Universal Technical Institute Inc (UTI) 2024 Q3 法說會逐字稿

Good day and welcome to the Universal Technical Institute third-quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Universal Technical Institute 2024 年第三季財報電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Matt Kempton, VP, Corporate Finance. Please go ahead.

我現在想將會議轉交給公司財務副總裁馬特肯普頓 (Matt Kempton)。請繼續。

Hello, and welcome to Universal Technical Institute's fiscal third-quarter 2024 earnings call. Joining me today are our CEO, Jerome Grant; and CFO, Troy Anderson. Following our prepared remarks, we will open the call for your questions. A replay of this call, its transcript, and our investor presentation will be archived on the Investor Relations section of our website at investor.uti.edu, along with our earnings release issued earlier today and furnished to the SEC.

您好，歡迎參加環球技術研究所 2024 年第三季財報電話會議。今天加入我的是我們的執行長 Jerome Grant；首席財務長特洛伊·安德森。在我們準備好的發言之後，我們將開始電話詢問您的問題。本次電話會議的重播、會議記錄和我們的投資者介紹將存檔在我們網站 Investor.uti.edu 的投資者關係部分，以及我們今天早些時候發布並提供給 SEC 的收益報告。

During this call, we may make comments that contain forward-looking statements as defined in the Private Securities and Litigation Reform Act of 1995, which by their nature address matters that are in the future and are uncertain. These statements reflect management's current beliefs and expectations and are subject to a number of factors that may cause actual results to differ materially from those statements.

在本次電話會議中，我們可能會發表包含 1995 年《私人證券和訴訟改革法案》中定義的前瞻性陳述的評論，這些陳述本質上解決的是未來且不確定的問題。這些陳述反映了管理層目前的信念和期望，並受到許多因素的影響，這些因素可能導致實際結果與這些陳述有重大差異。

These factors include but are not limited to those discussed in our earnings release and SEC filings. These statements do not guarantee future performance; and therefore, undue reliance should not be placed upon them. We do not intend to update these forward-looking statements as a result of new information or future developments, except as required by law.

這些因素包括但不限於我們的收益發布和 SEC 文件中討論的因素。這些陳述不保證未來的表現；因此，不應過度依賴它們。除非法律要求，否則我們不打算因新資訊或未來發展而更新這些前瞻性聲明。

Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of fiscal 2023. The information presented today also includes non-GAAP financial measures. These should be viewed in addition to and not as a substitute for the company's reported results prepared in accordance with US GAAP.

請注意，除非另有說明，本次電話會議中的所有比較都將與我們 2023 財年同期的結果進行比較。今天提供的資訊還包括非公認會計準則財務指標。這些應被視為公司根據美國公認會計準則編制的報告結果的補充，而不是替代品。

All non-GAAP financial measures referenced in today's call are reconciled in our earnings press release to the most directly comparable GAAP measure. For more information regarding definitions of our non-GAAP measures, please see our earnings release, financial supplement, and investor presentation.

今天電話會議中引用的所有非公認會計原則財務指標均在我們的收益新聞稿中與最直接可比較的公認會計原則指標進行了調整。有關我們的非公認會計原則衡量標準定義的更多信息，請參閱我們的收益發布、財務補充和投資者介紹。

With that, I will turn the call over to Jerome Grant, CEO of Universal Technical Institute, for his prepared remarks. Jerome?

接下來，我將把電話轉給環球技術學院執行長傑羅姆·格蘭特，聽取他準備好的演講。傑羅姆？

Thank you, Matt. Good afternoon, everyone. Before we jump into the quarter, I think it's important for us to reflect on the progress our organization has made since we first began this leg of our journey in November of 2017. At that time, we put in place a very specific strategy focused on unlocking the true potential of Universal Technical Institute. We focused on profitably growing the business and creating durable shareholder value, all while continuing to ensure the highest levels of student outcomes and industry satisfaction.

謝謝你，馬特。大家下午好。在我們進入本季度之前，我認為我們有必要回顧一下自 2017 年 11 月首次開始這一旅程以來我們的組織所取得的進展。當時，我們制定了一項非常具體的策略，專注於釋放環球技術學院的真正潛力。我們專注於業務的獲利成長和創造持久的股東價值，同時繼續確保最高水準的學生成果和行業滿意度。

When I became CEO in October of 2019, we further enhanced that strategy, accelerating our efforts to grow and diversify the company. As we have executed on our plan, which we internally coined our North Star strategy, we made significant strides in improving the business.

當我於 2019 年 10 月擔任執行長時，我們進一步強化了這項策略，加快了公司發展和多元化的步伐。隨著我們執行我們內部製定的北極星策略的計劃，我們在改善業務方面取得了重大進展。

It's very rewarding to see our market capitalization near the $1 billion threshold and to have delivered an approximately 400% increase in the company's stock price. While we are certainly not finished yet, I'm incredibly proud of how much work our entire organization and all our stakeholders have done to help us get us to this point.

看到我們的市值接近 10 億美元門檻並且公司股價上漲了約 400%，我們感到非常高興。雖然我們當然還沒有完成，但我對我們整個組織和所有利益相關者為幫助我們實現這一目標所做的大量工作感到非常自豪。

Now as I'm sure you've seen in the recent headlines, macro data is indicating a weaker economy, including fewer jobs being added than expected and the unemployment rate rising. Though the economy may be lagging in certain sectors, demand for skilled collared labor across transportation, skilled trades, and healthcare remains robust with ample job opportunities and anticipated job growth across all of our focus areas over the next 10 years.

現在，我相信您已經在最近的頭條新聞中看到，宏觀數據表明經濟疲軟，包括新增就業機會少於預期以及失業率上升。儘管某些行業的經濟可能落後，但交通運輸、技術貿易和醫療保健領域對熟練勞動力的需求仍然強勁，因為未來 10 年我們所有重點領域都有充足的就業機會和預期的就業成長。

When people look to reskill or upskill themselves, as a leading workforce solutions provider, we can offer them the industry-aligned education they need to achieve positive outcomes as exemplified by our 80-plus in-field employment rates across both divisions. With that noted, let's jump into our performance for the quarter.

當人們希望重新學習或提高自己的技能時，作為領先的勞動力解決方案提供商，我們可以為他們提供所需的行業相關教育，以實現積極的成果，我們兩個部門的80 多個現場就業率就是例證。話雖如此，讓我們來看看本季的業績。

Building on our robust growth in the first half of the year, we continue to see strong operational momentum across our key metrics with results consistently meeting or exceeding expectations in the third quarter. We achieved nearly 16% growth in revenue to $177.5 million and a 13% increase in our average undergraduate full-time active students year over year, underscoring the execution on our North Star strategy.

在上半年強勁成長的基礎上，我們繼續看到關鍵指標的強勁營運勢頭，第三季的業績持續達到或超過預期。我們的收入成長了近 16%，達到 1.775 億美元，大學全職活躍學生人數較去年同期成長了 13%，這凸顯了我們北極星策略的執行。

Net income grew to $5 million with diluted earnings per share of $0.09. Adjusted EBITDA was $18.4 million, which is an impressive 61% increase. All of these metrics landed in line or exceeded our expectations and improved significantly compared to the prior-year period. Total student starts increased by 5% year over year. This is also in line with our expectations and is positioning us nicely to achieve the higher end of our start guidance by the end of the fiscal year.

淨利潤增至 500 萬美元，稀釋後每股收益為 0.09 美元。調整後 EBITDA 為 1,840 萬美元，增幅高達 61%，令人印象深刻。所有這些指標均符合或超出我們的預期，並且與去年同期相比顯著改善。學生入學總數較去年同期成長 5%。這也符合我們的預期，並使我們能夠在本財年末實現我們起始指導的較高目標。

Concorde benefited from a favorable start timing in the quarter, particularly in our clinical start opportunities, which contributed to their nearly 35% year-over-year growth in starts. The UTI division experienced a year-over-year decline in starts in the quarter, primarily because a shift in students from the last start in June to the first start in July versus last year. Regardless, we anticipate double-digit start growth for UTI in the fourth quarter and approximately 10% growth for the fiscal year.

Concorde 受益於本季有利的啟動時機，特別是我們的臨床啟動機會，這促成了其啟動量同比增長近 35%。UTI 部門本季的開學人數年減，主要是因為與去年相比，學生人數從 6 月最後一次開學改為 7 月第一次開學。無論如何，我們預計第四季度 UTI 的起始成長率將達到兩位數，本財年的成長率約為 10%。

We are also happy to see that both our company and industry continue to garner attention from national media outlets such as CNBC, Forbes, and the Wall Street Journal, which underscores the success of our strategic direction and the high level of demand for skilled workforce in the US.

我們也很高興看到我們的公司和行業繼續受到 CNBC、福布斯和華爾街日報等國家媒體的關注，這突顯了我們戰略方向的成功以及行業對熟練勞動力的高需求。

To that end, I want to extend my gratitude to our divisional and corporate teams for their ongoing leadership as well as our faculty, staff, partners, and students. Their hard work and dedication has not gone unnoticed, and we are proud to be recognized by these national publications.

