Perdoceo Education Corporation (PRDO) 2026 Q1 法說會逐字稿

Goood day, everyone.My name is Christina and I'll be your conference operator today. At this time, I would like to welcome everyone to the Perdoceo Education Corporation for a quarter 2026 earnings conference call. (Operator Instructions) I would now like to turn the floor over to Nick Nelson from Alfire. Nick, the floor is now yours.

各位大家好。我的名字是 Christina，今天將由我擔任本次電話會議的接線員。此刻，我謹代表 Perdoceo Education Corporation，歡迎各位參加 2026 年第一季財報電話會議。(接線員指示) 現在我將把會議交給 Alfire 的 Nick Nelson。Nick，現在交給你。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for our first quarter 2026 earnings earnings call.

謝謝，接線員。各位下午好，感謝各位參加我們 2026 年第一季財報電話會議。

With me a 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 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.

今天與我一同出席的有總裁兼執行長 Todd Nelson，以及財務長 Ashish Ghia。本次電話會議將於公司網站 perdoceoed.com 的投資人關係專區進行即時網路直播。會後 90 天內亦可於我們網站收看重播；您也可隨時聯繫 Alpha IR Group 取得投資人關係支援。

Let me remind you that this afternoo'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 currently are based on assumptions made by an information available to Perdoceo Education Corporation and involves risks and certainties that could cause actual future results, performance, business prospects, and opportunities to different materially from those expressed in or implied by these forwarding statements.

提醒各位，今天下午發布的財報新聞稿以及今日的發言包含《1934 年證券交易法》（修訂後）第 21E 條所定義的前瞻性陳述。這些陳述係基於 Perdoceo Education Corporation 目前所作之假設及可得資訊，並涉及風險與不確定性，可能導致實際未來結果、績效、業務前景與機會與這些前瞻性陳述所明示或暗示者出現重大差異。

These risks and uncertainties include but are not limited to those factors identified in Pradoso'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.

此等風險與不確定性包括但不限於 Pradoso 最近一期 Form 10-K 年報及其後向美國證券交易委員會提交之文件中所識別的因素。

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 released that accompanies today's call contains financial and other quantitative information to be discussed today as well as reconciliations of the GAAP to non-GAAP financial measures and is available within the investor relations page of the company's website.

此外，今日發言將提及非 GAAP 財務衡量指標，其目的在於補充而非取代最可直接比較的 GAAP 指標。隨同今日電話會議發布的財報新聞稿包含今日將討論的財務及其他量化資訊，以及 GAAP 與非 GAAP 財務衡量指標之調節表，並已公布於公司網站的投資人關係頁面。

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

接下來，我想把電話交給 Todd Nelson。Todd。

Thank you, Nick Good afternoon, everyone. Thank you for joining us for our first quarter 2026 earnings call.

謝謝你，Nick。各位下午好。感謝各位參加我們 2026 年第一季財報電話會議。

Our academic institutions are committed to supporting adult learners by offering flexible educational pathways that help working professionals grow in their careers while also training and educating the healthcare workforce to provide quality medical care across communities nationwide.

我們的學術機構致力於支持成人學習者，提供彈性的教育途徑，協助在職專業人士在職涯中成長，同時也培訓與教育醫療照護人力，以在全國各地社區提供高品質的醫療服務。

CTU and AIUS continue to serve a broad population of career minded students through fully online and hybrid programs. While the University of Saint Augustine for Health Sciences prepares graduate level health science professionals and physical therapy, occupational therapy, speech, language pathology, and nursing.

CTU 與 AIUS 透過全線上與混合式課程，持續服務廣泛的職涯導向學生族群。而 University of Saint Augustine for Health Sciences 則培育研究所層級的健康科學專業人才，涵蓋物理治療、職能治療、語言病理學以及護理等領域。

First quarter, operating performance exceeded our expectations and further highlighted the success of our balanced approach in operating our academic institutions. By delivering on our financial commitments while also investing in our student onboarding enrollment, academic and student support processes. We continue to position the company for sustainable and responsible long-term growth.

