Perdoceo Education Corp (PRDO) 2025 Q1 法說會逐字稿

Hello, and welcome to the Perdoceo Education Corporation first quarter 2025 earnings conference call. Now I would like to hand the call over to Nick Nelson from Alpha IR. Nick, you may begin.

您好，歡迎參加 Perdoceo Education Corporation 2025 年第一季財報電話會議。現在我想把電話交給 Alpha IR 的 Nick Nelson。尼克，你可以開始了。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for our first quarter 2025 earnings call. With me on the call today is Todd Nelson, President and Chief Executive Officer; and Ashish Ghia, Chief Financial Officer. 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.

謝謝您，接線生。大家下午好，感謝大家參加我們的 2025 年第一季財報電話會議。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。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 reasons.

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。除證券法明確要求外，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，旨在補充而不是替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資訊以及 GAAP 與非 GAAP 指標的調節，可在公司網站的投資者關係頁面上找到。

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

說完這些，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 first quarter 2025 earnings call. Our academic institutions remain focused on the goal of changing lives through education and preparing learners for essential skills needed in today's job market. CTU and AIUS provide learners with relevant knowledge and equip them with essential skills needed to thrive in today's evolving job market, while St. Augustine prepares professionals to serve and provide quality medical care to communities across the country.

謝謝你，尼克。大家下午好，感謝大家參加我們的 2025 年第一季財報電話會議。我們的學術機構始終致力於透過教育改變生活，為學習者提供當今就業市場所需的基本技能。CTU 和 AIUS 為學習者提供相關知識，並使他們掌握在當今不斷發展的就業市場中蓬勃發展所需的基本技能，而聖奧古斯丁則培養專業人員為全國各地的社區提供服務和優質醫療服務。

The enrollment trends that we have been experiencing across these three institutions have reinforced and validated our strategy of prioritizing student experiences and academic outcomes that we believe should ultimately support sustainable and responsible growth.

這三所院校的招生趨勢強化並驗證了我們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。

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

現在來看看結果。我將討論本季的一些主要亮點。然後，Ashish 將回顧營運和財務業績，並討論我們更新後的 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其他員工在服務和教育學生方面的傑出奉獻和辛勤工作。

First quarter results were ahead of our expectations with net income of $43.7 million or $0.65 per diluted share, while adjusted earnings per diluted share, which excludes certain noncash items, was $0.70. We entered 2025 with student retention and engagement near multi-year highs and expect CTU and AIUS to operate at or near these levels for the coming quarters.

第一季業績超出我們的預期，淨收入為 4,370 萬美元，即每股攤薄收益 0.65 美元，而調整後每股攤薄收益（不包括某些非現金項目）為 0.70 美元。進入 2025 年，學生保留率和參與度已接近多年來的最高水平，預計 CTU 和 AIUS 在未來幾季的運作水平將達到或接近這些水平。

First quarter results were positively impacted due to these retention and engagement trends as well as increased interest from prospective students looking to pursue a degree at one of our academic institutions. Some of the key observations and general highlights for the quarter include: first, in response to the increased levels of prospective student interest, our academic institutions have increased their marketing and admission spending to effectively and efficiently identify and engage with prospective students looking to pursue a degree at one of our academic institutions.

由於這些保留和參與趨勢以及希望在我們的學術機構之一攻讀學位的潛在學生的興趣增加，第一季的業績受到了積極影響。本季度的一些主要觀察和總體亮點包括：首先，為了應對潛在學生興趣的不斷增長，我們的學術機構增加了行銷和招生支出，以有效、高效地識別並吸引希望在我們的學術機構攻讀學位的潛在學生。

Recall that our institutions continuously adjust their marketing strategies to marketing strategies to identify prospective students who they believe are more likely to succeed in one of their academic programs. We remain optimistic for the remainder of 2025, and we'll continue to monitor the different requirements and updated expectations from various federal and state regulatory bodies related to prospective student outreach.

