Perdoceo Education Corp (PRDO) 2025 Q2 法說會逐字稿

Hello and thank you for standing by. My name is Bella and I will be your conference operator today. At this time, I would like to welcome everyone to Perdoceo Education Corporation, second quarter 2025 earnings conference call. All lines have been placed immediate to prevent any background noise. I would now like to turn the conference over to Nick Nelson with Alpha IR Group. You may begin.

您好，感謝您的支持。我叫貝拉，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 2025 年第二季財報電話會議。所有線路均已直接放置，以防止任何背景噪音。現在我想將會議交給 Alpha IR Group 的 Nick Nelson。你可以開始了。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for our second quarter 2025 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，感謝大家參加我們的 2025 年第二季財報電話會議。今天與我一起參加電話會議的還有總裁兼執行長 Todd Nelson 和財務長 Ashish Ghia。

This conference call is being webcast live within the 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 的投資者關係板塊進行網路直播。會議重播也將在我們的網站提供，您也可以隨時聯絡 Alpha IR Group 以取得投資者關係支援。

Let me 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 節定義的前瞻性陳述。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 most recent annual report on Form 10-K and subsequent filings of 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 change 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 表年度報告和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，否則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 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. With that, I'd like to turn the call over to Todd Nelson. Todd.

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查閱。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 second 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.

謝謝你，尼克。大家下午好，感謝大家參加我們的 2025 年第二季財報電話會議。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 and AIUS offer a wide variety of career focused programs which help learners thrive in today's evolving market. While St. Augustine prepares professionals to serve communities across the country with quality medical care.

CTU 和 AIUS 提供各種以職業為重點的課程，幫助學習者在當今不斷發展的市場中茁壯成長。聖奧古斯丁醫院則致力於培養專業人才，為全國各地的社區提供優質的醫療服務。

In today's call, I'll start by discussing some key highlights for the quarter, and then Ashish will provide more details on the operating and financial performance and discuss our higher 2025 outlook.

在今天的電話會議中，我將首先討論本季度的一些關鍵亮點，然後 Ashish 將提供有關營運和財務業績的更多細節，並討論我們對 2025 年的更高展望。

As always, I'd like to thank our faculty, student support staff, and all of our employees for their outstanding commitment and hard work in serving and educating our students.

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的傑出承諾和辛勤工作。

Second quarter operating performance exceeded our expectations with net income of $41 million or $0.62 per diluted share, while adjusted earnings per diluted share, which excludes certain non-cash items, was $0.67.

第二季經營業績超出我們的預期，淨收入為 4,100 萬美元，即每股攤薄收益 0.62 美元，不包括某些非現金項目的調整後每股攤薄收益為 0.67 美元。

During the quarter, we experienced total enrolment growth across our academic institutions supported by continuing momentum in student retention and engagement that has been trending near multi-year highs, as well as increased interest from prospective students looking to pursue a degree at our academic institutions.

在本季度，我們所有學術機構的總入學人數均有所增長，這得益於學生保留率和參與度持續增長的勢頭，趨於接近多年來的最高水平，以及希望在我們學術機構攻讀學位的潛在學生的興趣日益濃厚。

Additionally, we believe that our continued investments in student enrolment and student support processes and technology have further enhanced academic outcomes and student experiences.

此外，我們相信，我們對學生招生和學生支援流程和技術的持續投資進一步提高了學術成果和學生體驗。

Some key successes and other highlights for the quarter include, first, total enrolment growth grew 17% versus the prior year quarter, supported by 7% growth at both CTU and AIUS as well as the acquisition of Saint Augustine.

本季度的一些關鍵成功和其他亮點包括：首先，總入學人數較去年同期增長了 17%，這得益於 CTU 和 AIUS 7% 的增長以及聖奧古斯丁的收購。

At CTU this marks seven consecutive quarters of total student enrolment growth, while total enrolments at AIUS were at the highest level in over a year.

