Perdoceo Education Corp (PRDO) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Danny, and I will be your conference operator today. At this time, I would like to welcome everyone to Perdoceo Education Corporation third quarter 2025 earnings conference call.

您好，感謝您的耐心等待。我叫丹尼，今天我將擔任你們的會議接線生。在此，我謹代表 Perdoceo 教育公司歡迎各位參加 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

I would now like to turn the conference over to Nick Nelson with Alpha IR Group. You may begin.

現在我將把會議交給 Alpha IR Group 的 Nick Nelson 來主持。你可以開始了。

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

謝謝接線生。各位下午好，感謝各位參加我們2025年第三季財報電話會議。今天和我一起參加電話會議的有總裁兼執行長托德·尼爾森，以及財務長阿什什·吉亞。

This conference call is being webcast live within the Investor Relations section of the company's website at perdoceoed.com. A webcast replay will also be available on our site for 90 days following the call, and you can always contact the Alpha IR Group for Investor Relations support.

本次電話會議將在公司網站 perdoceoed.com 的投資者關係頁面進行網路直播。會議結束後，網路直播回放將在網站上保留 90 天。如有任何投資者關係的疑問，歡迎隨時聯絡 Alpha IR Group。

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 as amended. These statements are based on any 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 forward-looking statements.

我要提醒各位，今天下午發布的收益報告和今天的演講包含1934年證券交易法第21E條（經修訂）所定義的前瞻性陳述。這些聲明是基於 Perdoceo Education 目前所作的任何假設和可獲得的信息，並涉及風險和不確定性，這些風險和不確定性可能導致實際的未來結果、業績、業務前景和機會與這些前瞻性聲明中明示或暗示的內容存在重大差異。

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 最新年度報告（10-K 表格）及隨後向美國證券交易委員會提交的文件中所列的因素。除證券法明確規定外，本公司不承擔因未來事件、發展或情況變化或其他任何原因而更新這些因素或任何前瞻性聲明的義務。

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，今天的演講涉及非公認會計準則財務指標，這些指標旨在補充而非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將要討論的財務和其他量化信息，以及 GAAP 與非 GAAP 指標的調節表，可在公司網站的投資者關係頁面中找到。

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

接下來，我想把電話交給陶德·尼爾森。托德？

Thank you, Nick. Good afternoon, everyone, and thank you for joining us for our third quarter 2025 earnings call. In today's call, I'll start by discussing some key highlights for the quarter. Ashish will then provide more details on the operating and financial performance and discuss the 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. Our academic institutions share a common mission of transforming lives through education by equipping learners with the practical skills required to succeed in today's dynamic work environment.

謝謝你，尼克。各位下午好，感謝各位參加我們2025年第三季財報電話會議。在今天的電話會議上，我將首先討論本季的一些關鍵亮點。阿什什隨後將提供更多關於營運和財務表現的細節，並討論 2025 年的展望。一如既往，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，感謝他們為服務和教育學生所做的傑出貢獻和辛勤工作。我們的學術機構擁有共同的使命，透過教育改變生活，使學習者掌握在當今瞬息萬變的工作環境中取得成功所需的實用技能。

CTU and AIUS provide diverse career-focused programs designed to help students excel in rapidly changing job market. The University of St. Augustine develops professionals to deliver exceptional health care services to communities nationwide.

CTU 和 AIUS 提供各種以職業為導向的課程，旨在幫助學生在快速變化的就業市場中脫穎而出。聖奧古斯丁大學致力於培養專業人才，為全國各地社區提供卓越的醫療保健服務。

Third quarter operating performance exceeded our expectations with net income of $39.9 million or $0.60 per diluted share, while adjusted earnings per diluted share, which excludes certain noncash items, was $0.65 as compared to $0.59 in the prior year. These operating results are supported by continued momentum in student retention and engagement that has been trending near multiyear highs as well as increased interest from prospective students looking to pursue a degree at one of our academic institutions.