回想一下，我們的機構不斷調整其行銷策略，以識別他們認為更有可能在其某一學術課程中取得成功的潛在學生。我們對 2025 年剩餘時間保持樂觀，並將繼續關注各聯邦和州監管機構對未來學生拓展的不同要求和最新期望。

At both CTU and AIUS, student enrollments for the corporate student programs continue to grow, and this area remains a priority as we continue to make strategic investments in technology and personnel to further grow these programs. We maintained our commitment to training and developing our admissions, enrollment and student support teams, ensuring they are fully prepared to assist the increasing number of students throughout their educational journey at our academic institutions.

在 CTU 和 AIUS，企業學生計畫的入學人數都在持續成長，隨著我們繼續對技術和人員進行策略性投資以進一步發展這些項目，這一領域仍然是我們的優先事項。我們始終致力於培訓和發展我們的招生、入學和學生支援團隊，確保他們做好充分準備，為越來越多的學生在我們學術機構的整個教育歷程中提供幫助。

At St. Augustine, spring term new enrollments increased versus the prior year, and we also expect new enrollment growth for the summer and fall terms. St. Augustine continues to expand its program and offerings in terms of new modalities and current campus locations with the goal of maximizing the geographical area they serve while providing students with a wide choice in taking their courses between instruction online and in-person instruction at a campus location as well as hybrid options in between, with over 90% student retention from term to term in 2024 and experiencing similar retention levels in 2025. The addition of St. Augustine will positively contribute to the overall revenue and adjusted operating income growth for 2025 and is expected to grow further in 2026.

在聖奧古斯丁，春季學期的新生入學人數比前一年增加，我們預計夏季和秋季學期的新生入學人數也會增加。聖奧古斯丁大學繼續在新的教學模式和現有校園位置方面擴展其課程和產品，目標是最大限度地擴大其服務的地理區域，同時為學生提供在線授課、校園面對面授課以及兩者之間的混合授課等多種選擇，2024 年學生的學期保留率將超過 90%，2025 年也將保持類似的保留率。聖奧古斯丁的加入將對2025年的整體收入和調整後營業收入成長做出積極貢獻，預計2026年將進一步成長。

During the quarter, we returned approximately $34.4 million to shareholders in the form of dividends and stock repurchases, buying back 985,000 shares during the quarter. Our capital allocation strategy continues to include the return of cash to shareholders via quarterly dividends and shareholder repurchases.

本季度，我們以股息和股票回購的形式向股東返還了約 3,440 萬美元，本季回購了 985,000 股。我們的資本配置策略繼續包括透過季度股利和股東回購向股東返還現金。

A quick note on total enrollments. At CTU, total enrollments increased by 10.6% compared to the prior year quarter. And although AIUS decreased by 4.5%, we do expect both CTU and AIUS to experience total enrollment growth for the second quarter. Ashish will provide more details on these total enrollment trends.

關於總入學人數的簡單說明。芝加哥理工大學 (CTU) 的總入學人數與去年同期相比增加了 10.6%。儘管 AIUS 下降了 4.5%，但我們預計 CTU 和 AIUS 第二季的總入學人數都會成長。Ashish 將提供有關這些總入學趨勢的更多詳細資訊。

During the spring term, which just ended, St. Augustine had approximately 4,200 students enrolled at the institution. Please note that St. Augustine has a traditional university calendar with the three academic terms: Spring, summer and fall, with the summer term commencing in about two weeks. Overall, I am pleased with the momentum we experienced in the first quarter and remain optimistic for the remainder of 2025.

剛結束的春季學期，聖奧古斯丁大學約有 4,200 名學生就讀。請注意，聖奧古斯丁大學採用傳統的大學日曆，分為三個學期：春季、夏季和秋季，夏季學期大約兩週後開始。總體而言，我對第一季的發展勢頭感到滿意，並對 2025 年剩餘時間保持樂觀。

Ashish will now provide more details on the quarter, our outlook and enrollment trends. Ashish?

Ashish 現在將提供有關本季、我們的前景和招生趨勢的更多詳細資訊。阿希什？

Thank you, Todd. I will start with an overview of the first quarter 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. Please also note that 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 degree-seeking non-Title IV, self-paced programs at CTU and AIU System. Finally, a reminder about year-over-year comparability.