在 CTU，這標誌著學生總入學人數連續七個季度增長，而 AIUS 的總入學人數則達到了一年多來的最高水平。

We continue to refine our marketing and emissions spending strategies and are selectively leveraging generative artificial intelligence to identify and engage with prospective students who we believe are more likely to succeed at one of our academic institutions.

我們繼續完善我們的行銷和排放支出策略，並有選擇地利用生成人工智慧來識別和吸引我們認為更有可能在我們的學術機構中取得成功的潛在學生。

We are also investing in upgrading and enhancing our technology with admissions, enrolment, and student support processes to ensure that our teams are well equipped to counsel and support the growing number of students enrolled at one of our academic institutions throughout the academic journey.

我們也投資升級和增強招生、入學和學生支援流程的技術，以確保我們的團隊能夠在整個學術旅程中為在我們學術機構就讀的越來越多的學生提供諮詢和支援。

Total enrolments from the corporate and student programs at CTU and AIUS continue to grow, and this remains a priority as we continue to make strategic investments in technology and personnel to support further enrolment growth.

CTU 和 AIUS 的企業和學生計畫總入學人數持續成長，這仍然是我們的首要任務，因為我們將繼續對技術和人員進行策略性投資，以支持入學人數的進一步成長。

At St. Augustine, summer term new enrolments increased versus the prior year with just under 4,000 total students enrolled at the university.

在聖奧古斯丁大學，夏季學期新生入學人數比前一年增加，目前大學入學學生總數接近 4,000 名。

We also expect new enrolment growth for our fall term, which is traditionally the biggest term of the year. Supporting this new enrolment growth at St. Augustine is the ongoing expansion of their program offering matrix in terms of new modalities and current campus locations with the goal of maximizing the geographical area they serve while providing students with a wider choice of taking their courses between online instruction.

我們也預計秋季學期的新生入學人數將會增加，秋季學期傳統上是一年中最大的學期。聖奧古斯丁大學支持這項新的招生成長的舉措是其在新模式和現有校園位置方面不斷擴展其課程設置矩陣，目的是最大限度地擴大其服務的地理區域，同時為學生提供線上教學和課程之間更廣泛的選擇。

And in-person experience at a campus location, as well as some hybrid options in between with fall term, total enrolments typically expected to be meaningfully higher than the summer term and supported by consistently high student recession trends.

透過在校園內進行面對面的學習，以及秋季學期之間的一些混合選擇，預計總入學人數通常會比夏季學期高得多，並且受到持續高的學生衰退趨勢的支持。

St. Augustine will positively contribute to the overall revenue and adjusted operating income for 2025 and is expected to further grow in 2026. Our capital allocation decisions during the year highlight amongst other priorities, our continued commitment to returning capital to shareholders.

聖奧古斯丁將對2025年的整體收入和調整後營業收入做出積極貢獻，預計2026年將進一步成長。我們今年的資本配置決策除其他優先事項外，還強調了我們繼續致力於向股東返還資本。

During the first half of 2025, we purchased $1.6 million shares for $46 million at an average price of $28.19 per share. With less than $1 million remaining under our prior $50 million authorization and in line with our broader capital allocation strategy, the board has approved a new $75 million share repurchase authorization for immediate use.

2025 年上半年，我們以每股 28.19 美元的平均價格回購了價值 4,600 萬美元的 160 萬美元股票。由於我們先前授權的 5,000 萬美元剩餘金額不到 100 萬美元，且符合我們更廣泛的資本配置策略，董事會已批准新的 7,500 萬美元股票回購授權，可立即使用。

In addition, effective July 31, the board increased quarterly dividends from $0.13 to $0.15 per share, the second such increase since dividend payments were initiated in 2023. This reflects our commitment to making dividends a growing and integral part of our capital allocation strategy.

此外，自 7 月 31 日起，董事會將季度股息從每股 0.13 美元提高至 0.15 美元，這是自 2023 年開始支付股息以來的第二次上調。這體現了我們致力於使股息成為資本配置策略中日益重要且不可或缺的一部分。

In summary, we continue to ex execute against our objectives of responsible and compliant growth. We have experienced good momentum through the fall -- first fall -- first half of 2025 and are optimistic this year will end on a high note which should set us up well for 2026 and beyond.

