A reconciliation of these measures is provided in the earnings release issued this afternoon, and can also be found on our Investor Relations website.

謝謝，大家午安。歡迎參加 Stride 2026 會計年度第三季財報電話會議。今天與我一同出席的有執行長 James Rhyu，以及財務長 Donna Blackman。提醒各位，今天的電話會議與網路直播均搭配簡報，簡報可於 Stride 投資人關係網站查閱。請注意，今天對於財務結果的討論可能包含某些非 GAAP 財務衡量指標。這些指標的調節表已於今天下午發布的財報新聞稿中提供，亦可於我們的投資人關係網站查閱。

In addition to historical information, this call will 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 earnings release and latest SEC filings, including our most recent annual report on Form 10-K and subsequent 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. Following our prepared remarks, we will answer questions you may have.

除歷史資訊外，本次電話會議亦將包含前瞻性陳述。由於多項重要因素（如公司財報新聞稿及最新 SEC 申報文件所述，包括我們最近一期 Form 10-K 年報及其後續申報），公司的實際結果可能與任何前瞻性陳述存在重大差異。這些陳述係基於我們在發表當時對未來事件及業務表現的觀點與假設，公司不承擔更新任何前瞻性陳述之義務。在我們的準備發言結束後，將回答各位可能提出的問題。

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

現在，我把電話交給 James。

Thanks, Eliza. And good afternoon, everyone. I'd like to start off with an update on the platform issues we experienced earlier this year. As I mentioned last quarter, we continue to execute on the road map for stability and improvements.

謝謝你，Eliza。各位午安。我想先就我們今年稍早遇到的平台問題提供最新進展。如我在上一季所提到的，我們持續依照穩定性與改善的路線圖推進執行。

As we close out this school year and preparations have already begun for the coming fall, we are heads down making sure our customers get the best experience possible. So I'm comfortable with our progress and believe we are on the right track as we prepare for the fall season.

隨著本學年即將結束，且對即將到來的秋季之準備已經展開，我們正全力以赴，確保客戶獲得最佳的使用體驗。因此，我對我們的進度感到放心，並相信在為秋季旺季做準備之際，我們正走在正確的軌道上。

And as we have discussed previously, the demand for our products and services, as indicated by application volumes, continues to be strong relative to the stark levels. And while our focus is on finishing this year executing against our road map, we believe the demand environment sets us up well for the future.

此外，如我們先前所討論的，從申請量所反映的情況來看，我們的產品與服務需求相較於基期水準仍然強勁。雖然我們目前的重點是完成本年度並依路線圖落實執行，但我們相信這樣的需求環境將使我們在未來具備良好基礎。

And although we experience a marginally higher level of attrition since I gave an update on our last call, this was not unexpected. We continue to monitor, but we are confident it won't harm our long-term prospects. I believe the macroenvironment for school alternatives like ours continues to be a long-term trend that will serve as a tail end to our business. Our job right now is to maintain focus and execute for the rest of this year and into the fall so that the students and their families can continue to choose the options, including our programs that they deserve.

另外，雖然自我在上次電話會議更新以來，我們的流失率略有上升，但這並非意料之外。我們會持續監控，但我們有信心這不會損害我們的長期前景。我認為，像我們這類學校替代方案的總體環境仍是一項長期趨勢，將成為推動我們業務的長期利多。我們目前的工作是保持專注，並在本年度剩餘時間及進入秋季期間持續落實執行，讓學生及其家庭能夠持續選擇他們應得的選項，包括我們的各項方案。

Thank you, and I will now turn the call over to Donna.

謝謝，現在我把電話交給 Donna。

Thank you, James, and good afternoon. As James mentioned, we are seeing strong demand for the fall, as measured by application volume, and we remain confident in the long-term growth in the business. This quarter's results reflect continued demand and solid execution across the business, and I'll start by reviewing those results.

謝謝你，James，各位午安。如 James 所提到的，我們看到秋季需求強勁（以申請量衡量），並且我們對業務的長期成長仍具信心。本季結果反映需求持續以及全公司穩健的執行力；我將先回顧這些結果。

Total enrollment grew 1.8% to 244,500, and total revenue for the quarter was $629.9 million of 2.7% compared to last year. Revenue in our Career Learning - Middle and High School programs grew nearly 16% to $259.5 million driven by a strong enrollment growth of 11.6%. General Education revenue was $357.5 million, down 3.6% compared to last year driven by an enrollment decline of 5%, which was more than offset by the growth in our Career Learning business.

