Perdoceo Education Corp (PRDO) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Gael, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Perdoceo Education Corporation third-quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Nick Nelson, Investor Relations. You may begin.

謝謝你的支持。我叫蓋爾，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Perdoceo Education Corporation 2024 年第三季財報電話會議。（操作員指示）我現在想將會議轉交給投資人關係部門的 Nick Nelson。你可以開始了。

Thank you, operator. Good afternoon, everyone, and thank you for joining us on our third-quarter 2024 earnings call. With me on the call today is Todd Nelson, President and Chief Executive Officer, and Ashish Ghia, Chief Financial Officer.

謝謝你，接線生。大家下午好，感謝您參加我們的 2024 年第三季財報電話會議。今天與我一起參加電話會議的是總裁兼執行長 Todd Nelson 和財務長 Ashish Ghia。

This conference call is being webcast live within our Investor Relations section at perdoceoed.com. A webcast replay will also be available on our site, and you can always contact the Alpha IR Group for investor relations support.

本次電話會議將在 perdoceoed.com 的投資者關係部分進行網路直播。我們的網站上也將提供網路廣播重播，您可以隨時聯繫 Alpha IR Group 尋求投資者關係支援。

Let me remind you that this afternoon's earnings release and remarks made today include forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions made by and information currently available to Perdoceo Education and involve risks and uncertainties that could cause actual future results, performance, business prospects, and opportunities to differ materially from those expressed in or implied by these statements. These risks and uncertainties include, but are not limited to, those factors identified in Perdoceo's most recent annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Except, as expressly required by these securities laws, the company undertakes no obligation to update those factors or any forward-looking statements to reflect future events, developments, or changed circumstances, or for any other reason.

讓我提醒您，今天下午的收益發布和今天的言論包括 1934 年證券交易法第 21E 條中定義的前瞻性陳述。這些陳述是基於 Perdoceo Education 所做的假設和當前可獲得的信息，涉及風險和不確定性，可能導致未來實際結果、業績、業務前景和機會與這些陳述中明示或暗示的內容存在重大差異。這些風險和不確定性包括但不限於 Perdoceo 最近的 10-K 表格年度報告以及隨後向美國證券交易委員會提交的文件中確定的因素。除非這些證券法明確要求，否則本公司不承擔更新這些因素或任何前瞻性陳述以反映未來事件、發展或情況變化或任何其他原因的義務。

In addition, today's remarks refer to non-GAAP financial measures, which are intended to supplement but not substitute for the most directly comparable GAAP measures. The earnings release that accompanies today's call contains financial and other quantitative information to be discussed today, as well as the reconciliation of the GAAP to non-GAAP measures, and is available within the Investor Relations page of the company's website.

此外，今天的評論涉及非公認會計準則財務指標，旨在補充但不能取代最直接可比較的公認會計準則財務指標。今天電話會議附帶的收益發布包含今天討論的財務和其他定量信息，以及 GAAP 與非 GAAP 指標的調節，可在公司網站的投資者關係頁面上查看。

With that, I'd like to turn the call over to Todd Nelson. Todd.

說到這裡，我想把電話轉給托德·尼爾森。托德。

Thank you, Nick. Good afternoon, everyone, and thank you for joining us for our third-quarter 2024 earnings call. I'll discuss some key highlights for the quarter. Ashish will then review our operating and financial performance and discuss our outlook for the year. However, before we begin, I'd like to thank our faculty, student support staff, and all other employees for their ongoing commitment and hard work in serving and educating our students.

謝謝你，尼克。大家下午好，感謝您參加我們的 2024 年第三季財報電話會議。我將討論本季的一些關鍵亮點。然後，阿什什將回顧我們的營運和財務業績，並討論我們今年的前景。然而，在我們開始之前，我要感謝我們的教師、學生支援人員和所有其他員工在服務和教育學生方面的持續承諾和辛勤工作。

We continue to experience strong levels of student retention and engagement across both our academic institutions. As a result, third quarter-operating results came in ahead of our expectations discussed on the last earnings call.