謝謝你，托德。我將首先概述第一季的業績，然後討論我們的資產負債表和 2025 年的展望，然後將電話交還給 Todd 進行總結發言。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。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 CTU 和 AIU 系統攻讀非學位和專業發展課程以及攻讀學位的非 Title IV 自定進度課程的學習者。最後，提醒一下同比情況。

The financial results for this quarter include the operating performance from the St. Augustine acquisition, which was completed in December 2024. With that said, let us begin with an overview of our first quarter results. Net income for the quarter was $43.7 million or $0.65 per diluted share as compared to $39.4 million or $0.59 per diluted share. First quarter operating income grew by 11.8% to $51.7 million, while adjusted operating income, which we believe is more indicative of the underlying operating performance and excludes certain noncash items, grew 28.9% to $63.5 million as compared to $49.3 million.

本季的財務表現包括 2024 年 12 月完成的聖奧古斯丁收購的營運業績。話雖如此，讓我們先概述一下第一季的業績。本季淨收入為 4,370 萬美元，即每股攤薄收益 0.65 美元，去年同期為 3,940 萬美元，即每股攤薄收益 0.59 美元。第一季營業收入成長 11.8% 至 5,170 萬美元，而調整後的營業收入（我們認為這更能反映基本經營業績且不包括某些非現金項目）增長 28.9% 至 6,350 萬美元，而之前為 4,930 萬美元。

Finally, adjusted earnings per diluted share was $0.70 as compared to $0.60. Improvement across these reported metrics was primarily supported by organic revenue growth at CTU and lower operating expenses within AIU System. Additionally, from an adjusted operating income and adjusted EPS perspective, the St. Augustine acquisition had and will continue to positively impact year-over-year comparability through 2025.

最後，調整後每股攤薄收益為 0.70 美元，而之前為 0.60 美元。這些報告指標的改善主要得益於 CTU 的有機收入成長和 AIU 系統的營運費用降低。此外，從調整後的營業收入和調整後的每股收益的角度來看，聖奧古斯丁的收購已經並將繼續對 2025 年的同比可比性產生積極影響。

First quarter revenue of $213 million increased by 26.6% as compared to $168.3 million in the prior year quarter. Revenue comparability was positively impacted by $39.2 million attributed to the St. Augustine acquisition. Also supporting revenue growth was organic total enrollment growth at CTU.

第一季營收為 2.13 億美元，較去年同期的 1.683 億美元成長 26.6%。收入可比性因收購聖奧古斯丁而獲得 3,920 萬美元的正面影響。CTU 的有機總入學人數成長也支持了收入的成長。

A note on enrollments. At CTU, total student enrollments increased by 10.6% as of March 31, primarily supported by high levels of student retention and engagement, growth within the corporate student program and higher levels of prospective student interest in pursuing a degree at CTU.

關於入學的說明。截至 3 月 31 日，CTU 的學生總入學人數增加了 10.6%，這主要得益於學生保留率和參與度高、企業學生計劃的增長以及潛在學生對在 CTU 攻讀學位的興趣增加。

At AIU System, we reported total student enrollments of 10,600 as of March 31, a decrease of 4.5% as compared to the prior year quarter. Please note that in addition to the underlying positive trends in student retention and engagement, enrollment days and marketing spend in any given quarter will impact total enrollment comparability. With that context, we expect AIU System to experience total enrollment growth in the second quarter.

在 AIU 系統，我們報告截至 3 月 31 日，學生總數為 10,600 人，與去年同期相比下降了 4.5%。請注意，除了學生保留率和參與度方面的潛在積極趨勢外，任何特定季度的入學天數和行銷支出都會影響總入學人數的可比性。基於此，我們預計 AIU 系統第二季的總入學人數將會成長。

To summarize, from a total company perspective, we expect organic revenue and total enrollments to increase for each remaining quarter in 2025 versus 2024. Strong levels of prospective student interest and growth in total enrollments from corporate student program at CTU as well as sustained improvement in student retention and engagement at CTU and AIU System should support this expected growth.

