Perdoceo Education Corporation (PRDO) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Hello, and welcome to Perdoceo Education Corporation's second-quarter 2026 earnings conference call. (Operator Instructions)

各位女士先生，感謝您耐心等候。您好，歡迎參加 Perdoceo Education Corporation 2026 年第二季財報電話會議。(接線員指示)

Thank you. I would now like to turn the conference over to Nick Nelson. Please go ahead.

謝謝。現在我想把會議交給 Nick Nelson。請開始。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for our second-quarter 2026 earnings call. With me on the call today is Todd Nelson, President and Chief Executive Officer; and Ashish Ghia, Chief Financial Officer.

謝謝，接線員。各位下午好，感謝各位參加我們 2026 年第二季財報電話會議。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。

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.

本次電話會議正在公司網站 perdoceoed.com 的投資人關係專區進行即時網路直播。網路重播也將於會後在我們網站提供 90 天，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 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 assumptions made by and information currently available to Perdoceo Education Corporation 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.

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》（修訂版）第 21E 條所定義的前瞻性陳述。這些陳述係基於 Perdoceo Education Corporation 所作之假設及目前可得資訊，並涉及風險與不確定性，可能導致未來實際結果、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.

上述風險與不確定性包括但不限於 Perdoceo 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。除非證券法明確要求，否則公司不承擔任何義務更新上述因素或任何前瞻性陳述，以反映未來事件、發展或情勢變化，或基於任何其他原因。

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 financial measures and is available within the Investor Relations page of the company's website.

此外，今日發言亦提及非 GAAP 財務衡量指標，其目的在於補充而非取代最直接可比的 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，並可於公司網站投資人關係頁面取得。

With that, I'd like to turn the 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, and thank you for joining us for our second-quarter 2026 earnings call. Our portfolio of academic institutions performed well during the second quarter and remain committed to supporting adult learners by offering flexible education pathways that help working professionals grow in their careers, while also training and educating the health care workforce to provide quality medical care across communities nationwide.

謝謝你，Nick。各位下午好，感謝各位參加我們 2026 年第二季財報電話會議。我們的學術機構組合在第二季表現良好，並持續致力於透過提供彈性的教育途徑來支持成人學習者，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優質醫療服務。

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

CTU 與 AIUS 持續透過全線上與混合式課程服務廣泛的職涯導向學生族群；而 University of St. Augustine for Health Sciences 則培育物理治療、職能治療、語言治療（語言病理學）與護理等領域的研究所層級健康科學專業人才。

I'll start by discussing some key highlights for the second quarter. Ashish will then provide more details on our operating and financial performance and discuss the third quarter and full year 2026 outlook. As always, I want to thank our faculty, student support staff, and employees across the organization for their continued dedication and hard work in serving and educating our students.

我將先說明第二季的一些重點亮點。接著 Ashish 會提供更多營運與財務表現的細節，並討論第三季及 2026 全年展望。一如既往，我要感謝全體教師、學生支援人員以及組織內所有員工，持續以投入與努力服務並教育我們的學生。

Operating performance at our academic institutions has been ahead of our expectation for the first half of 2026, with year-to-date operating income growth of 14.4%, supported by revenue growth of 3%. Net income for the second quarter was $48 million or $0.75 per diluted share as compared to $41 million or $0.62 per diluted share in the prior year quarter.

我們各學術機構在 2026 年上半年之營運表現優於預期，年初至今營業利益成長 14.4%，並由營收成長 3% 所支撐。第二季淨利為 4,800 萬美元，或稀釋後每股盈餘 0.75 美元；相較於去年同期淨利 4,100 萬美元，或稀釋後每股盈餘 0.62 美元。

Our academic institutions continue to operate with disciplined expense management while making purposeful investments across academics, program development, technology, and student support teams.

我們的學術機構持續以嚴謹的費用管理方式營運，同時在學術、課程開發、科技以及學生支援團隊等方面進行有目的的投資。

With that context, here are a few additional highlights for the quarter. Total student enrollments grew just under 1% at the end of the second quarter. Excluding Trident University, which is a part of AIUS, all of our academic institutions experienced enrollment growth supported by strong retention trends and healthy level of prospective students looking to pursue a degree at one of our academic institutions. Ashish will explain these enrollment trends in more detail.