為此，我要向我們的部門和公司團隊以及我們的教職員工、合作夥伴和學生表示感謝，感謝他們的持續領導。他們的辛勤工作和奉獻精神並沒有被忽視，我們很自豪能夠得到這些國家出版物的認可。

Now diving into our divisional-specific highlights for the quarter, the Concorde division continues to outperform expectations across the board. The benefits from our increased marketing spend and focus on overall marketing and admissions effectiveness, which have endured throughout the year, are key contributor.

現在深入探討本季各部門的具體亮點，協和式飛機部門的表現持續全面超出預期。我們增加的行銷支出以及對整體行銷和招生有效性的關注帶來的好處是全年持續的，這是關鍵因素。

Clinical programs show very strong growth due to sonography and dental hygiene program expansions, expansion of our associate degree programs, and an overall shift in start opportunities between the third and fourth quarter relative to the prior year. We also continue to see good performance from our core and shorter cash pay programs like phlebotomy and sterile processing, which we are working to expand across the Concorde campus footprint.

由於超音波檢查和牙齒衛生項目的擴展、副學士學位項目的擴展以及第三季度和第四季度相對於上一年的啟動機會的整體轉變，臨床項目顯示出非常強勁的增長。我們也繼續看到我們的核心和較短的現金支付計劃（例如放血和無菌處理）的良好表現，我們正在努力將其擴展到協和飛機園區。

The expansion of our dental hygiene program in San Diego remains on track with students beginning clinical coursework later this year. We're also excited to announce the upcoming launch of the nursing program in Jacksonville, Florida in early fiscal 2025. Moreover, in Dallas, we have also been approved to expand our nursing program, which we expect to add approximately 60 average active students in fiscal 2025.

我們在聖地牙哥的牙科衛生計畫的擴展仍在按計劃進行，學生將於今年稍後開始臨床課程。我們也很高興地宣布將於 2025 財年初在佛羅裡達州傑克遜維爾啟動護理計劃。此外，在達拉斯，我們還獲準擴大護理項目，預計到 2025 財年將增加約 60 名平均在校學生。

The team at Concorde is also dedicated to enhancing graduates' employment opportunities and improving accessibility and affordability through the programs by expanding Concorde's partnership network. One example of a great partner is our relationship with Heartland Dental.

協和飛機的團隊也致力於透過擴大協和飛機的合作夥伴網絡來增加畢業生的就業機會，並透過這些計畫提高可及性和負擔能力。我們與 Heartland Dental 的關係就是優秀合作夥伴的一個例子。

We're thrilled to announce the expansion of our existing relationship to now include groundbreaking new initiative to open co-branded campuses that will initially serve as cash-paid training centers for dental hygienists and dental assistance. Our first location is slated to open in the fall of 2025 in Fort Myers, Florida.

我們很高興地宣布，我們現有的關係已擴展，目前包括開設聯合品牌校園的開創性新舉措，這些校園最初將作為牙科保健員和牙科援助的現金支付培訓中心。我們的第一家門市預計於 2025 年秋季在佛羅裡達州邁爾斯堡開業。

Under this first of its kind partnership model, Heartland, the nation's largest dental service organization or DSO, will fund the cost of construction of the co-branded campus, including durable equipment and initial supplies. Heartland will also provide financial support to students while our team will manage the campus and be responsible for training students and monitoring outcomes. Once Concorde growth restrictions are lifted, which is targeted to be in fiscal 2026, students will also be able to qualify for Title IV funding, further increasing the appeal for students and operating leverage.

在這種首創的合作模式下，美國最大的牙科服務組織（DSO）Heartland 將資助聯合品牌園區的建造成本，包括耐用設備和初始用品。Heartland 也將為學生提供財務支持，而我們的團隊將管理校園並負責培訓學生和監控結果。一旦取消協和飛機的成長限制（目標是在 2026 財年），學生也將有資格獲得 Title IV 資助，從而進一步增加對學生的吸引力和營運槓桿。

The new campus will serve as a direct feeder school into Heartland's over 1,700 locations nationwide as their offices have significant and growing demand for well-trained dental hygienists and dental assistants. From a financials perspective, we anticipate this location to add over $4 million in annual revenue and be solidly accretive to Concorde's EBITDA margin within two years after the first start and expanding from there.

新校區將作為 Heartland 在全國 1,700 多個地點的直接支線學校，因為他們的辦公室對訓練有素的牙科保健員和牙科助理的需求巨大且不斷增長。從財務角度來看，我們預計該地點的年收入將增加超過 400 萬美元，並在首次啟動後兩年內大幅增加協和飛機的 EBITDA 利潤率，並在此基礎上不斷擴大。

Finally, it's important to underscore that this campus in Fort Myers is merely the first of what we jointly envision to become several more over the next five years. Corporate partnerships have long been a distinguishing characteristic and competitive edge for the UTI division, and we're thrilled to bring this differentiator to Concorde as well.

最後，需要強調的是，邁爾斯堡的這個校區只是我們共同設想在未來五年內建造更多校區中的第一個。長期以來，企業合作夥伴關係一直是 UTI 部門的顯著特徵和競爭優勢，我們很高興能夠將這一優勢帶入協和飛機。

Now turning to the UTI division, the UTI division also performed well. Overall, program expansions continue to be in the forefront of our efforts. The HVACR program expansions at the Avondale and Long Beach campuses had their first classes start in June and July, respectively. The first cohort in Bloomfield is currently enrolling students and will be starting in September, and our Sacramento program is on track to start early next fiscal year.

現在轉向UTI部門，UTI部門也表現不錯。整體而言，計劃擴展仍然是我們努力的首要任務。埃文代爾和長灘校區的 HVACR 計畫擴展分別於 6 月和 7 月開始了第一期課程。布魯姆菲爾德的第一批學生目前正在招收學生，將於 9 月開始，我們的薩克拉門托計畫預計將在下財年初開始。

Furthermore, the 14 new programs we've launched at the end of fiscal 2023 have sustained their encouraging growth as market demand continues to strengthen. With the nearly 700 student starts year to date in these programs, we remain confident we will comfortably exceed 1,000 new student starts in this first fiscal year for the programs. As discussed in previous calls, these program launches mark the beginning of expanding and synthesizing the MIAT-sourced aviation, skilled trades, and energy programs across UTI's division's campuses.

此外，隨著市場需求持續走強，我們在 2023 財年年底推出的 14 個新計畫持續保持令人鼓舞的成長。今年迄今為止，已有近 700 名學生開始參加這些項目，我們仍然有信心在第一個財年，我們將輕鬆超過 1,000 名新生參加這些項目。正如先前電話會議中所討論的，這些計畫的啟動標誌著在 UTI 部門校園內擴展和綜合 MIAT 來源的航空、技術產業和能源計畫的開始。

The ongoing unification of the UTI and MIAT operations in Houston into a single operating campus is progressing as planned and is set to be completed by the end of this calendar year. In fact, we've completed transitioning the first wave of programs to the UTI division in May. This consolidation exemplifies our strategic focus on optimization, aiming to boost operational efficiencies while also enhancing student experience and maintaining superior outcomes.

休士頓的 UTI 和 MIAT 業務正在合併為一個營運園區，這項工作正在按計劃進行，預計將於今年年底完成。事實上，我們已於 5 月完成了第一批專案向 UTI 部門的過渡。此次整合體現了我們對優化的策略重點，旨在提高營運效率，同時增強學生體驗並維持卓越的成果。

Further, it's a key element of our broader brand unification strategy, which we recently announced. Driven by stakeholder input and aimed at leveraging Universal Technical Institute's strong national brand, we are streamlining branding to the UTI campus brand for MIT Canton, Motorcycle Mechanics Institute, Marine Mechanics Institute, and NASCAR Technical Institute.

此外，這是我們最近宣布的更廣泛品牌統一策略的關鍵要素。在利害關係人的推動下，為了利用通用技術學院強大的全國品牌，我們正在簡化麻省理工學院坎頓分校、摩托車力學學院、海洋力學學院和納斯卡技術學院的 UTI 校園品牌品牌建立。

Although all of the division's campuses will be known as UTI by mid-2025, our partnership with some of the most revered names in transportation, skill trades, and energy continue to be a key driver of success, and we're constantly looking at new and innovative ways to expand our extensive partner ecosystem.

儘管到2025 年中期，該部門的所有校區都將被稱為UTI，但我們與交通運輸、技能行業和能源領域一些最受尊敬的企業的合作夥伴關係仍然是成功的關鍵驅動力，並且我們不斷尋找新的以及擴展我們廣泛的合作夥伴生態系統的創新方法。

With the announcement of the exciting new Heartland partnership at Concorde, I thought it would be beneficial to provide a brief recap of the extensive nature of UTI division partnerships. This year, we expect to derive over $30 million in revenue from these partnerships with solid year-over-year growth and significantly more economic benefit through joint marketing and donations of products, equipment, and cash.

隨著協和飛機令人興奮的新 Heartland 合作夥伴關係的宣布，我認為簡要回顧一下 UTI 部門合作夥伴關係的廣泛性質將是有益的。今年，我們預計將從這些合作夥伴關係中獲得超過 3000 萬美元的收入，並實現同比穩健增長，並透過聯合行銷以及產品、設備和現金捐贈帶來顯著的經濟效益。

In the auto and diesel space, we currently have 29 manufacturer-specific advanced training program instances or MSATs, with nine different major manufacturers across the UTI campus footprint; another three manufacturer programs at nine of their locations that we run on their behalf, including Mercedes and Porsche; and three on-base military programs partnering with BMW and Daimler Trucks.