第一季的營運表現優於我們預期，並進一步凸顯我們以均衡方式經營各學術機構的成功。我們在履行財務承諾的同時，也持續投資於學生入學導引、招生、教學以及學生支持流程。我們持續讓公司具備可持續且負責任的長期成長定位。

I'll start by discussing some key highlights for the first quarter. She will then provide more details on our operating and financial performance and discuss the 2026 outlook. As always, I'd like to thank our faculty, student support staff, and all other employees for their outstanding and ongoing commitment and hard work in serving and educating our students.

我將先說明第一季的一些重點摘要。接著他將就我們的營運與財務表現提供更多細節，並討論 2026 年展望。一如既往，我要感謝我們的教師、學生支持團隊以及所有其他員工，持續以卓越的投入與辛勤工作服務並教育我們的學生。

Net income for the first quarter was $54 million or $0.85 per diluted share, an increase of 30.8% versus the prior year quarter earnings per share. While adjusted earnings for diluted share, which excludes certain non-cash items, increased 28.6% to $0.90 as compared to $0.70 in the prior year. These results were ahead of our expectations student retention and continued.

第一季淨利為 5,400 萬美元，或稀釋後每股盈餘 0.85 美元，較去年同期每股盈餘成長 30.8%。調整後稀釋每股盈餘（排除特定非現金項目）則成長 28.6% 至 0.90 美元，去年同期為 0.70 美元。這些結果優於我們的預期，學生留任率並持續。

It's a trend near multi-year highs, and we firm increased our investments in marketing admissions to serve increased interest from prospective students looking to pursue a degree at our academic institutions. But that context, a few additional highlights for the quarter. First, total student enrollments increased by 1.9% at CTU and 3.1% at St. Augustine, which was partially offset by a 2.2% expected decline at AIUS.

該趨勢接近多年高點，我們也進一步加大在行銷與招生方面的投資，以因應有意在我們學術機構攻讀學位之潛在學生所增加的興趣。在此背景下，本季還有幾項額外重點。首先，CTU 的總學生註冊人數增加 1.9%，St. Augustine 增加 3.1%，部分被 AIUS 預期的 2.2% 下滑所抵銷。

Strategic investment and technology continue to improve student experiences across our academic institutions, while enhancing the operating effectiveness of our functional areas. Ongoing artificial intelligence efforts focus on our students in classroom learning as well as enhancing various operating and functional processes.

在策略性投資與科技的推動下，我們持續改善各學術機構的學生體驗，同時提升各職能部門的營運效能。我們持續推動人工智慧相關工作，聚焦於學生的課堂學習，同時強化多項營運與職能流程。

Faculty where feasible, are utilizing AI in their classrooms, with the goal of enabling students to leverage AI both personally and professionally. Academic leadership is exploring various AI-focused courses and programs with plans to launch later this year pending required approvals.

在可行的情況下，教師正於課堂中運用 AI，目標是讓學生能在個人與職涯層面善用 AI。學術領導團隊正在探索多項以 AI 為主題的課程與專案，計畫在取得必要核准後於今年稍晚推出。

We are also selectively leveraging generative artificial intelligence to identify and engage with respective students who we believe are more likely to succeed at one of our academic institutions. We also have several pilots and tests and process that continue to evolve and shape the use of AI across various student support on functional areas, including software engineering and development. We will continue to share updates and success as relevant.

我們也選擇性地運用生成式人工智慧，以辨識並與我們認為更可能在某一所學術機構取得成功的相關學生互動。我們亦有多項試點、測試與流程持續演進，並形塑 AI 在各類學生支持與職能領域（包括軟體工程與開發）中的應用。我們將在適當時機持續分享相關更新與成果。

Our institutions, corporate student programs remain a meaningful avenue supporting total student enrollment growth, particularly at CTU. Through these programs, our institution provide accredited degree opportunities to employees of our partner organizations, supporting their potential career advancement while helping corporate partners strengthen employee development and retention. We continue to invest strategically in technology and talent to expand the program and enhance academic outcomes across our institutions.

我們各機構的企業學生方案仍是支持總學生註冊成長的重要途徑，尤其是在 CTU。透過這些方案，我們的機構為合作夥伴組織的員工提供經認證的學位機會，支持其潛在職涯晉升，同時協助企業夥伴強化員工培育與留任。我們持續在科技與人才方面進行策略性投資，以擴大該方案並提升各機構的學術成果。

In summary, we are executing against our objectives of sustainable and responsible growth and remain optimistic for 2026 and beyond.