在此背景下，以下是本季的幾項補充亮點。第二季末總在學學生人數成長接近 1%。若排除屬於 AIUS 的 Trident University，我們所有學術機構的在學人數皆呈現成長，主要受惠於強勁的留任趨勢，以及有意在我們學術機構之一攻讀學位的潛在學生維持健康水準。Ashish 將更詳細說明這些在學人數趨勢。

The shift from traditional Internet search engines to LLM-based AI-powered search is changing how prospective students research and evaluate their education options. However, our analysis indicates a majority of our prospective student inquiries come from channels that are not directly impacted by this trend.

從傳統網路搜尋引擎轉向以 LLM 為基礎、由 AI 驅動的搜尋，正在改變潛在學生研究與評估教育選項的方式。然而，我們的分析顯示，多數潛在學生的諮詢來源來自未直接受到此趨勢影響的管道。

In response to increased prospective student interest, we are growing our investment in those channels not impacted while selectively leveraging generative artificial intelligence to identify and engage prospective students who we believe are more likely to succeed at one of our academic institutions.

為回應潛在學生興趣提升，我們正加大對未受影響管道的投資，同時選擇性運用生成式人工智慧來辨識並接觸我們認為更可能在我們學術機構之一取得成功的潛在學生。

As a result, while we are seeing some shift in prospective student behavior as AI-powered search grows, the overall impact on enrollment has been modest thus far. We remain focused on keeping our programs visible and accessible as search behavior evolves, actively updating our content so that it is readily accessible to and optimized by AI-powered search while investing in our brands to strengthen the visibility of our academic institutions as these AI engines continue to shape discovery.

因此，儘管隨著 AI 驅動搜尋的成長，我們確實看到潛在學生行為出現一些轉變，但迄今對在學人數的整體影響仍屬有限。隨著搜尋行為演進，我們仍專注於維持課程的可見度與可及性，積極更新內容，使其能被 AI 驅動搜尋輕易存取並加以最佳化；同時投資於品牌，以強化我們學術機構的能見度，因為這些 AI 引擎持續形塑資訊探索的方式。

Through our corporate student programs, we provide accredited degree programs to employees of our partner organizations, supporting their career advancements while helping corporate partners strengthen employee development and retention. Total enrollment for the corporate 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 future enrollment growth.

透過我們的企業學生方案，我們向合作夥伴組織的員工提供具認證的學位課程，支持其職涯發展，同時協助企業夥伴強化員工培育與留任。CTU 與 AIUS 的企業學生方案總在學人數持續成長，且這仍是我們的優先事項；我們也將持續在科技與人力方面進行策略性投資，以支持未來在學人數成長。

Our capital allocation decisions during the year highlight, amongst other priorities, our continued commitment to returning capital to shareholders. In line with our broader strategy, on August 6, the Board authorized an increase to our quarterly dividend with $0.15 -- from $0.15 to $0.17 per share, the third such increase since the dividend payments were initiated in 2023. This reflects our commitment to making dividends a growing and integral part of our capital allocation strategy.

我們今年的資本配置決策，除其他優先事項外，也凸顯我們持續致力於回饋股東的承諾。依循我們的整體策略，董事會於 8 月 6 日核准調升季度股利，每股由 0.15 美元提高至 0.17 美元，這是自 2023 年開始發放股利以來的第三次調升。此舉反映我們致力於讓股利成為資本配置策略中持續成長且不可或缺的一環。

Before I pass the call to Ashish, I'd like to take a moment to highlight the successful acquisition and integration of the University of St. Augustine for Health Sciences. We completed the acquisition in 2024 and currently have approximately 4,200 students enrolled at the university.

在把電話交給 Ashish 之前，我想花點時間強調我們成功收購並整合 University of St. Augustine for Health Sciences 的成果。我們於 2024 年完成收購，目前該校約有 4,200 名學生在學。

Since the acquisition, St. Augustine has expanded several of its program offerings as it introduced new modalities at existing campus locations, giving prospective students greater flexibility in how they pursue a degree.