我們的兩個學術機構繼續保持著高水準的學生保留率和參與度。因此，第三季的營運表現超出了我們在上次財報電話會議上討論的預期。

Let me now review some of the key observations and general highlights. We continue to experience high levels of student retention and engagement at both CTU and AIUS, with retention remaining at multi-year highs. Our faculty and student support teams remain dedicated to educating and serving our students, while serving federal student aid initiatives have also had a positive impact on our retention.

現在讓我回顧一些關鍵觀察結果和一般要點。CTU 和 AIUS 的學生保留率和參與度都很高，保留率保持在多年來的最高水平。我們的教師和學生支援團隊仍然致力於教育和服務我們的學生，同時服務聯邦學生援助計劃也對我們的保留產生了積極影響。

Marketing expenditures for the quarter were higher as compared to the prior year, as operations within AIUS reverted to normalized levels as compared to the prior year quarter. We continue to leverage data analytics over various marketing strategies to further improve our focus on identifying prospective students who are more likely to succeed at one of our student universities, while also complying with and adapting to updated expectations from various federal agencies around prospective student outreach.

由於 AIUS 內的營運與去年同期相比恢復到正常水平，本季的行銷支出高於去年同期。我們繼續在各種行銷策略中利用數據分析，以進一步提高我們對識別更有可能在我們的學生大學取得成功的潛在學生的關注，同時遵守和適應各個聯邦機構對潛在學生外展的最新期望。

Our commitment to enhancing students' academic experiences and student support services through technology remains a priority. We see technology as a key driver of our success, and are dedicated to making targeted investments while exploring AI-based solutions across various student support processes.

我們致力於透過科技增強學生的學術體驗和學生支援服務仍然是我們的首要任務。我們將科技視為我們成功的關鍵驅動力，並致力於進行有針對性的投資，同時在各種學生支援流程中探索基於人工智慧的解決方案。

Lastly, a quick update on the pending acquisition for the University of St. Augustine. The acquisition marks Perdoceo's foray into the health sciences field in a meaningful way as it will significantly increase the number of students we serve in the field, especially at the master's degree level and higher.

最後，簡單介紹一下聖奧古斯丁大學待收購的最新情況。此次收購標誌著 Perdoceo 以有意義的方式進軍健康科學領域，因為它將顯著增加我們在該領域服務的學生數量，特別是碩士學位及更高級別的學生數量。

The acquisition will also support further growth and diversification of our academic program offerings. We expect the acquisition to be accretive to our adjusted operating income beginning in 2025 and are excited with the potential growth opportunities that it will bring to Perdoceo in years to come.

此次收購也將支持我們學術計畫的進一步成長和多元化。我們預計此次收購將從 2025 年開始增加我們調整後的營業收入，並對未來幾年將為 Perdoceo 帶來的潛在成長機會感到興奮。

A quick note on the operating results. Third-quarter results exceed our expectations as we are reported net income of $38.3 million or $0.57 per diluted share. While adjusted earnings per diluted share, which excludes certain non-cash items, were $0.59, as compared to our outlook of $0.52 to $0.54.

關於營運結果的快速說明。第三季業績超出了我們的預期，淨利潤為 3,830 萬美元，即稀釋後每股收益 0.57 美元。調整後每股攤薄收益（不包括某些非現金項目）為 0.59 美元，而我們的預期為 0.52 至 0.54 美元。

From a student enrollment perspective, total enrollments for the third quarter grew 13.6% at CTU, driven by a positive timing impact over academic calendar, as well as growth in corporate engagement programs. As previously discussed, AIUS reverted to normalized operations during the fourth quarter of 2023, and consistent with our expectations, after several quarters of experience of decline, total enrollments for the third quarter grew by 4%. We also expect to show total student enrollment growth for the fourth quarter at AIUS.

從學生入學人數的角度來看，CTU 第三季度的總入學人數增加了 13.6%，這得益於學術日曆的正面時間影響以及企業參與計畫的成長。如前所述，AIUS 在 2023 年第四季度恢復正常運營，與我們的預期一致，在經歷了幾個季度的下滑之後，第三季度的總入學人數增加了 4%。我們也預計將顯示 AIUS 第四季學生總入學人數的成長。

In closing, we remain focused on serving our students while further enhancing academic outcomes and student experiences. We are pleased with total enrollment growth across both our academic institutions and expect to close the year on a high note as it relates to student retention and engagement.

