Perdoceo Education Corp (PRDO) 2024 Q4 法說會逐字稿

Good afternoon. My name is Sean, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Perdoceo Education Corporation fourth quarter and full year 2024 earnings conference call. (Operator Instructions)

午安.我叫肖恩，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Perdoceo Education Corporation 2024 年第四季和全年財報電話會議。（操作員指示）

I would now like to turn the call over to Mr. Nick Nelson, Alpha IR. You may begin your conference.

現在我想將電話轉給 Alpha IR 的 Nick Nelson 先生。您可以開始您的會議了。

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

謝謝您，接線生。大家下午好，感謝您參加我們的 2024 年第四季財報電話會議。今天與我一起參加電話會議的是總裁兼執行長 Todd Nelson；以及財務長 Ashish Ghia。

This conference call is being webcast live within the 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 的投資者關係欄位進行網路直播。我們的網站上也將提供網路直播重播，您也可以隨時聯絡 Alpha IR Group 以取得投資者關係支援。

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.

讓我提醒您，今天下午的收益報告和今天的言論包括《1934 年證券交易法》第 21E 條定義的前瞻性陳述。這些聲明是基於 Perdoceo Education 所做的假設和當前可用的信息，涉及風險和不確定性，可能導致實際未來結果、業績、業務前景和機會與這些聲明中表達或暗示的結果、業績、業務前景和機會存在重大差異。

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 the 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.

這些風險和不確定性包括但不限於 Perdoceo 最新的 10-K 表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，除非證券法明確要求。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、發展或變化的情況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指標。今天電話會議附帶的收益報告包含今天要討論的財務和其他定量信息，以及 GAAP 與非 GAAP 指標的對賬，可在公司網站的投資者關係頁面上找到。

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 fourth quarter 2024 earnings call. Today, I look forward to discussing the operating success we've experienced over the past year and how our academic institutions are furthering our goals of changing lives through education and preparing learners for essential skills needed in today's job market.

謝謝你，尼克。大家下午好，感謝您參加我們的 2024 年第四季財報電話會議。今天，我期待討論我們在過去一年中取得的營運成功，以及我們的學術機構如何進一步實現透過教育改變生活和為學習者提供當今就業市場所需的基本技能的目標。

The enrollment trends we are experiencing have reinforced and validated our strategy of optimizing and prioritizing student experiences and academic outcomes that we believe should ultimately support sustainable and responsible growth.

我們正在經歷的招生趨勢強化並驗證了我們優化和優先考慮學生體驗和學術成果的策略，我們相信這最終應該支持可持續和負責任的成長。

Our acquisition of the University of St. Augustine for Health Sciences as a prestigious academic institution in the graduate health sciences field, offering clinical teaching excellence through its innovation, individualized and quality clinical and distance education model. With a strong focus on retention and graduating students, St. Augustine prepares medical professionals to serve and provide quality medical care to communities across the country.

我們收購了聖奧古斯丁健康科學大學，該大學是研究生健康科學領域的著名學術機構，透過其創新、個人化和優質的臨床和遠距教育模式提供卓越的臨床教學。聖奧古斯丁大學非常重視學生的留任和畢業，致力於培養醫療專業人員為全國各地的社區提供服務和優質的醫療服務。

Now to the results. I'll first discuss some key highlights for the quarter and full year. Ashish will then review the operating and financial performance and discuss our 2025 outlook. As always, I'd like to thank our faculty, student support staff and all of their employees for their outstanding and ongoing commitment and hard work in serving and educating our students.

現在來看看結果。我將首先討論本季和全年的一些主要亮點。然後，Ashish 將回顧營運和財務表現並討論我們的 2025 年展望。像往常一樣，我要感謝我們的教職員工、學生支援人員以及所有員工在服務和教育學生方面所做的傑出和持續的奉獻以及辛勤的工作。

2024 was a year of operating efficiency as we experienced further improvement in student retention and engagement across our academic institutions. This, coupled with various federal student aid initiatives put in place by the Department of Education, supported total student enrollment growth through 2024.

2024 年是營運效率的一年，因為我們各個學術機構的學生保留率和參與度都得到了進一步提高。再加上教育部實施的各種聯邦學生援助計劃，支持了到 2024 年學生入學總數的增長。

We are entering 2025 with student retention and engagement near multi-year highs and expect to operate at or near these levels through the next few quarters. The entire Perdoceo team remains focused on continuing to enhance and support student retention and engagement while making selective investments in student technology and leveraging data analytics to identify and engage with prospective students who are most likely to succeed at one of our academic institutions.