自收購以來，St. Augustine 已擴增多項課程供給，並在既有校區導入新的授課型態，使潛在學生在攻讀學位的方式上擁有更大的彈性。

We believe the university is on track to have strong revenue and adjusted operating income for the full year of 2026 with further growth expected in 2027. Our success with acquisitions over the past few years, we believe, reflects the capability we have now built and the ability to extend the depth and breadth of our program offerings by acquiring and integrating academic institutions while maintaining their value proposition and creating long-term value.

我們認為該校有望在 2026 全年達成強勁的營收與調整後營業利益，並預期 2027 年將進一步成長。我們相信，過去幾年在併購方面的成功，反映了我們目前已建立的能力，以及在維持各校價值主張的同時，透過收購與整合學術機構來延伸課程供給的深度與廣度，並創造長期價值的能力。

Consistent with our capital allocation strategy, we are evaluating accretive acquisition opportunities to complement our organic growth, and we are very encouraged with our ongoing dialogue with a range of academic institutions across our various programmatic areas of focus, including health sciences. With proven integration capabilities, a strong balance sheet, and disciplined approach to capital allocation, we will act when the right opportunity emerges.

依循我們的資本配置策略，我們正在評估具增益性的併購機會，以補充我們的有機成長；我們也對於與多所學術機構在各個重點課程領域（包括健康科學）所進行的持續對話感到非常鼓舞。憑藉經驗證的整合能力、強健的資產負債表以及嚴謹的資本配置方法，我們將在合適的機會出現時採取行動。

In summary, with our academic institutions' solid operating results this quarter, we remain optimistic as we move through the remainder of 2026.

總結而言，憑藉本季我們各學術機構穩健的營運成果，隨著 2026 年後續季度的推進，我們仍保持樂觀。

Ashish will now provide more details on the financial results of our 2026 outlook and total student enrollment trends. Ashish?

接下來 Ashish 將就我們 2026 年展望的財務結果以及總在學學生人數趨勢提供更多細節。Ashish？

Thank you, Todd. I will review the second quarter results and then discuss our balance sheet as well as the third quarter and full year 2026 outlook before handing the call back to Todd for his closing remarks. Please note all comparisons discussed on this call are versus the comparative prior year period unless otherwise stated.

謝謝你，Todd。我將先回顧第二季業績，接著討論我們的資產負債表，以及2026年第三季與全年展望，之後再把電話交回給Todd作結語。請注意，除非另有說明，本次電話會議中所討論的所有比較皆以去年同期為基準。

In addition, total student enrollment numbers and any referenced student 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 our universities.

此外，本次電話會議中所提及的總學生註冊人數以及任何相關的註冊趨勢，均不包含在我們的大學就讀非學位與專業進修課程的學員，以及就讀非Title IV之自訂進度（self-paced）學位課程的學員。

Turning to the second quarter. Net income for the quarter was $48 million or $0.75 per diluted share as compared to $41 million or $0.62 per diluted share. Second quarter revenue increased 1.8% to $213.4 million with year-to-date revenue now up 3% as compared to the prior year-to-date.

接著看第二季。本季淨利為4,800萬美元，或每股稀釋盈餘0.75美元，相較之下去年同期為4,100萬美元，或每股稀釋盈餘0.62美元。第二季營收成長1.8%至2.134億美元，年初至今營收目前較去年同期增加3%。

Operating leverage remained strong as we continue to reinvest a portion of revenue growth in marketing, admissions, and various student support processes while maintaining disciplined cost management.

營運槓桿仍然強勁；我們持續將部分營收成長再投資於行銷、招生以及各項學生支援流程，同時維持嚴謹的成本管理。

Operating income for the quarter grew by 6.8% to $54.9 million, while adjusted operating income, which we believe is more indicative of the underlying operating performance and excludes depreciation and amortization, grew 4.4% to $64.2 million as compared to $61.5 million, resulting in an adjusted earnings per diluted share of $0.80, an increase of 19.4%.