在汽車和柴油領域，我們目前擁有 29 個製造商特定的高級培訓計劃實例或 MSAT，其中 9 個不同的主要製造商遍布 UTI 園區；我們代表他們在其九個地點運行另外三個製造商計劃，包括梅賽德斯和保時捷；以及與寶馬和戴姆勒卡車合作的三個基地軍事項目。

We expect nearly 3,000 students to start across these programs this year, reflecting growth from increased marketing efforts and expansion of the number of program instances over the past few years. We also provide dealer training for several manufacturers and have major manufacturer programs for motorcycle and marine, along with running programs for both industry and government agencies.

我們預計今年將有近 3,000 名學生開始學習這些項目，這反映了過去幾年行銷力度加大和項目實例數量增加帶來的增長。我們也為多家製造商提供經銷商培訓，並為摩托車和船舶提供主要製造商計劃，以及為產業和政府機構提供運作計劃。

And last but certainly not least, we have over 70 business alliance relationships that include cash, products, branding, and other partnership benefits. It's important to note that these are deep and long-term relationships, some spanning 25 years. Combined, this is an amazing portfolio of assets that uniquely positions us in the industry. And while these partnerships are currently focused in the transportation space, we see great opportunity to expand the model to include MIAT-sourced programs centered around skilled trades in aviation, similar to what we've done at Concorde and Heartland.

最後但同樣重要的是，我們擁有 70 多個業務聯盟關係，包括現金、產品、品牌和其他合作夥伴利益。值得注意的是，這些都是深厚且長期的關係，有些甚至長達 25 年。綜合起來，這是一個令人驚嘆的資產組合，使我們在行業中處於獨特的地位。雖然這些合作夥伴關係目前主要集中在運輸領域，但我們看到了擴展該模式的絕佳機會，以包括以航空技術行業為中心的MIAT 來源的項目，類似於我們在協和飛機和Heartland 所做的事情。

Overall, I'm pleased with the continued momentum we experience across both divisions. As a result, we're reaffirming our guidance for fiscal 2024 with the expectation that we will hit the upper end of our revenue and new student start ranges. Before I hand the call over to Troy, I want to spend some time looking at the bigger picture and discussing the next phases of our strategy, which we announced yesterday.

總的來說，我對我們兩個部門的持續發展勢頭感到滿意。因此，我們重申了 2024 財年的指導方針，預計我們將達到收入和新生入學範圍的上限。在將電話轉交給特洛伊之前，我想花一些時間看看大局並討論我們昨天宣布的策略的下一階段。

With the close of fiscal 2024, we will successfully complete the first phase of our North Star strategy, one that has been marked by significant achievements, including the launch of two new UTI locations, the completion of two strategic acquisitions, and significant program expansions, which together have nearly tripled our campus locations and more than doubled the number of students we serve across transportation, the trades, and healthcare.

在 2024 財年結束時，我們將成功完成北極星戰略的第一階段，該戰略已取得重大成就，包括推出兩個新的 UTI 地點、完成兩項戰略收購以及重大計劃擴展，這些加在一起使我們的校園面積增加了近兩倍，並將我們在交通、產業和醫療保健領域服務的學生數量增加了一倍多。

Financially, we will have more than doubled our revenue and seen adjusted EBITDA increase by more than 5x during this period, all while continuing to ensure strong student outcomes. With these accomplishments, we're now poised to begin Phase 2 of our North Star strategy, once again focusing on addressing the critical need for highly trained skilled collared workers in America.

在財務方面，在此期間，我們的收入將增加一倍以上，調整後的 EBITDA 將成長 5 倍以上，同時繼續確保學生取得優異的成績。憑藉這些成就，我們現在準備開始北極星戰略的第二階段，再次專注於滿足美國對訓練有素的技術工人的關鍵需求。

As you may have seen in yesterday's press release, pending regulatory approval, we plan to launch a minimum of six new programs annually on UTI and/or Concorde campuses beginning in fiscal 2025. We also plan to open at least two new campuses each year starting in fiscal 2026 through the beginning of fiscal 2029, initially with UTI campuses, and then expanding the Concorde campuses once the Department of Education growth restrictions are lifted.

正如您可能在昨天的新聞稿中看到的那樣，在等待監管部門批准的情況下，我們計劃從 2025 財年開始，每年在 UTI 和/或 Concorde 園區推出至少 6 個新項目。我們也計劃從 2026 財年到 2029 財年年初，每年開設至少兩個新校區，首先是 UTI 校區，然後在教育部成長限制解除後擴建 Concorde 校區。

With the momentum built in this first phase of the strategy and the benefits from the second phase, we anticipate achieving a compound annual revenue growth rate of approximately 10% between fiscal 2024 and fiscal 2029. In addition to growth, we'll be focusing on realizing efficiencies in student acquisition, facilities utilization, and educational delivery, resulting in an adjusted EBITDA margin for the company approaching 20% by the end of 2029.

憑藉該策略第一階段的動能和第二階段的效益，我們預計在 2024 財年至 2029 財年之間實現約 10% 的複合年收入成長率。除了成長之外，我們還將重點關注提高學生獲取、設施利用和教育交付的效率，從而使公司調整後的 EBITDA 利潤率到 2029 年底接近 20%。

Our experienced team, coupled with growing markets eager to hire our well-trained, industry-aligned graduates, positions us well for continued success and mission fulfillment in the coming years. As preliminary approvals and site selections are complete, we'll announce locations and targeted launch dates for any new campuses and programs. In addition to our organic initiatives, we also remain active, and we'll continue to opportunistically pursue strategic acquisitions.

我們經驗豐富的團隊，加上不斷成長的市場渴望僱用我們訓練有素、符合行業的畢業生，使我們能夠在未來幾年繼續取得成功並完成使命。初步批准和選址完成後，我們將宣布任何新校區和專案的地點和目標啟動日期。除了我們的有機舉措外，我們還保持活躍，並將繼續伺機進行策略性收購。

With that, I'll turn the call over to Troy to review our financial results and guidance in more depth. Troy?

接下來，我將把電話轉給特洛伊，以更深入地審查我們的財務表現和指導。特洛伊？

Thank you, Jerome. Through the third quarter, we continued to deliver positive operational and financial performance, meeting or exceeding expectations across our key metrics. In the third quarter, total average undergraduate full-time active students grew 13.4% versus the prior-year period. The total new student starts increased 5% year over year, both in line with our expectations.

謝謝你，傑羅姆。在第三季度，我們繼續取得積極的營運和財務業績，在關鍵指標上達到或超越了預期。第三季度，本科全日制活躍學生總數比去年同期增加了 13.4%。新生入學總數年增 5%，均符合我們的預期。

The Concorde division generated a 14% increase in average undergraduate full-time active students, while new student starts increased by 34.8%, partially due to timing shifts of clinical start opportunities between the third and fourth quarters relative to the prior year. This is a function of the start frequency and cohort sizes that we are approved for by the various programmatic accreditors.

Concorde 部門的全日製本科生平均數量增加了 14%，而新生入學人數增加了 34.8%，部分原因是與去年相比，第三季度和第四季度臨床入學機會的時間發生了變化。這是我們得到各個計劃認證機構批准的起始頻率和隊列規模的函數。

Clinical starts grew a staggering 64% year over year in the quarter, while starts for the combined core and short programs grew 20.6%. For the fourth quarter, we expect overall Concorde start growth in the mid-single-digit range, which is notably lower than third quarter due to the timing shift of the clinical starts.

本季臨床開工量年增 64%，令人震驚，而核心項目和短期項目的開工量較去年同期成長 20.6%。對於第四季度，我們預計協和式飛機整體開工量成長將在中個位數範圍內，由於臨床開工時間的變化，這一數字明顯低於第三季度。

The UTI division drove a 13% increase in average undergraduate full-time active students. For new student starts, we saw more students in the first start in July instead of the last start in June versus the prior year, resulting in a 12.5% decrease in new student starts during the third quarter. We anticipated we would see this shift in our overall start phasing.

UTI 部門使全日製本科生平均人數增加了 13%。對於新生入學來說，與去年相比，我們發現 7 月第一次入學的學生數量比 6 月最後一次入學的學生數量有所增加，導致第三季度新生入學人數減少了 12.5%。我們預計我們會在整體啟動階段中看到這種轉變。

For reference, our UTI division starts were down year over year in June by approximately 480 starts but are up year over year by approximately 570 starts in July. We expect UTI to show double-digit growth in starts in the fourth quarter and approximately 10% start growth for the fiscal year.

作為參考，我們的 UTI 部門 6 月的開工量年減了約 480 台，但 7 月的開工量比去年同期增加了約 570 台。我們預計 UTI 第四季的開工率將呈現兩位數成長，本財年的開工率將成長約 10%。

For the fourth quarter overall, we now expect year-over-year growth in new student starts in the mid to high single digits given the dynamics I described previously and driven by baseline growth along with the ongoing ramp of recent program expansions and new program rollouts. For the year, this would put total new student starts on the higher end of our 25,500 to 26,500 guidance range.