總而言之，我們將繼續努力實現負責任和合規的成長目標。我們在 2025 年秋季（第一個秋季）上半年經歷了良好的勢頭，並樂觀地認為今年將以高調結束，這將為我們 2026 年及以後的發展奠定良好的基礎。

Before I turn it over to Ashish, a quick note on recent legislation, legislative actions. While we continue to evaluate the reconciliation bill, the new rules were in line with our expectations, and we believe the overall impact of our industry should be positive.

在我將其交給 Ashish 之前，我想先簡單介紹一下最近的立法和立法行動。雖然我們仍在評估和解法案，但新規則符合我們的預期，我們相信對我們行業的整體影響應該是正面的。

In addition, we are encouraged by the continuation of this administration's deregulatory efforts across numerous federal agencies. Including at the Department of Education, and we look forward to the future rulemaking efforts that already have been announced.

此外，本屆政府對許多聯邦機構繼續放鬆管制的努力令我們感到鼓舞。包括教育部在內，我們期待已經宣布的未來規則制定工作。

Overall, we believe these regulatory and legislative actions should provide further opportunities for responsible and compliant growth across our academic institutions. Ashish will now provide more details on the quarter, our outlook, and enrolment trends. Ashish?

總體而言，我們相信這些監管和立法行動應該為我們的學術機構負責任和合規的發展提供更多機會。Ashish 現在將提供有關本季、我們的展望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 second quarter results and then discuss our balance sheet and pull your outlook before handing the call back to Todd for his closing remarks.

謝謝你，托德。我將首先概述第二季度的業績，然後討論我們的資產負債表並提出您的展望，然後將電話交還給托德，請他作最後發言。

Please note, all comparisons discussed on this call are versus the comparative prior year period unless otherwise stated.

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 total student enrolment numbers discussed on this call or any enrolment trends that are referred to on this call exclude learners pursuing non-degree seeking and professional development programs and degree-seeking non-Title for self-paced programs at CTU and AIUS.

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 AIUS 攻讀非學位和專業發展課程以及攻讀學位非自定進度課程的學習者。

Finally, a reminder about year over year comparability. The financial results for this quarter include the operating performance from the University of St. Augustine for Health Sciences Acquisition, which was completed in December of 2024.

最後，提醒一下關於同比的可比性。本季的財務表現包括 2024 年 12 月完成的聖奧古斯丁大學健康科學收購的營運表現。

With that said, let us begin with an overview of our second quarter results. Net income for the quarter was $41 million or $0.62 per diluted share as compared to $38.4 million or $0.57 per diluted share.

話雖如此，讓我們先概述一下第二季的業績。本季淨收入為 4,100 萬美元，即每股攤薄收益 0.62 美元，去年同期為 3,840 萬美元，即每股攤薄收益 0.57 美元。

Second quarter operating income grew by 11.7% to $51.4 million while adjusted operating income, which we believe is more indicative of the underlying operating performance and excludes certain non-cash items, grew 25.4% to $61.5 million as compared to $49.1 million.

第二季營業收入成長 11.7% 至 5,140 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）成長 25.4% 至 6,150 萬美元，而上季為 4,910 萬美元。

Finally, adjusted earnings for diluted share was $0.67 as compared to $0.5. Growth across these reported metrics was primarily supported by organic revenue growth at CTU and AIUS system.

最後，調整後攤薄後每股收益為0.67美元，此前為0.5美元。這些報告指標的成長主要得益於CTU和AIUS系統的有機收入成長。

Additionally, from an adjusted operating income and adjusted EPS perspective, the St. Augustine acquisition had and will continue to positively impact year on year comparability through 2025.

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。

Revenue for the second quarter was $209.6 million representing an approximately 26% increase as compared to $166.7 million in the prior year quarter. Revenue comparability was positively impacted by $36.7 million attributed to the St. Augustine acquisition, also supporting revenue growth was total enrolment growth at CTU and the AIUS system.

