Stride Inc (LRN) 2026 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Stride fourth quarter fiscal year 2026 earnings call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions) I will now hand the conference over to Eliza Henson, manager of investor relations. Eliza, please go ahead.

各位好。感謝各位加入，歡迎參加 Stride 2026 會計年度第四季財報電話會議。在今天的預先準備發言之後，我們將進行問答環節。(接線員指示) 現在我把會議交給投資人關係經理 Eliza Henson。Eliza，請開始。

Thank you, and good afternoon. Welcome to Stride's Fourth Quarter and Year-end Earnings Call for Fiscal year 2026. With me on today's call are Bob Knowling, Chief Executive Officer; and Donna Blackman, Chief Financial Officer.

謝謝，各位下午好。歡迎參加 Stride 2026 會計年度第四季暨全年財報電話會議。今天與我一同出席的有執行長 Bob Knowling，以及財務長 Donna Blackman。

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. A reconciliation of these measures is provided in the earnings release issued this afternoon and can also be found on our Investor Relations website.

提醒各位，今天的電話會議與網路直播搭配一份簡報，可於 Stride 投資人關係網站查閱。請注意，今天對我們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載於今天下午發布的財報新聞稿中，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.

除歷史資訊外，本次電話會議亦將包含前瞻性陳述。由於若干重要因素（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。

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.

這些陳述係基於我們在作出陳述當時，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。在我們的預先準備發言之後，我們將回答各位可能提出的問題。

Now I'll turn the call over to Bob.

現在我把電話交給 Bob。

Thanks, Eliza, and good afternoon, everyone. Before we discuss our results, I would like to address the leadership transition that we announced last Thursday. The Board executed this leadership change after careful evaluation and deliberation. And ultimately, the Board determined that for Stride to reach its full potential, a new leader was needed to take the reins.

謝謝你，Eliza，各位下午好。在討論我們的業績之前，我想先談談我們上週四宣布的領導階層交接。董事會在審慎評估與充分討論後，執行了這項領導變更。最終，董事會認為，若要讓 Stride 充分發揮潛力，需要一位新的領導者接掌。

Having made that decision, the Board enacted our succession plan to appoint me as the new CEO. We collectively believe that it was best to do this immediately so that I could hit the ground running. I appreciate the Board's confidence in making me Stride's CEO. A strong consideration was putting in place a leader with strong tech and education experience and a track record of building strong teams. Those qualities aligned with my background. I've been an independent member of the Stride Board since 2018.

在作出該決定後，董事會啟動我們的接班計畫，任命我為新任執行長。我們一致認為，最好立即完成此事，讓我能夠迅速上手、立即投入。感謝董事會信任，任命我擔任 Stride 的執行長。其中一項重要考量，是任用一位具備深厚科技與教育經驗、且有打造強大團隊實績的領導者。這些特質與我的背景相符。自 2018 年起，我一直是 Stride 董事會的獨立董事。

On the education front, I served as the inaugural CEO of the New York City Leadership Academy, which was a nationally recognized nonprofit organization committed to improving outcomes for students, particularly the most vulnerable students through high-quality educational leadership.

在教育方面，我曾擔任紐約市領導力學院（New York City Leadership Academy）的創始執行長；該機構是一家全國知名的非營利組織，致力於透過高品質的教育領導力改善學生的學習成果，特別是最弱勢的學生。

I was a founding member of the organization, which was crafted under Mayor Michael Bloomberg, and Chancellor Joel Klein. It was during my tenure there that I grew to truly understand the importance of driving student outcomes. I believe this is the ultimate measure of educational success, investments in curriculum, technology and support services must translate into meaningful academic achievement. Educators, institutions and policymakers expect this from Stride and this will be one of my top priorities.