總而言之，從整個公司的角度來看，我們預計 2025 年剩餘每季的有機收入和總入學人數將比 2024 年增加。潛在學生的濃厚興趣、CTU 企業學生計畫總入學人數的增長以及 CTU 和 AIU 系統學生保留率和參與度的持續提高應該會支持這一預期的增長。

Lastly, for St. Augustine, as Todd mentioned, the spring term that just ended had approximately 4,200 enrolled students during the term. New enrollments for the spring term increased as compared to the prior year, primarily due to growth in programs such as nursing and speech language therapy as well as introduction of new modalities for the Doctor of Physical Therapy program. And as Todd mentioned, we also expect growth for summer and fall term new enrollments.

最後，對於聖奧古斯丁大學來說，正如陶德所提到的，剛結束的春季學期大約有 4,200 名學生入學。春季學期的新生入學人數與前一年相比有所增加，這主要是由於護理和言語語言治療等課程的增長以及物理治療博士課程新模式的引入。正如托德所提到的，我們也預計夏季和秋季學期的新生入學人數將會成長。

Note that St. Augustine has a traditional university calendar with three academic terms and multiple campuses for in-person classes in California, Texas, and Florida. Commensurately, we may also provide information from time to time about academic term enrollments in addition to the typical quarterly reporting.

請注意，聖奧古斯丁大學採用傳統的大學日曆，即三個學期，並在加利福尼亞州、德克薩斯州和佛羅裡達州設有多個校區進行面對面授課。相應地，除了典型的季度報告之外，我們還可能不時提供有關學期註冊的資訊。

Moving now to our segment results. For the first quarter, revenue at CTU was $119.6 million or 5.3% higher than the prior year quarter, primarily due to the growth trends I just discussed and despite fewer revenue earning days and lower revenue within the professional development program offerings.

現在轉到我們的分部業績。第一季度，CTU 的營收為 1.196 億美元，比去年同期高出 5.3%，這主要歸功於我剛才討論的成長趨勢，儘管收入天數減少，專業發展計畫的收入降低。

Operating income for the quarter was $46.1 million as compared to $42.2 million in the prior year quarter, supported by organic revenue growth. Marketing and advertising expenses were higher for the quarter, and we will continue aligning our investments in these areas with prospective student interest levels for programs at CTU.

本季營業收入為 4,610 萬美元，而去年同期為 4,220 萬美元，這得益於有機收入的成長。本季的行銷和廣告費用較高，我們將繼續根據潛在學生對 CTU 課程的興趣程度調整在這些領域的投資。

At AIU System, first quarter revenue of $54.1 million was relatively flat as compared to the prior year quarter, while operating income for the quarter was $11.9 million as compared to $9.3 million, reflecting a 28% increase. This increase in operating income was primarily due to lower operating expenses.

在 AIU System，第一季營收為 5,410 萬美元，與去年同期相比基本持平，而本季營業收入為 1,190 萬美元，而去年同期為 930 萬美元，成長了 28%。營業收入的成長主要歸因於營業費用的降低。

In the first quarter, St. Augustine recorded revenue of $39.2 million. Excluding depreciation and amortization, the adjusted operating income for St. Augustine was $8.5 million, and as previously shared, is accretive to our overall adjusted operating results.

第一季度，聖奧古斯丁的營收為 3,920 萬美元。不包括折舊和攤銷，聖奧古斯丁的調整後營業收入為 850 萬美元，並且如前所述，這將增加我們的整體調整後營業業績。

Lastly, for corporate and other, operating losses for the quarter were $5.9 million as compared to $5.2 million in the prior year quarter.

最後，對於企業及其他部門，本季的營運虧損為 590 萬美元，而去年同期的營運虧損為 520 萬美元。

Turning to income taxes. For the first quarter, we recorded a provision for income taxes of $12.8 million. This resulted in an effective tax rate of 22.7% for the quarter. The effective tax rate for the quarter was positively impacted by the tax effect of stock-based compensation and the release of previously recorded tax reserves, which reduced the effective tax rate by 5.5% and 1.3%, respectively.