我們即將進入 2025 年，屆時學生的保留率和參與度將接近多年來的最高水平，並且預計在接下來的幾個季度中，我們的運作水平將達到或接近這些水平。整個 Perdoceo 團隊仍然專注於繼續提高和支持學生的保留率和參與度，同時有選擇地投資學生技術並利用數據分析來識別和吸引最有可能在我們的學術機構中取得成功的潛在學生。

Let me now review some other key observations and general highlights for the quarter and year. First, our academic institutions, including the University of St. Augustine for Health Sciences, graduated over 12,000 students in 2024. And we wish them well with all the very best for the future.

現在，讓我回顧一下本季和本年度的一些其他重要觀察和整體亮點。首先，我們的學術機構，包括聖奧古斯丁健康科學大學，將在 2024 年畢業超過 12,000 名學生。我們祝福他們未來一切順利。

Marketing and admissions, investments and commensurately prospective student inquiry generation grew in the second half of 2024 as we experienced an increase in interest from prospective students looking to pursue a degree at one of our academic institutions.

2024 年下半年，隨著有意在我們的學術機構攻讀學位的潛在學生的興趣增加，行銷和招生、投資以及相應的潛在學生諮詢數量均有所增長。

Further, we have seen increased efficiency within our student enrollment and onboarding processes, supported by the use of data analytics and technology as well as our evolving marketing strategies that focus on identifying prospective students who are most likely to succeed at one of our universities.

此外，透過數據分析和技術的應用以及不斷發展的行銷策略，我們的學生招生和入職流程的效率得到了提高，這些行銷策略的重點是確定最有可能在我們的大學取得成功的潛在學生。

We have also increased training and development within our admissions and enrollment teams. While optimistic for 2025, we will continue to monitor the myriad of rules, orders and updated expectations from various federal and state bodies around prospective student outreach.

我們也加強了招生和入學團隊的培訓和發展。雖然對 2025 年持樂觀態度，但我們將繼續關注各聯邦和州機構在未來學生拓展方面的各種規則、命令和最新期望。

Our corporate engagement programs remain a focus and a priority. Both AIUS and CTU continue to make investments in staff and technology to further grow their programs in an efficient and effective manner. We used approximately $38.5 million for dividends and stock buybacks during 2024. Returning cash to shareholders via quarterly dividends is expected to be an integral and growing part of our capital allocation strategy.

我們的企業參與計劃仍然是我們的重點和優先事項。AIUS 和 CTU 都繼續對員工和技術進行投資，以高效和有效的方式進一步發展他們的專案。2024 年，我們使用了約 3,850 萬美元用於股利和股票回購。透過季度股息向股東返還現金預計將成為我們資本配置策略中不可或缺且不斷增長的一部分。

Now I'd like to take a minute to discuss the University of St. Augustine for Health Sciences. In early December, we successfully completed the acquisition of St. Augustine, which is a leader in graduate health science degrees, primarily in physical therapy, occupational therapy and speech therapy, as well as nursing. St. Augustine offers its academic programs through a network of ground campuses in California, Florida and Texas.

現在我想花一點時間討論聖奧古斯丁健康科學大學。12 月初，我們成功完成了對聖奧古斯丁大學的收購，該大學在研究生健康科學學位方面處於領先地位，主要從事物理治療、職業治療和語言治療以及護理。聖奧古斯丁大學透過加州、佛羅裡達州和德克薩斯州的地面校園網路提供學術課程。

This strategic acquisition allows us to diversify and significantly expand our academic offerings into the health sciences field, broadening our reach and community impact. We expect St. Augustine to be accreted to Perdoceo's operating income and adjusted operating income in 2025 and to provide further growth in operating income and adjusted operating income in 2026.

此次策略性收購將使我們的學術課程更加多樣化，並顯著拓展我們在健康科學領域的研究範圍和社區影響力。我們預計聖奧古斯丁將在 2025 年計入 Perdoceo 的營業收入和調整後營業收入，並在 2026 年實現營業收入和調整後營業收入的進一步增長。

Shifting out or operating results. Fourth quarter and full year results surpassed our expectations. We reported fourth quarter net income of $31.5 million or $0.47 per diluted share, while adjusted earnings per diluted share which excludes certain significant and non-cash items was $0.50.