總結而言，我們正依既定目標推進可持續且負責任的成長，並對 2026 年及未來保持樂觀。

Ashish will now provide more details on the financial results are 2026 outlook and student enrollment trends. Ashish.

接下來 Ashish 將就財務結果、2026 年展望以及學生註冊趨勢提供更多細節。Ashish。

Thank you, Todd. I will view the first core results and then discuss our balance sheet and 2026 outlook before handing the call back to Todd for his closing remarks.

謝謝你，Todd。我將先回顧第一季的結果，接著討論我們的資產負債表與 2026 年展望，之後再把電話交回 Todd 進行結語。

Please note all comparisons discussed on this call are versus the comparative prior period unless otherwise stated. In addition, total student enrollment numbers and any referenced student enrollment [twins] discussed during this call to not include learners pursuing non-degree seeking and professional development programs and degrees seeking non-Title IV self-based programs at our universities.

請注意，除非另有說明，本次電話會議中所討論的所有比較均係相對於可比較的前一期間。此外，本次電話會議中提及的總學生註冊人數以及任何所引用的學生註冊[twins]，不包含修讀非學位與專業進修課程的學習者，以及在我們大學中修讀非 Title IV、以自費為基礎之學位課程的學位生。

Turning to the first quarter, net income for the quarter was $54 million or $0.85 per diluted share as compared to $43.7 million or $0.65 per diluted share.

回到第一季，本季淨利為 5,400 萬美元，或稀釋後每股盈餘 0.85 美元，相較之下去年同期為 4,370 萬美元，或稀釋後每股盈餘 0.65 美元。

Operating income grew by 22% to $63.1 million while adjusted operating income, which we believe performance and excludes depreciation and amortization grew 14.1% to $72.5 million as compared to $63.5 billion resulting in adjusted EPS of $0.90 per diluted share.

營業利益成長22%至6,310萬美元；而調整後營業利益（我們認為更能反映經營表現，並排除折舊與攤銷）成長14.1%至7,250萬美元，相較於6,350萬美元，帶動調整後每股盈餘（EPS）為每股稀釋後0.90美元。

First quarter revenue increased 4.1% to $221.7 million from $213 million. Improvement in these reported metrics was primarily supported by organic revenue growth across all our academic institutions, while operating related efficiencies were partially reinvested in various student-related processes.

第一季營收由2.13億美元增加4.1%至2.217億美元。這些已揭露指標的改善，主要受惠於我們所有學術機構的有機營收成長；同時，營運相關效率提升所節省的部分資源，亦再投入於多項與學生相關的流程。

From an operations perspective, both CTU and AIUS continued to invest in marketing and admissions during the quarter to serve prospective student interests for their academic programs, while retention levels trended near multi-year highs. Our institutions also continued to explore and deploy technology, including AI-based tools designed to strengthen academic outcomes and improve the overall student experience.

從營運角度來看，CTU與AIUS於本季持續投資於行銷與招生，以服務對其學術課程有興趣的潛在學生；同時，留任率水準接近多年高點。我們的機構亦持續探索並導入科技，包括以AI為基礎的工具，旨在強化學習成果並改善整體學生體驗。

University of Saint Augustine for Health Sciences continued to expand its program offerings through the introduction of new modalities at existing campus locations, giving perspective students more flexibility in how they pursue a degree. Saint Augustine prepares healthcare practitioners through a combination of combination of on ground and online offerings. And its selective admissions process, generally requiring prospective students to hold an undergraduate degree and complete a comprehensive application and admissions process has allowed them to maintain strong academic outcomes and student experiences.

聖奧古斯丁健康科學大學（University of Saint Augustine for Health Sciences）持續透過在既有校區導入新的授課模式，擴充其課程供給，讓潛在學生在取得學位的方式上更具彈性。聖奧古斯丁透過實體與線上課程的組合來培育醫療照護專業人員。其嚴謹的選擇性招生流程通常要求潛在學生具備學士學位，並完成完整的申請與招生程序，使其得以維持強勁的學術成果與學生體驗。

As of March 31, total student enrollments increased by 1.1% as compared to the prior year quarter. Total enrollments at CTU grew 1.9% to 34,050 students marking the 10th consecutive quarter of enrollment growth. From a year-to-year enrollment comparability perspective, please note that CTU will continue to lapse strong record quarters from last year, while also graduating a record number of students in 2026 as compared to 2025.

