Universal Technical Institute, Inc. (UTI) 2026 Q3 法說會逐字稿

Good day, and welcome to the Universal Technical Institute's third-quarter 2026 earnings conference call. (Operator Instructions) Please note that today's event is being recorded.

大家好，歡迎參加 Universal Technical Institute 2026 會計年度第三季財報電話會議。(接線員指示) 請注意，今天的活動將被錄音。

I would now like to turn the conference over to Matt Kempton, Vice President, Corporate Finance and Investor Relations. Please go ahead.

現在我想把會議交給企業財務與投資人關係副總裁 Matt Kempton。請開始。

Hello, and welcome to Universal Technical Institute's Fiscal third-quarter 2026 earnings call. Joining me today are our CEO, Jerome Grant; and CFO, Bruce Schuman. 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.

各位好，歡迎參加 Universal Technical Institute 2026 會計年度第三季財報電話會議。今天與我一同出席的有我們的執行長 Jerome Grant，以及財務長 Bruce Schuman。在我們的準備發言之後，我們將開放提問。本次電話會議的重播、逐字稿以及投資人簡報，將與我們今天稍早發布並提交給 SEC 的財報新聞稿一同，存檔於我們網站 investor.uti.edu 的投資人關係專區。

During this call, we may make comments that contain forward-looking statements as defined in the Private Securities 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前瞻性陳述的評論，其定義依據 1995 年《私人證券訴訟改革法》，這些陳述本質上涉及未來且具有不確定性。這些陳述反映管理層目前的信念與預期，並受多項因素影響，可能導致實際結果與這些陳述存在重大差異。

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財報新聞稿與 SEC 申報文件中所討論的內容。這些陳述不保證未來表現，因此不應過度依賴。除非法律要求，否則我們無意因新資訊或未來發展而更新這些前瞻性陳述。

Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of fiscal 2025. 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. All non-GAAP financial measures referenced in today's call are reconciled in our earnings press release to the most directly comparable GAAP measure.

請注意，除非另有說明，本次電話會議中的所有比較皆以 2025 會計年度同期結果為基準。今天所呈現的資訊亦包含非 GAAP 財務衡量指標。這些指標應作為補充，而非替代公司依據美國 GAAP 編製並揭露的結果。今天電話會議中提及的所有非 GAAP 財務衡量指標，均已在我們的財報新聞稿中與最直接可比的 GAAP 指標進行調節。

For information regarding definitions of our non-GAAP measures, please see our earnings release, financial supplement and investor presentation.

關於我們非 GAAP 指標的定義，請參閱我們的財報新聞稿、財務補充資料與投資人簡報。

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

接下來，我將把電話會議交給 Universal Technical Institute 執行長 Jerome Grant 進行準備發言。Jerome？

Thank you, Matt. Good afternoon, everyone, and thank you for joining us. The third quarter was another strong quarter for Universal Technical Institute and reinforces our confidence in both the environment for job demand for our students as well as student interest in our program offerings. Despite some shorter-term challenges we will discuss, we remain extremely confident in the strength of our long-term North Star strategy. driven by the strength of our new campuses and programs as well as stronger-than-expected interest in our skilled trades programs, we exceeded expectations for new student starts this quarter, generating 11% year-over-year growth, with a particularly strong contribution from UTI division, which increased 23% year over year.

謝謝你，Matt。各位下午好，感謝各位加入我們。第三季對 Universal Technical Institute 而言再次是強勁的一季，並強化了我們對學生就業需求環境以及學生對我們課程方案興趣的信心。儘管我們將討論一些較短期的挑戰，我們仍對長期的 North Star 策略實力充滿信心。在新校區與新課程的帶動，以及技職（skilled trades）課程需求高於預期的推升下，本季新生開課人數（new student starts）超出預期，年增 11%；其中 UTI 事業部貢獻尤為突出，年增 23%。

Average full-time active students increased 6%, reflecting continued enrollment growth across both UTI and Concorde divisions. Revenue grew 7% year over year to $219 million. Baseline adjusted EBITDA for the third quarter was $27 million. Our SEC reported adjusted EBITDA for the quarter was $18 million due to $9 million in strategic growth investments. These results continue to validate the strategy we've been executing over the past several years and reinforced that the underlying demand environment remains exceptionally healthy.

平均全職在學活躍學生人數增加 6%，反映 UTI 與 Concorde 兩個事業部的持續招生成長。營收年增 7% 至 2.19 億美元。第三季基準調整後 EBITDA（Baseline adjusted EBITDA）為 2,700 萬美元。本季依 SEC 口徑揭露的調整後 EBITDA 為 1,800 萬美元，主要因為我們投入 900 萬美元的策略性成長投資。這些結果持續驗證我們過去數年所執行的策略，並再次證明整體需求環境依然非常健康。

Across the industries we serve, employers continue to face significant shortages of skilled workers, whether we're speaking with automotive dealers, manufacturers, health care systems, electrical contractors or industrial employers, the message is consistent. Demand for qualified skilled graduates continues to far exceed the available supply. That sustained supply and demand imbalance has created a durable and attractive backdrop for our business.