移出或經營成果。第四季和全年業績超出我們的預期。我們報告第四季度淨收入為 3,150 萬美元，即每股攤薄收益 0.47 美元，而不包括某些重大和非現金項目的調整後每股攤薄收益為 0.50 美元。

A quick note on total student enrollments. At CTU, total student enrollments increased by 8.1% compared to the prior year-end and as anticipated at AIUS system, total student enrollments increased by 11.8% as AIUS reverted to normalized operations in 2024.

關於學生總入學人數的簡要說明。在 CTU，學生總入學人數與去年年底相比增加了 8.1%，正如 AIUS 系統所預期的那樣，隨著 AIUS 在 2024 年恢復正常運營，學生總入學人數增加了 11.8%。

As mentioned earlier, since 2020, the Department of Education has implemented several student loan initiatives that in addition to organic improvements contributed to total enrollment growth in 2024. Some of these programs have ended and are expected to change or end in 2025.

如前所述，自 2020 年以來，教育部實施了多項學生貸款計劃，除了有機改善外，這些計劃還促進了 2024 年的總入學人數增長。其中一些項目已經結束，預計將於 2025 年發生變化或結束。

However, we believe that the underlying momentum in student retention and student engagement metrics, coupled with increased levels of prospective student interest should be able to offset any headwinds from loan program initiatives ending. Ashish will now provide more details on the quarter and full year performance, 2025 outlook and enrollment trends.

然而，我們相信，學生保留率和學生參與度指標的潛在勢頭，加上潛在學生興趣的提高，應該能夠抵消貸款計劃結束帶來的任何阻力。Ashish 現在將提供有關本季和全年業績、2025 年展望和招生趨勢的更多詳細資訊。

With that said, I'd now like to turn the call over to Ashish for a deeper review of our performance. Ashish?

話雖如此，我現在想把電話交給 Ashish，以便對我們的表現進行更深入的審查。阿希什？

Thank you, Todd. I will now review the fourth quarter and full year results and then discuss our balance sheet and 2025 outlook before handing the call back to Todd for his closing remarks. Please note, all comparisons discussed on this call are versus the comparative prior year period unless otherwise stated.

謝謝你，托德。我現在將回顧第四季和全年業績，然後討論我們的資產負債表和 2025 年展望，然後將電話交還給托德，請他作最後發言。請注意，除非另有說明，本次電話會議中討論的所有比較均與去年同期進行比較。

Please also note that the total student enrollment numbers discussed on this call or any enrollment trends that are referred to on this call exclude learners pursuing non-degree seeking and professional development programs and degrees seeking non-Title IV self-paced programs at our universities.

另請注意，本次電話會議討論的學生總入學人數或任何入學趨勢均不包括在我們大學攻讀非學位和專業發展課程以及攻讀非 Title IV 自定進度課程的學習者。

Finally, a quick reminder about year-over-year comparability. 2024 financial results include one month of operating performance from the University of St. Augustine for Health Sciences acquisition, which will be reported as a separate segment and which we will refer to as St. Augustine.

最後，快速提醒一下同比情況。 2024 年財務業績包括聖奧古斯丁大學健康科學收購的一個月營運業績，該業績將作為單獨的部門報告，我們稱之為聖奧古斯丁。

With that said, let us begin with an overview of our operating results. Net income for the full year was $147.6 million or $2.19 per diluted share compared to $147.7 million or $2.18 per diluted share. Adjusted earnings per diluted share, which we believe is more indicative of the underlying operating performance was $2.29 as compared to $2.10 in the prior year.

話雖如此，讓我們先概述一下我們的經營績效。全年淨利為 1.476 億美元，即每股攤薄收益 2.19 美元，去年同期為 1.477 億美元，即每股攤薄收益 2.18 美元。我們認為，調整後每股攤薄收益更能反映基礎經營業績，為 2.29 美元，去年同期為 2.10 美元。

Please note that the 2024 EPS and adjusted EPS were higher than '23, despite the prior year EPS including a non-recurring federal income tax benefit of approximately $4.5 million or $0.07. Full year 2024 operating income of $174.3 million was $23.8 million higher as compared to the prior year quarter.