截至3月31日，總在學學生人數較去年同期增加1.1%。CTU總在學人數成長1.9%至34,050名學生，為連續第10季在學人數成長。就年度間在學人數可比性而言，請注意CTU將持續面臨去年強勁且創紀錄季度的高基期，同時在2026年相較2025年將有創紀錄數量的畢業生。

We expect total enrollment trends at CTU to be supported by sustained strength in student retention, ongoing expansion of the corporate student program and consistent levels of prospective student interest. Additionally, CTU will accelerate investments in marketing, while also refining the use of AI to more effectively engage with prospective students. As expected, total enrollments at AI system decreased 2.2%. This decline was expected and primarily due to lower enrollments at [Cleon] University, a part of AIU system.

我們預期CTU的總在學趨勢將受惠於學生留任的持續強勁、企業學生計畫的持續擴張，以及潛在學生興趣維持穩定水準。此外，CTU將加速行銷投資，同時精進AI的運用，以更有效地與潛在學生互動。如預期，AI系統的總在學人數下降2.2%。此下滑符合預期，主要由於AIU系統旗下的[Cleon] University在學人數較低所致。

Looking forward, we expect reported to enrollments to increase in the second quarter and accelerate further in the third quarter as compared to the prior year quarters. Please note that in addition to underlying trends in student retention and engagement, the number of enrollment days in any given quarter will continue to impact quarterly enrollment comparability at AIU System.

展望未來，我們預期第二季揭露的在學人數將增加，且相較去年同期，第三季增速將進一步加快。請注意，除學生留任與參與度的基本趨勢外，任何一季的招生天數亦將持續影響AIU系統各季在學人數的可比性。

And from a full year perspective, we expect both revenue and operating income to grow in 2026. As AIU system plans to continue investing in marketing and admissions, while student retention is anticipated to remain near multi-year highs. At University of Saint Augustine Health Sciences, new student enrollments will hire for the spring term as compared to the prior year with just under 4,400 total students enrolled for the term.

從全年角度來看，我們預期2026年營收與營業利益皆將成長。AIU系統計畫持續投資於行銷與招生，同時預期學生留任將維持在多年高點附近。在聖奧古斯丁健康科學大學，新生入學人數在春季學期將較去年同期更高，本學期總在學人數略低於4,400名。

The enrollment increase from prior year was primarily as a result of growth in programs such as nursing and speech language pathology as well as the introduction of human modalities for the occupational therapy program. We also expect new enrollment growth for our summer term and fall term. The latter, which is traditionally the biggest term of the year.

相較去年，在學人數增加主要來自護理、語言病理學等課程的成長，以及職能治療課程導入混合授課模式。我們亦預期夏季學期與秋季學期的新生入學將成長。其中秋季學期傳統上是一年中規模最大的學期。

We'd expect growth in new enrollments supported by ongoing expansion of their program offerings through the instruction of human modalities and program versions at current campus locations. As well as consistently higher retention trends.

我們預期新生入學成長將受惠於其持續擴充課程供給，包括在現有校區導入混合授課模式與不同版本的課程。以及留任趨勢持續維持在較高水準。

We believe Saint Augustine will meaningfully contribute to the overall revenue and adjusted operating income growth for 2026 and is expected to further grow into 2027. Note that Saint 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 total student enrollment numbers reported at the end of each fiscal quarter.

我們認為聖奧古斯丁將在2026年對整體營收與調整後營業利益成長做出顯著貢獻，並預期成長動能將延續至2027年。請注意，聖奧古斯丁採傳統大學行事曆，一年三個學期，並在加州、德州與佛州設有多個校區提供實體課程。相應地，我們可能會分享學期開始時的在學人數資料，該數據通常不同於每個會計季度末所揭露的總在學人數。

In summary, we expect total company revenue to increase each remaining quarter of 2026 versus '25. Growth in total through enrollments and sustained improvement in certain retention and engagement will drive this expected revenue growth.

總結而言，我們預期2026年剩餘各季的公司總營收將較2025年同期增加。總在學人數成長，以及部分留任與參與度指標的持續改善，將推動此一預期的營收成長。

Moving on to our segment results. In the first quarter, CTU's revenue increased 4% to $120.8 million while operating income increased 8.1% to $15.5 billion primarily due to the total enrollment and revenue growth funds I previously discussed.