總註冊人數成長 1.8% 至 244,500 人；本季總營收為 6.299 億美元，較去年成長 2.7%。我們的職涯學習—國中與高中方案營收成長近 16% 至 2.595 億美元，主要受 11.6% 的強勁註冊成長帶動。一般教育營收為 3.575 億美元，較去年下降 3.6%，主因註冊人數下滑 5%；但此影響已被職涯學習業務的成長所抵銷並超越。

As we think about next quarter, it's important to remember that we anticipate enrollment decline as most of our programs no longer accept enrollments during the fourth quarter. We have focused on converting these leads into new enrollments for the upcoming school year, and we expect a sequential decline next quarter like we typically do every year from Q3 to Q4.

在展望下一季時，重要的是要記得，我們預期註冊人數將下滑，因為我們多數方案在第四季不再接受註冊。我們已專注於將這些潛在客戶轉換為即將到來學年的新註冊，且我們預期下一季將出現環比下滑，這與我們每年通常從第三季到第四季的季節性走勢一致。

Total revenue per enrollment across both Career Learning and General Education was $2,485 of 2.9% from $2,415 last year. As a reminder, revenue per enrollment can vary between general ed and career due to program and state mix as well as timing, so we encourage investors to focus on total revenue per enrollment, which as I've said previously, we believe is the most representative measure of underlying performance. Given this quarter's results, we expect total revenue per enrollment for the full year to be up roughly 2% from last year.

職涯學習與一般教育合計的每名註冊營收為 2,485 美元，較去年的 2,415 美元成長 2.9%。提醒各位，每名註冊營收在一般教育與職涯學習之間可能因方案與州別組合以及時點因素而有所波動，因此我們建議投資人聚焦於合計的每名註冊營收；如我先前所述，我們認為這是最能代表基本面表現的衡量指標。基於本季結果，我們預期全年合計每名註冊營收將較去年約成長 2%。

We've received a lot of questions about next year's enrollment expectations, and I want to reiterate that it is still very early in the enrollment season. We should have a better picture of the enrollment landscape during the fourth-quarter call, as well as more color on the funding environment as states finalize their budgets in the coming months.

我們收到許多關於明年註冊預期的問題，我想再次強調，目前仍處於註冊季的非常早期階段。我們應會在第四季電話會議時對註冊態勢有更清楚的掌握，並且隨著各州在未來幾個月內完成預算定案，我們也將提供更多關於資金環境的說明。

Let's turn back the results from the third quarter. Growth margins at 36.8% for the quarter was down 380 basis points. We expect to finish the year with growth margins in the range of 37% to 37.4%.

讓我們回到第三季的結果。本季毛利率為 36.8%，下降 380 個基點。我們預期全年毛利率將落在 37% 至 37.4% 的區間。

Now, let me provide a bit more color on growth margins. The year-over-year decline is primarily driven by continued investments in the business, including those related to our platform rollout as we support the transition. We would expect a portion of these costs to moderate as we move into FY 2027.

接著，我再補充一些關於毛利率的細節。年對年下滑主要是因為我們持續對業務進行投資，包括與平台上線推動相關、用以支援轉換的投入。我們預期其中一部分成本將在進入 2027 會計年度後趨於緩和。

Selling, general, and administrative expenses totaled $102.5 million, down $16 million or 13.5% from last year. We expect to finish the year with SG&A down 6% to 8% compared to last year.

銷售、一般及行政費用合計為 1.025 億美元，較去年減少 1,600 萬美元或 13.5%。我們預期全年 SG&A 將較去年下降 6% 至 8%。

Stock-based compensation for the quarter was $9.6 million. We now expect to finish the year with stock-based compensation in the range of $40 million to $42 million.

本季以股票為基礎的薪酬為 960 萬美元。我們目前預期全年以股票為基礎的薪酬將落在 4,000 萬至 4,200 萬美元的區間。

Adjusted operating income was $140.4 million, down 1%. Adjusted EBITDA was $171.3 million, up 1.8%. And adjusted earnings per share for the quarter was $2.30, down $0.03 from last year. As the years pass, we expect fourth-quarter profitability to be less than the third quarter as we ramp up marketing and other spend for the upcoming school year.