請注意，儘管上一年每股收益包括約 450 萬美元或 0.07 美元的非經常性聯邦所得稅收益，但 2024 年每股收益和調整後每股收益均高於 23 年。 2024 年全年營業收入為 1.743 億美元，比去年同期高出 2,380 萬美元。

Adjusted operating income, which excludes certain significant and non-cash items that we believe is not necessarily indicative of the underlying operating performance was $192 million or 9.9% higher as compared to the prior year. As expected, revenue for the full year was lowered by $28.7 million, which was more than offset with $52 million in lower operating expenses.

調整後的營業收入（不包括我們認為不一定能反映基本營業業績的某些重大非現金項目）為 1.92 億美元，較上年增長 9.9%。正如預期的那樣，全年收入減少了 2,870 萬美元，但營運費用減少了 5,200 萬美元，抵消了這一減少。

This expected decrease in revenue was primarily due to a lag impact from the 2023 operational changes at AIU System and changes within the professional development offerings at CTU. Operating expenses for the year were favorable due to overall expense efficiencies and certain non-recurring charges in the prior year that benefited year-over-year expense comparability.

預計收入下降主要是由於 AIU 系統 2023 年營運變化以及 CTU 專業發展課程變化的滯後影響。由於整體費用效率和上一年的某些非經常性費用有利於同比費用的可比性，因此本年度的營運費用表現良好。

Additionally, we realized cost savings from right-sizing processes and operations that supported our professional development offerings at CTU. As we focus on delivering academic programs more effectively and efficiently while investing in certain processes that we believe will further enhance the overall academic value proposition of CTU.

此外，我們還透過調整支援 CTU 專業發展服務的流程和營運規模實現了成本節約。我們專注於更有效、更有效率地提供學術課程，同時投資某些流程，我們相信這將進一步提升 CTU 的整體學術價值主張。

For the fourth quarter, adjusted operating income was $43.2 million as compared to $19.4 million in the prior year quarter, and adjusted earnings per diluted share was $0.50 as compared to $0.27. This increase was primarily due to 12.5% organic revenue growth, that is after excluding St. Augustine, as well as lower expenses that I just discussed.

第四季度，調整後的營業收入為 4,320 萬美元，而去年同期為 1,940 萬美元；調整後的每股攤薄收益為 0.50 美元，而去年同期為 0.27 美元。這一增長主要歸因於 12.5% 的有機收入增長（不包括聖奧古斯丁的收入）以及我剛才討論過的較低費用。

Please note that the December acquisition of St. Augustine did not have a material impact on the year-over-year comparability of adjusted operating income. Full year revenue excluding St. Augustine decreased to $671.2 million as compared to $710 million. The decline in full year revenue was expected due to the lag impact resulting from the operational changes made at AIU System in 2023, and simplification of our professional development offerings at CTU.

請注意，12 月對聖奧古斯丁的收購對調整後營業收入的年比可比性並沒有產生重大影響。不包括聖奧古斯丁的全年收入從 7.1 億美元下降至 6.712 億美元。預計全年收入將下降，原因是 2023 年 AIU 系統營運變化帶來的滯後影響以及 CTU 專業發展服務的簡化。

But as I just mentioned, revenue in the fourth quarter increased by 12.5% to $166.4 million, primarily due to strong levels of student retention and engagement across AIU System and CTU. Furthermore, the effects of the operational changes and AIU System have largely been annualized as AIU System has been operating at normalized levels of marketing and admissions through most of 2024.

但正如我剛才提到的，第四季的營收成長了 12.5%，達到 1.664 億美元，這主要歸功於 AIU 系統和 CTU 的學生保留率和參與度較高。此外，由於 AIU 系統在 2024 年的大部分時間裡一直以正常的營銷和招生水平運營，因此運營變化和 AIU 系統的影響已基本實現年度化。

A note on total student enrollments. Total enrollments at CTU increased by 8.1% as of December 31, primarily driven by growth in enrollments from corporate engagements, as well as continued improvements in perspective student interest levels, student retention and student engagement trends.

有關學生總入學人數的說明。截至 12 月 31 日，CTU 的總入學人數增加了 8.1%，主要原因是企業參與入學人數的成長，以及學生興趣程度、學生留任率和學生參與度趨勢的持續改善。

At AIU System, total student enrollments at December 31 increased 11.8% as compared to the prior year. This was in line with our expectations of double-digit enrollment growth at AIU System operated at normalized levels of marketing and admissions for the most of 2024.