接著說明各事業部門的表現。第一季CTU營收成長4%至1.208億美元，營業利益成長8.1%至15.5億美元，主要受惠於我先前提到的總在學人數與營收成長動能。

Additionally, lower bad debt expense more than offset investments in marketing and admissions. AI systems, first quarter revenue increased to $57.8 million while operating income increased 12% to $12.6 million.

此外，壞帳費用下降所帶來的效益，超過了在行銷與招生方面的投資。AI系統第一季營收增加至5,780萬美元，營業利益成長12%至1,260萬美元。

Investments in marketing were more than offset with lower bad debt expense. Saint Augustine had a strong quarter with revenue of $43 million increasing 9.8% as compared to the prior year quarter, while operating income increased to 6.3 million as compared to an operating loss in the prior year quarter. Excluding depreciation and amortization, adjusted operating income increased to $13.3 million as compared to $8.5 billion.

行銷投資的增加，已被較低的壞帳費用所抵銷並有餘。聖奧古斯丁本季表現強勁，營收4,300萬美元，較去年同期成長9.8%；營業利益增加至630萬美元，相較去年同期為營業損失。排除折舊與攤銷後，調整後營業利益增加至1,330萬美元，相較於85.0億美元。

Moving on to Corporate and Other, operating losses for the quarter were $6.3 million a slight increase from the $5.9 million in the prior year. Turning to income taxes, for the first quarter, we recorded a provision for income tax of $14.2 million resulting in an effective tax rate of 20.8%. The tax effect of stock compensation and the release of previously recorded tax reserves reduced the effective tax rate by 5.6% and 1.2% respectively.

接著看公司本部及其他項目，本季營業損失為630萬美元，較去年同期590萬美元小幅增加。再看所得稅，第一季我們認列所得稅費用1,420萬美元，使有效稅率為20.8%。股票酬勞的稅務影響，以及釋放先前已提列的稅務準備，分別使有效稅率降低5.6%與1.2%。

We expect that for the full year 2026, our effective tax rate will be between 22.5% and 23.5%. This includes an estimated benefit for the tax effect of stock-based compensation and the release of previously recorded tax reserves for uncertain tax positions. The full year effective tax rate assumption also includes a 1.5% non-recurring tax benefit related to the resolution of a prior period state tax matter.

我們預期2026年全年有效稅率將介於22.5%至23.5%。其中包含對股票基礎酬勞稅務影響的估計利益，以及釋放先前針對不確定稅務部位所提列的稅務準備。全年有效稅率假設亦包含一項1.5%的一次性稅務利益，與解決前期州稅事項相關。

As a reminder, various tax provisions from the 2025 reconciliation bill will in general continue to reduce cash expenditures for US federal and state income taxes from what it would have otherwise been. Additionally, various tax attributes acquired with the acquisition of Saint Augustine will also lower our federal and state income tax payments.

提醒一下，2025年調和法案中的多項稅務條款，整體而言將持續降低我們在美國聯邦與州所得稅的現金支出，相較於原本可能發生的水準。此外，收購聖奧古斯丁所取得的各項稅務屬性，也將降低我們的聯邦與州所得稅繳納金額。

For 2026, we estimate our cash paid for income taxes to be in the range of 23% to 24% of pre-tax income.

針對 2026 年，我們估計已支付的所得稅現金將介於稅前收入的 23% 至 24%。

Turning now to our balance sheet and liquidity. For the first quarter $69.4 million versus $65.1 million in the prior year quarter. This growth versus the prior year was primarily supported by EUR or year improvement in adjusted operating income.

接下來談談我們的資產負債表與流動性。第一季為 6,940 萬美元，相較於去年同期的 6,510 萬美元。相較去年同期的成長，主要受惠於調整後營業利益的年增改善。

We ended the quarter with $680 million in cash, cash equivalent, restricted cash, and available for sale short-term investments, which represent an increase of approximately $36.5 million from our prior year-end position. Key users of cash during the quarter include approximately $18 million return of capital to shareholders in the form of quarterly dividend and stock repurchases, $10.3 million for the payment of employee taxes where share repurchases for stock investing and $1.7 million of capital expenditures.