談到所得稅。第一季度，我們提列了 1,280 萬美元的所得稅準備金。這使得本季的有效稅率達到 22.7%。本季的有效稅率受到股票薪資稅收效應和先前記錄的稅收儲備釋放的正面影響，分別使有效稅率降低了 5.5% 和 1.3%。

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 the release of previously recorded tax reserves for uncertain tax positions.

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 to our balance sheet and liquidity. For the first quarter of 2025, net cash flows provided by operations were $65.1 million versus $54.5 million in the prior year quarter. This growth versus the prior year was primarily supported by year-over-year improvement in adjusted operating income, that was partially offset by some timing of cash receipts related to tuition and fees.

現在來看看我們的資產負債表和流動性。2025 年第一季度，經營活動提供的淨現金流為 6,510 萬美元，去年同期為 5,450 萬美元。與去年相比，這一增長主要得益於調整後營業收入的同比增長，但部分抵消了與學費和費用相關的現金收入。

We ended the quarter with approximately $612 million of cash, cash equivalents, restricted cash, and available-for-sale short-term investments. This represents an increase of approximately $20.6 million from year-end. Some of the primary uses of cash during the quarter were: $25.2 million in return of capital to shareholders in the form of stock repurchases, $9.2 million of quarterly dividend and dividend equivalent payments, and $1.7 million of capital expenditures or approximately 0.8% of revenue. For full year 2025, we foresee capital expenditures to be approximately 1% to 2% of revenue.

本季末，我們擁有約 6.12 億美元的現金、現金等價物、受限現金和可供出售的短期投資。這比去年年底增加了約 2,060 萬美元。本季現金的主要用途包括：以股票回購的形式向股東返還 2,520 萬美元、季度股息和股息等價支付 920 萬美元、資本支出 170 萬美元或約佔收入的 0.8%。到 2025 年全年，我們預計資本支出將佔收入的約 1% 至 2%。

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 first quarter 2025 dividend payment of $0.13 per share payable on June 13, 2025, to the holders of record of Perdoceo's common stock at the close of business on June 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，這與我們的股利政策一致。董事會批准向 2025 年 6 月 1 日營業結束時登記在冊的 Perdoceo 普通股持有人派發 2025 年第一季每股 0.13 美元的股息，發放日期為 2025 年 6 月 13 日。

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. 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.

未來季度股利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留存收益、財務狀況和其他相關因素。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。

Additionally, during the quarter, we repurchased 985,000 shares for $25.2 million. After this repurchase, we have $21.9 million of buyback authorization left under our stock repurchase plan. And subject to market conditions, we will remain opportunistic regarding future stock buybacks.

此外，本季我們以 2,520 萬美元回購了 985,000 股。此次回購後，我們的股票回購計畫還剩下 2,190 萬美元的回購授權。根據市場情況，我們將繼續把握未來股票回購的機會。

We continue to maintain a strong balance sheet while actively evaluating diverse strategies to further enhance stockholder value, including capital return and acquisitions. At the same time, our balanced approach to capital allocation also includes inorganic projects -- investments in organic projects, focusing on technology updates that support student success as well as real estate updates for St. Augustine.

我們持續保持強勁的資產負債表，同時積極評估各種策略以進一步提高股東價值，包括資本回報和收購。同時，我們平衡的資本配置方法還包括無機項目——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。

Now let us discuss our outlook for 2025. With better-than-anticipated operating trends, we now expect the full year 2025 adjusted operating income to range between $220 million and $235 million. This compares to an adjusted operating income of $188.9 million in 2024, with the expected increase primarily due to the St. Augustine acquisition as well as organic growth expectations in CTU and AIU System. Adjusted earnings per diluted share is expected to range between $2.40 and $2.56 versus $2.26 in 2024.

現在讓我們來討論一下對 2025 年的展望。由於營運趨勢好於預期，我們現在預計 2025 年全年調整後營運收入將在 2.2 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 1.889 億美元，預期成長主要歸因於對聖奧古斯丁的收購以及 CTU 和 AIU 系統的有機成長預期。調整後每股攤薄收益預計在 2.40 美元至 2.56 美元之間，而 2024 年則為 2.26 美元。

Please note that beginning in 2025, the GAAP and adjusted EPS calculation will include incremental expenses related to depreciation and finance leases for St. Augustine. These expenses are excluded for the purpose of adjusted operating income. The 2025 adjusted EPS range is impacted by approximately $0.24 per diluted share related to these incremental expenses.