本季營業利益成長6.8%至5,490萬美元；而調整後營業利益（我們認為更能反映基礎營運表現，並排除折舊與攤銷）較去年同期的6,150萬美元成長4.4%至6,420萬美元，帶動每股稀釋調整後盈餘達0.80美元，增加19.4%。

From an operations perspective, both CTU and AIU System continued to invest in marketing and admissions to serve the interest from prospective students for their academic programs, while retention levels trended near multiyear highs.

從營運角度來看，CTU與AIU System皆持續投資於行銷與招生，以回應準學生對其學術課程的興趣，同時留任率水準接近多年高點。

These institutions also continue to explore and deploy technology, including AI-based tools designed to strengthen academic outcomes and improve the overall student experience. University of St. Augustine for Health Sciences continued to expand its program offerings through introduction of new modalities at existing campus locations, giving prospective students more flexibility in how they pursue a degree.

這些機構也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提升整體學生體驗。University of St. Augustine for Health Sciences則持續透過在既有校區推出新的授課型態（modality），擴充其課程組合，讓準學生在攻讀學位的方式上更具彈性。

St. Augustine prepares health care practitioners through a combination of on-ground and online offerings and a 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.

St. Augustine透過實體與線上課程的組合以及嚴格的招生流程培育醫療照護從業人員；一般而言，要求準學生具備學士學位並完成完整的申請與招生流程，使其得以維持強勁的學習成果與學生體驗。

As of June 30, total student enrollments increased by 0.7% as compared to the prior year quarter. At CTU, total student enrollments grew 0.6% to 32,110 students, an 11th consecutive quarter of growth and revenue rose 0.9% to $115.5 million, resulting in year-to-date revenue growth of 2.5%.

截至6月30日，總學生註冊人數較去年同期增加0.7%。在CTU，總學生註冊人數成長0.6%至32,110名學生，連續第11季成長；營收成長0.9%至1.155億美元，使年初至今營收成長達2.5%。

On year-over-year enrollment comparability, please note that CTU will continue to lap strong record quarters from last year, while also graduating a record number of students in 2026 relative to 2025. These trends should peak in the second half of the year before normalizing in 2027.

就註冊人數的年對年可比性而言，請注意CTU將持續面臨去年創紀錄強勁季度的高基期，同時在2026年相較2025年將有創紀錄數量的畢業生。這些趨勢預期將在下半年達到高峰，並於2027年回歸常態。

As a result, while second half reported enrollments may trend lower as compared to the prior year, we remain encouraged by sustained strength in student retention, ongoing expansion of the corporate student program and increasing levels of prospective student interest, trends that we believe will continue to support the long-term enrollment growth at CTU.

因此，雖然下半年公布的註冊人數可能較去年同期走低，但我們仍對學生留任的持續強勁、企業學生計畫的持續擴張，以及準學生興趣提升感到鼓舞；我們相信這些趨勢將持續支持CTU的長期註冊成長。

From an operating income perspective, we have continued to reinvest revenue growth into marketing and other student support functions in a disciplined way, and we expect these investments to support long-term growth while further enhancing academic outcomes and student experiences.

就營業利益而言，我們持續以有紀律的方式將營收成長再投資於行銷及其他學生支援職能，並預期這些投資將支持長期成長，同時進一步提升學習成果與學生體驗。

Additionally, we have made intentional investments in marketing channels that we believe will strengthen brand awareness and visibility, and we also continue to refine our use of AI to more effectively recruit and engage with prospective students.

此外，我們也有策略性地投資於我們認為可強化品牌認知與能見度的行銷渠道，並持續精進AI的運用，以更有效地招募並與準學生互動。

Legal fees at CTU related to previously disclosed legal matters, which are not reflective of underlying organic growth, have trended higher as compared to the prior year. Excluding this year-over-year increase in legal fees, both quarter and year-to-date operating income at CTU would have increased versus the prior year, highlighting our balanced approach towards growth-related investments.