在 AIU 系統，截至 12 月 31 日的學生總數與前一年相比增加了 11.8%。這符合我們對 AIU 系統在 2024 年大部分時間行銷和招生水準正常化的情況下實現兩位數入學人數成長的預期。

For 2025, we expect total revenue and total enrollments to increase versus 2024. Strong levels of prospective student interest for CTU and AIU System as well as sustained improvement in student retention and engagement should offset the headwinds from the US Department of Education student loan initiatives program that have ended or are expected to change or end in 2025.

到 2025 年，我們預計總收入和總入學人數將比 2024 年增加。潛在學生對 CTU 和 AIU 系統的濃厚興趣以及學生保留率和參與度的持續提高應該可以抵消美國教育部學生貸款計劃帶來的阻力，該計劃已經結束或預計將於 2025 年改變或結束。

Moving now to our segment results. For your revenue at CTU decreased by 2.6% to $456.9 million. Excluding the impact from the simplification of the professional development offerings, 2024 revenue at CTU experienced organic growth, strong underlying student retention and engagement, and an increase in enrollments from corporate engagements more than offset the negative impact of approximately 5% pure revenue earning days during the year and resulted in this organic revenue growth.

現在來看看我們的分部業績。CTU 的收入下降了 2.6%，至 4.569 億美元。不計專業發展課程簡化的影響，CTU 2024 年的收入將實現有機增長，學生保留率和參與度強勁增長，企業參與帶來的入學人數增加足以抵消當年約 5% 純收入天數的負面影響，並帶來有機收入增長。

For the fourth quarter, revenue at CTU was $114.8 million or 9.7% higher than the prior year quarter, primarily due to the growth trends I just discussed. Operating income for the quarter was $42 million as compared to $25.4 million in the prior year quarter, while full year operating income increased by 18.9% to $171.3 million.

第四季度，CTU 的營收為 1.148 億美元，比去年同期高出 9.7%，這主要歸功於我剛才討論的成長趨勢。本季營業收入為 4,200 萬美元，而去年同期為 2,540 萬美元，全年營業收入成長 18.9%，達到 1.713 億美元。

Lower expenses associated with professional development offerings combined with the organic revenue growth discussed above contributed to the year-over-year increase in operating income.

與專業發展服務相關的費用降低，加上上述有機收入的成長，促進了營業收入的年成長。

At AIU System, as expected, full year revenue decreased by 11.1% to $213.5 million, but fourth quarter revenue was $51.4 million or 19.1% higher than the prior year quarter. The increase in fourth quarter revenue was in line with our expectations and supported by total enrollment growth, which also resulted in an operating income for the quarter of $4.9 million as compared to $0.6 million.

正如預期的那樣，AIU System 全年營收下降 11.1% 至 2.135 億美元，但第四季營收為 5,140 萬美元，比去年同期高出 19.1%。第四季營收的成長符合我們的預期，並受到總入學人數成長的支持，這也導致本季的營業收入為 490 萬美元，而去年同期為 60 萬美元。

Please also note that while the full year operating income decreased by 20.1% to $36.2 million much of that decrease was experienced in the first half of '24.

另外請注意，雖然全年營業收入下降 20.1% 至 3,620 萬美元，但大部分降幅發生在 24 年上半年。

Let us now spend a minute on the University of St. Augustine for Health Sciences. St. Augustine has a traditional university calendar with ground campuses in California, Texas and Florida. The university develops professional healthcare practitioners through innovative, on-ground and virtual education.

現在讓我們花一點時間談論聖奧古斯丁健康科學大學。聖奧古斯丁大學擁有傳統的大學課程表，在加州、德州和佛羅裡達州設有校區。該大學透過創新、實地和虛擬教育培養專業的醫療保健從業人員。

St. Augustine has three academic terms, spring, summer and fall. Prospective students are generally required to have an undergraduate degree and go through a comprehensive application and admissions process, which has allowed St. Augustine to maintain strong academic outcomes and certain experiences.

聖奧古斯丁大學有三個學期：春季、夏季和秋季。未來的學生通常需要擁有本科學位並經過全面的申請和錄取程序，這使得聖奧古斯丁大學保持了優異的學術成果和一定的經驗。

St. Augustine had approximately 3,800 total enrollments at December 31, and we expect that to grow in 2025. Please note that the reported total enrollments in December will typically be a low point in the year since the fall term ends in December and the spring term does not begin until January.