考慮到我之前描述的動態以及基線增長以及近期項目擴展和新項目推出的持續增長的推動，我們現在預計第四季度新生入學人數的同比增長將達到中高個位數。今年，這將使新生總數達到我們 25,500 至 26,500 人指導範圍的高端。

Turning to our financial results, revenue on a consolidated basis was $177.5 million, reflecting 15.8% year-over-year growth and exceeding our expectations. The UTI division's revenue of $117.1 million increased 16.1%, and Concorde's revenue increased 15% to $60.3 million. Both of these reflect the strong growth in the respective average undergraduate student populations along with a few points of average tuition rate improvement.

談到我們的財務業績，合併收入為 1.775 億美元，年成長 15.8%，超出了我們的預期。UTI 部門的營收為 1.171 億美元，成長了 16.1%，Concorde 部門的營收成長了 15%，達到 6,030 萬美元。這兩者都反映出各自平均本科生人數的強勁增長以及平均學費的幾個百分點的提高。

For the fourth quarter, we expect low double-digit revenue growth reflecting the ongoing growth momentum in our average undergraduate student population. And as a result, for the fiscal year, we expect to be in the higher end of our revenue guidance range of $720 million to $730 million.

對於第四季度，我們預計兩位數的低收入成長反映了我們平均本科生人數的持續成長動能。因此，我們預計本財年的收入指引範圍將達到 7.2 億美元至 7.3 億美元的上限。

In addition to positive results across our student metrics and revenue, we also saw considerable year-over-year increases in profitability. Consolidated net income was $5 million compared to a net loss of $0.5 million in the prior-year quarter. This translated to $0.09 of diluted earnings per share for the quarter. At the end of the third quarter, we had 53.8 million common shares outstanding. Adjusted EBITDA was $18.4 million, an increase of 60.9% year over year.

除了我們的學生指標和收入取得正面成果外，我們還看到獲利能力較去年同期大幅成長。合併淨利為 500 萬美元，而去年同期淨虧損為 50 萬美元。這意味著本季稀釋後每股收益為 0.09 美元。截至第三季末，我們已發行普通股 5,380 萬股。調整後 EBITDA 為 1,840 萬美元，年增 60.9%。

Our profitability performance was in line with expectations driven by revenue and student expansion and improved operating leverage that have amplified the returns on our growth investments and optimization efforts. For net income, diluted earnings per share and adjusted EBITDA, in the fourth quarter, we continue to expect significant year-over-year growth to close out the year as our profitability is seasonally most pronounced in the fourth quarter.

我們的獲利表現符合收入和學生擴張推動的預期，以及營運槓桿的提高，放大了我們成長投資和優化工作的回報。對於第四季度的淨利潤、稀釋每股收益和調整後 EBITDA 而言，我們繼續預計今年將出現同比大幅增長，因為我們的盈利能力在第四季度季節性最為明顯。

Overall, we expect to end the year comfortably within our guidance ranges across our profitability metrics, which are as follows: net income of $37 million to $41 million, diluted earnings per share of $0.68 to $0.73, and total adjusted EBITDA of $102 million to $104 million, which translates to adjusted EBITDA margin of 14.2% at the midpoint or roughly 350 basis points of margin expansion versus last year.

總體而言，我們預計今年的獲利指標將在我們的指導範圍內輕鬆結束，具體如下：淨利潤為3700 萬美元至4100 萬美元，稀釋後每股收益為0.68 美元至0.73 美元，調整後EBITDA 總額為1.02 億美元至104 美元百萬，這意味著調整後的 EBITDA 利潤率為 14.2%，相當於去年利潤率擴張的約 350 個基點。

As of the end of the third quarter, our total available liquidity was $148.5 million, which includes $33 million of available capacity from our revolving credit facility. We paid down an incremental $4 million this quarter and ended the quarter with net working capital of $2.8 million. At this time, we expect to pay down another $10 million to $15 million on the revolver as of the end of the fourth quarter.

截至第三季末，我們的可用流動資金總額為 1.485 億美元，其中包括循環信貸額度的 3,300 萬美元可用能力。本季我們支付了 400 萬美元的增量資金，本季結束時淨營運資本為 280 萬美元。目前，我們預計到第四季末再支付 1,000 萬至 1,500 萬美元的左輪手槍費用。

Year to date, operating cash flow was $18.4 million and adjusted free cash flow was $10.9 million, both showing significant improvement versus the prior year. Year to date, capital expenditures were $16.8 million. Included in CapEx are the program expansion investments across both divisions along with spending associated with curriculum and equipment refresh and upgrades, facility and leasehold improvements, and IT investments.

年初至今，營運現金流為 1,840 萬美元，調整後自由現金流為 1,090 萬美元，均較上年有顯著改善。年初至今，資本支出為 1,680 萬美元。資本支出包括兩個部門的專案擴展投資，以及與課程和設備更新和升級、設施和租賃改進以及 IT 投資相關的支出。

Given our year-to-date cash flow performance and estimates on profitability and cash flow for the remainder of the year, we expect to deliver adjusted free cash flow solidly within our previous guidance range, which is $62 million to $66 million and includes total CapEx spend of approximately $30 million. We also remain confident in the initial fiscal 2025 projections we announced last quarter.

鑑於我們今年迄今的現金流表現以及今年剩餘時間的盈利能力和現金流的估計，我們預計調整後的自由現金流將穩定在我們之前的指導範圍內，即6200 萬美元至6600 萬美元，包括總資本支出花費約3000萬美元。我們對上季宣布的 2025 財年初步預測仍然充滿信心。

We estimate revenue of nearly $800 million for the year, representing approximately 10% growth, and we estimate adjusted EBITDA margin of approximately 15% or at least 100 basis points of margin expansion compared to this year. We plan to provide formal guidance for the year when we report our fourth-quarter and fiscal 2024 results in November.

我們預計今年的營收將接近 8 億美元，成長約 10%，我們預計調整後的 EBITDA 利潤率約為 15%，或與今年相比，利潤率至少擴大 100 個基點。我們計劃在 11 月報告第四季和 2024 財年業績時提供正式的年度指引。

And finally, as Jerome mentioned, we are entering Phase 2 of our North Star strategy. With the launch and ramp of our previously announced initiatives well underway, continued low- to mid-single-digit baseline new student start growth and the new organic growth initiatives Jerome outlined, we expect our next growth phase to deliver the following: approximately 10% revenue CAGR through fiscal 2029, an overall adjusted EBITDA margin approaching 20% by fiscal 2029.

最後，正如傑羅姆所提到的，我們正在進入北極星策略的第二階段。隨著我們之前宣布的計劃的啟動和逐步推進，新生入學人數持續保持低至中個位數基線增長以及Jerome 概述的新的有機增長計劃，我們預計我們的下一個增長階段將實現以下目標：約10%到 2029 財年的營收複合年增長率，到 2029 財年整體調整後的 EBITDA 利潤率接近 20%。

This would translate to revenue of approximately $1.1 billion and adjusted EBITDA of approximately $200 million in fiscal 2029. In terms of phasing, we expect revenue growth to begin accelerating in fiscal 2027 as the benefits of the initial elements of the strategy begin to be realized. For adjusted EBITDA, we anticipate modest absolute dollar growth from fiscal 2025 through fiscal 2027 as we begin the investment period with significant margin expansion and absolute dollar growth in the later years.

這將意味著 2029 財年的營收約為 11 億美元，調整後的 EBITDA 約為 2 億美元。就分階段而言，隨著此策略初始要素的效益開始顯現，我們預期營收成長將在 2027 財年開始加速。對於調整後的EBITDA 而言，我們預計從2025 財年到2027 財年，絕對美元將出現溫和增長，因為我們開始投資期，並在隨後的幾年中實現顯著的利潤率擴張和絕對美元增長。

In support of the new growth initiatives, we expect CapEx of at least $50 million per year beginning with fiscal 2025, funded through operating cash flow. As we stated in previous quarters, we will continue evaluating and opportunistically pursuing strategic acquisitions, and we'll adjust our longer-term expectations as appropriate if a transaction is completed or if we foresee any changes in our organic trajectory.

為了支持新的成長計劃，我們預計從 2025 財年開始，每年的資本支出至少為 5,000 萬美元，透過營運現金流提供資金。正如我們在前幾個季度所述，我們將繼續評估並伺機尋求策略性收購，如果交易完成或我們預見到我們的有機軌跡發生任何變化，我們將酌情調整我們的長期預期。

As always, we encourage everyone to review our press release, financial supplement, and investor presentation as well as the 10-Q once it is filed as these materials include the most current information on our consolidated and segment actual results, our strategic roadmap, and our guidance. I'd like to thank our students, investors, partners, and team for their unwavering support.

像往常一樣，我們鼓勵每個人在提交後查看我們的新聞稿、財務補充材料、投資者演示文稿以及 10-Q，因為這些材料包括有關我們合併和分部實際業績、我們的戰略路線圖和我們的指導。我要感謝我們的學生、投資者、合作夥伴和團隊的堅定支持。

I'll now turn the call back over to Jerome for closing remarks.

現在我將把電話轉回給傑羅姆做總結發言。

Thank you, Troy. Moving into this final quarter of the fiscal year, our consistently strong performance has positioned us to continue making significant strides in delivering durable shareholder value. The core tenets of our mission, growth, diversification, and optimization remain the foundation for Phase 2 of our North Star strategy. Organically, our initiatives are focused on expanding our campuses to greenfield geographies, broadening the reach of our existing programs, and adding new in-demand program offerings.