CTU與先前已揭露之法律事項相關的法律費用（不反映基礎有機成長）較去年同期呈現上升。若排除法律費用年對年增加的影響，CTU本季及年初至今的營業利益皆將較去年增加，凸顯我們在成長相關投資上的均衡作法。

Now to AIU System. Total student enrollments at AIU System decreased 1%. This decline was expected and primarily due to lower enrollments at Trident University, a part of AIU System. Excluding Trident, AIU System total student enrollments would have increased versus the prior year quarter despite the academic calendar-driven variability that resulted in lower enrollment days in the first half of the year.

接著談AIU System。AIU System的總學生註冊人數下降1%。此下滑符合預期，主要由於AIU System旗下的Trident University註冊人數較低所致。若排除Trident，儘管學術行事曆造成的波動使上半年註冊天數較少，AIU System的總學生註冊人數仍將較去年同期增加。

Please note that in addition to underlying trends in student retention and engagement, the academic calendar and the number of enrollment days in any given quarter will continue to impact quarterly enrollment comparability at AIUS.

請注意，除學生留任與參與度等基礎趨勢外，學術行事曆以及任何季度的註冊天數，仍將持續影響AIUS各季度註冊人數的可比性。

With that in mind, we expect AIU System to report strong total student enrollment growth in the third quarter, then turned lower in the fourth quarter before rebounding in the first quarter of 2027. While the academic session calendar will impact quarterly enrollment comparability, we expect operating income to grow for the full year.

基於此，我們預期AIU System在第三季將呈現強勁的總學生註冊成長，之後在第四季轉為較低，並於2027年第一季回升。雖然學期行事曆將影響各季度註冊人數的可比性，但我們預期全年營業利益將成長。

And setting aside this calendar-driven variability, our underlying organic growth trends, namely student retention and interest from prospective students remain strong. AIU System continues to invest in marketing and student support functions and will also launch new AI-focused programs this fall.

此外，撇除此行事曆驅動的波動，我們的基礎有機成長趨勢——也就是學生留任與準學生的興趣——仍然強勁。AIU System持續投資於行銷與學生支援職能，並將於今年秋季推出新的AI導向課程。

Second quarter revenue at AIU System decreased 1.8% to $57.2 million, while operating income increased 9.7% to $12.6 million. The revenue decrease was primarily from our non-Title IV and professional development offerings that we continue to optimize. Excluding those, revenue for the year-to-date would have increased as compared to the prior year, again, reflecting underlying organic growth at AIU.

AIU System第二季營收下降1.8%至5,720萬美元，而營業利益增加9.7%至1,260萬美元。營收下滑主要來自我們持續優化的非Title IV與專業進修產品。若排除上述項目，年初至今營收將較去年增加，再次反映AIU的基礎有機成長。

As Todd noted, the University of St. Augustine for Health Sciences delivered strong performance this quarter. Reported total student enrollment increased 6% to approximately 4,200 students and revenue rose 10.2% to $40.5 million, supported by strong execution, brand recognition, and new program launches.

如Todd所提，University of St. Augustine for Health Sciences本季表現強勁。公布的總學生註冊人數增加6%至約4,200名學生，營收成長10.2%至4,050萬美元，受惠於強勁的執行力、品牌認知以及新課程推出。

Increase in total student enrollments from the prior year was primarily a result of growth in programs such as nursing and speech-language pathology as well as the introduction of new modalities for the occupational therapy program. The enrollment pipeline for the upcoming fall term, which is traditionally the biggest term of the year, looks strong.

總學生註冊人數較去年增加，主要來自護理、語言治療（speech-language pathology）等課程的成長，以及職能治療課程新增授課型態的導入。即將到來的秋季學期（傳統上是一年中最大的學期）之招生管道看起來相當強勁。

Adjusted operating income increased to $10.7 million as compared to an adjusted operating income of $5.5 million in the prior year quarter. The improvement reflected continued enrollment and revenue growth, combined with operating leverage as the university continued to scale its operations.

調整後營業利益增至1,070萬美元，相較去年同期調整後營業利益為550萬美元。此改善反映註冊與營收持續成長，並且隨著大學持續擴大營運規模而展現營運槓桿。

With growth in enrollments supported by ongoing expansion of their program offerings through the introduction of new modalities and program versions at current campus locations as well as consistently high student retention trends, we believe that St. Augustine will meaningfully contribute to the overall revenue and adjusted operating income growth for 2026 and is expected to further grow into 2027.