第三季經營業績超出預期，淨利為 3,990 萬美元，即每股攤薄收益 0.60 美元；經調整後的每股攤薄收益（不包括某些非現金項目）為 0.65 美元，而去年同期為 0.59 美元。這些經營業績得益於學生留校率和參與度持續增長，接近多年來的最高水平，以及有意在我們學術機構攻讀學位的潛在學生日益增長的興趣。

During the quarter, we also continued to invest in student technology and student support processes that we believe will further enhance academic outcomes and student experiences. Some key successes and other highlights from the quarter include total student enrollments grew 15.1% versus the prior year quarter, driven by 6.7% growth at CTU and the acquisition of St. Augustine. At CTU, this marks 8 consecutive quarters of total enrollment growth, primarily due to continued progress within the corporate student program as well as strong levels of interest from prospective students in pursuing a degree. As expected, AIUS reported a decline in total student enrollments of 2.9%.

本季度，我們也繼續投資於學生技術和學生支援流程，我們相信這將進一步提高學術成果和學生體驗。本季度的一些主要成功案例和其他亮點包括：學生總入學人數比上年同期增長了 15.1%，這主要得益於 CTU 增長了 6.7% 以及收購了聖奧古斯丁學院。在 CTU，這標誌著入學總人數連續 8 個季度增長，主要歸功於企業學生計劃的持續進展以及潛在學生對攻讀學位的濃厚興趣。正如預期的那樣，AIUS報告學生總入學人數下降了2.9%。

Excluding the impact from the academic calendar and number of enrollment days, AIUS would have also reported total enrollment growth. As a reminder, we expect AIUS to end the year with double-digit total enrollment growth. At St. Augustine, fall term new student enrollments increased as compared to the prior year, and there were approximately 4,400 total students enrolled for the term. Please note that the fall term is typically the biggest term of the year in terms of student enrollments. Supporting new enrollment growth at St. Augustine is the ongoing expansion of their program offering matrix in terms of introducing new modalities at current campus locations.

如果排除學年安排和入學天數的影響，AIUS 的總入學人數也會增加。再次提醒大家，我們預計AIUS今年的總入學人數將有兩位數成長。聖奧古斯丁學院秋季學期新生入學人數比前一年有所增加，該學期共有約 4400 名學生入學。請注意，秋季學期通常是一年中學生入學人數最多的學期。為了支持聖奧古斯丁大學的新招生成長，該校不斷擴展其課程設置，在現有校區引入新的教學模式。

The goal is to maximize the geographical area each campus location can serve while providing students with a wider choice in taking their courses, whether online instruction in person at a campus location or a hybrid option in between. We are very pleased with the current trends and expect adjusted operating income at St. Augustine to grow in 2026 as compared to 2025. Total enrollments from the corporate student programs at CTU and AIUS continue to increase. And these programs remain a priority as we continue to make strategic investments in technology and personnel to assist further enrollment growth in these corporate programs.

目標是在最大限度地擴大每個校區所能服務的地理區域的同時，為學生提供更廣泛的選課選擇，無論是在線授課、到校上課還是介於兩者之間的混合式授課方式。我們對目前的趨勢非常滿意，預計聖奧古斯丁的調整後營業收入在 2026 年將比 2025 年有所增長。CTU 和 AIUS 的企業學生計畫總入學人數持續成長。我們將繼續優先發展這些項目，並持續對技術和人員進行策略性投資，以促進這些企業項目的招生人數進一步成長。

Improving technology for admissions, academic and student support processes is a key priority, and we continue to equip our teams with the necessary tools to effectively counsel and support the growing number of students through their education. We continue to refine our marketing and admission spending strategies and are integrating artificial intelligence to help identify and engage prospective students who we believe are more likely to succeed at one of our academic institutions.