調整後營業利益為 1.404 億美元，下降 1%。調整後 EBITDA 為 1.713 億美元，上升 1.8%。本季調整後每股盈餘為 2.30 美元，較去年下降 0.03 美元。隨著時間推移，當我們為即將到來的學年加大行銷及其他支出時，我們預期第四季的獲利能力將低於第三季。

Now, moving to our balance sheet. Capital expenditures for the quarter were $18.5 million, up from $15.8 million last year. Free cash flow defined as cash from operations and less CapEx was $202.4 million, up from $37.3 million last year. For the year, we expect free cash flow to be flattish to last year.

接著談到資產負債表。本季資本支出為 1,850 萬美元，高於去年的 1,580 萬美元。自由現金流（定義為營運活動現金流量扣除資本支出）為 2.024 億美元，高於去年的 3,730 萬美元。就全年而言，我們預期自由現金流將與去年大致持平。

We finished the quarter with cash, cash equivalents, and marketable securities of $856 million.

本季結束時，我們持有的現金、約當現金及有價證券為 8.56 億美元。

Turning to our guidance. For the full year, we are narrowing our revenue, AOI, and CapEx guidance ranges and affirming our effective tax rate guidance.

接著談到我們的財測指引。就全年而言，我們將收窄營收、AOI 與資本支出（CapEx）的指引區間，並重申有效稅率的指引。

The balance of the year, we expect revenue in the range of $2.490 billion to $2.520 billion, narrowed from $2.480 billion to $2.555 billion last quarter; adjusted operating income between $490 million and $500 million, narrowed from $485 million and $505 million last quarter; capital expenditures between $75 million and $80 million, narrowed from $70 million and $80 million last quarter; and an effective tax rate between 24% and 25%, unchanged from last quarter.

在今年剩餘期間，我們預期營收介於 24.90 億至 25.20 億美元之間，較上季的 24.80 億至 25.55 億美元收窄；調整後營業利益介於 4.90 億至 5.00 億美元之間，較上季的 4.85 億至 5.05 億美元收窄；資本支出介於 7,500 萬至 8,000 萬美元之間，較上季的 7,000 萬至 8,000 萬美元收窄；有效稅率介於 24% 至 25% 之間，與上季持平。

As you'll note, the range of revenue applies fourth-quarter revenue below the fourth quarter of last year, driven by marginally higher attrition rates and tough comparisons associated with the timing of funding tools. We do not, however, believe this is indicative of any change in underlying demand trends. We continue to see positive trends in demand and customer experience, and we remain optimistic about the coming school year.

如您所見，營收區間反映第四季營收將低於去年第四季，主要受略高的流失率以及與資金工具時點相關的艱難比較所影響。然而，我們不認為這代表基礎需求趨勢有任何改變。我們持續看到需求與客戶體驗的正向趨勢，並對即將到來的學年保持樂觀。

We believe that our investments in the business are setting us up for long-term success and the ability to meet the demands of families seeking those alternative education options.

我們相信，對業務的投資正讓我們為長期成功做好準備，並具備滿足尋求替代教育選項之家庭需求的能力。

Thank you for your time today. Now, I'll turn the call back over to the operator for Q&A. Operator?

感謝各位今天撥冗參與。接下來我將把電話交回給接線員進行問答。接線員？

(Operator Instructions) Jeff Silber, BMO Capital Markets.

(接線員指示) Jeff Silber，BMO 資本市場。

Thank you so much. I appreciate the timing in terms of trying to gauge enrollment for next year, but I was wondering if you can comment on the contract renewal pipeline or new business. I'm just wondering how that's going, if you're seeing any pushback from some of the issues that you incurred last summer.

非常感謝。我理解在評估明年招生方面的時點安排，但我想請問您是否能評論一下合約續約的管線或新業務的情況。我只是想了解進展如何，以及您是否看到因去年夏天發生的一些問題而出現任何阻力。

Yeah. Jeff, I think sort of two separate questions and I think they have sort of similar-ish answers, but one may be more positive than the other.