在持續於現有校區透過導入新的授課型態與課程版本來擴充課程組合、以及學生留任趨勢維持高檔的支持下，註冊人數持續成長；我們相信St. Augustine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，並預期成長將延續至2027年。

Moving on to Corporate and Other. Operating losses for the quarter were $5.9 million as compared to $5.2 million in the prior year.

接著談企業與其他（Corporate and Other）。本季營業虧損為590萬美元，相較去年同期為520萬美元。

Turning to income taxes. For the second quarter, we recorded a provision for income tax of $12.2 million, resulting in an effective tax rate of 20.3%. The tax effects of stock-based compensation and the release of previously recorded tax reserves reduced the effective tax rate by 0.4% and 1.1%, respectively. Additionally, the rate was positively impacted by 5.8% due to the resolution of a state income tax matter.

接著談所得稅。第二季我們認列所得稅費用1,220萬美元，有效稅率為20.3%。以股票為基礎之薪酬的稅務影響，以及先前已認列之稅務準備的釋放，分別使有效稅率降低0.4%與1.1%。此外，由於一項州所得稅事項的解決，稅率亦受到5.8%的正面影響。

Commensurately, we expect that for the full year 2026, our effective tax rate will be between 23% and 24%. 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.

相應地，我們預期 2026 全年有效稅率將介於 23% 至 24% 之間。其中包括對股權基礎薪酬之稅務影響的估計利益，以及先前就不確定稅務立場所計提之稅務準備的回轉。

And from a cash perspective, for 2026, we estimate our cash paid for income taxes to be in the range of 23% to 24% of pretax income.

從現金角度來看，針對 2026 年，我們估計支付的所得稅現金將約為稅前所得的 23% 至 24%。

Turning now to our balance sheet and liquidity position. For the first half, net cash flows provided by operations were $144 million versus $143.9 million in the prior year period. Timing of Title IV drawdowns and working capital mostly offset the increase in cash flows from a year-over-year improvement in adjusted operating income.

接下來談談我們的資產負債表與流動性狀況。上半年，營運活動提供的淨現金流為 1.44 億美元，較去年同期的 1.439 億美元略增。Title IV 撥款提領時點與營運資金變動，大致抵銷了調整後營業利益年增所帶來的現金流提升。

We ended the quarter with $734.8 million in cash, cash equivalents, restricted cash, and available-for-sale short-term investments, which represents an increase of approximately $91.3 million from our prior year-end position.

本季末，我們持有的現金、約當現金、受限制現金及可供出售之短期投資合計為 7.348 億美元，較前一會計年度年末增加約 9,130 萬美元。

Uses of cash during the first half were $19.7 million of dividend and dividend equivalent payments; $10.3 million for share repurchases in connection with the payment of taxes due by employees upon stock vesting; $15 million return of capital to shareholders in the form of stock repurchases; and $3.3 million of capital expenditures. For full year 2026, we expect capital expenditures to be approximately 1% of revenues.

上半年現金用途包括：1,970 萬美元的股利及股利等值支付；因員工股票歸屬時需繳納稅款而進行的庫藏股回購 1,030 萬美元；以股票回購形式向股東返還資本 1,500 萬美元；以及資本支出 330 萬美元。針對 2026 全年，我們預期資本支出約為營收的 1%。

Before turning to our 2026 outlook, let me take a minute to discuss our balanced and consistent approach to capital allocation. 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 13.3% increase to our quarterly dividend payment to $0.17 per share, payable on September 10, 2026, to the holders of record of Perdoceo's common stock at the close of business on September 1, 2026.

在談 2026 年展望之前，我想花一點時間說明我們在資本配置上均衡且一致的做法。我們很高興宣布，依循我們的股利政策並基於對長期展望的持續信心，董事會核准將季度現金股利提高 13.3% 至每股 0.17 美元，將於 2026 年 9 月 10 日支付給截至 2026 年 9 月 1 日營業日結束時登記在冊的 Perdoceo 普通股股東。

Future quarterly dividend payments are expected to be paid out of free cash flow for the relevant year, subject to Board approval and the company's available retained earnings, financial condition, and other relevant factors.