最後，我們仍然專注於為學生提供服務，同時進一步提高學術成果和學生體驗。我們對兩個學術機構的總入學人數增長感到高興，並期望以高調結束今年，因為這與學生保留率和參與度有關。

With that said, I'd like to turn the call over to Ashish for a more comprehensive review of our operating and financial performance. Ashish?

話雖如此，我想將電話轉給 Ashish，以便對我們的營運和財務表現進行更全面的審查。阿什什？

Thank you, Todd. I will now review the third-quarter results and then discuss our balance sheet and 2024 outlook before handing the call back to Todd for his closing remarks.

謝謝你，托德。我現在將回顧第三季業績，然後討論我們的資產負債表和 2024 年前景，然後將電話轉回給托德進行結束語。

Please note all comparisons discussed on this call are versus the comparative prior year period unless otherwise stated. Please also note that any total student enrollment numbers or any enrollment trends that are referred to on this call exclude learners pursuing non-degree-seeking professional development programs and degree-seeking non-Title IV self-paced programs at our universities.

請注意，除非另有說明，本次電話會議討論的所有比較均與去年同期進行比較。另請注意，本次電話會議中提及的任何學生註冊總數或任何註冊趨勢均不包括在我們大學攻讀非學位專業發展課程和尋求學位的非第四條自定進度課程的學習者。

Let us begin with an overview of our operating results. Net income for the quarter was $38.3 million, or $0.57 per diluted share, compared to $41.3 million, or $0.62 per diluted share.

讓我們先概述一下我們的經營績效。本季淨利為 3,830 萬美元，即稀釋後每股收益 0.57 美元，而同期淨利潤為 4,130 萬美元，即稀釋後每股收益 0.62 美元。

Adjusted earnings per diluted share, which we believe is more indicative of the underlying operating performance, were $0.59 as compared to $0.64. Please note that the prior quarter included a non-recurring federal income tax benefit of approximately $4.5 million equating to $0.07 per share benefit to prior year EPS. Excluding the positive impact from this benefit, current year EPS and adjusted EPS would be higher than the prior year.

調整後每股攤薄收益為 0.59 美元，而我們認為該收益更能反映基本經營業績，而調整後每股收益為 0.64 美元。請注意，上一季包括約 450 萬美元的非經常性聯邦所得稅優惠，相當於上一年每股收益 0.07 美元。剔除此效益的正面影響，本年度每股收益和調整後每股收益將高於上年。

Third-quarter operating income of $44.8 million was $1.7 million higher as compared to the prior year quarter. As expected, revenue for the quarter was lowered by $10.1 million, which was more than offset with $11.8 million of lower operating expenses. This expected decrease in revenue was primarily due to a lag impact from 2023 operational changes at AIUS, as well as the academic calendar comparability and changes within professional development offerings at CTU.

第三季營業收入為 4,480 萬美元，比去年同期增加 170 萬美元。正如預期，本季營收減少 1,010 萬美元，但營運費用減少 1,180 萬美元，足以抵消這一影響。這項預期收入下降主要是由於 AIUS 2023 年營運變化的滯後影響，以及 CTU 學術日曆的可比性和專業發展產品的變化。

Operating expenses during the third quarter were favorable due to general expense efficiencies and certain non-recurring charges in the prior year quarter that benefited year-over-year expense comparability. Additionally, we continue to realize cost savings from rightsizing processes and operations that support our professional development offerings at CTU, while we continue to focus on delivering academic programs more effectively and efficiently and investing in student processes that we believe will further enhance the overall value proposition of our academic institution.