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的折舊和融資租賃相關的增量費用。為了計算調整後的營業收入，這些費用不予計算。2025 年調整後的每股盈餘範圍將受到與這些增量費用相關的每股稀釋收益約 0.24 美元的影響。

This outlook reflects our current beliefs that the consistently high levels of student retention and student engagement that we experienced in the first quarter will continue to persist in 2025. Additionally, the higher levels of prospective student interest, which we have experienced in the second half of 2024 should persist in 2025, and any changes to the regulatory environment will not have a meaningful impact on prospective student interest levels.

這一前景反映了我們目前的信念：我們在第一季經歷的持續高水平的學生保留率和學生參與度將在 2025 年繼續保持。此外，我們在 2024 年下半年經歷的潛在學生興趣程度較高，這種程度應該會在 2025 年持續下去，監管環境的任何變化都不會對潛在學生的興趣程度產生重大影響。

Full year revenue will be higher than 2024, primarily due to the recent acquisition of St. Augustine. At CTU, with consistently high levels of prospective student interest, supported by strong student retention and engagement trends and growth from the corporate student program, we expect revenue and total enrollment growth for each quarter and full year 2025.

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。在 CTU，由於潛在學生的興趣持續高漲，加上強勁的學生保留率和參與度趨勢以及企業學生計劃的增長，我們預計 2025 年每個季度和全年的收入和總入學人數都將增長。

At AIU System, we may see quarterly variability in total enrollment trends due to the enrollment day comparability and adjustments to our marketing strategies. Additionally, for the year-end 2025, AIU System has an additional academic session starting in December 2025, which will significantly contribute to the total enrollment growth when comparing year-over-year total enrollments at December 31.

在 AIU 系統，由於入學日的可比性和行銷策略的調整，我們可能會看到總入學趨勢每季發生變化。此外，到 2025 年底，AIU 系統將從 2025 年 12 月開始增加一個學期，與 12 月 31 日的同比總入學人數相比，這將對總入學人數的增長做出重大貢獻。

Excluding this comparability dynamic, we expect revenue for AIU System to experience growth for the full year with each quarter generally in line with the prior year. As a reminder, the academic calendar at CTU and AIU System may impact the comparability of revenue earning days and enrollment results in any given quarter, but not necessarily in the same magnitude or direction.

排除這種可比性動態，我們預計 AIU System 全年營收將實現成長，且每季的營收基本上與前一年持平。提醒一下，CTU 和 AIU 系統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 second quarter of 2025, we expect adjusted operating income to be in the range of $59 million to $61 million as compared to $49.1 million in the prior year quarter, with adjusted earnings per diluted share to range between $0.64 and $0.66 per diluted share versus $0.59 in the second quarter of 2024.

對於 2025 年第二季度，我們預計調整後的營業收入將在 5,900 萬美元至 6,100 萬美元之間，而去年同期為 4,910 萬美元；調整後的每股攤薄收益將在 0.64 美元至 0.66 美元之間，而 2024 年第二季度為 0.59 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 student experiences. Additionally, we will also continue to increase the size of our institutions' corporate student program 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學生體驗產生了積極影響。此外，我們也將繼續擴大我們機構的企業學生專案團隊的規模。

Please refer to our earnings release filed today for important information about 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 will 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？

Thanks, Ashish. I'd like to once again thank all of the students and staff for their continued dedication and ongoing hard work. We are off to a strong start in 2025, and remain committed to supporting student engagement and retention while continuing to invest in technologies that enrich the student experience. Thank you again for joining us, and we look forward to speaking again with you next quarter.

謝謝，Ashish。我想再次感謝所有學生和教職員工的持續奉獻和辛勤工作。2025 年我們將迎來一個良好的開端，並將繼續致力於支持學生的參與和保留，同時繼續投資於豐富學生體驗的技術。再次感謝您的加入，我們期待下個季度再次與您交談。

That concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。