改善招生、學術和學生支援流程的技術是我們的首要任務，我們將繼續為我們的團隊配備必要的工具，以便有效地指導和支持越來越多的學生完成學業。我們不斷改進行銷和招生支出策略，並整合人工智慧，以幫助識別和吸引我們認為更有可能在我們旗下院校取得成功的潛在學生。

Our capital allocation decisions throughout the year highlight, amongst other priorities, our continued commitment to returning capital to shareholders. Commensurately, during the quarter, we repurchased $20.6 million worth of shares under our recently approved $75 million share repurchase authorization. Through both share repurchases and quarterly dividends, we have returned a total of $94.1 million to shareholders for the first three quarters of 2025, underscoring our ongoing commitment to long-term value, delivering long-term value and disciplined capital deployment.

我們全年的資本配置決策，除其他優先事項外，還突出了我們對向股東返還資本的持續承諾。相應地，本季我們根據最近批准的 7,500 萬美元股票回購授權，回購了價值 2,060 萬美元的股票。透過股票回購和季度分紅，我們在 2025 年前三個季度向股東返還了 9,410 萬美元，這凸顯了我們對長期價值的持續承諾，實現了長期價值，並採取了有紀律的資本部署措施。

In closing, I am pleased with the momentum we have experienced through 2025 and remain optimistic for 2026 as we continue to focus on serving students while investing in further enhanced academic outcomes and student experiences.

最後，我對我們在 2025 年的進展感到滿意，並對 2026 年保持樂觀，我們將繼續專注於服務學生，同時投資於進一步提高學術成果和學生體驗。

Ashish will now provide more details on the quarter, our outlook through the remainder of 2025 and enrollment trends. Ashish?

Ashish 將提供有關本季、2025 年剩餘時間的展望以及招生趨勢的更多詳細資訊。阿什什？

Thank you, Todd. I will start with an overview of the third quarter results and then discuss our balance sheet and outlook for the remainder of 2025 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。我將首先概述第三季業績，然後討論我們的資產負債表和 2025 年剩餘時間的展望，最後將電話交還給 Todd，請他作總結發言。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。

In addition, total student enrollment numbers and any referenced enrollment trends discussed during this call do not include learners pursuing nondegree-seeking and professional development programs and degree-seeking non-Title IV, self-paced programs at CTU and AIU System. As a final reminder regarding year-over-year comparability, this quarter's financial results include the operating performance from the University of St. Augustine for Health Sciences acquisition, which was completed in December of 2024.

此外，本次通話中討論的學生總入學人數和任何提及的入學趨勢均不包括在 CTU 和 AIU 系統攻讀非學位課程和職業發展課程以及攻讀學位的非第四章自定進度課程的學生。最後提醒一下，關於同比比較，本季度的財務業績包括聖奧古斯丁健康科學大學的收購帶來的營運業績，該收購已於 2024 年 12 月完成。

With that said, let us begin with an overview of our third quarter results. Third quarter operating income grew by 13.8% to $51 million, while adjusted operating income, which we believe is more indicative of the underlying operating performance and excludes certain noncash items, increased 27.4% to $61 million as compared to $47.8 million during the prior year. Finally, adjusted earnings per diluted share was $0.65 as compared to $0.59 in the prior year. All three academic institutions contributed to the growth in operating income, adjusted operating income and adjusted EPS for the quarter.

接下來，讓我們先來概覽一下我們第三季的業績。第三季營業收入成長 13.8% 至 5,100 萬美元，而我們認為更能反映實際經營業績且不包括某些非現金項目的調整後營業收入成長 27.4% 至 6,100 萬美元，而上年同期為 4,780 萬美元。最後，經調整後的每股攤薄收益為 0.65 美元，而去年同期為 0.59 美元。這三所學術機構均對本季的營業收入、調整後營業收入和調整後每股盈餘的成長做出了貢獻。

Revenue for the third quarter was $211.9 million, representing a 24.8% increase from $169.8 million in the prior year. Revenue was favorably impacted by $38 million attributed to the St. Augustine and total enrollment growth at CTU. As of September 30, total student enrollments increased 15.1% compared to the prior year. At a segment level, CTU's total enrollments increased by 6.7%, supported by higher levels of student retention and engagement, growth within the corporate student program and higher levels of prospective student interest.