第二季營收為 2.096 億美元，較去年同期的 1.667 億美元成長約 26%。收入可比性受到聖奧古斯丁收購的 3,670 萬美元的正面影響，CTU 和 AIUS 系統的總入學人數成長也支持了營收成長。

A note on total student enrolments, which increased 17.4% for the total company as compared to the prior year quarter. At a segment level, CTU increased 7.4% as of June 30, primarily supported by high levels of student retention engagement, growth within the corporate student program, and high levels of perspective student interest.

關於學生總入學人數的說明，與去年同期相比，整個公司的學生入學人數增加了 17.4%。從細分市場來看，截至 6 月 30 日，CTU 增長了 7.4%，這主要得益於學生保留參與度高、企業學生計劃增長以及潛在學生興趣高。

And as Todd mentioned, this represents seven consecutive quarters of total enrolment growth at CTU and we expect this growth trend to continue throughout the remainder of 2025.

正如托德所說，這代表著 CTU 的總入學人數連續七個季度增長，我們預計這種增長趨勢將持續到 2025 年剩餘時間。

At AIUS system, total student enrolments increased by 7.1% as of June 30, driven by the academic calendar at AIUS that resulted in a high number of enrolment days in the quarter, as well as underlying organic growth.

在 AIUS 系統中，截至 6 月 30 日，學生總入學人數增加了 7.1%，這得益於 AIUS 的學術日曆，導致本季入學天數較多，同時也帶來了潛在的有機成長。

Please note that in addition to underlying trends in student retention and engagement, enrolment date and marketing expenses in any given quarter will also impact total enrolment comparability, as was the case for the second quarter.

請注意，除了學生保留率和參與度的潛在趨勢外，任何特定季度的入學日期和行銷費用也會影響總入學率的可比性，第二季度就是這種情況。

Given that although we expect total enrolments at AI system to be slightly lower in the third quarter as compared to the prior year quarter, we will end the year with double-digit enrolment growth, which should positively impact operating performance into 2026.

儘管我們預計第三季人工智慧系統的總入學人數將比去年同期略低，但我們今年的入學人數將實現兩位數成長，這將對 2026 年的營運業績產生正面影響。

At St. Augustine during the quarter, we had just under 4,000 average total students enrolled for the ongoing summer term.

本季度，聖奧古斯丁學院的夏季學期平均入學學生總數接近 4,000 名。

New enrolments for the summer term were higher as compared to a prior year, primarily due to growth in programs such as nursing and speech language therapy, as well as the introduction of new modalities for the Doctorate of Physical therapy program.

與去年相比，夏季學期的新生入學人數有所增加，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。

As mentioned, we also expect growth for the full term new enrolments, which is typically the biggest term as it relates to the total number of students enrolled.

如上所述，我們也預計整個學期的新生入學人數將會成長，這通常是最大的學期，因為它與入學學生總數有關。

Please note that St. Augustine has a traditional university calendar with three academic terms and multiple campuses for in-person class classes in California, Texas, and Florida. Commensurately, we may also provide from time to time information about academic term enrolments 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，包括三個學期，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外，我們還可能不時提供有關學期註冊的資訊。

In summary, we expect total company revenue and total enrolments to increase each remaining quarter versus 2024.

總而言之，我們預計公司總收入和總入學人數將在 2024 年後的每個季度增加。

Strong levels of prospective student interest and growth in total enrolments from the corporate program at CTU sustained improvement in student retention and engagement, and the St. Augustine acquisition will support this expected growth.

潛在學生的濃厚興趣以及 CTU 企業計畫總入學人數的成長持續提高了學生的留任率和參與度，而收購聖奧古斯丁大學將支持這一預期的成長。

Please also note this expected total enrolment growth in the second half of 2025 should also positively impact operating performance going into 2026.

另請注意，預計 2025 年下半年的總入學人數成長也將對 2026 年的營運表現產生正面影響。

Moving on to our segment results.