是的。Jeff，我認為這其實是兩個不同的問題，而且答案有點相似，但其中一個可能比另一個更正面一些。

I think with our existing clients, we, first of all, we're very thankful that our existing clients remain, I think, really positive on our programs. They understand the value that together we're able to deliver and the value that we can bring to those programs, so we still think that we have very good relationships with our partners. I mean, clearly, we have partners that aren't happy about things that have happened over this past year, but in general, they're working collaboratively with us, and I think they're pretty understanding.

我認為就我們既有客戶而言，首先，我們非常感謝既有客戶仍然對我們的方案保持非常正面的看法。他們理解我們共同能夠交付的價值，以及我們能為這些方案帶來的價值，因此我們仍然認為與合作夥伴之間的關係非常良好。當然，確實有一些合作夥伴對過去一年發生的事情不太滿意，但整體而言，他們仍與我們協作，我也認為他們相當能夠理解。

On the new business development side of it, interestingly, we have seen no negative impact in terms of doors that are opening for us conversations we've been able to have. And in fact, our pipeline of new business activity is, I would say probably as strong or stronger than it's been in the five years that I've been the CEO, certainly.

至於新業務開發方面，有趣的是，我們在能否開啟對話、能否進入洽談等方面，並未看到任何負面影響。事實上，我們的新業務活動管線，我會說至少與我擔任執行長這五年來一樣強，甚至更強。

So I think the issues that we've experienced on the platform side, and I've gone out and talked to a bunch of these customers myself personally sort of to gauge the sentiment out there. Almost none of them focused on the issues that we've had. I think they're all focused on the success that we can deliver for families across this country and the belief that the options and the choices that we can provide for them are of paramount importance. So we're getting nothing but really positive feedback.

因此，我認為我們在平台端所經歷的問題——我也親自外出與許多這些客戶交流，以了解外界的觀感——幾乎沒有任何人把焦點放在我們遇到的問題上。幾乎沒有。我認為他們都把焦點放在我們能為全國各地家庭帶來的成功，以及他們相信我們能提供的選項與選擇至關重要。因此，我們收到的回饋幾乎都是非常正面的。

We proactively discussed the issues we've had this past year and I think, they're all pretty understanding. Many of them have been through some issues themselves, almost all of them experienced really difficult issues regarding the platforms that they monitored and executed on during COVID, so sort of reasonably fresh experience of somewhat negative platform issues.

我們也主動討論了過去一年遇到的問題，我認為他們都相當能夠理解。其中許多人自己也曾經歷一些問題，幾乎所有人在 COVID 期間都在其所監控與執行的平台上遇到非常棘手的狀況，因此對於某些負面的平台問題，算是仍有相當新鮮的經驗。

So pretty positive conversations along those lines. And again, I think just the pipeline of activity that we have is as strong as that we've seen in five years.

所以在這些方面的對話相當正面。再重申一次，我認為我們目前的活動管線強度，與過去五年所見一樣強。

Okay, that's great to hear. I know, again, you're not committing on the funding environment for next year. But, I know there's been some changes in certain states. Pennsylvania has been one that's been in the press. Do you see other states changing how they're funding virtual schools? Is that a trend we might see continue?

好的，這很高興聽到。我知道你們再次強調，對於明年的資金環境你們不做承諾。不過，我知道某些州已經出現一些變化。賓夕法尼亞州是媒體報導的一個例子。你們是否看到其他州也在改變其對虛擬學校的資金撥付方式？這會是我們可能看到持續的趨勢嗎？

I think it's a little bit hard to sort of call a trend. Pennsylvania, as you indicated, they've had legislation on the books. I believe it may be for almost 20 straight years to cut virtual funding. They're one of the states in the country that have the longest-standing virtual programs, they have some of the highest penetrations in the state, they have a very robust marketplace of providers in that state. I think as the politics have played into it for many, many years and particularly in that state, there's been legislation on the books.

我認為要判斷是否形成趨勢有點困難。如你所說，賓夕法尼亞州一直有相關法案。我相信可能將近連續 20 年都有削減虛擬教育資金的立法提案。他們是全美擁有最悠久虛擬教育方案的州之一，在該州的滲透率也屬於較高水準，且該州的供應商市場非常成熟。我認為政治因素多年來一直影響此事，尤其在該州，相關立法一直存在。

We've been pretty successful for 20 years getting that legislation sort of bitten back a little bit. And at some point, that's not going to happen, and this is the year I think our business remains, I think, pretty robust in Pennsylvania. I think the market in Pennsylvania remains robust.