未來季度股利預期將由相關年度的自由現金流支付，並須經董事會核准，且取決於公司可用保留盈餘、財務狀況及其他相關因素。

Subject to the requirements just mentioned, we continue to expect that quarterly dividend payments will remain an integral and growing component of our balanced allocation -- capital allocation strategy. And in line with the most recent Board decision, we generally expect to review quarterly dividend amounts on an annual basis.

在符合前述要求的前提下，我們仍預期季度股利支付將持續作為我們均衡資本配置策略中不可或缺且逐步成長的組成。並且依照董事會最近的決議，我們一般預期每年檢視一次季度股利金額。

During the quarter, we repurchased 0.2 million shares of our common stock for $6.8 million at an average price of $34.19 per share, bringing our year-to-date purchase to 0.4 million shares for approximately $15 million. We anticipate utilizing the remaining $85 million of our authorized share repurchase program over time, subject to market conditions, organic and inorganic investment opportunities, share valuation, and other factors that guide our disciplined approach to capital allocation.

本季我們以每股平均 34.19 美元的價格回購 20 萬股普通股，金額為 680 萬美元，使得年初至今累計回購 40 萬股、約 1,500 萬美元。我們預期將在一段時間內運用剩餘 8,500 萬美元的核准庫藏股回購額度，並視市場狀況、有機與非有機投資機會、股價估值及其他引導我們嚴謹資本配置做法的因素而定。

Let us now discuss our outlook for 2026. We now expect the full year 2026 adjusted operating income to range between $258 million and $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, academic, and other student support processes.

現在讓我們討論 2026 年展望。我們目前預期 2026 全年調整後營業利益將介於 2.58 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，而特定費用類別的較低營運費用應可抵銷我們在行銷、學術及其他學生支援流程上的投資。

Our outlook range includes the impact of incremental legal fees; and without these incremental costs, the range would have been even higher. Adjusted earnings per diluted share are expected to be between $3.10 and $3.16 versus $2.61 in 2025, a 19.9% increase at the midpoint.

我們的展望區間包含新增法律費用的影響；若不含這些新增成本，區間將會更高。調整後稀釋每股盈餘預期介於 3.10 至 3.16 美元，相較 2025 年的 2.61 美元，以中位數計算增加 19.9%。

As a reminder, 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 calculations.

提醒一下，GAAP 與調整後 EPS 的計算均包含與 St. Augustine 相關的折舊及融資租賃之新增費用。雖然在計算調整後營業利益時會排除這些費用，但它們仍納入調整後 EPS 的計算。

This outlook reflects our current belief that the consistent high levels of student retention and student engagement that we experienced in 2025 will continue through 2026. Prospective student interest in our academic programs will continue to remain at current levels, in part supported by incremental marketing investments in brand awareness and visibility.

此展望反映我們目前的看法：我們在 2025 年所見到的持續高水準學生留任率與學生參與度，將延續至 2026 年。對我們學術課程的潛在學生興趣將維持在目前水準，部分受益於我們在品牌知名度與能見度方面的額外行銷投資。

Any changes to the regulatory or legislative environment will not have a meaningful impact on prospective student interest or necessitate any operational changes. Legal fees related to litigation matters remain in line with the company's current expectations, and there will not be a material impact on student enrollments due to the elimination of the Grad PLUS loan program, the new annual and lifetime graduate loan limits, or their ability to finance their education through private lending sources.

監管或立法環境的任何變化，將不會對潛在學生興趣造成重大影響，也不會需要任何營運調整。與訴訟事項相關的法律費用仍符合公司目前預期；此外，因 Grad PLUS 貸款計畫取消、新的年度與終身研究生貸款上限，或其透過私人放款來源籌措教育資金的能力等因素，對學生註冊人數不會造成重大影響。

Full year revenue is expected to increase versus 2025, supported by the rollout of new program modalities within physical and occupational therapy at St. Augustine and continued organic growth at CTU and AIU.