第三季營收為 2.119 億美元，比去年同期的 1.698 億美元成長了 24.8%。聖奧古斯丁大學和 CTU 總入學人數的成長對收入產生了 3800 萬美元的有利影響。截至9月30日，學生總入學人數較上年同期成長15.1%。從細分市場來看，CTU 的總入學人數增加了 6.7%，這得益於學生留存率和參與度的提高、企業學生計畫的成長以及潛在學生興趣的提高。

As Todd mentioned, this represents 8 consecutive quarters of total enrollment growth, and we expect to see continued growth in total enrollments in the fourth quarter as we exit 2025. As expected, total student enrollments at AIU System decreased by 2.9% as compared to the prior year. This decrease was due to enrollment day comparability. But looking ahead to the fourth quarter, we expect to see double-digit enrollment growth at AIU System. As a reminder, in addition to the underlying operating trends such as student retention and engagement, enrollment days in each quarter will also affect quarterly enrollment comparability at AIU System.

正如托德所提到的，這代表著連續 8 個季度總入學人數增長，我們預計在 2025 年末的第四季度，總入學人數將繼續增長。正如預期的那樣，AIU 系統學生總入學人數比前一年減少了 2.9%。這一下降是由於入學日期的可比性造成的。但展望第四季度，我們預期AIU系統入學人數將達到兩位數成長。需要提醒的是，除了學生留校率和參與度等基本營運趨勢外，每季的入學天數也會影響 AIU 系統季度入學人數的可比性。

At St. Augustine, we began our fall term with approximately 4,400 students enrolled in one of our academic programs. New student enrollments for the fall term were higher as compared to the prior year, primarily due to growth in programs such as nursing and speech language pathology as well as the introduction of new modalities for the doctorate or physical therapy program. 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 share student enrollment data for the beginning of an academic term, which are typically different from the total student enrollment numbers reported at the end of each fiscal quarter.

聖奧古斯丁大學秋季學期開始，約有 4400 名學生註冊參加了我們的某一學術課程。與前一年相比，秋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病理學等專業的增長，以及博士或物理治療專業引入了新的教學模式。請注意，聖奧古斯丁大學採用傳統的大學日曆，設有三個學期，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，提供面授課程。相應地，我們可能會分享學期初的學生入學數據，這些數據通常與每個財政季度末報告的學生總入學人數不同。

In summary, from a total company perspective, we expect revenue and total student enrollments to increase in the fourth quarter and for the full year 2025. And we believe that this expected enrollment growth in the fourth quarter should positively impact revenue and operating performance metrics going into 2026.

總而言之，從公司整體角度來看，我們預計第四季和 2025 年全年的收入和學生總入學人數將會增加。我們相信，預計第四季度入學人數的成長將對 2026 年的收入和營運績效指標產生正面影響。

Moving on to our segment results. For the third quarter, revenue at CTU was $117.1 million or 4.3% higher than the prior year quarter, while operating income for the quarter increased 6.7% to $47.8 million, primarily due to the student enrollment and revenue growth trends I previously discussed, including sustained demand for degree programs and our continued investment in marketing and admissions to support that demand. At AIU System, as expected, third quarter revenue remained relatively flat at $56.7 million, while operating income increased versus the prior year quarter, mainly due to lower operating expenses, including bad debt.

接下來是各業務區的業績報告。第三季度，CTU 的收入為 1.171 億美元，比上年同期增長 4.3%；當季營業收入增長 6.7%，達到 4780 萬美元，這主要得益於我之前討論過的學生入學人數和收入增長趨勢，包括對學位課程的持續需求，以及我們為支持這種需求而對市場營銷和招生工作的持續投入。正如預期的那樣，AIU 系統第三季營收保持相對平穩，為 5,670 萬美元，而營業收入較上年同期有所增長，這主要是由於包括壞帳在內的營運支出減少。

St. Augustine recorded third quarter revenue of $38 million. Excluding depreciation and amortization, adjusted operating income for St. Augustine was $7.2 million, and as Todd mentioned, will be accretive to our operating results for the full year 2025 and expected to further grow adjusted operating income in 2026.