我也是該組織的創始成員之一；該組織是在市長 Michael Bloomberg 與教育總監（Chancellor）Joel Klein 任內規劃成立。正是在我任職期間，我真正理解到推動學生學習成果的重要性。我相信這是衡量教育成功的最終標準；對課程、科技與支援服務的投資，必須轉化為具意義的學業成就。教育工作者、機構與政策制定者對 Stride 有此期待，而這也將是我的首要優先事項之一。

On the tech side, I spent the early part of my career in the Bell system at Ameritech and US West. As Executive Vice President of Operations and Technology at US West, I oversaw every technical function in the company. Subsequently, I became CEO at Covad Communications, which I took public, and have served as CEO of SimDesk Technologies and Telwares as well.

在科技方面，我職涯早期在 Bell 系統旗下的 Ameritech 與 US West 任職。在 US West 擔任營運與科技執行副總裁期間，我負責公司所有技術職能。其後，我出任 Covad Communications 的執行長並帶領公司上市，也曾擔任 SimDesk Technologies 與 Telwares 的執行長。

I have also served on the Board at a variety of Fortune 500 companies, bringing a lens of delivering long-term shareholder value through Board oversight. I've been the leader on every Board on which I have served, whether as Chairman of the Board or committee Chair.

我也曾在多家《財富》500 強公司擔任董事，從董事會監督的角度，聚焦於透過治理交付長期股東價值。在我任職過的每個董事會中，我都擔任領導角色，無論是董事長或委員會主席。

Given my experience on Stride's Board, I have a strong understanding of our business. I've got an appreciation for our mission and our people who deliver on that mission every day. So if you were to summarize my experience in a few words, I have a proven track record as an operator. I'm known for building strong teams and I get quite deep in the details as that is my comfort zone.

基於我在 Stride 董事會的經驗，我對我們的業務有深刻理解。我也非常認同我們的使命，以及每天實踐使命的同仁。因此若用幾個詞總結我的經驗，我是一位具備實績的營運管理者。我以打造強大團隊著稱，也會深入細節，因為那是我最自在的工作方式。

Second, I have a strong blend of tech and education experience. And then third, I bring a shareholder-driven mindset from my Board experiences. There is a lot to continue to build on here at Stride, and I'm incredibly excited by the opportunity ahead of us.

第二，我兼具科技與教育的經驗組合。第三，我從董事會經驗中帶來以股東為導向的思維。Stride 還有許多可以持續建構與強化之處，我對眼前的機會感到非常振奮。

Stride is a market leader with several competitive advantages. We have a significant and scaled base of students across more than 30 geographies, and the management team is committed to growing the business deeper where we already have students as well as planting flags in new geographies. The management team has exhibited disciplined fiscal management. And as a result, we have a balance sheet that enables us to make prudent investments in the growth of our company.

Stride 是市場領導者，具備多項競爭優勢。我們在超過 30 個地區擁有龐大且具規模的學生基礎；管理團隊致力於在既有學生所在的地區深化成長，同時也在新地區插旗布局。管理團隊展現了嚴謹的財務紀律。因此，我們擁有能支持公司成長、進行審慎投資的資產負債表。

An example of this is the extension of our share repurchase authorization until October 31, 2027. Once our trading window opens at the end of October, I intend to actively consider opportunistic stock repurchases as part of our capital allocation strategy.

其中一個例子，是我們將股票回購授權延長至 2027 年 10 月 31 日。待 10 月底交易窗口開啟後，我計畫將機會性股票回購作為資本配置策略的一部分，並積極加以評估。

Stride has a tremendous amount of talent throughout the organization, from the management team all the way to our front line. That's why I'm eager to roll up my sleeves alongside this group. And I do recognize there is room for improvement. While we have strong foundational elements, we also have many students that we could still be serving.