過去 20 年我們相當成功地讓這些立法在某種程度上被削弱。但在某個時間點，這不會再發生，而我認為今年我們在賓夕法尼亞州的業務仍然相當穩健。我認為賓夕法尼亞州的市場仍然穩健。

I think that, if anything, these situations present opportunities for stronger players like us, and so we'll obviously look at ways that we can take advantage of any situation like this in the marketplace. So I actually think that something like this and particularly in Pennsylvania presents an opportunity more broadly across the country. I don't see -- we -- I don't think we see any different trend than the activity we've seen in the past 10 or 15 years. I mean, there's always legislation that's getting proposed, both for and against virtual programs, and I don't see a materially different trend now than there was in any time in at least the past 10 or 15 years.

我認為，若真要說的話，這些情況反而為像我們這樣更強的參與者帶來機會，因此我們顯然會尋找方法，在市場上利用任何類似情況。所以我其實認為，像這樣的事情，特別是在賓夕法尼亞州，會在更廣泛層面上為全國帶來機會。我看不出——我們——我不認為我們看到的趨勢與過去10到15年所見的活動有任何不同。我的意思是，總是會有支持或反對虛擬課程的法案被提出，而我不認為現在的趨勢與至少過去10到15年任何時期相比有實質性的不同。

Okay, I appreciate the color. Thanks so much.

好的，我很感謝你提供的補充說明。非常感謝。

Alex Paris, Barrington Research.

Alex Paris，Barrington Research。

Hi, guys. Thanks for taking my questions. My first question relates to enrollment and the enrollment windows. It was my understanding that some of the enrollment windows at some of the programs might have closed earlier this year than last year and previous years in general, give them the challenges of last fall. And then obviously, we expect windows to be closed for the full fourth quarter. Is that an accurate statement? Did windows close earlier in the third quarter than last year? And what impact, if any, can you quantify on enrollment in the third quarter?

嗨，各位。謝謝回答我的問題。我的第一個問題與招生以及招生窗口期有關。我的理解是，鑑於去年秋季的挑戰，今年一些專案的部分招生窗口期可能比去年以及以往年度更早關閉。然後很明顯地，我們預期整個第四季窗口期都會關閉。這樣的說法正確嗎？第三季的窗口期是否比去年更早關閉？而這對第三季的招生人數有何影響（若有的話），你們能否量化？

Yeah. I think, so the short answer is yes. And I think more, maybe more profoundly, not just on the windows of the closed earlier, I think, which we've indicated previously, we are very proactively not maybe taking advantage of even as much as we theoretically could windows that are open because we generally this year have taken the stance of trying to backfill as opposed to grow and so that's sort of what you've seen.

是的。我想簡短的答案是：是。而且我認為更重要的是，不只是窗口期更早關閉——這點我們之前也提過——我們今年其實非常主動地，即使理論上窗口期仍開放，我們也未必會盡可能去「用滿」這些窗口期，因為我們今年整體採取的立場是以補缺（backfill）為主，而不是成長擴張，所以你看到的就是這樣的情況。

And so when you have programs that you can backfill and you do but you don't grow them and then you have other programs where windows are closing early, you're going to have a dynamic where it puts downward pressure on roll. And I think we've been very clear with that all year and so yes, I think you're exactly correct. And through the fourth quarter, that's going to continue to be so and to the extent that really we don't have windows open through the balance of this year and so it's only a story of attrition.

因此，當你有一些專案可以補缺、你也確實補了，但你不讓它們成長；同時又有其他專案的窗口期提早關閉，就會形成一種對在學人數（roll）造成下行壓力的動態。我想我們今年一直都很清楚地說明這點，所以是的，我認為你的判斷完全正確。而在第四季，這種情況也會持續；而且就今年剩餘期間而言，我們基本上不會有窗口期開放，所以就只剩下流失（attrition）的故事。

But again, I think that was, pretty transparent from previous calls that we've discussed and it does not change our perspective of the overall demand environment, which continues to be strong and bodes well for the fall.