聖奧古斯丁第三季營收為 3,800 萬美元。在扣除折舊和攤銷後，聖奧古斯丁的調整後營業收入為 720 萬美元，正如 Todd 所提到的，這將增加我們 2025 年全年的經營業績，並有望在 2026 年進一步提高調整後營業收入。

Moving on to Corporate and Other. Operating losses for the quarter decreased to $6.1 million from $8.5 million in the prior year quarter. The decline was primarily due to incurrence of acquisition-related expenses in the prior year period.

接下來是企業及其他類別。本季營業虧損從去年同期的 850 萬美元減少至 610 萬美元。下降的主要原因是去年同期產生了與收購相關的費用。

Turning to income taxes. For the third quarter, we recorded a provision for income taxes of $16.2 million, bringing our year-to-date effective tax rate to 26.2%. The year-to-date effective tax rate was positively impacted by tax effect of stock-based compensation, which reduced the effective tax rate by 2 percentage points. 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 tax effect of stock-based compensation and the release of previously recorded tax reserves for uncertain tax positions.

接下來談談所得稅。第三季度，我們提列了 1,620 萬美元的所得稅準備金，使我們年初至今的實際稅率達到 26.2%。年初至今的實際稅率受到股票選擇權激勵的稅收效應的正面影響，實際稅率降低了 2 個百分點。最後，我們預計 2025 年全年，我們的實際稅率將在 26% 至 26.5% 之間，其中包括股票選擇權激勵的稅收效益估計收益以及釋放先前記錄的用於不確定稅務事項的稅務準備金。

Separately, the tax provisions from the reconciliation bill, allowing 100% bonus depreciation and the immediate expensing of domestic research expenditures are expected to reduce our U.S. federal cash tax payments for the rest of 2025 and future years. Additionally, various tax attributes acquired with the University of St. Augustine acquisition will also lower our federal cash tax -- income tax payments for the full year '25 and beyond.

另外，協調法案中的稅收條款允許 100% 的額外折舊和立即將國內研發支出計入費用，預計將減少我們在 2025 年剩餘時間和未來幾年的美國聯邦現金稅款支出。此外，透過收購聖奧古斯丁大學獲得的各項稅收優惠也將降低我們2025年及以後全年的聯邦現金稅——所得稅支出。

Turning now to our balance sheet and liquidity position. For the year-to-date period ended September 30, 2025, net cash flows provided by operations were $185.1 million versus $144 million in the prior year-to-date. This growth versus the prior year was primarily supported by year-over-year improvements in adjusted operating income. We ended the third quarter with $668.6 million of cash, cash equivalents, restricted cash and available-for-sale short-term investments, which represents an increase of approximately $77.1 million from our year-end position.

現在來看我們的資產負債表和流動性狀況。截至 2025 年 9 月 30 日的年初至今期間，經營活動產生的淨現金流量為 1.851 億美元，而去年同期為 1.44 億美元。與前一年相比，此成長主要得益於調整後營業收入的年增率。第三季末，我們持有現金、現金等價物、受限現金和可供出售的短期投資共 6.686 億美元，比年末增加了約 7,710 萬美元。

During the first 3 quarters, some key uses of cash were $66.7 million in return of capital to shareholders in the form of stock repurchases, $27.4 million of quarterly dividend and dividend equivalent payments, $38.4 million of federal and state income tax payments and $6.3 million of capital expenditures. For full year 2025, we continue to foresee capital expenditures to be approximately 1.5% of revenues.