Stride 在整個組織中擁有大量人才，從管理團隊到第一線同仁皆是如此。這也是為什麼我迫不及待想與這個團隊一起捲起袖子投入工作。我也確實認知到仍有改善空間。雖然我們具備堅實的基礎要素，但仍有許多學生是我們還可以服務到的。

To grow our market share, in large part, we must improve student outcomes. This includes better leveraging our suite of products and services, such as our live and AI tutoring platforms and our Tallo career and digital curriculum platforms. We've done a nice job over the years of adding capabilities, but I believe that there's even more we can do to extend our suite of products and to help students to reach their goals.

要提升市占率，在很大程度上，我們必須改善學生學習成果。這包括更有效運用我們的產品與服務組合，例如即時與 AI 家教平台，以及 Tallo 職涯平台與數位課程平台。多年來我們在新增能力方面做得不錯，但我相信我們還能做得更多，以擴展產品組合，並協助學生達成目標。

Improving our go-to-market has huge potential. As we execute our strategy, I am confident that we will better meet the needs of our students, which will, in turn, create more value for our shareholders. Let me now pivot to talk about our performance. As you've heard the team talk about in the past, Stride has made significant investments in our technology platforms to improve the long-term scalability of the business.

改善我們的市場進入策略（go-to-market）具有巨大的潛力。隨著我們執行策略，我有信心我們將能更好地滿足學生需求，進而為股東創造更多價值。接下來我轉而談談我們的表現。如各位過去聽團隊提到的，Stride 已在科技平台上進行重大投資，以提升業務的長期可擴展性。

We have improved the customer experience. We've strengthened our operational foundation, and we've positioned the business for future growth. As a result of the steps we have taken to date, we have delivered 4.2% enrollment growth and 4.7% revenue growth.

我們改善了客戶體驗。我們強化了營運基礎，並讓業務為未來成長做好定位。基於迄今採取的各項措施，我們實現了 4.2% 的註冊人數成長與 4.7% 的營收成長。

Turning briefly to the previously announced decision by Roscoe Independent School District to not renew their contract for our Lone Star Online Academy. While we're disappointed by the district's decision, Texas remains an important state for us, and our commitment to serving families across the state remains unchanged.

簡要談一下先前已宣布的決定：Roscoe 獨立學區選擇不續約我們的 Lone Star Online Academy 合約。我們對該學區的決定感到失望，但德州對我們仍是重要的州，我們服務全州家庭的承諾不變。

We continue to operate multiple schools in Texas, and we're actively placing Roscoe Independent School District impacted families in our other programs. As we look towards the upcoming school year, it is still early in the enrollment season. Families will continue to make enrollment decisions throughout the fall and increasingly throughout the school year. And with that caveat, we are encouraged by the indications we are seeing so far.

我們在德州仍持續營運多所學校，並正積極將受 Roscoe 獨立學區影響的家庭安置到我們其他方案中。展望即將到來的學年，目前仍處於招生季的早期階段。家庭將在整個秋季、並且愈來愈多地在學年期間持續做出入學決定。在此但書之下，我們對目前所看到的各項跡象感到鼓舞。

Applications are tracking slightly behind this time last year, but we're seeing improved conversion metrics and reregistration activity continues to track slightly ahead of last year. While I'm just getting started in the CEO role, it's clear to me that there is much to be excited about. I have relocated to Virginia, and I'm full steam ahead. I believe we can build upon what this leadership team has accomplished and reach even greater heights.

申請數量較去年同期略為落後，但我們看到轉換指標有所改善，且重新註冊活動仍略為領先去年。雖然我才剛開始擔任執行長一職，但我清楚感受到有許多令人振奮之處。我已搬遷至維吉尼亞州，並全力以赴。我相信我們能在這個領導團隊既有成果的基礎上再接再厲，攀登更高峰。

Thank you for your attention. And I'll now turn the call over to Donna.

感謝各位的聆聽。接下來我把電話會議交給 Donna。

Thank you, Bob, and good afternoon. As Bob discussed, FY26 was a year of meaningful progress for Stride. We continue to see strong demand for our programs, made progress on a number of strategic priorities and delivered solid financial results. While the year was not without challenges, we believe the progress we made positions us well for the future. I want to thank our employees, school partners and our students and families for their continued commitment throughout the year.