但再說一次，我認為這在我們先前討論的電話會議中已相當透明，這也不會改變我們對整體需求環境的看法；需求仍然強勁，並且對秋季是個好兆頭。

So yeah, you're going to have this dynamic which we've explained around this year, enrollment trends, which is going to run count the past few years in terms of in your enrollment growth. But I don't think that that's a commentary on the overall demand, which we see continue to be very strong.

所以是的，你會看到我們今年所解釋的這種招生趨勢動態，這在招生成長上會與過去幾年相反。但我不認為這是在評論整體需求；我們看到的需求仍然非常強勁。

Well, it looked like your back filled well in the third quarter with enrollment coming in where it did a little bit. I mean, we expected a sequential decline. We got a little sequential decline, but it was still up 1.8% year over year. Part of that's due to windows being closed earlier, part of it's due to the fact that you're not pushing hard, you want to get it right. Is there any way to quantify how many students you left on the table, so to speak, in the third quarter because of early windows being closed?

嗯，看起來你們第三季的補缺做得不錯，招生人數的表現也還可以。我的意思是，我們原本預期會出現季減。結果確實小幅季減，但年增仍有1.8%。其中一部分是因為窗口期更早關閉，另一部分是因為你們沒有大力推進，你們想把事情做對。有沒有辦法量化一下，所謂第三季因為窗口期提早關閉而「錯失」了多少學生名額？

I think it'd be difficult to quantify sort of -- I think it's difficult to quantify because conversion rate and things like that are a little bit variable, but it's clearly in the thousands. I think it's -- if you sort of just looked at prior year's trends and assuming that demand was similar and see how much we grew in a prior year, we left on the table probably a similar amount that we could have grown this year.

我認為要量化會有點困難——因為轉換率之類的指標會有些變動。但很明顯是以「數千人」計。

Okay, got you. So sequentially, it grew from Q2 to Q3 last year. This year, part of that is due to the closed windows.

好的，了解。所以去年從第二季到第三季是季增。今年其中一部分原因是窗口期關閉。

Yeah, exactly, yeah.

對，沒錯，是的。

Yeah, okay. And then given the demand continues to be so strong as measured by application volumes, does that mean that these students get added to waitlists, and does that bode well for the fall term?

好，了解。那麼，既然以申請量衡量的需求仍然非常強勁，這是否表示這些學生會被加入候補名單？這是否也對秋季學期有利？

Yeah. In some cases, yes, they get added to a waitlist. In some cases, we've actually started opening up enrollment for the fall, so they're sort of in -- I'll say like a provisional state maybe because it's technically not open. But like basically, we're accepting applications now. And so we have some like, I'll say provisional state enrollments as well. And so I think, yeah, it does give us a little bit of a head start on the pipeline for next year.

是的。在某些情況下，是的，他們會被加入候補名單。在某些情況下，我們其實已經開始為秋季開放招生，所以他們算是處於——我姑且稱之為「暫定」狀態，因為技術上還沒有正式開放。但基本上，我們現在就在接受申請。所以我們也有一些我會稱為「暫定狀態」的入學安排。因此我認為，是的，這確實讓我們在明年招生管道（pipeline）上有一點提前起跑的優勢。

There are those not insignificant number of families who unfortunately are, I don't say desperate for a solution immediately. And when we're not able to provide that immediate solution for them, then in those cases, they often do look elsewhere.

但也有一個不可忽視數量的家庭，不幸的是，他們——我不想說是迫切到絕望——但確實需要立刻的解決方案。當我們無法立即提供解決方案時，在那些情況下，他們往往就會轉而尋找其他選項。

So there are some number of the pipeline that we can't translate into next year alone because they're looking for an immediate solution. And where we can't provide that, we certainly understand that they're going to look somewhere else.

所以在我們的招生管道中，有一部分無法單靠轉換到明年，因為他們是在尋求立即的解決方案。而當我們無法提供時，我們當然理解他們會去別的地方。

All right. And then last question on the topic. So enrollment at some programs, their window was closed early. Can we say similarly that the enrollment window for the fall is opened up earlier this year than last year?