前三個季度，現金的一些主要用途包括：以股票回購形式向股東返還資本 6,670 萬美元；支付季度股利和股利等值款項 2,740 萬美元；支付聯邦和州所得稅 3,840 萬美元；以及資本支出 630 萬美元。我們預計 2025 年全年資本支出將佔收入的 1.5% 左右。

Before sharing our revised outlook, I want to briefly address our approach to capital allocation. Consistent with our dividend policy and continued confidence in our long-term outlook, the Board of Directors declared a quarterly dividend payment of $0.15 per share payable on December 12, 2025, to the holders of record of Perdoceo's common stock at the close of the business on November 28, 2025. Future quarterly dividend payments are expected to be paid out of free cash flows from the relevant year, subject to Board approval and the company's available retained earnings, financial condition and other relevant factors.

在分享我們修訂後的展望之前，我想先簡單介紹一下我們的資本配置方法。鑑於我們一貫的股息政策以及對長期前景的持續信心，董事會宣布向截至 2025 年 11 月 28 日營業結束時登記在冊的 Perdoceo 普通股股東派發每股 0.15 美元的季度股息，支付日期為 2025 年 12 月 12 日。預計未來的季度股息將從相關年度的自由現金流中支付，但須經董事會批准，並取決於公司可用的留存收益、財務狀況和其他相關因素。

Subject to the conditions previously outlined, we continue to view quarterly dividend payments as an integral and growing part of our balanced capital allocation strategy. We generally expect to evaluate dividend amounts on an annual basis, consistent with Board's recent decision to increase the quarterly dividend.

在符合上述條件的前提下，我們繼續將季度股利支付視為我們均衡資本配置策略中不可或缺且日益重要的組成部分。我們通常會按年度評估股利金額，這與董事會最近提高季度股利的決定一致。

During the quarter, we repurchased 660,000 shares of our common stock for $20.6 million, bringing our year-to-date share repurchase total to 2.3 million shares repurchased for $66.7 million at an average price of $29.07 per share. As of September 30, 2025, approximately $54.3 million was available under our authorized stock repurchase program to repurchase outstanding shares of our common stock. This reflects our continued commitment to disciplined capital deployment and our ability to invest in growth opportunities, both organic and inorganic, while continually returning capital to our shareholders.

本季度，我們以 2,060 萬美元的價格回購了 66 萬股普通股，使我們今年迄今的股票回購總額達到 230 萬股，回購金額為 6,670 萬美元，平均每股價格為 29.07 美元。截至 2025 年 9 月 30 日，根據我們授權的股票回購計劃，約有 5,430 萬美元可用於回購我們已發行的普通股。這體現了我們對穩健資本部署的持續承諾，以及我們投資於有機和非有機成長機會的能力，同時持續為股東帶來回報。

With that foundation in place, we'll shift focus to our outlook for the remainder of 2025. Given the stronger-than-expected operating performance, we are updating our full year adjusted operating income outlook to a range between $234 million and $236 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 and positive operating trends at CTU and AIU Systems.

有了這樣的基礎，我們將把重點轉移到 2025 年剩餘時間的展望。鑑於經營業績強於預期，我們將全年調整後營業收入預期更新為 2.34 億美元至 2.36 億美元之間。相比之下，2024 年的調整後營業收入為 1.889 億美元，預計成長主要歸功於聖奧古斯丁的收購以及 CTU 和 AIU Systems 的積極營運趨勢。

Adjusted earnings per diluted share are expected to be between $2.54 and $2.56 versus $2.26 in 2024. As mentioned last quarter, beginning in 2025, the GAAP and adjusted EPS calculations include incremental expenses related to depreciation and finance leases for St. Augustine. While these expenses are excluded for the purpose of adjusted operating income, they are part of the adjusted EPS calculation. Inherent in 2025 adjusted EPS outlook range provided is approximately $0.24 per diluted share related to these incremental expenses. This outlook reflects our current beliefs that the consistently high levels of student retention and student engagement that we experienced in the first 3 quarters will carry into the fourth quarter.