由於一般費用效率和去年同期的某些非經常性費用有利於同比費用可比性，第三季的營運費用有利。此外，我們繼續透過調整流程和營運來節省成本，以支援我們在CTU 的專業發展服務，同時我們繼續專注於更有效和高效地提供學術課程，並投資於學生流程，我們相信這將進一步增強整體價值主張我們的學術機構。

Adjusted operating income, which we believe is more indicative of the underlying operating performance and excludes certain significant and non-cash items, was $48.6 million for the third quarter as compared to $47.2 million. This increase was primarily due to lower expenses that I just discussed, which more than offset the lower revenue for the quarter. Overall, on a year-to-date basis, total operating expenses were $59.8 million lower as compared to the prior year, while revenue was $57.3 million lower.

我們認為，調整後的營業收入更能反映基本的經營業績，且不包括某些重要的非現金項目，第三季的調整後營業收入為 4,860 萬美元，而去年同期為 4,720 萬美元。這一增長主要是由於我剛才討論的費用減少，這足以抵消本季收入的減少。總體而言，今年迄今，總營運費用比前一年減少了 5,980 萬美元，而收入則減少了 5,730 萬美元。

Third-quarter revenue of $169.8 million was 5.6% or $10.1 million lower as compared to $179.9 million with the decrease being expected for the reasons I just discussed.

第三季營收為 1.698 億美元，比 1.799 億美元減少 5.6%，即 1,010 萬美元，下降的原因是我剛才討論的。

For the fourth quarter of 2024, we expect double-digit revenue growth for the company with both academic institutions contributing to this due to organic total enrollment growth that has been supported by strong retention and engagement. Additionally, AIU system has devoted to normalized operations since the beginning of the year while fourth-quarter revenue days at CTU will contribute positively to the year-over-year revenue comparability.

到2024 年第四季度，我們預計該公司的收入將實現兩位數增長，這兩個學術機構都將做出貢獻，因為在強勁的保留率和參與度的支持下，總註冊人數的有機增長。此外，AIU系統自年初以來一直致力於規範化運營，而CTU第四季度的收入天數將對同比收入可比性做出積極貢獻。

A note on total student enrollment. Total student enrollment at CTU increased by 13.6% as compared to the prior year quarter and primarily driven by growth in corporate engagement and a positive impact from the academic calendar comparability carrying over from the first quarter. At AIU System, Total student enrollment at September 30 increased 4% as compared to the prior year quarter end, which was ahead of our expectations. We have continued to show year-over-year improvements in AIU System's total enrollment trends since marketing and student enrollment activities began to normalize in the fourth quarter of 2023, and we expect to end the year with double-digit total enrollment growth at AIU System.

關於學生註冊總數的說明。與去年同期相比，CTU 的學生總入學人數增加了 13.6%，這主要是由於企業參與度的增長以及第一季的校歷可比性帶來的正面影響。在 AIU System，截至 9 月 30 日的學生總入學人數比去年季度末增加了 4%，超出了我們的預期。自 2023 年第四季行銷和學生招生活動開始正常化以來，我們繼續顯示 AIU System 的總入學趨勢同比改善，我們預計到年底 AIU System 的總入學人數將實現兩位數成長。

Now to our segment results. Third-quarter revenue at CTU decreased by 4% to $115.7 million, primarily due to lower number of revenue days, as well as changes within CTU's professional development offerings. Excluding the academic calendar comparability impact, revenue would have shown mid-single-digit growth at CTU, supported by growth in corporate engagement and high levels of student retention and engagement.

現在我們的細分結果。CTU 第三季營收下降 4% 至 1.157 億美元，主要是由於收入天數減少以及 CTU 專業發展產品的變化。排除學術日曆可比性的影響，在企業參與度的增長以及高水平的學生保留率和參與度的支持下，CTU 的收入將呈現中個位數增長。

Operating income increased to $44.2 million for the quarter from $34.5 million in the prior year, primarily due to cost efficiencies associated with our professional development offerings. The prior year also included certain non-recurring charges that benefited year-over-year expense comparability.