謝謝你，特洛伊。進入本財年的最後一個季度，我們持續強勁的業績使我們能夠在提供持久的股東價值方面繼續取得重大進展。我們的使命、成長、多元化和優化的核心原則仍然是我們北極星策略第二階段的基礎。從有機方面來說，我們的措施專注於將我們的校園擴展到綠地地區，擴大我們現有計畫的範圍，並增加新的需求項目。

We'll also continue to forge new partner relationships across the programs. Inorganically, our efforts remain centered around opportunistically exploring strategic acquisition opportunities with an emphasis on enhancing our presence in healthcare and program offerings that complement Concorde.

我們也將繼續在各個計劃中建立新的合作夥伴關係。就組織而言，我們的努力仍然集中在機會性地探索策略性收購機會，重點是增強我們在醫療保健和專案服務方面的影響力，以補充協和飛機。

As we close out the fiscal year, we will continue to focus our efforts around ramping recent campus and program launches to further boost enrollment, revenue, and profitability; enhancing marketing and admissions efforts to optimize lead generation and inquiry conversion; and improving workforce and facility utilization to increase program availability, margin expansion, and operating leverage.

在本財年結束之際，我們將繼續專注於增加近期校園和計畫的啟動，以進一步提高入學率、收入和獲利能力；加強行銷和招生工作，以優化潛在客戶開發和詢價轉換；提高勞動力和設施利用率，以提高專案可用性、利潤率擴張和營運槓桿。

We remain steadfast in our commitment to driving growth and innovation for both our students and our investors. We believe we are well positioned to capitalize on the increasing market opportunities to maximize shareholder value and expand the UTI brand.

我們堅定不移地致力於為我們的學生和投資者推動成長和創新。我們相信，我們處於有利位置，能夠利用不斷增加的市場機會，最大限度地提高股東價值並擴大 UTI 品牌。

Thank you for your continued support, and we look forward to providing further updates on our exciting trajectory over the coming quarters. As always, we welcome the opportunity to showcase our campuses and all the exciting initiatives we're working on, so please don't hesitate to reach out if you're interested in the campus tour.

感謝您的持續支持，我們期待在未來幾季提供有關我們令人興奮的發展軌蹟的進一步更新。一如既往，我們歡迎有機會展示我們的校園以及我們正在進行的所有令人興奮的舉措，因此，如果您對校園參觀感興趣，請隨時與我們聯繫。

I'd now like to turn the call over to the operator for Q&A. Operator?

我現在想將電話轉給接線員進行問答。操作員？

(Operator Instructions) Jasper Bibb, Truist Securities.

（操作員指示）Jasper Bibb，Truist 證券公司。

Hey, good afternoon, guys. Apologies for any background noise here. I wanted to ask about the North Star strategy and the 20% target for '29. Just curious what that contemplates as far as the underlying segment margin potential for the UTI and Concorde segments.

嘿，下午好，夥計們。對於這裡的任何背景噪音表示歉意。我想問北極星策略和 29 年 20% 的目標。只是好奇 UTI 和協和飛機細分市場的潛在細分市場利潤潛力如何。

Hi, Jasper, it's Troy. Thanks for the question. We're not going into the segment-level detail just yet. We're setting a longer-range marker out there. As far as the expectations from a growth perspective, as Jerome commented on, and as you know from prior discussions and others know, currently, we have growth restrictions on Concorde due to the change in ownership through the Department of Education.

嗨，賈斯帕，我是特洛伊。謝謝你的提問。我們現在還不會討論段落層級的細節。我們正在那裡設置一個更遠距離的標記。就成長角度的期望而言，正如傑羅姆評論的那樣，正如您從之前的討論和其他人中了解到的那樣，目前，由於教育部所有權的變更，我們對協和飛機的增長有所限制。

So initially, the initiatives will be more skewed toward UTI, but we expect as we get into '27 and beyond that we would be more evenly distributed between UTI and Concorde as far as campuses and programs. And therefore, they would kick in as well as we get into the latter part of the five-year trajectory.

因此，最初，這些舉措將更傾向於 UTI，但我們預計，隨著進入 27 年及以後，就校園和計畫而言，我們將在 UTI 和 Concorde 之間更加均勻地分配。因此，當我們進入五年軌蹟的後半段時，它們就會開始發揮作用。

Thanks, that's helpful. And just to maybe follow up on the margin goals, I guess, how are you thinking about capacity as part of the North Star plan, both I guess in place capacity and potentially moving some coursework online?

謝謝，這很有幫助。只是為了跟進利潤目標，我想，您如何考慮作為北極星計劃一部分的容量，我猜是到位容量和可能將一些課程轉移到網上？

Sure, yes. I mean, we are expecting consistent level of baseline growth, low to mid single digit, that won't be equal across the footprint. Some campuses are more full than others. But capacity is not a finite variable. We are constantly refining our educational delivery, our space utilization. That's a big initiative for us over the next few years is to continue getting more streamlined and being more flexible in our space utilization to continue increasing capacity.

當然，是的。我的意思是，我們預期基線成長水準將保持一致，即低至中個位數，但整個足跡不會相同。有些校園比其他校園更擁擠。但容量不是有限變數。我們不斷完善我們的教育教學和空間利用。這對我們來說是未來幾年的一項重大舉措，就是在空間利用方面繼續更加精簡和更加靈活，以繼續增加產能。

We have shifts available at many of our campuses that we could add. So we're going to continue working to fill our facilities as much as possible with the existing programs while we're adding new programs in upgrading our technology and getting more flexible with our delivery model.

我們的許多校區都有輪班，我們可以添加。因此，我們將繼續努力用現有計劃盡可能地填充我們的設施，同時我們將添加新計劃來升級我們的技術並使我們的交付模式更加靈活。

It's not as much a change. I don't think in terms of how much is online versus on ground. We may see some evolution in that over time, bringing in some virtual-reality-type training aids as well, which again are less space intensive.

這並沒有那麼大的改變。我不考慮在線與地面的比例。隨著時間的推移，我們可能會看到一些演變，引入一些虛擬實境類型的訓練輔助工具，這些輔助工具佔用的空間也較小。

So there will be evolutions in some of the technology and our approach to teaching over time, but bottom line is a measurable portion of -- and we added a slide to our investor presentation, a bridge slide from the $800 million initial projection for next year to the $1.1 billion I referenced if you run the math out on the 10% CAGR. And a measurable portion of that comes through organic, that baseline growth, and then the new programs and new campuses.

因此，隨著時間的推移，一些技術和我們的教學方法將會發生變化，但底線是可衡量的一部分——我們在投資者演示中添加了一張幻燈片，這是明年8 億美元初始預測的橋樑幻燈片如果按照 10% 的複合年增長率計算的話，我提到的 11 億美元。其中很大一部分來自於有機成長、基線成長，以及新計畫和新校區。

Makes sense. Last one for me, just want to ask what your experience has been with some of the FAFSA issues that have been reported, I guess, at both segments, and to what level that might have contributed to the timing shift on new enrollments in the quarter?

有道理。我想問的最後一個問題是，我想問一下您對這兩個部分已報告的 FAFSA 問題的體驗如何，以及這可能在多大程度上導致了本季度新入學時間的轉變？

Sure. It's still not perfect. We've been working through our backlogs. Some of the -- I wouldn't say it's a direct contributor to some of that shift we saw with UTI from June to July. But because we had people so focused on working the backlogs, we didn't spend as much time working on students shifting into that last June start.

當然。它仍然不完美。我們一直在處理積壓的訂單。其中一些——我不會說這是我們從 6 月到 7 月看到的尿路感染變化的直接貢獻者。但由於我們的員工非常專注於處理積壓的工作，因此我們沒有花太多時間來幫助學生進入去年六月的開學階段。

It's just not a start -- it's right before the Fourth of July, and students -- a lot of students are just getting out of school a few weeks before that. So it's always taken a bit of effort to get students into that start. And if they signed up for a later start and then we tried to pull them into that start, they would have had to go back to the old FAFSA versus the new FAFSA.

這只是不是一個開始——就在七月四日之前，學生們——很多學生在那之前幾週才剛離開學校。因此，讓學生進入這個起點總是需要付出一些努力。如果他們報名參加較晚的開始，然後我們試圖讓他們進入那個開始，他們將不得不回到舊的 FAFSA 與新的 FAFSA。

So it was just -- it was a lot of noise in the system. But overall, I'd say we're near normal. There are some differences. There are some things that do make it. It's actually not simpler for students and their parents. It's a little bit more complicated, but we continue to work through it, and it doesn't affect us from a full-year perspective by any means.

所以系統中有很多噪音。但總的來說，我想說我們接近正常。有一些差異。有些事情確實可以做到。對於學生和家長來說，這其實並不簡單。這有點複雜，但我們會繼續努力解決它，而且從全年的角度來看，它不會對我們產生任​​何影響。

Thanks for the context there. Looking forward to seeing everyone in California next week.

感謝那裡的背景。期待下週在加州見到大家。

Great. Thank you for the questions.

偉大的。謝謝你的提問。

Mike Grondahl, Northland Securities.