繼續討論我們的分部表現。

For the second quarter, revenue at CTU was $118 million or 4.6% higher than the prior year quarter, while operating income for the quarter increased 7.9% to $46.3 million primarily due to enrolment and revenue growth trends I previously discussed, including sustained demand for our degree programs and continued investment in marketing and admissions to support that demand.

第二季度，CTU 的收入為 1.18 億美元，比去年同期高出 4.6%，而本季度的營業收入增長 7.9%，達到 4630 萬美元，這主要歸功於我之前討論過的入學人數和收入增長趨勢，包括對我們學位課程的持續需求以及為滿足這種需求而對營銷和招生的持續投資。

At AIUS system, second quarter revenue increased 1.9% to $54.7 million compared to the prior year quarter. Excluding a non-recurring expense benefit recorded in the prior year, current quarter operating income of $12.1 million would have shown an increase versus the prior year quarter of $12.9 million.

AIUS 系統第二季營收與去年同期相比成長 1.9%，達到 5,470 萬美元。不包括上年同期記錄的非經常性費用收益，本季營業收入為 1,210 萬美元，較上年同期的 1,290 萬美元有所增加。

In the second quarter, St. Augustine recorded revenue of $36.7 million. Excluding depreciation and amortization, the adjusted operating income from St. Augustine was $5.5 million for the quarter and as previously shared, is accretive to our overall adjusted operating results.

第二季度，聖奧古斯丁的收入為 3,670 萬美元。不包括折舊和攤銷，聖奧古斯丁本季的調整後營業收入為 550 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。

Moving on to corporate and other, operating losses for the quarter were $5.2 million as compared to $9.8 million in the prior year quarter. The improvement in operating loss was primarily due to acquisition-related expenses incurred in the prior year.

至於公司及其他方面，本季的營運虧損為 520 萬美元，而去年同期的營運虧損為 980 萬美元。營業虧損的改善主要歸因於上一年發生的收購相關費用。

Turning to income taxes.

談到所得稅。

For the second quarter, we recorded a provision for income taxes of $15.2 million bringing our year-to-date effective tax rate to 24.9%. The year-to-date effective tax rate was positively impacted by the tax effect of stock-based compensation and the release of previously recorded tax reserves, which together reduced the effective tax rate by 4.4%.

第二季度，我們提列了 1,520 萬美元的所得稅準備金，使年初至今的有效稅率達到 24.9%。年初至今的有效稅率受到股票薪酬的稅收效應和先前記錄的稅收儲備的釋放的正面影響，這兩個因素共同降低了有效稅率 4.4%。

Finally, we expect that for the full year 2025, our effective tax rate will be between 26% 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 26% 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。

Separately, while we are still evaluating any tax-related impacts from the reconciliation bill, the provisions allowing 100% bonus depreciation and the immediate expensing of domestic research expenditures are expected to reduce our federal cash taxes paid beginning in the current year.

另外，雖然我們仍在評估和解法案對稅收的影響，但允許 100% 獎金折舊和立即支出國內研究支出的規定預計將減少我們從今年開始支付的聯邦現金稅。

Additionally, various tax attributes acquired with the University of St. Augustine acquisition are also expected to reduce our federal cash taxes in 2025.

此外，收購聖奧古斯丁大學所獲得的各種稅收屬性預計也將在 2025 年減少我們的聯邦現金稅。

Now to our balance sheet and liquidity.

現在來看看我們的資產負債表和流動性。

For the year-to-date in the June 30, 2025, net cash flows provided by operations were $143.9 million versus $93 million in the prior year-to-date. This growth versus the priority was primarily supported by year over year improvement in adjusted operating income.

截至 2025 年 6 月 30 日的年初至今，經營活動提供的淨現金流為 1.439 億美元，而去年同期為 9,300 萬美元。與優先項目相比，此成長主要得益於調整後營業收入的年增率。

We ended the quarter with $659.6 million of cash equivalents, restricted cash, and available for sale short-term investments. This represents an increase of approximately $68 million from the year end.