本季末我們持有 6.8 億美元的現金、約當現金、受限制現金，以及可供出售的短期投資，較去年年底部位增加約 3,650 萬美元。本季現金的主要用途包括：約 1,800 萬美元以季度股利與庫藏股回購形式回饋股東、1,030 萬美元用於支付員工稅款（以股票回購用於股票給付/投資相關），以及 170 萬美元的資本支出。

For full year 2026, we expect capital expenditures to be approximately 1.5% of revenue. Before turning to our 2026 outlook, I'll address or balanced approach to capital allocation. We have $91.9 million of authorization remaining under our current share repurchase program and anticipate utilizing it over time, subject to market conditions, organic and inorganic investment opportunities, share evaluation, and all factors that guide our disciplined approach to capital allocation.

就 2026 全年而言，我們預期資本支出約為營收的 1.5%。在談到 2026 年展望之前，我先說明我們在資本配置上的平衡作法。在現行股票回購計畫下，我們尚有 9,190 萬美元的核准額度，並預期將視市場狀況、有機與無機投資機會、股價評估，以及所有引導我們審慎資本配置方法的因素，逐步加以運用。

Additionally, consistent with our dividend policy and continued confidence in our long-term outlook, the board of directors declared a quarterly dividend of $0.15 per share, payable on June 12, 2026 to the holders of record of Perdoceo's common stock at the close of business on June 1, 2026.

此外，依循我們的股利政策並基於對長期展望的持續信心，董事會宣告每股 0.15 美元的季度股利，將於 2026 年 6 月 12 日支付給截至 2026 年 6 月 1 日營業結束時登記在冊的 Perdoceo 普通股股東。

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 conditions, and other relevant factors. Subject 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 (inaudible) dividends amounts, at least on an annual basis with the next review expected the third quarter of 2026.

未來季度股利預期將以相關年度的自由現金流支付，但仍須經董事會核准，並取決於公司可用的保留盈餘、財務狀況及其他相關因素。在先前所述條件下，我們仍認為季度股利支付是我們平衡資本配置策略中不可或缺且可望成長的一環。我們一般預期（聽不清楚）股利金額，至少每年檢視一次，下一次檢視預計在 2026 年第三季。

We will now discuss our outlook for 2026. We now expect the full year 2026 adjusted operating income to range between $254 million to $263 million. This compares to an adjusted operating income of $237.6 million in 2025 with the expected increase primarily due to assumptions for organic revenue growth across our academic institutions, while lower operating expenses in certain categories should offset investments in marketing, academics, and other student support processes.

接下來我們將討論 2026 年展望。我們目前預期 2026 全年調整後營業利益將介於 2.54 億至 2.63 億美元。相較之下，2025 年調整後營業利益為 2.376 億美元；預期增加主要來自我們各學術機構的有機營收成長假設，同時某些類別的營運費用下降可抵銷在行銷、教學與其他學生支援流程上的投資。

Adjusted earnings per diluted share are expected to be between color and $3.05, and $3.16 versus $2.61 in 2025. In 19% increase at the midpoint. This outlook reflects our current beliefs that the consistent high levels of student retention and student engagement that we experienced in 2025 will continue through 2026.

調整後稀釋每股盈餘預期介於（聽不清楚）與 3.05 美元至 3.16 美元之間，相較 2025 年的 2.61 美元。以中位數計算增加 19%。此展望反映我們目前的看法：2025 年所見的學生留任率與學生參與度維持在高水準的情況，將延續至 2026 年。

Prospectives through interest in our academic programs will continue to remain at current levels, in part supported by incremental marketing investments in brand awareness and visibility. Any changes to the regulatory or legislative environment will not have a meaningful impact on prospective requests or necessitate any operational changes. There will not be a material impact on student enrollments due to the elimination of the grant plus loan program, the annual and lifetime graduate loan limits or their ability to finance their education through private lending sources.

對我們學術課程有興趣的潛在學生將可望維持在目前水準，部分受惠於在品牌知名度與能見度上的增量行銷投資。監管或立法環境的任何變動，預期不會對潛在申請/諮詢需求造成重大影響，也不會需要任何營運調整。由於取消 grant plus loan 計畫、年度與終身研究生貸款上限，或其透過民間借貸來源籌措教育資金的能力，預期不會對學生入學人數造成重大影響。

Full year revenue is expected to increase versus 2025, supported by the rollout of the new program versions within physical and occupational therapy at Saint Augustine, and continued organic growth at CTU and AIU System. At Saint Augustine, we expect revenue growth each quarter, resulting in double-digit adjusted operating income growth for the full year. At AI systems, while the academic session calendar will impact quarterly enrollment comparability.