本季營業收入從前一年的 3,450 萬美元增加到 4,420 萬美元，這主要是由於與我們的專業發展產品相關的成本效率。上一年還包括某些有利於同比費用可比性的非經常性費用。

At AIU System, third-quarter revenue was $53.9 million, are 9% lower than the prior year quarter, which was in line with our expectations due to the continuing lag impact from the operational changes we made last year. However, the impact of this lag will be fully annualized by the fourth quarter, and we expect AIU System to experience revenue and enrollment growth for the fourth quarter.

AIU System 第三季營收為 5,390 萬美元，比去年同期下降 9%，符合我們的預期，因為我們去年進行的營運變革帶來了持續的滯後影響。然而，這種滯後的影響將在第四季度完全按年計算，我們預計 AIU System 第四季的收入和入學人數將會成長。

Operating income was $9.1 million versus $15.6 million in the prior year quarter, driven by the lower revenue and normalized levels of marketing expense during the quarter.

營業收入為 910 萬美元，而去年同期為 1,560 萬美元，這是由於本季收入下降和行銷費用正常化水準所致。

Moving on to corporate and other, operating loss for the third quarter was $8.5 million as compared to $7 million in the prior year quarter.

轉向企業和其他方面，第三季營運虧損為 850 萬美元，而去年同期營運虧損為 700 萬美元。

As it relates to income taxes, for the third quarter we recorded a provision for income taxes of $14.1 million which reflects accruals for federal and state corporate net income tax, resulting in an effective tax rate of 26.9%. The effective tax rate for the quarter reflects federal tax credit's claim for the 2023 tax return, as well as the tax effects of stock-based compensation and the release of previously recorded tax reserves, the combined impact of which reduced the effective tax rate by 0.6%.

由於與所得稅相關，第三季我們記錄了 1,410 萬美元的所得稅撥備，反映了聯邦和州企業淨所得稅的應計額，有效稅率為 26.9%。本季的有效稅率反映了聯邦稅收抵免對2023年納稅申報表的主張，以及股票補償和釋放先前記錄的稅收儲備的稅收影響，其綜合影響使有效稅率降低了0.6 %。

As a result, we now expect our full year 2024 effective tax rate to be between 26% and 27%. Please also note that the effective tax rate for the quarter ended September 30, 2023, reflects a $4.5 million favorable non-recurring tax benefit, which decreased the effective tax rate for the prior year quarter by 9.3%.

因此，我們現在預計 2024 年全年有效稅率將在 26% 至 27% 之間。另請注意，截至 2023 年 9 月 30 日的季度的有效稅率反映了 450 萬美元的非經常性稅收優惠，這使上一季的有效稅率降低了 9.3%。

Now to our balance sheet and liquidity. The year-to-date ended September 30, 2024, net cash flows provided by operations were $144 million versus $98.8 million in the prior year-to-date. The increase in cash flows provided by operations was primarily driven by the timing of working capital payments and Title IV drawdowns, as well as certain compensation-related payments. We ended the quarter with $722.6 million of cash, cash equivalents, restricted cash, and available-for-sale short-term investments. This represents an increase of approximately $118.4 million since the end of last year.

現在我們的資產負債表和流動性。截至 2024 年 9 月 30 日的年初至今，營運提供的淨現金流量為 1.44 億美元，而去年同期為 9,880 萬美元。營運提供的現金流量的增加主要是由營運資金付款時間和第四章提取以及某些與薪酬相關的付款所推動的。截至本季末，我們擁有 7.226 億美元的現金、現金等價物、限制性現金和可供出售的短期投資。這意味著自去年年底以來增加了約 1.184 億美元。

Through the year-to-date end of September 30, we have returned $29.9 million of cash to our shareholders in the form of dividend payments and share repurchases, and paid approximately $35 million in estimated federal and state income taxes.

截至今年 9 月 30 日，我們已以股息支付和股票回購的形式向股東返還了 2,990 萬美元現金，並繳納了約 3,500 萬美元的聯邦和州所得稅。

Capital expenditures for the third quarter were approximately $1 million, or 0.6% of revenue. As a reminder, for full year 2024, we foresee capital expenditures to be approximately 1% of revenue.