好的。那麼這個主題的最後一個問題。既然有些專案的招生窗口期提早關閉，是否也可以同樣地說，今年秋季的招生窗口期比去年更早開放？

I don't think materially. Yeah, I mean, I do think we tried to get a little bit of a head start, but I don't think we're materially different than last year. We try to open the windows early every year, I guess, maybe for the fall is what I'm saying.

我不認為有實質差異。是的，我的意思是，我確實認為我們試著稍微提早一點，但我不認為和去年相比有顯著不同。我想說的是，我們每年都會盡量提早為秋季開放窗口期。

I do think that probably there is a little bit of a dynamic where in prior years where there -- we open enrollments for the fall, there are some small number of families who when they realize, oh, we're calling in for the fall but you actually have a spot now, I'll take the spot now. So that sometimes will happen.

我確實認為可能會有一點動態：在過去幾年，當我們為秋季開放招生時，有少數家庭在意識到「喔，我們是為了秋季來詢問，但你們其實現在就有名額」，他們就會說「那我現在就要這個名額」。所以有時候會發生這種情況。

Got you. And then -- anything to read -- this is the last question on enrollment. Anything in the read into the fact that General Education enrollment was down 5% and career learning enrollment was up 12%, just our own numbers. I know it doesn't really matter economically. Care to comment any color on that?

了解。接著——有沒有什麼可以解讀的——這是關於註冊的最後一個問題。從我們自己的數據來看，普通教育（General Education）註冊下降了5%，而職涯學習（career learning）註冊上升了12%，這背後有什麼值得解讀的嗎？我知道從經濟面來看其實影響不大。你願意就此提供一些補充說明或背景嗎？

Yeah. No, I don't think there's anything really to read into that. It's just like you said, it's -- we sort of look at the whole pie, and we break them up into those buckets. But I don't think there's not a specific trend, I guess, really, that maybe to answer your question is that we see that's positive or negative based on those numbers.

是的。不，我不認為這裡面有什麼特別值得解讀的。就像你說的——我們大致是看整個大盤，然後把它拆分到那些類別裡。但我想，基於這些數字，並沒有一個很明確的趨勢可以說是正面或負面，來回答你的問題。

Great. Well I appreciate the extra color, guys. Thank you. I'll get back in the queue.

很好。我很感謝你們補充的背景資訊，各位。謝謝。我會回到排隊序列。

(Operator Instructions) Stephen Sheldon, William Blair.

(接線員指示) Stephen Sheldon，William Blair。

Hey, James and Donna. You have Matt Filek on for Stephen Sheldon. Thank you for taking my questions. Given you seem to be making good progress on mitigating the platform issues, how are you thinking about marketing spend from here? Is that something you plan to push the pedal on? Just curious how we should think about SG&A spend over the next year or so.

嗨，James 和 Donna。我是代替 Stephen Sheldon 上線的 Matt Filek。謝謝你們回答我的問題。鑑於你們似乎在緩解平台問題方面取得了不錯的進展，接下來你們如何看待行銷支出？這會是你們打算加大力道的項目嗎？只是想了解一下，未來一年左右我們應該如何看待 SG&A 支出。

Yeah. I think we're on a trajectory for essentially business as usual from here on in. I think we're executing well against our road map, as I mentioned earlier. I think that we expect a very robust and successful fall. There's -- I don't see anything that is going to hold us back right now for ramping up. And I think we're going to be in the market pretty aggressively.

是的。我認為從現在開始，我們基本上會走在一條接近「照常營運」的軌道上。如我先前提到的，我們正依照路線圖良好地執行。我們預期今年秋季會非常強勁且成功。目前我看不到有任何事情會阻礙我們加速推進。我認為我們會在市場上相當積極。

I will say, which I think actually is, again, is a net positive for us that -- and I won't call it a trend yet, but I guess, I see certain data points. And again, I'm not saying yet it's a trend. But there are certainly some data points that appear as though the customer use of AI might be actually improving conversion because the ability for people to have better research essentially into different programs, I think, ultimately benefits us.

我想補充的是——我認為這其實對我們而言又是一個淨正面因素——我還不會稱之為趨勢，但我看到一些特定的數據點。再次強調，我現在還不說這已經是趨勢。但確實有一些數據點顯示，客戶使用 AI 可能正在提升轉換率，因為人們能更好地研究不同的課程方案，而我認為這最終對我們有利。

And so therefore, I think that there are some data points that we see where conversion could ultimately improve, and therefore, cost of acquisition actually goes down. And so I think that there are some things that I think look generally positive in sort of the funnel mechanics, if you will, of our business heading into the fall.