謝謝你，Bob，大家午安。如 Bob 所述，FY26 對 Stride 而言是具實質進展的一年。我們持續看到對我們課程的強勁需求，在多項策略優先事項上取得進展，並交出穩健的財務成果。儘管這一年並非毫無挑戰，我們相信所取得的進展使我們在未來具備良好定位。我要感謝我們的員工、學校合作夥伴，以及學生與家庭在整個年度持續的投入與承諾。

Now I'd like to provide some detail on our fiscal 2026 financial results. For the full year, revenue was $2.518 billion, an increase of 4.7% over fiscal 2025. Adjusted operating income was $498.4 million, up nearly 7%. Adjusted EBITDA totaled $617.6 million, up 8.2% from last year. And adjusted earnings per share were $8.33. Overall, these results reflect another year of resilient demand and disciplined financial management.

接下來我想提供一些 FY2026 財務結果的細節。全年營收為 25.18 億美元，較 FY2025 成長 4.7%。調整後營業利益為 4.984 億美元，成長近 7%。調整後 EBITDA 合計 6.176 億美元，較去年成長 8.2%。調整後每股盈餘為 8.33 美元。整體而言，這些結果反映了又一年具韌性的需求與嚴謹的財務管理。

Looking more closely at our business, revenue from our Career Learning, middle and high school programs was $1.04 billion, an increase of 19% from last year. Full year Career Learning enrollments totaled 109,700, up 14%. General Education revenue totaled $1.42 billion, decreasing 2% from FY 2025. Enrollment in General Education totaled 134,200, down 2.5% for the year. Taken together, we serve approximately 243,900 students during the year, just over 4% more than last year, reflecting sustained demand for the educational choices we provide.

更仔細來看我們的業務，職涯學習（Career Learning）、國中與高中課程的營收為 10.4 億美元，較去年成長 19%。全年職涯學習註冊人數合計 109,700 人，成長 14%。普通教育（General Education）營收合計 14.2 億美元，較 FY2025 下降 2%。普通教育註冊人數合計 134,200 人，全年下降 2.5%。綜合而言，我們全年服務約 243,900 名學生，較去年增加略高於 4%，反映市場對我們所提供教育選擇的持續需求。

Total revenue per enrollment across both lines of revenue was $9,914 compared to $9,677 last year. FY26 revenue per enrollment continue to reflect differences in state funding, program mix and enrollment timing. Looking ahead to FY27, most of our partner states have now finalized their educational budgets. While funding decisions vary across states, the overall funding environment remains supportive.

兩大營收線合計的每名註冊學生平均營收為 9,914 美元，去年為 9,677 美元。FY26 的每名註冊學生營收仍反映各州補助差異、課程組合與註冊時點的不同。展望 FY27，我們多數合作州已完成教育預算定案。雖然各州的補助決策不一，但整體補助環境仍具支持性。

As with any year, revenue per enrollment may be impacted by state mix and yield. And while it's still early in the enrollment season, given the current environment, we expect full year FY27 revenue per enrollment to be relatively flat to up slightly versus FY 2026. As always, revenue per enrollment may continue to fluctuate modestly based on state and program mix as well as enrollment yield throughout the year.

如同任何一年，每名註冊學生營收可能受到州別組合與招生成效（yield）的影響。雖然目前仍在註冊季初期，但在現有環境下，我們預期 FY27 全年每名註冊學生營收相較 FY2026 大致持平或小幅上升。一如既往，每名註冊學生營收仍可能因州別與課程組合，以及全年各階段的招生成效而出現小幅波動。

Now turning to profitability. Gross margins for the year was 37.8%, down 140 basis points. As we mentioned previously, our investments affected our near-term margins, but they also strengthened the business and have positioned us well for the years ahead. While many of the onetime implementation costs associated with these initiatives are now behind us, we will continue to incur some ongoing expenses associated with the new platforms as we focus on realizing the long-term operational benefits, and we will continue to invest in our strategic priorities.