全年營收預期將較 2025 年成長，主要受惠於聖奧古斯丁（Saint Augustine）物理治療與職能治療新版本課程的推出，以及 CTU 與 AIU 系統的持續有機成長。在聖奧古斯丁，我們預期每一季營收皆成長，帶動全年調整後營業利益達到雙位數成長。在 AI 系統方面，學期行事曆將影響各季入學人數的可比性。

We expect both revenue and operating income to grow for the full year, supported by strong retention and engagement and continued investment in marketing and admissions. Supporting organic growth expectations at CTU, a strong levels of prospective student interests in its academic programs. Ongoing growth in marketing in corporate student program and investments in marketing, as well as the corporate student program. Partially offsetting the growth trends will be a record number of students expected to graduate in 2026.

我們預期全年營收與營業利益皆將成長，受惠於強勁的留任與參與度，以及持續在行銷與招生上的投資。支撐 CTU 有機成長預期的是其學術課程維持強勁的潛在學生興趣水準。行銷的持續成長、企業學生計畫的推進，以及在行銷與企業學生計畫上的投資。部分抵銷成長趨勢的因素，將是預期 2026 年畢業的學生人數創新高。

Additionally, please note that from a year-on-year enrollment comparability perspective, CTU will continue to lap strong enrollment growth from previous quarters.

此外請注意，從年對年入學人數可比性的角度來看，CTU 將持續面臨前幾季強勁入學成長所形成的高基期。

For the second quarter of 2026, we expect adjusted operating income to be in the range of $63 million to $64 million as compared to $16.5 million in the prior year quarter with adjusted earnings for diluted share to range between $0.79 and $0.80 per diluted share versus $0.67 in the second quarter of 2025.

就 2026 年第二季而言，我們預期調整後營業利益將介於 6,300 萬至 6,400 萬美元，相較去年同期的 1,650 萬美元；調整後稀釋每股盈餘預期介於每股 0.79 至 0.80 美元，相較 2025 年第二季的 0.67 美元。

The second quarter EPS range assumption includes a non-recurring $0.05 per share benefit related to the resolution of a prior period state tax matter. Our 2026 outlook also assumes continued investments in technology, data analytics, real estate, academics, and student support processes. We believe these investments have supported improved academic outcomes and enhance student experiences. In addition, we plan to continue expanding the corporate student program teams at CTU and AIU system to support for growth and engagement.

第二季 EPS 區間假設包含每股 0.05 美元的一次性利益，與解決前期州稅事項相關。我們的 2026 年展望亦假設持續投資於科技、資料分析、不動產、教學，以及學生支援流程。我們相信這些投資已支持學習成果的改善並提升學生體驗。此外，我們計畫持續擴編 CTU 與 AIU 系統的企業學生計畫團隊，以支持成長與參與度。

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

請參閱我們今日提交的財報新聞稿，其中包含關於本次電話會議討論所依據之關鍵假設與因素的重要資訊，以及我們 GAAP 與非 GAAP 的調節表。

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

接下來，我把電話交回 Todd，請他做結語。Todd

Thank you, Ashish. I am pleased with the first quarter operating performance and with the continued progress, our academic institutions are making and serving and educating our students. We're investing with a purpose and remain focused on our overall objective of sustainable and responsible long-term growth.

謝謝你，Ashish。我對第一季的營運表現以及我們學術機構在服務與教育學生方面持續取得的進展感到滿意。我們以明確目的進行投資，並持續聚焦於可持續且負責任的長期成長這一整體目標。

As always, I want to thank our faculty and staff for their dedication to our students. Their work is what drives everything we do. Thank you for joining us today and we look forward to speaking with you again next quarter.

一如既往，我要感謝我們的教師與員工對學生的投入與奉獻。他們的工作驅動了我們所做的一切。感謝各位今天與會，我們期待在下個季度再次與各位交流。

Thank you, and this does conclude today's conference call. You may now disconnect.

謝謝，今天的電話會議到此結束。您現在可以掛線。

Have a great day everyone.

祝各位有美好的一天。