截至 12 月 31 日，聖奧古斯丁學校的入學總人數約為 3,800 人，我們預計到 2025 年這一數字將會成長。請注意，由於秋季學期於 12 月結束，而春季學期要到 1 月才開始，因此 12 月報告的總入學人數通常是一年中的最低點。

Moving on to corporate and other. Operating losses for the quarter and the year was $7.1 million and $30.5 million respectively, which improved by $2.9 million and $8.3 million respectively as compared to the prior year periods. This improvement was primarily driven by lower legal expenses during the full year 2024.

轉向企業和其他方面。本季和年度的營業虧損分別為 710 萬美元和 3,050 萬美元，與去年同期相比分別改善了 290 萬美元和 830 萬美元。這項改善主要得益於 2024 年全年法律費用的降低。

Now turning to income taxes. For the fourth quarter, we recorded a provision for income taxes of $11.7 million. This resulted in an effective tax rate of 27.2% for the quarter, bringing our annual tax rate to 26.7%. The effective tax rate for the quarter was positively impacted by approximately 1.4% as a result of the overall reduction in the amount of previously recorded tax reserves for uncertain tax positions.

現在談談所得稅。第四季度，我們提列了 1,170 萬美元的所得稅準備金。這使得本季有效稅率達到 27.2%，使我們的年稅率達到 26.7%。由於先前記錄的不確定稅務狀況的稅務準備金金額總體減少，本季的有效稅率受到了約 1.4% 的正面影響。

Similarly, the full year tax rate was benefited by approximately 2% for discrete adjustments primarily attributable to the release of previously recorded tax reserves for uncertain tax positions. Finally, we expect that for the full year 2025, our effective tax rate will be between 25.5% and 26.5%, which includes an estimated benefit for the tax effect of stock-based compensation and release of previously recorded tax reserves for uncertain tax positions.

同樣，全年稅率因離散調整而受益約 2%，這主要歸因於為不確定的稅收狀況釋放了先前記錄的稅收儲備。最後，我們預計 2025 年全年我們的有效稅率將在 25.5% 至 26.5% 之間，其中包括股票薪酬的稅收效應預計收益以及針對不確定稅收狀況釋放先前記錄的稅收儲備。

Now moving on to our balance sheet and liquidity. For the full year 2024, cash flow from operations was $161.6 million versus $112 million in the prior year. This increase was partially driven by year-over-year improvement in adjusted operating income.

現在來看看我們的資產負債表和流動性。2024 年全年營運現金流為 1.616 億美元，而前一年為 1.12 億美元。這一增長部分得益於調整後營業收入的年增率。

Additionally, 2023 cash flow from operations was negatively impacted by the timing of cash receipts related to tuition and fees, positively impacting the comparability to 2024. We ended the year with $591.5 million in cash, cash equivalents, restricted cash and available for short-term investments.

此外，2023 年經營現金流受到與學費和費用相關的現金收入時間的負面影響，對 2024 年的可比性產生正面影響。截至本財年末，我們的現金、現金等價物、受限現金和可供短期投資的現金為 5.915 億美元。

Excluding the St. Augustine purchase price payment of approximately $137.8 million, this balance represents an increase of approximately $125 million as compared to the year-end 2023 cash balance. Some of the primary uses of cash during the year were $46.8 million in income tax payments, $38.5 million in return of capital to shareholders in the form of dividends and stock repurchases and $4.6 million of capital expenditures.

不包括聖奧古斯丁約 1.378 億美元的購買價支付，該餘額與 2023 年底的現金餘額相比增加了約 1.25 億美元。本年度現金的主要用途包括支付 4,680 萬美元的所得稅、以股息和股票回購形式向股東返還 3,850 萬美元以及用於資本支出 460 萬美元。

We expect our 2025 ending cash balance to grow as compared to the year in 2024. Please note that St. Augustine did not have a material impact on the 2024 operating cash flows, but we expect it to contribute positively to our 2025 cash flow from operations.

我們預計 2025 年期末現金餘額將比 2024 年成長。請注意，聖奧古斯丁對 2024 年的營運現金流沒有重大影響，但我們預計它將對我們 2025 年的營運現金流做出積極貢獻。

Capital expenditures for the full year were approximately $4.6 million or 0.7% of revenue. For full year 2025, we forced the capital expenditures to be approximately 2% revenue largely driven by St. Augustine.