接著談獲利能力。全年毛利率為 37.8%，下降 140 個基點。如先前所提，我們的投資影響了短期毛利率，但也強化了業務，並使我們在未來幾年具備良好定位。雖然與這些計畫相關的一次性導入成本多已過去，但在我們專注於實現長期營運效益之際，仍將持續承擔與新平台相關的部分經常性費用，並將持續投資於我們的策略優先事項。

Selling, general and administrative expenses totaled $499.8 million, down 4.7% from last year. Stock-based compensation for the year was $40.3 million, and our effective tax rate for FY26 was 23.3%. Now turning to our balance sheet. Capital expenditures for the year were $78.8 million. Free cash flow, which we define as cash from operations less capital expenditures, totaled $355 million, down $17.8 million from last year. We finished the year with cash, cash equivalents and marketable securities of approximately $1.034 billion.

銷售、一般及行政費用（SG&A）合計 4.998 億美元，較去年下降 4.7%。全年以股票為基礎的薪酬費用為 4,030 萬美元，FY26 的有效稅率為 23.3%。接著談資產負債表。全年資本支出（CapEx）為 7,880 萬美元。自由現金流（我們定義為營運現金流減資本支出）合計 3.55 億美元，較去年減少 1,780 萬美元。年末現金、約當現金及有價證券約為 10.34 億美元。

During FY 2026, we continued executing against our share repurchase authorization, purchasing approximately $189 million of our common stock. These repurchases reflect our confidence in the long-term value of the business, while maintaining the financial flexibility to continue investing in our strategic priorities. We ended the year with approximately $311 million remaining under the current repurchase authorization, which now extends to October 31, 2027.

在 FY2026 期間，我們持續執行股票回購授權，回購約 1.89 億美元的普通股。這些回購反映我們對公司長期價值的信心，同時也維持財務彈性，以持續投資於策略優先事項。年末在現行回購授權下尚餘約 3.11 億美元額度，且該授權現已延長至 2027 年 10 月 31 日。

Even as we continue executing against our share repurchase authorization, our capital allocation priorities remain unchanged. We will continue to invest, first, in opportunities that support organic growth, evaluate strategic acquisitions that strengthen our business and return excess capital to shareholders when we believe it creates long-term value. Our balance sheet gives us the flexibility to pursue each of these priorities, while maintaining a strong financial position.

即使我們持續執行股票回購授權，我們的資本配置優先順序仍維持不變。我們將持續投資：第一，支持內生成長的機會；評估能強化業務的策略性併購；並在我們認為能創造長期價值時，將多餘資本回饋股東。我們的資產負債表使我們能靈活推進上述各項優先事項，同時維持穩健的財務狀況。

Now before I wrap up, let me offer a few thoughts on FY 2027. As Bob mentioned, we're encouraged by what we're seeing early in the enrollment cycle. At the same time, I remind investors that the first quarter count date enrollment growth will face a more difficult comparison than it has for the last couple of years.

在我結束前，先分享幾點對 FY2027 的看法。如 Bob 所提，我們對註冊週期初期所看到的情況感到鼓舞。同時，我也提醒投資人，第一季計數日（count date）的註冊成長將面臨比過去幾年更具挑戰的比較基期。

Because we moderated in-year enrollment growth during FY 2026, we won't have the same carryover benefit entering fiscal year. As a result, even with healthy demand and solid execution year-over-year, count date growth may appear more modest than what we've seen over the past few years.

由於我們在 FY2026 期間放緩了年度內（in-year）的註冊成長，我們在進入新會計年度時將不會享有同樣的結轉效益。因此，即便需求健康、且我們年對年執行穩健，計數日成長看起來可能會比過去幾年更為溫和。

Keeping that in mind, for FY 2027, seasonality should remain generally consistent with the years prior. CapEx and SG&A as a percent of revenue are anticipated to be relatively flat. We expect gross margins will be flattish to last year, and we expect to see somewhat of an uptick in both stock-based compensation and tax rate from this year.