全年營收預期將較 2025 年增加，主要受惠於 St. Augustine 在物理治療與職能治療領域推出新的課程型態，以及 CTU 與 AIU 持續的有機成長。

At St. Augustine, we expect revenue and total student enrollment growth each quarter, resulting in double-digit adjusted operating income growth for the full year.

在 St. Augustine，我們預期每一季的營收與總學生註冊人數都將成長，帶動全年調整後營業利益達到雙位數成長。

At AIU System, while the academic session calendar will impact quarterly enrollment comparability, we expect operating income to grow for the full year, supported by strong student retention and engagement and continued investment in marketing and admissions.

在 AIU System，雖然學期行事曆將影響各季註冊人數的可比性，我們仍預期全年營業利益將成長，並受強勁的學生留任與參與度，以及持續在行銷與招生上的投資所支撐。

Supporting our organic growth expectations at CTU are strong levels of prospective student interest in its academic programs, our ongoing growth in corporate student program, and investments in marketing, as well as the corporate student program. Partially offsetting these growth trends will be a record number of students expected to graduate in 2026 at CTU, lapping strong enrollment growth from previous quarters, and the increased legal fees related to previously disclosed legal matters.

支撐 CTU 有機成長預期的因素包括：其學術課程對潛在學生的強勁興趣、我們企業學生計畫的持續成長，以及在行銷上的投資，並包括企業學生計畫。部分抵銷上述成長趨勢的因素包括：CTU 預期在 2026 年將有創紀錄數量的學生畢業、與前幾季強勁的註冊成長形成基期效應，以及與先前已揭露法律事項相關的法律費用增加。

For the third quarter of 2026, we expect adjusted operating income to be in the range of $64 million to $65 million as compared to $61 million in the prior year quarter, with adjusted earnings per diluted share to range between $0.73 and $0.74 per diluted share versus $0.65 in the third quarter of 2025.

針對 2026 年第三季，我們預期調整後營業利益將介於 6,400 萬至 6,500 萬美元，相較去年同期為 6,100 萬美元；調整後稀釋每股盈餘預期介於每股 0.73 至 0.74 美元，相較 2025 年第三季為 0.65 美元。

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 enhanced student experiences.

我們的 2026 年展望亦假設將持續投資於科技、數據分析、不動產、學術，以及學生支援流程。我們相信這些投資已支持並改善學習成果，並提升學生體驗。

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 key assumptions and factors underlying the discussion from today's call as well as the GAAP to non-GAAP reconciliations.

此外，我們計畫持續擴編 CTU 與 AIU System 的企業學生計畫團隊，以支持進一步的成長與參與。關於今日電話會議討論所依據的關鍵假設與因素，以及 GAAP 與非 GAAP 的調節表，請參閱我們今日提交的財報新聞稿。

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

接下來，我把電話交給 Todd 作結語。Todd？

Thank you, Ashish. As I reflect on the second quarter, what stands out is the resilience of our portfolio model of academic institution programs. Perdoceo continued to experience overall growth, and we built on an already strong balance sheet as well as continue to leverage our strong cash position to support various academic and student processes while evaluating growth opportunities through acquisitions.

謝謝你，Ashish。回顧第二季，最突出的，是我們學術機構課程組合模式的韌性。Perdoceo 持續實現整體成長，我們在既有強健的資產負債表基礎上更進一步強化，同時持續運用充裕的現金部位來支持各項學術與學生流程，並在評估透過併購取得的成長機會。

I want to close by thanking our faculty and staff whose dedication to our students is the reason we can deliver results like these. Thank you for your continued interest in Perdoceo, and we look forward to updating you again next quarter.

最後，我要感謝我們的教師與員工；他們對學生的投入與奉獻，是我們能交出這樣成果的原因。感謝各位持續關注 Perdoceo，我們期待在下個季度再次向各位更新。

The meeting has now concluded. Thank you all for joining, and you may now disconnect.

會議到此結束。感謝各位參與，現在可以掛線。