因此，我們看到一些數據點顯示轉換率最終可能改善，進而使獲客成本實際下降。所以我認為，若從我們業務的漏斗機制（funnel mechanics）來看，進入秋季前有一些整體上偏正面的跡象。

Got it. That's helpful color. Thank you, James. And then can you just provide a little more detail on the Adult Learning segment and what it might take to get that segment to return to growth? I know in the past, you've been a little more positive on [MedCerts] with Tech Elevator and Galvanize the laggards there, but just an update on what's going on within that segment and the path to get things back to growth eventually would be helpful.

了解。這些背景資訊很有幫助。謝謝你，James。另外，你能否再多提供一些 Adult Learning（成人學習）事業部的細節，以及要讓該事業部回到成長可能需要什麼條件？我知道過去你對 [MedCerts] 的看法比較正面，而 Tech Elevator 和 Galvanize 則是落後者，但想請你更新一下該事業部目前的狀況，以及最終讓業務回到成長的路徑，這會很有幫助。

Yeah. I think I mentioned this before. First of all, these businesses to us are -- I mean, if they disappear tomorrow, I don't think our shareholders would notice from the impact of our numbers and they're just immaterial and not meaningful enough to really have a long-term impact for shareholders.

是的。我想我之前提過。首先，對我們而言，這些業務——我的意思是，即使它們明天就消失了，我不認為股東會從我們數字的影響上察覺到；它們的規模很小，並不具重大性，也不足以對股東的長期影響產生實質意義。

I think the underlying businesses, as we've described before, the boot camps are in just secular decline. I think that's going to continue to be the case. And I think it's very difficult for the secular environment for the bootcamp side, the Tech Elevator/Galvanize side of the business is to really recover meaningfully. And at least my industry checks across the folks in the industry that I know that run these kinds of businesses that I think would all sort of echo this similar sentiment, at least private lease, for sure.

我認為這些底層業務，如我們先前所描述，訓練營（boot camps）正處於結構性下滑。我認為這種情況會持續。而且在訓練營這一端的結構性環境下，Tech Elevator/Galvanize 這部分業務要實質性復甦是非常困難的。至少就我對產業的調查，與我認識、經營這類業務的業內人士交流後，我想他們大多也會呼應類似的看法，至少在私下而言，肯定是如此。

I think the MedCerts business is and continues to be an attractive market segment for us. We have not executed well across that market segment. We've had some leadership changes in the past year or so that we're hoping that will help reignite our positioning there.

我認為 MedCerts 業務對我們而言一直、也仍然是一個具吸引力的市場區隔。但我們在該市場區隔的執行表現並不好。過去一年左右我們做了一些領導層調整，希望能幫助我們重新點燃在那裡的市場定位。

I continue to believe that we're going to make investments in that, I think it benefits our K-12 programs. And I think it -- the market opportunity still exists. So it's not meaningful. The investments won't change the needle on anything in our financials, but I do think there continues to be opportunity there. We're going to continue to look for ways to take advantage of the opportunity. But I think, clearly, our execution has not yet been where we expected to be.

我仍然相信我們會在那方面進行投資，我認為這也有助於我們的 K-12 計畫。而且我認為——市場機會仍然存在。所以它並不具重大性。這些投資不會在我們的財務報表上帶來任何顯著變化，但我確實認為那裡仍然有機會。我們會持續尋找方式來把握這個機會。但我想很明顯地，我們的執行表現尚未達到我們原先的預期。

Got it. Thanks for the detail there. I'll jump back in the queue. Appreciate the time.

了解。謝謝你提供這些細節。我會回到排隊序列。感謝你們撥冗。

Thank you.

謝謝。

That concludes our question-and-answer session. Ladies and gentlemen, this concludes the Stride third-quarter fiscal year 2026 earnings call. Thank you all for joining. You may now disconnect.

我們的問答環節到此結束。各位女士、先生，Stride 2026 財政年度第三季財報電話會議到此結束。感謝各位參與。您現在可以掛線。