全年資本支出約 460 萬美元，佔收入的 0.7%。對於 2025 年全年，我們強制將資本支出控制在收入的 2% 左右，這主要得益於聖奧古斯丁的收入。

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, the Board of Directors approved the fourth quarter of 2024 dividend payment of $0.13 per share, payable on March 13, 2025, to the holders of record of Perdoceo's common stock at the close of business on March 1, 2025.

在我分享更新後的展望之前，請容許我花一點時間討論一下資本配置。我們很高興地宣布，根據我們的股息政策，董事會批准向 2024 年第四季度每股 0.13 美元的股息支付，將於 2025 年 3 月 13 日支付給 2025 年 3 月 1 日營業結束時登記在冊的 Perdoceo 普通股持有人。

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 retail earnings, financial condition and other relevant factors.

未來季度股息預計將從相關年度的自由現金流中支付，但須經董事會批准以及公司可用的零售收益、財務狀況和其他相關因素。

Subject to the requirements just mentioned, we continue to expect that quarterly dividend payments will be an integral and growing part of our balanced capital allocation strategy and generally expect to review quarterly dividend amounts on an annual basis.

根據剛才提到的要求，我們繼續預期季度股息支付將成為我們平衡資本配置策略中不可或缺且不斷增長的一部分，並且通常預計每年都會審查季度股息金額。

Our balanced approach to capital allocation prioritizes investments in organic projects, focusing on technology updates that support student success, as well as real estate updates for St. Augustine. At the same time, we strive to maintain a strong balance sheet while actively evaluating diverse strategies to enhance stockholder value, including capital return and acquisitions.

我們平衡的資本配置方法優先投資有機項目，重點關注支持學生成功的技術更新以及聖奧古斯丁的房地產更新。同時，我們努力維持強勁的資產負債表，同時積極評估各種策略以提高股東價值，包括資本回報和收購。

Now, let's discuss our outlook for 2025. We expect the full year 2025 adjusted operating income to range between $215 million and $235 million. This compares to an adjusted operating income of $192.2 million in 2024 with the expected increase primarily due to the St. Augustine acquisition, which is accretive to our 2025 performance as well as growth expectations at AIU System and CTU.

現在，讓我們討論一下對 2025 年的展望。我們預計 2025 年全年調整後營業收入將在 2.15 億美元至 2.35 億美元之間。相較之下，2024 年調整後的營業收入為 1.922 億美元，預計成長主要歸因於對聖奧古斯丁的收購，這將有利於我們 2025 年的業績以及 AIU System 和 CTU 的成長預期。

Adjusted earnings per diluted shirt is expected to range between $2.31 and $2.51 versus $2.29 in 2024. Please note that beginning in 2025, the GAAP and adjusted EPS calculation will include incremental expenses for depreciation and finance leases related to the St. Augustine acquisition. These expenses are excluded for the purpose of adjusted operating income.

預計每件稀釋襯衫的調整後收益將在 2.31 美元至 2.51 美元之間，而 2024 年則為 2.29 美元。請注意，從 2025 年開始，GAAP 和調整後的 EPS 計算將包括與聖奧古斯丁收購相關的折舊和融資租賃的增量費用。這些費用不包含在調整後的營業收入中。

The 2025 adjusted EPS range is impacted by approximately $0.23 per diluted share related to these incremental expenses which are not part of adjusted operating income. This outlook reflects our current beliefs that high levels of student retention and student engagement we experienced in 2024, partly supported by the positive impact from various federal student aid initiatives will continue to persist in 2025.

2025 年調整後每股盈餘範圍受到與這些不屬於調整後營業收入的增量費用相關的每股稀釋收益約 0.23 美元的影響。這一前景反映了我們目前的信念，即我們在 2024 年經歷的高水平學生保留率和學生參與度，部分得益於各種聯邦學生援助計劃的積極影響，將在 2025 年繼續保持。

The higher levels of prospective student interest which we experienced in the second half of '24 will persist into 2025 and any changes to the myriad of rules, orders and updated expectations from various federal and state bodies around prospective student outreach will not have a meaningful impact on prospective student interest levels.

我們在 2024 年下半年經歷的潛在學生興趣的提高將持續到 2025 年，並​​且各個聯邦和州機構對潛在學生推廣的大量規則、命令和最新期望的任何變化都不會對潛在學生的興趣水平產生重大影響。

Full year revenue will be higher than 2024, primarily due to the recent acquisition of St. Augustine. Excluding the acquisition, we expect revenue and total enrollments for both AIU System and CTU to also show growth.