麥克‧格隆達爾，北國證券。

Hey, guys. Thanks. Could you kind of provide an update on maybe your marketing channels? And just at a high level, how each one is doing, maybe kind of strongest to strong, if you will?

嘿，夥計們。謝謝。您能否提供有關您的行銷管道的最新資訊？在高水準上，每個人的表現如何，也許是最強到最強，如果你願意的話？

Hi, Mike. It's Jerome. So obviously, with two divisions and two different demographics in the division between transportation traits and energy and the UTI division and healthcare, the marketing groups work a little differently in healthcare where we're seeing some great results.

嗨，麥克。是傑羅姆。顯然，在運輸特徵和能源以及尿路感染部門和醫療保健之間有兩個部門和兩種不同的人口統計數據，行銷團隊在醫療保健方面的工作方式略有不同，我們在醫療保健方面看到了一些很好的成果。

We're very much focused on the 25- to 35-year-olds in that population, people who are making job-changing decisions and looking for something more stable. And we're seeing some quite favorable rates in terms of media spend in that channel. We are too in the UTI channel.

我們非常關注該人群中 25 至 35 歲的人群，他們正在做出換工作的決定並尋求更穩定的工作。我們在該管道的媒體支出方面看到了一些相當優惠的價格。我們也處於尿路感染通道。

So strong results, I think double-digit beyond our expectations of what we're seeing in terms of media generation for the same dollars that we budgeted, and that's one of the things that's fueling the growth on the Concorde side. On the UTI side, it's really a blend, right? It's that in the fourth quarter, about 65% of our students are high school students who graduated this past year.

如此強勁的業績，我認為，在與我們預算相同的美元下，媒體生成量超出了我們的預期，這超出了我們的預期，而這正是推動協和式飛機方面增長的因素之一。在泌尿道感染方面，它確實是一種混合物，對嗎？就是第四季度，我們的學生中大約有65%是去年畢業的高中生。

And our lead generation with them is very much about doing presentations in the high schools. And with the increased number of reps that we put into the field over the last two years, we're seeing some nice increases. That's one of the reasons why -- what Troy and I both had said is you're going to see a double-digit increase in the fourth quarter is that we'll see some stronger results also out of high school.

我們與他們的潛在客戶開發主要是在高中進行演示。隨著過去兩年我們投入該領域的代表數量的增加，我們看到了一些不錯的成長。這就是為什麼 - 特洛伊和我都說過，你會在第四季度看到兩位數的增長，因為我們也會在高中畢業後看到一些更強勁的成績。

And we're seeing that same favorability on our media spend, whether it's streaming media, paid search, paid social, where again we're seeing nearly double-digit improvement over what we expected this year in terms of both rates. And that allows us to get more leads for the same amount of money. So real strong performance out of marketing this year.

我們看到我們的媒體支出也受到了同樣的青睞，無論是串流媒體、付費搜尋、付費社交，我們再次看到這兩項費用比我們今年的預期有近兩位數的改善。這使我們能夠以相同的金額獲得更多的潛在客戶。今年的營銷表現非常強勁。

Great to hear, and then just one more. Your two new locations in 2026, one, roughly when do you think you'd announce those? And the slide has that campus size a range between 600 and 1,200. Do you think those two locations will be at the smaller end, the larger end? So just sort of rough announcement dates and size.

很高興聽到這一消息，然後再聽一次。您在 2026 年開設了兩個新地點，一是您認為您大概會在什麼時候宣布這些地點？這張投影片顯示校園規模在 600 到 1,200 人之間。您認為這兩個位置會在較小的一端還是較大的一端？所以只是粗略的發布日期和規模。

Yes. Well, we're not yet ready to lay out the specific details of the product mix makeup of the divisions. But as we've said on past calls, we now have a lot more optionality by markets and by product mix with the increase of -- and of course, remember, in 2026, it's really all about the UTI side because of the finishing up of the growth restrictions in Concorde. We won't be able to open a campus until '27 there.

是的。嗯，我們還沒準備好列出各部門產品組合組成的具體細節。但正如我們在過去的電話中所說，隨著市場和產品組合的增加，我們現在有了更多的選擇——當然，請記住，到2026 年，這實際上完全取決於UTI 方面，因為最終完成了協和式飛機的成長限制。我們要到 27 才能在那裡開設校園。

And so we've been looking at locations that would be great for a skilled trades and aviation campus. We've been looking at locations where the new version of why we see UTI, which is a combination of transportation, skill trades, and energy -- and we'd anticipate being able to utilize both of those models as quickly as possible.

因此，我們一直在尋找適合科技業和航空園區的地點。我們一直在尋找出現 UTI 的新版本的地點，UTI 是交通、技能貿易和能源的組合，我們預計能夠盡快利用這兩種模型。

But we'll -- it won't be long before we'll be able to talk about at least the first location, and the second will follow right after that. We'd like to get a couple of approvals in the -- under our belts from state agencies, et cetera, before we go ahead and point at a specific city. But we don't anticipate that being very far off at all.

但我們會——用不了多久我們就能至少談論第一個地點，第二個地點將緊隨其後。在我們繼續針對某個特定城市之前，我們希望獲得國家機構等機構的一些批准。但我們預計這不會太遙遠。

Got it. Thanks, guys.

知道了。謝謝，夥計們。

Thank you, Mike.

謝謝你，麥克。

Steve Frankel, Rosenblatt.

史蒂夫·弗蘭克爾，羅森布拉特。

Good afternoon. Jerome, just diving into the growth restrictions again, just the exact timing on Concorde. And is there any difference in program expansion versus new campuses as to when you can do those?

午安.傑羅姆，再次深入討論成長限制，恰好是協和式飛機的確切時間。專案擴展與新校區在何時可以進行這些方面有什麼不同嗎？

No. Whenever you buy something in this space, the Department of Education likes to see two full years of financials of the new combined company prior to allowing you to either start new campuses or add previously unapproved programs on those existing campuses, right?

不。每當您在這個領域購買東西時，教育部都希望在允許您開始新校區或在現有校區添加以前未經批准的項目之前查看新合併公司整整兩年的財務狀況，對吧？

And so last year and going into this year, we've been launching new programs on the Concorde campuses that were previously approved prior to the merger and launching new programs that are cash paid. We talked about things like sterile processing, et cetera, where non-Title IV new programs can be launched.

因此，去年和今年，我們一直在協和飛機園區推出新項目，這些項目在合併之前已獲得批准，並推出了現金支付的新項目。我們討論了無菌處理等問題，可以啟動非第四條新計劃。

You also can launch new campuses that are not Title IV dependent. And so you saw our Heartland partnership where we'll be opening a co-branded campus in Fort Myers, Florida prior to the growth restrictions being lifted because there are no Title IV funding requirements for that campus initially.

您也可以啟動不依賴第四條的新校區。因此，您看到了我們的 Heartland 合作夥伴關係，在取消成長限制之前，我們將在佛羅裡達州邁爾斯堡開設一個聯合品牌校園，因為該校園最初沒有第四章資金要求。

Once the restrictions are lifted, and that we are anticipating sometime in mid to late 2026, we will be able to offer Title IV funding on that campus, pending approval, of course, at that time. And that's when we'll be able to start announcing new Concorde campuses and continued program expansions across the 17, now 18 with the Heartland campus that will be out there. So we're getting ready, we're loading it all up. It's part of our North Star strategy, and we're getting ready for it.

一旦限制解除，我們預計在 2026 年中後期的某個時候，我們將能夠在該校園提供 Title IV 資助，當然，屆時還有待批准。到那時，我們將能夠開始宣布新的 Concorde 校區，並在 17 個（現在是 18 個）的 Heartland 校區中繼續進行專案擴展。所以我們正在做好準備，我們正在加載所有內容。這是我們北極星策略的一部分，我們正在為此做好準備。

That's great. It's really exciting, a new concept. Help me understand the economics. Given that Heartland is putting up the capital, does your share of the profits look different under that model than it does when you're the one putting up the capital? And will it change when it moves from cash pay to a combination of cash pay and Title IV?

那太棒了。這真的很令人興奮，是一個新概念。幫助我了解經濟學。鑑於 Heartland 正在投入資金，那麼在該模式下，您的利潤份額與您自己投入資金時的利潤份額是否有所不同？當它從現金支付轉向現金支付和第四章相結合時，它會改變嗎？

Yes. Those are good question, Steve. This is Troy. In the appendix in our Investor slide, we have a dental hygiene illustrative program launch and time horizon. And so that campus will be dental hygiene and dental assisting. So it's not exactly representative of what will be in that campus.

是的。這是個好問題，史蒂夫。這是特洛伊。在我們的投資者幻燈片的附錄中，我們有一個牙齒衛生說明性計劃的啟動和時間範圍。這樣校園就會保持牙齒衛生和牙齒協助。所以它並不能完全代表那個校園的情況。

But generally speaking, the ramp of the program will look similar to that. We will run the program. We are administering the student finances, et cetera. Heartland will be providing financial assistance to the students, both in form of scholarships as well as backing the student loans similar to what Department of Ed and Title IV, but there will be private loans.