在此前提下，FY2027 的季節性應大致與以往年度一致。資本支出與 SG&A 佔營收比重預期將大致持平。我們預期毛利率將與去年大致持平，且預期以股票為基礎的薪酬費用與稅率相較今年將略有上升。

As we typically do, we will provide formal enrollment and financial guidance when we report our first quarter results in October. It is still early in the enrollment season and with August and September being our busiest month, there is still a lot of work ahead of us, and we remain confident in our ability to execute.

如同我們一貫作法，我們將在 10 月公布第一季業績時，提供正式的註冊與財務指引。目前仍在註冊季初期，且 8 月與 9 月是我們最繁忙的月份，前方仍有許多工作要完成，但我們對自身的執行能力仍具信心。

FY26 was an important year for Stride. We believe the foundation we've built positions us well for the coming year, and we believe we are on track to achieve our FY 2028 financial targets. Thank you for your time today. Now I'll turn the call back over to the operator for your questions. Operator?

FY26 對 Stride 而言是重要的一年。我們相信所建立的基礎使我們在來年具備良好定位，也相信我們正按計畫達成 FY2028 的財務目標。感謝各位今天撥冗參與。接下來我把電話會議交回給接線員，進行提問。接線員？

(Operator Instructions)

（接線員指示）

Jeff Silbert, BMO Capital Markets.

Jeff Silbert，BMO 資本市場。

I wanted to start with Lone Star Online Academy. I think this is the first opportunity you've had to discuss this publicly. Can you give us a little bit more color what happened? I know the outcomes there were a little bit subpar. Is that the reason that Roscoe decided not to renew? And if that's the case, how do you make sure that things like this don't happen at other schools?

我想先從 Lone Star Online Academy 談起。我認為這是你們首次有機會公開討論此事。你們能否提供更多背景說明發生了什麼？我知道那邊的成果表現有些不如預期。這是否就是 Roscoe 決定不續約的原因？如果是這樣，你們如何確保類似情況不會在其他學校發生？

So Jeff, as we have talked about previously, we were in conversations with Roscoe about renewing the contract. And as you have indicated, we certainly had some performance issues with that school. And I think the district decided not to renew the contract. And as you also know that in any given year, we could have schools that do not decide to renew the contract.

所以 Jeff，如同我們先前談過的，我們一直在與 Roscoe 討論續約事宜。而如你所指出的，我們在那所學校確實有一些績效問題。我認為學區決定不續約。而你也知道，在任何一年，我們都可能遇到學校決定不續約的情況。

To get to the second part of your question about how do you ensure that this doesn't happen in the future. We will never -- we're going to ensure we won't have the contracts leave us. We will -- as part of the business, we have contracts that leave us, we have -- and we sign on new contracts.

至於你問題的第二部分，也就是如何確保未來不再發生這種情況。我們永遠——我們會確保不會讓合約離開我們。我們會——作為業務的一部分，確實會有合約離開我們，我們也會——同時簽下新的合約。

But what I can say is, Bob is really focused on student outcomes. And we are continuing to invest in our student outcomes. And so that will help us to enable us to ensure that we deliver to our students the outcomes that they come to expect.

但我可以說的是，Bob 非常專注於學生的學習成果。而我們也持續投資於學生成果。因此，這將有助於我們確保能為學生交付他們所期待的成果。

Okay. I appreciate that. I know you're not providing guidance for fiscal '27. You mentioned a few times; it's still early in the year. But based on what you know now, at least directionally, should we see enrollment revenue and earnings growth in fiscal '27?