全年收入將高於 2024 年，這主要歸功於最近收購了聖奧古斯丁。除收購外，我們預計 AIU 系統和 CTU 的收入和總入學人數也都將呈現成長。

While we may see quarterly variability in revenue and enrollment trends, our growth assumption is that the impact from the department's student loan initiatives that have ended or expected to change or end in '25 will be mostly offset with organic improvements in student retention, student engagement and higher levels of prospective student interest for academic programs, including growth in corporate engagements.

雖然我們可能會看到收入和入學趨勢在季度間發生變化，但我們的成長假設是，該部門已經結束或預計將在 25 年改變或結束的學生貸款計劃的影響將大部分被學生保留率、學生參與度和潛在學生對學術計畫興趣的提高（包括企業參與度的增長）的有機改善所抵消。

Additionally, for the year in 2025, AIU System has an additional academic session start in December 2025, which will contribute to the growth, specifically when comparing year over year total enrollments. As a reminder, the academic calendar at AIU Systems and CTU may impact the comparability of revenue earning days and enrollment results in any given quarter, but not necessarily in the same magnitude or direction.

此外，對於 2025 年，AIU 系統將於 2025 年 12 月開始一個額外的學期，這將有助於成長，特別是在比較逐年的總入學人數時。提醒一下，AIU Systems 和 CTU 的學術日曆可能會影響任何特定季度的收入天數和入學結果的可比性，但不一定是在同一幅度或方向上。

For the first quarter of 2025, we expect adjusted operating income to be in the range of $61 million to $63 million as compared to [$40.5 million] in the prior year quarter, with adjusted earnings per diluted share to range between $0.64 and $0.67 per diluted share versus $0.60 in the first quarter of 2024.

對於 2025 年第一季度，我們預計調整後的營業收入將在 6,100 萬美元至 6,300 萬美元之間，而去年同期為 [4,050 萬美元]，調整後的每股攤薄收益將在 0.64 美元至 0.67 美元之間，而 2024 年第一季為 0.60 美元。

Our 2025 outlook also assumes ongoing investments in technology, data analytics, real estate, academics and student support processes. We believe these investments have been successful in positively impacting academic outcomes and certain experiences. Additionally, we will also continue to increase the size of our institutions' corporate engagement teams.

我們對 2025 年的展望也假設對科技、數據分析、房地產、學術和學生支援流程進行持續投資。我們相信這些投資已經成功地對學術成果和某些經驗產生了積極影響。此外，我們也將繼續擴大我們機構的企業參與團隊的規模。

As disclosed in our form 10-K file today, with the new Presidential administration, many changes are anticipated at the Department of Education. We expect the new administration to review the organization of the (technical difficulty) itself as well as potentially issue new regulations and provide new interpretations and guidance surrounding various topics.

正如我們今天的 10-K 表格文件中所揭露的那樣，隨著新總統政府的上台，預計教育部將發生許多變化。我們預計新政府將審查（技術難題）本身的組織，並可能發布新的法規並圍繞各種主題提供新的解釋和指導。

We will monitor and evaluate all these actions and initiatives. It is too early to determine if any of these actions or initiatives could have an impact, either positive or negative on the outlook I just presented. Please refer to our earnings release filed 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.

我們將監督和評估所有這些行動和措施。現在判斷這些行動或舉措是否會對我剛才提出的前景產生正面或負面的影響還為時過早。請參閱我們今天提交的收益報告，以獲取有關今天電話會議討論中的關鍵假設和因素以及 GAAP 與非 GAAP 對帳的重要資訊。

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

說完這些，我將把電話轉回給托德，請他作最後發言。托德？

Thank you, Ashish. I am proud of our performance in 2024 and pleased with our operational execution, which continues to focus on improved academic outcomes and experiences for our students across our academic institutions.

謝謝你，阿希什。我為我們 2024 年的表現感到自豪，並對我們的營運執行感到滿意，我們將繼續致力於改善我們學術機構的學生的學術成果和體驗。

We're excited about the addition of the University of St. Augustine for Health Sciences. Our academic institutions remain focused on serving and educating students, and I'd like to once again thank all of our students and staff for their ongoing hard work and dedication. Thanks again for joining us.

我們對聖奧古斯丁健康科學大學的加入感到非常興奮。我們的學術機構仍然專注於服務和教育學生，我想再次感謝所有學生和教職員工的持續努力和奉獻精神。再次感謝您的加入。

That concludes today's meeting. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。