但一般來說，程式的斜坡看起來與此類似。我們將運行該程式。我們正在管理學生財務等。Heartland 將為學生提供經濟援助，包括獎學金和學生貸款，類似於教育部和第四章，但也會有私人貸款。

And we keep all the economics once it's open. So the deal is we run it, we staff it, we're responsible for all the regulatory requirements, et cetera. We'll monitor outcomes. We'll ensure we're meeting the outcome standards and all the things required around that, and then we keep the economics there.

一旦開放，我們將保留所有經濟利益。所以問題是我們負責運作它，我們配備員工，我們負責所有的監管要求，等等。我們將監測結果。我們將確保我們滿足結果標準以及所有相關要求，然後我們將經濟保持在那裡。

The economics will change once we are Title IV eligible as we are offering more of a discounted -- because it's cash pay, and dental hygiene is an average $85,000 or so two-year program, dental assisting obviously much less expensive. But once it will be discounted relative to that under the cash pay model, and then we'd flip back to more of our standard pricing for dental hygiene and dental assisting post Title IV. (Multiple speakers)

一旦我們符合 Title IV 資格，經濟狀況就會發生變化，因為我們提供更多折扣 - 因為它是現金支付，而牙科保健是平均 85,000 美元左右的兩年計劃，牙科協助顯然要便宜得多。但一旦相對於現金支付模式有所折扣，我們就會回到第四條後更多的牙科衛生和牙科協助標準定價。（多位發言者）

Yes, that's really helpful. And then on the North Star next phase, you talked about six program expansions per year. Is that a total of six or it's six across a number of campuses?

是的，這確實很有幫助。然後在北極星下一階段，您談到了每年六次計劃擴展。是總共六個還是多個校區都有六個？

Well, it's a minimum of six, and thrilled that Troy let me put the word minimum in there. It's a minimum of six, and it is across both divisions and it's an average. Obviously, we won't be launching as many programs in Concorde earlier, but over that time period, we just wanted to put a marker out there for you that you could see.

嗯，至少是六個，很高興特洛伊讓我把「最少」這個詞放在那裡。至少有六個，而且是兩個部門的平均數。顯然，我們不會早些時候在協和飛機上啟動那麼多程序，但在那段時間裡，我們只是想在外面放一個標記，讓您可以看到。

Obviously in the later years, we'll be looking at being more aggressive across both of the divisions. There's still a lot of opportunity to bring the MIT programs onto the UTI campuses, which will be most of what's initially launched in '25, '26, '27. And then the opportunity to bring new programs onto the Concorde campuses is something that we're looking forward to, specifically nursing, because nursing is only on a few of their campuses right now. So that's what's built into that.

顯然，在接下來的幾年裡，我們將考慮在這兩個部門更加積極進取。仍有許多機會將麻省理工學院的計畫引入 UTI 校園，這將是 25 年、26 年、27 年最初推出的大部分計畫。然後，我們期待有機會將新項目引入協和機場校園，特別是護理項目，因為目前只有少數幾個校園提供護理項目。這就是其中的內容。

Great. Thank you so much. I'll jump back into the queue.

偉大的。太感謝了。我會跳回隊列。

Great.

偉大的。

Thank you, Steve.

謝謝你，史蒂夫。

Raj Sharma, B. Riley.

拉傑·夏爾馬，B.萊利。

Yes. Thank you for taking my questions. Congratulations on the good results. So my first question is on the starts. You had guided overall starts to about 5% for Q3. Overall, they seem to be in line. Obviously, the UTI is lower -- what you've been guiding. So can you speak on the trajectory and the environment of enrollment here?

是的。感謝您回答我的問題。恭喜取得好成績。所以我的第一個問題是關於開始的。您指導第三季的整體開工率約為 5%。總體而言，他們似乎是一致的。顯然，UTI 較低——正如您所指導的那樣。那麼您能介紹一下這裡的招生軌跡和環境嗎？

And you're seeing the -- is the shift -- the shift seems to be about 580, 600 students in the June-July shift. And are you making up clearly from your guidance? You're saying you're going to hit the top line. So you are making up more than the students that you would have lost in Q3. And also how much of the start shift could you have anticipated or is this something new?

你看到的是——是輪班——六月到七月輪班似乎有大約 580、600 名學生。您的指導是否清楚地彌補了這一點？你說你將達到頂線。所以你彌補的學生比第三季失去的學生還要多。另外，您預計會有多少開始班次，或者這是新的事情？

Thanks for the question, Raj. It's Troy. We anticipated it. Is it exactly what we anticipated? Probably a little bit more than we anticipated, but we saw it building as we were working, our last call 90 days ago, beginning of May. We have pretty good insight into the funnel, and we could see the enrollments piling up more in July than again in that last June start to the question I answered earlier.

謝謝你的提問，拉吉。這是特洛伊。我們預料到了。真的是我們預想的那樣嗎？可能比我們預期的要多一點，但我們在工作時看到了它的建立，我們最後一次通話是在 90 天前，即 5 月初。我們對漏斗有很好的洞察力，我們可以看到 7 月份的註冊人數比去年 6 月份的註冊人數還要多，這是我之前回答的問題的開始。

That's just a hard start to get high school students specifically, really focused on -- given they're just finishing school, given going into July 4 holiday, et cetera, et cetera. So anyway, we put a lot of effort into trying to fill that start in prior years, and our resources were really focused on working down the FAFSA simplification rollout and the backlogs associated with that.

對於高中生來說，這只是一個艱難的開始，因為他們剛完成學業，即將進入 7 月 4 日假期，等等。因此，無論如何，我們在前幾年投入了大量精力來填補這一空白，我們的資源真正集中在解決 FAFSA 簡化部署以及與之相關的積壓工作上。

So it is entirely made up in July. In fact, it's more than made up in July for UTI specifically. And again, we see approximately 10% for the full year will be double digit in the fourth quarter. It was, I think 16% and 17% in Q1 and Q2. So it's 100% a timing shift and literally last start in June to first start in July. And again, we anticipated that.

所以七月就完全補好了。事實上，7 月的泌尿道感染已經得到了彌補。同樣，我們預計全年約 10% 的成長率在第四季將達到兩位數。我認為第一季和第二季分別為 16% 和 17%。所以這100%是時間上的轉變，從最後一次開始是在六月到第一次開始是在七月。我們再次預料到了這一點。

On the Concorde side, just to complete the thought, we have a little bit of a different dynamic where the certain clinical programs have more starts in the third quarter, and they don't have starts or they have fewer starts in the fourth quarter. And so we saw that significant uplift in the Concorde clinical starts in the third quarter.

在協和飛機方面，為了完成這個想法，我們有一點不同的動態，某些臨床計畫在第三季度有更多的啟動，而他們在第四季度沒有啟動或啟動較少。因此，我們看到協和飛機臨床試驗從第三季開始大幅提升。

And again, overall though, still very strong growth for the year for Concorde, just timing. And you're going to hear that more from us. We didn't spend a lot of time on that last year. We didn't have the year-over-year compares and really until the last quarter, but those clinical starts are very uneven. So any given quarter, you're going to hear from us a really strong quarter or even a decline quarter on the clinical side with Concorde.

再說一遍，總體而言，協和式飛機今年的成長仍然非常強勁，時機恰到好處。您將會從我們這裡聽到更多這樣的訊息。去年我們沒有花很多時間在這上面。我們直到上個季度才進行逐年比較，但這些臨床開始非常不平衡。因此，在任何特定的季度，您都會從我們那裡聽到協和飛機臨床方面的一個非常強勁的季度，甚至是一個下降的季度。

Raj, I think the one thing that Troy alluded to in his comments that on the whole notion of that June-July piece was the new FAFSA was for students who started July 1 and beyond. And so all of these thousands of students went through the new FAFSA process in April, May, June, that painful process that was late and filled with errors, quite frankly. And we got them settled in with the new process in July.

Raj，我認為 Troy 在他的評論中提到的一件事是，就 6 月至 7 月那篇文章的整體概念而言，新的 FAFSA 是針對 7 月 1 日及以後開始的學生。因此，所有這數千名學生在四月、五月、六月經歷了新的 FAFSA 流程，坦白說，這個痛苦的過程遲到了，而且充滿了錯誤。我們在七月讓他們適應了新流程。

And traditionally, what we do then is then start moving them back to June to get them started a little early, help us with our capacity, help us with a whole number of things. This year, because it was the brand-new FAFSA, that would have meant asking them and their families to go back and fill out the old FAFSA again so that we could get them started the last week in June.

傳統上，我們所做的就是開始將它們移回六月，讓它們早點開始，幫助我們提高能力，幫助我們處理很多事情。今年，因為是全新的 FAFSA，這意味著要求他們和他們的家人回去再次填寫舊的 FAFSA，以便我們可以讓他們在 6 月的最後一周開始工作。

And after what they had gone through on the new one, we just weren't going to do that. We're afraid we'd potentially lose them or something like that. So as Troy said, more than made up in July. We're happy with the trajectory we're having, but this was a particular year because of the FAFSA change that -- can we say that that's because of the delays? No. But we can say it's because of the complications and because of the transition.

在他們經歷了新的事情之後，我們就不打算這樣做了。我們擔心我們可能會失去他們或類似的事情。正如特洛伊所說，七月彌補的還不夠。我們對目前的發展軌跡感到滿意，但今年是特殊的一年，因為 FAFSA 做出了改變——我們可以說這是因為延誤嗎？不。但我們可以說是因為複雜性和過渡。

Got it. That's very helpful. Thank you. And then on the North Star strategy, the timeline of the new campuses, I know you haven't announced the dates. That's relative to the ones that -- the new ones that are already on track.