經調整後的每股攤薄收益預計在 2.54 美元至 2.56 美元之間，而 2024 年為 2.26 美元。如上季所述，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。雖然這些費用在調整後的營業收入中被排除在外，但它們是調整後每股盈餘計算的一部分。2025 年調整後每股收益預期範圍中包含約 0.24 美元的稀釋後每股收益，這與這些新增費用有關。這項展望反映了我們目前的信念，即我們在前三個季度所經歷的持續高水準的學生留存率和學生參與度將延續到第四季度。

The higher levels of prospective student interest, which we've experienced since the second half of 2024 will continue. And any changes to the regulatory or legislative environment will not have a meaningful impact on prospective student interest levels or necessitate any operational changes. Full year revenue is expected to increase as compared to 2024, primarily driven by the recent acquisitions St. Augustine and organic growth trends at CTU, as I just discussed.

自 2024 年下半年以來，我們一直感受到潛在學生興趣的提高，這種情況將會持續下去。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實質影響，也不需要任何營運方面的改變。正如我剛才所討論的，全年收入預計將比 2024 年有所增長，主要得益於最近對聖奧古斯丁的收購以及 CTU 的內生增長趨勢。

At AIU System, we may see quarterly variability in total enrollment trends due to enrollment day comparability. Additionally, AIU System has an additional academic session beginning in December 2025, which is expected to contribute to the year-over-year enrollment growth as of December 31 and expected to favorably impact operating performance going into 2026. As a reminder, the academic calendar at CTU and AIU System may influence the comparability of revenue earning days and student enrollment numbers in any given quarter, though not necessarily with the same magnitude or direction.

在 AIU 系統中，由於入學日期的可比性，我們可能會看到總入學人數趨勢出現季度性波動。此外，AIU 系統將於 2025 年 12 月開始增設一個學年，預計這將促進截至 12 月 31 日的年度入學人數增長，並有望對 2026 年的營運業績產生積極影響。需要提醒的是，CTU 和 AIU 系統的學年安排可能會影響任何特定季度的收入天數和學生入學人數的可比性，但影響的程度或方向不一定相同。

For the fourth quarter of 2025, we expect adjusted operating income to be in the range of $47.9 million to $49.9 million as compared to $42.7 million in the prior year quarter, with adjusted earnings per diluted share to range between $0.53 and $0.55 per diluted share versus $0.49 in the fourth quarter of 2024.

我們預計 2025 年第四季調整後營業收入將在 4,790 萬美元至 4,990 萬美元之間，而去年同期為 4,270 萬美元；調整後每股攤薄收益將在 0.53 美元至 0.55 美元之間，而 2024 年第四季為 0.49 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 supported improved academic outcomes and enhanced student experiences. In addition, we plan to continue expanding the corporate student program teams at CTU and AIU system to support further growth and engagement. 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.

我們對 2025 年的展望也假設將繼續投資於科技、數據分析、房地產、學術和學生支援流程。我們相信這些投資有助於提高學術成果和改善學生體驗。此外，我們計劃繼續擴大 CTU 和 AIU 系統的企業學生專案團隊，以支持進一步的成長和參與。請參閱我們今天發布的盈利報告，以了解有關今天電話會議討論的關鍵假設和因素以及 GAAP 與非 GAAP 調整的重要資訊。

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

接下來，我將把電話交還給托德，請他作總結發言。托德？

Thank you, Ashish, and thank you again to all our incredible faculty and staff for their hard work in supporting and educating our students. We believe that the third quarter performance is representative of the success we have had in improving student experiences, retention and academic outcomes through ongoing personnel and technology investments, and we remain optimistic for the future.

謝謝你，阿什什，也再次感謝我們所有傑出的教職員工，感謝他們為支持和教育我們的學生所付出的辛勤努力。我們相信，第三季的業績體現了我們透過持續的人員和技術投入，在改善學生體驗、提高學生留校率和提升學業成績方面所取得的成功，我們對未來仍然保持樂觀。

Thank you for joining us, and we look forward to speaking with you again next quarter.

感謝您的參與，我們期待下季再次與您交流。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。