好的。謝謝你的說明。我知道你們不會提供 2027 財年的指引。你提到過幾次；現在仍是年初。但就你目前所知，至少從方向上看，2027 財年我們是否會看到招生收入與獲利成長？

So Jeff, I'm not going to get ahead of myself. We did that a little bit last year. Here's what I will say, the funding environment looks favorable. And I said that in my prepared remarks. While our application volumes are strongest, that's really like slightly behind last year, but still strong. What I'm encouraged by is the fact that our conversion rates are higher as well as our reregistration rates are higher.

所以 Jeff，我不想操之過急。我們去年有點這麼做了。我可以說的是，資金/補助環境看起來有利。我在事先準備的發言中也提到過。雖然我們的申請量仍然很強，但其實比去年略低一些，不過仍然強勁。讓我感到鼓舞的是，我們的轉換率更高，而且續註冊率也更高。

And so other than saying those things, I don't want to get too far ahead of saying what 2027 numbers will look like. But hopefully, those data points are helpful for you. I just don't want to get ahead of ourselves because we are so early in the enrollment season. And August and September is a really busy time for us and our team is working really hard to make sure that we enroll as many students as possible and have them have the best experience as possible.

因此，除了分享這些之外，我不想太早去談 2027 年的數字會是什麼樣子。但希望這些數據點對你有幫助。我只是不想太早下結論，因為我們現在還在招生季的很早期。而 8 月和 9 月對我們來說非常忙碌，我們的團隊也非常努力，確保盡可能招收更多學生，並讓他們有最好的體驗。

Alex Paris, Barrington Research.

Alex Paris，Barrington Research。

I appreciate the opportunity to ask a question or two. First, just to follow on the previous question by Jeff. Last year, from Q4 to Q1, you brought on 12,400 students to get us to where we were. This year -- and you alluded to it in your prepared remarks; you're starting with fewer students because you held down in year enrollments.

感謝讓我有機會提一兩個問題。首先，延續 Jeff 剛才的問題。去年從 Q4 到 Q1，你們新增了 12,400 名學生，才達到當時的水準。今年——你們在事先準備的發言中也提到——由於你們壓低了學年內招生，所以起始學生數較少。

And if you added, the same number of students, 12,400 from Q4 to Q1 this year, you'd be pretty flat, down 0.4% on a year-over-year basis as of the count date. Are you expecting some growth in the fall? I know you don't want to commit to a number or what have you. If you were able to do 12,400 last year, can you do 12,400 this year, I guess, is what I'm asking.

如果今年從 Q4 到 Q1 也新增同樣數量的學生，也就是 12,400 名，那麼在計數日（count date）以年對年來看，你們大致持平，約下降 0.4%。你們是否預期秋季會有一些成長？我知道你不想承諾一個數字或類似的事情。但如果去年能做到 12,400，今年也能做到 12,400 嗎？我想問的是這個。

I think the important thing to note is where we're ending the year, right? And so because we're ending the year lower than what we began the year. And in the past few years, that was not the case, right? We ended the year with enrollment higher than we began the year. So the starting point was much easier for us to be able to grow. So the comparison from a count date perspective will certainly be -- the comparison will be a tougher comparison because of that.

我認為重要的是要注意我們在年底的落點，對吧？因為我們年底的水準低於年初的起點。而在過去幾年並非如此，對吧？我們年底的招生人數高於年初。所以當時的起點讓我們更容易實現成長。因此，從計數日的角度來看，因為這個原因，年對年的比較肯定會——比較會更具挑戰。

And I know you want me to give you an enrollment number and I'm probably not going to give you an enrollment number. That's going to make you happy. Last year was sort of a onetime thing. I've had conversations with investors who say we're not going to do that again. But I do think it's important for you to know where we're seeing things in terms of the conversion rates, where we're seeing things in terms of re-reg and where we're seeing things from -- in terms of for next year in terms of application volumes.