知道了。這非常有幫助。謝謝。然後關於北極星戰略，新校區的時間表，我知道你還沒有宣布日期。這是相對於那些已經步入正軌的新項目而言的。

And then I just wanted to understand your guide. You are kind of soft guiding to a 10% CAGR on the revenues. But if you take a mid-single-digit start growth and a tuition increase of what you've had in the past, I mean, that alone accounts for about 8%. So if you add -- I guess what I'm getting to is the 10% CAGR a conservative sort of number if you add the two new campuses every year with six new programs?

然後我只是想了解你的指南。你是一種軟性指導，以實現 10% 的收入複合年增長率。但如果你考慮到過去的中個位數成長和學費成長，我的意思是，僅此一項就佔了 8% 左右。所以，如果你加上——我想如果你每年增加兩個新校區和六個新項目，那麼 10% 的複合年增長率是一個保守的數字？

Well, a couple things. Number one, generally speaking, our organic growth, we never predict it to be much more than low to mid single digits. And therefore, no, we're not -- we don't load in 5% organic growth in a model. It's below that. But the way to look at that would be the low to mid single digits, adding six programs, adding two campuses, gets you to right around that 10% mark.

嗯，有幾件事。第一，一般來說，我們的有機成長，我們從未預測它會超過中低個位數。因此，不，我們不會——我們不會在模型中加載 5% 的有機增長。就在那個之下。但看待這個問題的方法是低到中個位數，增加六個項目，增加兩個校區，就可以達到 10% 左右的水平。

And I think one of the differences between what we've been saying and what we're saying now with more of the details in place is that one of the things we've been saying pretty clearly through the quarters is that we think the combination of UTI and Concorde is a business that's somewhere in the mid to high teens in terms of EBITDA. And now we're saying we feel it's closer to 20%, and that's an improvement of what we've seen in terms of as we move forward.

我認為我們一直所說的和我們現在所說的更多細節之間的區別之一是，我們在整個季度中非常清楚地說過的一件事是，我們認為結合UTI 和Concorde 的EBITDA 處於中高位。現在我們說我們感覺它接近 20%，這是我們在前進過程中所看到的進步。

Yes. The one thing I'll add, Raj, is that if you think about the trajectory, so '24 to '25, we've already said approximately 10%. We probably -- because we -- the program, any programs we launch at this point in '25 would be very late in '25, and the campuses would be -- we're hopeful maybe one in the second quarter of '26 and then one in the third quarter, early fourth quarter. So not a huge amount of impact on '26, and then again programs sort of phasing in.

是的。Raj，我要補充的一件事是，如果你考慮一下軌跡，那麼從 24 到 25，我們已經說過大約 10%。我們可能 - 因為我們 - 該計劃，我們在 25 年此時啟動的任何計劃都會在 25 年很晚，而校園 - 我們希望可能在 26 年第二季度推出一個計劃然後是第三季度、第四季度初。因此，對 26 年的影響並不大，然後計畫又開始逐步實施。

So we probably pulled back a little bit in that '26, '27 timing, and then it accelerates, right? So we're not necessarily 10% every year. Maybe it's 10% and then 7%, 8%, 9%, and then 11%, 12%. It starts accelerating in that '27, '28, '29 time horizon to get to that 10% CAGR.

所以我們可能會在 26 年、27 年時間上稍微推遲一點，然後加速，對嗎？所以我們不一定每年都是10%。也許是10%，然後是7%、8%、9%，然後是11%、12%。它在 27 年、28 年、29 年時間範圍內開始加速，達到 10% 的複合年增長率。

Got it. Thank you. Very helpful. I'll take my questions offline. Thank you.

知道了。謝謝。非常有幫助。我會離線提問。謝謝。

Great. Thank you.

偉大的。謝謝。

Eric Martinuzzi, Lake Street.

埃里克·馬丁努齊，湖街。

Yes. Just interested in your thoughts on the most recent unemployment report, the job growth a little bit below what people were expecting, unemployment a little bit higher. That's the macro. But from your perspective on the micro side, are you seeing anything, not necessarily with your high school pipeline but with your adult learner pipeline?

是的。只是想知道您對最新失業報告的看法，就業成長略低於人們的預期，失業率略高。這就是宏。但從微觀角度來看，您是否看到了什麼，不一定是高中管道，而是成人學習者管道？

Hey, Eric. Good to hear from you. It's Jerome. Number one, one of the things we've said is when it starts to move, there's usually a lag somewhere in the 90 to 160 days when you start to see -- you potentially start to see impact when the unemployment rate starts to rise. And so we're seeing the signaling out there that things are tightening up, but it's too new to be able to point to a number and say that.

嘿，艾瑞克。很高興收到你的來信。是傑羅姆。第一，我們說過的一件事是，當它開始移動時，通常會在 90 到 160 天的時間內出現滯後，當你開始看到失業率開始上升時，你可能會開始看到影響。因此，我們看到了情況正在收緊的信號，但它太新了，無法指出一個數字並這麼說。

We are seeing that our interest is on the rise. We continue to see strong double-digit growth of our inquiries. And our conversion rates are very, very strong, so we feel good about that. But I can't yet call that what we just saw published has already seen the uptick. It's just a leading indicator, which is a strong indication in our part of the market that things tend to move in that direction.

我們看到我們的興趣正在上升。我們的詢問量持續呈現兩位數的強勁成長。我們的轉換率非常非常高，所以我們對此感覺很好。但我還不能說我們剛剛發布的內容已經出現了上升。這只是一個領先指標，在我們的市場中，這是一個強烈的跡象，表明事情往往會朝這個方向發展。

Got it. As far as the North Star, this is an organic plan, this Phase 2. Curious to know, what is your expectation? And I know it can change based on a single phone call, but M&A is part of that build from $800 million to $1.1 billion. Is there anything that closes that gap significantly that's maybe somebody you've had conversations with that have started to heat up?

知道了。就北極星而言，這是一個有機計劃，第二階段。很想知道，你的期望是什麼？我知道這可能會因為一個電話而改變，但併購是從 8 億美元到 11 億美元的過程的一部分。有沒有什麼可以顯著縮小這種差距（也許是與您交談過的人已經開始升溫）？

Well, first of all, I just want to make sure you're clear. M&A has nothing to do with the $800 million to $1.1 billion. It is an organic plan that we put out in the market. So everything that we signal are things that we've been doing very successfully for the last five years: opening new campuses, starting new programs, becoming more efficient with our marketing, and the things that do more margin expansion, et cetera. So any M&A activity would actually be additive to what we're talking about.

好吧，首先，我只是想確保你清楚。併購與8億至11億美元無關。這是我們向市場推出的有機計劃。因此，我們所暗示的一切都是我們在過去五年中一直非常成功地做的事情：開設新園區，啟動新項目，提高行銷效率，以及擴大利潤率的事情等等。因此，任何併購活動實際上都會成為我們所討論的內容的補充。

So just wanted to put that qualifier in there that none of it is assumed in the plan. And I think I could probably only reiterate where we are right now, which is we have been having conversations with a number of folks, but nothing to talk about right now.

所以只是想把限定符放在那裡，計劃中沒有假設它。我想我可能只能重申我們現在的處境，即我們一直在與許多人進行對話，但現在沒有什麼可談的。

And also, I think my -- the way I look at it is we want to be very, very opportunistic but very strategic in our thinking. We are looking for things that complement what we are doing, whether it's from a geographic perspective or from a program perspective with particular attention continuing to be focused in healthcare.

而且，我認為我的看法是，我們希望非常非常機會主義，但在我們的思維中非常具有戰略意義。我們正在尋找能夠補充我們正在做的事情的東西，無論是從地理角度還是從專案角度，特別關注繼續關注醫療保健。

We had said before that nursing is a strong focus of where we'd like to see ourselves move both organically once the growth restrictions have been lifted, but inorganically in the short term. So nothing to announce right now, but we remain active in conversations, and we'll let you know if anything percolates to that point.

我們之前說過，護理是一個重點，我們希望看到自己在成長限制解除後有機地發展，但在短期內無機地發展。因此，現在沒有什麼可宣布的，但我們仍然積極參與對話，如果有任何進展，我們會通知您。

Got it. Thanks for taking my questions.

知道了。感謝您回答我的問題。

Sure. Thank you, Eric.

當然。謝謝你，埃里克。

This concludes our question-and-answer session. I would like to turn the conference back over to Jerome Grant for any closing remarks.

我們的問答環節到此結束。我想將會議轉回傑羅姆·格蘭特（Jerome Grant）發表閉幕詞。

Thank you very much, and I appreciate those great questions and the attention. Sorry, we took a little more time. We wanted to spend a little more time talking about our longer-range plans. With that, we'll close the call. We look forward to meeting with all of you over the next couple days and reporting back again in three months. Thanks, and have a great evening.

非常感謝您，我很感謝這些好問題和關注。抱歉，我們多花了一些時間。我們想花更多時間討論我們的長期計劃。這樣，我們就結束通話了。我們期待在接下來的幾天內與大家見面，並在三個月後再次報告。謝謝，祝您有個美好的夜晚。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。