第三季的資本支出約為 100 萬美元，佔營收的 0.6%。提醒一下，我們預計 2024 年全年資本支出約為收入的 1%。

Before I share the updated outlook, let me take a minute to discuss capital allocation. We are pleased to announce that consistent with our dividend policy, today the Board of Directors approved the third-quarter 2024 dividend payment of $0.13 per share, which is an increase from the prior year quarter, payable on December 13, 2024, to the holders of record of Perdoceo's common stock at the close of business on December 2, 2024. Future quarterly dividend payments are expected to be paid out of free cash flows for the relevant year, subject to Board approval and the company's available retained earnings, financial condition, and other relevant factors.

在分享最新的展望之前，讓我花一點時間討論一下資本配置。我們很高興地宣布，根據我們的股利政策，董事會今天批准了 2024 年第三季股利每股 0.13 美元，較去年同期增加，將於 2024 年 12 月 13 日支付給股東Perdoceo 普通股截至2024年12 月2 日收盤時的記錄。未來的季度股利預計將從相關年度的自由現金流中支付，具體取決於董事會批准以及公司可用的留存收益、財務狀況和其他相關因素。

Subject to the requirements just mentioned, we continue to expect that quarterly dividends will be an integral and growing part of our balanced capital allocation strategy. Our balanced capital allocation strategy also prioritizes investments in organic projects, in particular technology-related initiatives designed to benefit our students and maintain a strong balance sheet while also evaluating diverse strategies to enhance stock order value, including acquisitions.

根據剛才提到的要求，我們繼續預期季度股息將成為我們平衡資本配置策略不可或缺且不斷增長的一部分。我們平衡的資本配置策略也優先考慮對有機專案的投資，特別是旨在使我們的學生受益並維持強勁的資產負債表的技術相關舉措，同時評估各種策略以提高股票訂單價值，包括收購。

Speaking of the University of St. Augustine acquisition, we are diligently working through the regulatory approvals, processes, and other deliverables, and expect the transaction to close in December. As a reminder, this is an all-cash deal, and we expect to pay approximately $142 million to $144 million in net cash at the time of closing.

說到收購聖奧古斯丁大學，我們正在努力完成監管審批、流程和其他可交付成果，預計交易將於 12 月完成。提醒一下，這是一項全現金交易，我們預計在成交時支付約 1.42 億至 1.44 億美元的淨現金。

For the full year 2023, the university had revenues of approximately $170 million, operating income of approximately $35 million, and served roughly 4,500 graduate and postgraduate students. We expect the acquisition to be credited to our adjusted operating income beginning in 2025 and will be treated as a separate segment for external reporting purposes.

2023 年全年，該大學的收入約為 1.7 億美元，營業收入約為 3,500 萬美元，為約 4,500 名本科生和研究生提供服務。我們預計此次收購將從 2025 年開始記入我們調整後的營業收入，並將被視為一個單獨的部門用於外部報告目的。

Now let us discuss our updated outlook for 2024. Based on better-than-expected student retention and engagement trends, we now expect school-year 2024 adjusted operating income to range between $188 million and $191 million as compared to the previously provided range of $175 million to $190 million and 2023 adjusted operating income of $174.9 million.

現在讓我們來討論一下 2024 年的最新展望。基於好於預期的學生留任率和參與度趨勢，我們現在預計2024 學年調整後營業收入將在1.88 億美元至1.91 億美元之間，而之前提供的範圍為1.75 億美元至1.9 億美元，2023 年調整後營業收入為1.749 億美元。

Adjusted earnings per diluted share is expected to range between $2.25 and $2.28 versus $2.10 in 2023.

調整後每股攤薄收益預計在 2.25 至 2.28 美元之間，而 2023 年為 2.10 美元。

For the fourth quarter of 2024, we expect adjusted operating income to be in the range of $39 million to $42 million, as compared to $19.4 million in the prior year quarter, with adjusted earnings per diluted share to range between $0.46 and $0.49 per diluted share versus $0.27 in the post-quarter of 2023. This outlook reflects our current belief that the high levels of student retention and engagement we experienced over the past few quarters, partly supported by the positive impact of various federal student aid initiatives, will continue to persist through the remainder of 2024.