我知道你希望我給你一個招生數字，而我大概不會給你一個——會讓你滿意的招生數字。去年某種程度上算是一次性的情況。我和一些投資人談過，他們說我們不會再那樣做一次。但我確實認為，讓你了解我們在轉換率、續註冊（re-reg）方面的觀察，以及——就明年而言——申請量的情況，這些都很重要。

And so while things are pointing in the right direction, August and September is when we're really, really busy. Parents are making decisions about the upcoming school year, even at latest August and September. And so I don't want to get ahead of ourselves for full 2027.

因此，雖然各項指標都朝正確方向發展，但 8 月和 9 月是我們真正、非常忙碌的時期。家長會在 8 月甚至 9 月才對即將到來的學年做出決定。所以我不想太早去談完整的 2027 年。

But the other thing I will point out to you is that we cut off our enrollments last year earlier than usual. And so while it's still early to say what that will look like for FY 2027, what I can say is I would not expect for us to cut off our in-year enrollment to the same capacity that we did on last year. And so I hope that information is helpful for you.

但我還要指出另一點：我們去年比平常更早停止招生。因此，雖然現在仍然太早去說 2027 財年會是什麼樣子，但我可以說的是，我不預期我們會像去年那樣，以同等程度去停止學年內招生。希望這些資訊對你有幫助。

It is. So just a clarifying question on that last comment. Would you expect in-year enrollment this year like we saw in the three years prior to fiscal 2026? Regardless of where you say?

有幫助。那就針對你剛才最後那段話再澄清一下。你是否預期今年的學年內招生會像 2026 財年前三年那樣？不管你怎麼說？

Yes. So I would -- look, based on where I sit today, I would expect us to have in-year enrollment growth. In 2025 from Q2 to Q3, we had pretty significant in-year enrollment growth. And so I don't know if I want to commit that we're going to have that in-year enrollment growth consistent in 2027. But what I will say is that we're not going to have all the windows closed to the same extent that we had them closed in 2026.

是的。所以我會——你看，就我今天所處的位置來看，我預期我們會有學年內招生的成長。在 2025 年從 Q2 到 Q3，我們的學年內招生成長相當顯著。因此我不確定我是否想承諾 2027 年也會有與之相一致的學年內招生成長。但我可以說的是，我們不會像 2026 年那樣把所有窗口關得那麼緊。

And then the last one is still related is, obviously, investors were concerned by what seemed like the sudden CEO succession announcement last week, Thursday. A lot of investors voted with their feet, with the sell-off in the shares 15% or 18%. Thinking that this had something to do with a disappointing fall enrollment season. Was that part of the decision? Or is it more, Bob, like you said earlier, changing horses for the next phase of accelerated growth?

最後一個問題仍然相關：顯然投資人對上週四看似突然的 CEO 接班公告感到擔憂。很多投資人用腳投票，股價下跌了 15% 或 18%。他們認為這可能與令人失望的秋季招生季有關。這是否是決策的一部分？還是更像 Bob 你先前所說的，為了下一階段的加速成長而更換領導人？

Thanks for the question. It is the latter. There was no consideration about any forward thinking, forward-looking performance, but a need and a desire to move to the next level of growth and development of this enterprise. And as you probably all know, leadership transitions are tough. But the decision was made and we made it to be an immediate in effect so that I'd really have a chance at the end of the fiscal year to hit the ground running relative to 2027.

謝謝你的問題。是後者。這個決定完全沒有考量任何前瞻、前視的績效表現，而是出於需要與期望，讓這家企業邁向下一個層級的成長與發展。而如你們大概都知道，領導交接很不容易。但我們已做出決定，並讓其立即生效，這樣我就能在財年結束時真正有機會，針對 2027 年迅速展開工作。

Okay. Because it sounds like all the comments -- I appreciate that. It sounds like all the comments are -- the fall term expectations are not too different from the Q3 call or the Q2 call.

好的。因為聽起來所有評論——謝謝你的說明。聽起來所有評論是——對秋季學期的預期，與 Q3 電話會或 Q2 電話會並沒有太大不同。

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。