本季末，我們擁有 6.596 億美元的現金等價物、受限現金和可供出售的短期投資。這比年底增加了約 6800 萬美元。

Some of the primary uses of cash during the first half were $46.1 million in return of capital to shareholders in the form of stock repurchases, $17.7 million of quarterly dividend and dividend equivalent payments, $27 million for federal and state income tax payments and $4.5 million for capital expenditures. For full year 2025, we continue to foresee capital expenditures to be approximately 1.5% of revenues.

上半年現金的主要用途包括以股票回購的形式向股東返還 4,610 萬美元、支付季度股息和股息等值款項 1,770 萬美元、繳納聯邦和州所得稅 2,700 萬美元以及用於資本支出 450 萬美元。對於 2025 年全年，我們預計資本支出仍將佔收入的約 1.5%。

Before I share the updated outlook, let me take a minute to discuss capital allocation.

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。

We are pleased to announce that consistent with our dividend policy and continued confidence in our long-term outlook, the Board of Directors approved a 15.4% increase to our quarterly dividend payment to $0.15 per share, payable on September 12, 2025 to the holders of record of Perdoceo common stock at the close of business on September 2, 2025.

我們很高興地宣布，根據我們的股息政策和對長期前景的持續信心，董事會批准將季度股息增加 15.4% 至每股 0.15 美元，將於 2025 年 9 月 12 日支付給 2025 年 9 月 2 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 remain an integral and growing component of our balanced capital allocation strategy. And in line with this most recent board decision, we 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仍將是我們平衡資本配置策略中不可或缺且不斷增長的組成部分。根據董事會的最新決定，我們通常預計每年審查一次季度股利金額。

Additionally, during the first half of 2025, we repurchased 1.6 million shares for $46.1 million at an average price of $28.19 per share. With less than $1 million left under our prior authorization, the board has authorized a new share repurchase program under which the company may repurchase up to $75 million of its outstanding common stock.

此外，在 2025 年上半年，我們以每股 28.19 美元的平均價格回購了 160 萬股，價值 4,610 萬美元。由於我們先前的授權金額僅剩下不到 100 萬美元，董事會已批准一項新的股票回購計劃，根據該計劃，公司可以回購最多價值 7500 萬美元的已發行普通股。

The new authorization reflects the board's confidence in the company's long-term strategy, strong balance sheet, cash flow, and commitment to delivering value to shareholders. Subject to market conditions, we will remain opportunistic regarding future share repurchases.

新的授權反映了董事會對公司長期策略、強勁資產負債表、現金流量以及為股東創造價值的承諾的信心。根據市場情況，我們將繼續尋找機會進行未來的股票回購。

We'll also continue to maintain a strong balance sheet while actively evaluating diverse strategies to further enhance stockholder value, including acquisitions.

我們也將持續保持強勁的資產負債表，同時積極評估包括收購在內的多種策略，以進一步提高股東價值。

At the same time, our balanced approach to capital allocation also includes investments in organic projects focusing on technology updates that support student success.

同時，我們平衡的資本配置方法還包括對專注於支持學生成功的技術更新的有機項目進行投資。

Now let us discuss our outlook for 2025.

現在讓我們來討論一下對 2025 年的展望。

With better than anticipated operating trends, we are raising our full year adjusted operating income outlook to range between $230 million and $236 million. This compares to an adjusted operating income of $188.9 million in 2024, with the expected increase due to the St. Augustine acquisition, as well as organic growth at CTU and AIUS system.

由於營運趨勢優於預期，我們將全年調整後營運收入預期上調至 2.3 億美元至 2.36 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，預期成長源自於對聖奧古斯丁的收購，以及 CTU 和 AIUS 系統的有機成長。

Adjusted earnings per diluted share are now expected to range between $2.48 and $2.55 versus $2.26 in 2024.

調整後每股攤薄收益目前預計在 2.48 美元至 2.55 美元之間，而 2024 年則為 2.26 美元。

Please note that beginning in 2025, the GAAP and adjusted EPS calculations include incremental expenses related to depreciation and finance leases for St. Augustine. These expenses are excluded for the purpose of adjusted operating income.