對於 2024 年第四季度，我們預計調整後營業收入將在 3,900 萬美元至 4,200 萬美元之間，而去年同期為 1,940 萬美元，調整後每股攤薄收益將在 0.46 美元至 0.49 美元之間相比之下，2023 年後季為0.27 美元。這一前景反映了我們目前的信念，即過去幾個季度我們所經歷的高水平學生保留率和參與度將在2024 年剩餘時間內繼續持續下去，部分原因是各種聯邦學生援助舉措的積極影響。

Full-year revenue at CTU is expected to be lower than 2023, primarily due to simplification of our professional development offerings. Excluding this impact, full-year revenue at CTU would be higher versus the prior year, despite lower revenue dates in 2024. Growth in our corporate engagement program and high levels of student retention and engagement are expected to mostly offset the impact from lower revenue dates and support full-year revenue and total enrollment growth for the year-end 2024.

CTU 的全年收入預計將低於 2023 年，這主要是由於我們的專業發展服務的簡化。排除此影響，儘管 2024 年的收入日期較低，但 CTU 的全年收入將高於去年。我們的企業參與計劃的增長以及高水平的學生保留率和參與度預計將在很大程度上抵消收入日期較低的影響，並支持 2024 年底的全年收入和總入學人數增長。

At AIU System, full-year revenue is expected to be below 2023 levels due to the lagged impact of lower beginning total enrollments. As AIU System continues to operate within normalized levels of marketing and admissions, while also experiencing strong levels of student retention and engagement, we expect revenue and total student enrollments to grow in the fourth quarter.

在 AIU System，由於年初總入學人數較低的滯後影響，預計全年收入將低於 2023 年的水準。隨著 AIU System 繼續在正常的營銷和招生水平下運營，同時學生保留率和參與度也很高，我們預計第四季度的收入和學生總入學人數將增長。

As disclosed in our most recent Form 10-K, the Department of Education has gone through and continues to go through additional negotiated rulemaking processes while also updating interpretations and providing new guidance on various other topics. While we continue to monitor and evaluate these rulemaking initiatives, as well as new or updated guidance coming from the Department, any further operational changes that are necessary to ensure compliance with the Department rules and interpretations could have an impact on the outlook I just presented.

正如我們最新的 10-K 表中所揭露的，教育部已經並將繼續進行額外的規則制定談判程序，同時也更新解釋並就各種其他主題提供新的指導。雖然我們繼續監測和評估這些規則制定舉措以及來自該部門的新的或更新的指導，但為確保遵守該部門的規則和解釋而必需的任何進一步的運營變化都可能會對我剛才提出的前景產生影響。

Our 2024 outlook also assumes collective investments in technology, data analytics, academics, and student support processes. We believe these investments have been successful in positively impacting academic outcomes and student experiences. We will also continually evaluate the size and resources of our academic institutions' corporate engagement teams.

我們的 2024 年展望也假設對技術、數據分析、學術和學生支援流程進行集體投資。我們相信這些投資成功地對學術成果和學生體驗產生了積極影響。我們也將持續評估學術機構企業參與團隊的規模和資源。

Please refer to our earnings release file today for important information about the key assumptions and factors underlying this discussion from today's call, as well as the GAAP to non-GAAP reconciliations.

請參閱我們今天的收益發布文件，以了解有關今天電話會議討論的關鍵假設和因素的重要信息，以及 GAAP 與非 GAAP 調節表。

With that, I will turn the call over to Todd for his closing remarks. Todd?

接下來，我將把電話轉給托德，讓他發表結束語。托德？

Thank you, Ashish. In summary, our academic institutions remain focused on serving and educating students, and our investments will continue to prioritize student experiences and academic outcomes. I'd like to thank all of our students and staff once again for their ongoing hard work and education. Thank you again for joining us.

謝謝你，阿什什。總之，我們的學術機構仍然專注於服務和教育學生，我們的投資將繼續優先考慮學生的體驗和學術成就。我要再次感謝我們所有的學生和教職員工持續的辛勤工作和教育。再次感謝您加入我們。