請注意，從 2025 年開始，GAAP 和調整後的 EPS 計算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。

The 2025 adjusted EPS range is impacted by approximately $0.25 per diluted share related to these incremental expenses.

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 0.25 美元的影響。

This outlook reflects our current belief that the consistently high levels of student retention and student engagement that we experienced in the first half will continue to persist in 2025.

這一前景反映了我們目前的信念：我們在上半年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。

Additionally, the higher levels of prospective student interest, which we have experienced since the second half of 2024, will continue through the second half of 2025, and any changes to the regulatory or legislative environment will not have a meaningful impact on prospective student interest levels.

此外，自 2024 年下半年以來，我們經歷的潛在學生興趣程度將持續到 2025 年下半年，監管或立法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.

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。

At CTU with consistently high levels of prospective student interest, supported by strong retention and engagement trends and growth from the corporate student program, we expect revenue and total enrolment growth for each quarter in full year 2025.

在 CTU，潛在學生的興趣始終很高，在強勁的保留和參與趨勢以及企業學生計劃的增長的支持下，我們預計 2025 年全年每個季度的收入和總入學人數都會增長。

At AIUS systems, we may see quarterly variability in total enrolment trends due to the enrolment day comparability.

在 AIUS 系統中，由於入學日的可比性，我們可能會看到總入學趨勢的季度變化。

Additionally, for year-end 2025, AIUS has an additional academic session starting in December 2025, which will significantly contribute to total enrolment growth when comparing year over year total enrolments at December 31, and should positively impact 2026 operating performance.

此外，到 2025 年底，AIUS 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，這將顯著促進總入學人數的增長，並將對 2026 年的營運業績產生積極影響。

We also expect AIUS system to experience revenue growth for the full year 2025, with each quarter generally in line with the prior year.

我們也預計 AIUS 系統在 2025 年全年的營收將實現成長，每季的營收基本上與前一年持平。

As a reminder, the academic calendar at CTU and AIUS system may impact the comparability of revenue days and enrolment results in any given quarter, but not necessarily in the same magnitude or direction.

提醒一下，CTU 和 AIUS 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 third quarter of 2025, we expect adjusted operating income to be in the range of $57 million to $59 million as compared to $47.8 million in the prior year quarter, with adjusted earnings for diluted share to range between $0.60 and $0.62 per diluted share versus $0.59 in the third quarter of 2024.

對於 2025 年第三季度，我們預計調整後的營業收入將在 5,700 萬美元至 5,900 萬美元之間，而去年同期為 4,780 萬美元；調整後的稀釋每股收益將在 0.60 美元至 0.62 美元之間，而 2024 年第三季為 0.59 美元。

Our 2025 outlook also assumes ongoing investments in technology, data analytics, real estate, academics, and student support processes.

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。

We believe these investments have been successful in positively impacting academic outcomes and student experiences.

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。

Additionally, we will also continue to increase the size of CTU and AIUS systems corporate student program teams.

此外，我們也將持續擴大CTU和AIUS系統企業學生專案團隊的規模。

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。

Thank you, Ashish. Again, I'm pleased with our performance through the first half of 2025 and remain optimistic as we continue to invest in student learning and support processes to further enhance student retention, academic outcomes and experiences.

謝謝你，阿希什。再次，我對我們在 2025 年上半年的表現感到滿意，並保持樂觀，因為我們將繼續投資於學生學習和支持流程，以進一步提高學生的保留率、學術成果和體驗。

I'd also like to once again thank all of our students and staff for the continued hard work and support. Thank you for joining us, and we look forward to speaking with you again next quarter.

我還要再次感謝我們所有的學生和教職員工的持續努力和支持。感謝您的加入，我們期待下個季度再次與您交談。

That includes today's call. Thank you all for joining. You may now disconnect. Everyone, have a great day.

其中包括今天的電話。感謝大家的加入。您現在可以斷開連線。祝大家有個愉快的一天。