在我們所服務的各個產業中，雇主仍持續面臨嚴重的技術人才短缺；無論我們與汽車經銷商、製造商、醫療體系、電氣承包商或工業雇主交流，訊息都一致。對合格技術畢業生的需求仍遠遠超過可供給的人才。這種持續的供需失衡，為我們的業務創造了穩健且具吸引力的長期背景。

We are seeing particularly strong momentum across skilled trades, where infrastructure investment, domestic manufacturer, energy projects and data center construction continue to drive demand for electricians, HVAC, tech, welders, industrial maintenance professionals and other skilled workers. Nearly every week, you will read articles in major print and digital publications such as the Wall Street Journal, New York Times, Forbes and Bloomberg Businessweek about both the increasing demand for and accelerating interest in the trades. These trends further reinforce that the investments we've made to expand our Skilled Trades offerings were the right strategic decision.

我們在技職領域看到特別強勁的動能；基礎建設投資、國內製造業、能源專案以及資料中心建設，持續推升對電工、HVAC 技師、焊工、工業維修專業人員及其他技術工種的需求。幾乎每週你都會在《華爾街日報》、《紐約時報》、Forbes 與 Bloomberg Businessweek 等主要紙本與數位媒體上讀到相關報導，內容聚焦於技職需求的增加以及對技職的興趣加速升溫。這些趨勢進一步證明，我們為擴大技職課程所做的投資，是正確的策略性決策。

The demand for skilled health care workers also remains quite strong, with providers continuing to face staffing shortages across many of the disciplines we serve. We're seeing particularly strong momentum in our radiology technician programs where enrollment and demand have ramped rapidly. Now at the same time, employer demand for transportation technicians remains exceptionally robust. For example, there are more than twice as many open positions on our campus job boards than the number of automotive or diesel graduates we produce. And the Bureau of Labor Statistics is projecting tens of thousands of job openings in this space.

對技術型醫療人員的需求也仍相當強勁，醫療提供者在我們所服務的多個專業領域持續面臨人力短缺。我們在放射技術員（radiology technician）課程看到特別強的動能，招生與需求快速攀升。同時，雇主對運輸維修技術員的需求依然極為強勁。例如，我們校園職缺看板上的開放職缺數量，超過我們所培育的汽車或柴油相關畢業生人數的兩倍以上。而美國勞工統計局（Bureau of Labor Statistics）也預估此領域將有數以萬計的職缺。

Several years ago, we made the decision to expand beyond transportation because we believe that the long-term workforce education opportunity was much broader.

數年前，我們做出將業務擴展至運輸領域以外的決策，因為我們相信長期的人才教育機會遠比這更廣泛。

Today, we have the programs, campuses and employer relationships in place to meet the evolving student demand. As students increasingly gravitate towards our skilled trades offering, our newer campuses, capacity expansions of skilled trades offering and recently launched programs continue to outperform both our plan and market expectations. These results further validate the diversification strategy we've been executing throughout North Star. And because we move aggressively and invested ahead of where the student demand is moving, we are well positioned to capture those opportunities while continuing to support the needs of our employer partners in all industries we serve.

如今，我們已具備相應的課程、校區與雇主合作關係，以滿足不斷演變的學生需求。隨著學生愈來愈傾向選擇我們的技職課程，我們較新的校區、技職課程的產能擴充，以及近期推出的新課程，持續表現優於我們的計畫與市場預期。這些結果進一步驗證了我們在 North Star 策略下持續推進的多元化布局。而由於我們積極行動並在學生需求轉移之前提前投資，我們已具備良好定位以掌握這些機會，同時持續支援我們在各服務產業中的雇主夥伴需求。

While we've had strong year-to-date results and the overall demand environment remains exceptionally healthy, we have unfortunately seen some near-term softness in our UTI division's high school channel relative to our original expectations. Specifically, fourth quarter UTI high school starts, which are primarily weighted towards auto and diesel programs are tracking below our initial outlook. This year's UTI division lead flow is up over 15%. And candidly, we simply did not get to all the prospective students who expressed interest, but we view this as a near-term opportunity to improve execution, especially within this channel. We are proactively taking steps to strengthen our engagement with prospective students and improve conversion through the enrollment process.

儘管我們年初至今的表現強勁，且整體需求環境仍非常健康，但很遺憾地，我們在 UTI 事業部的高中通路（high school channel）相較原先預期出現了一些短期疲弱。具體而言，UTI 第四季的高中新生開課人數（high school starts）—主要集中在汽車與柴油課程—目前低於我們最初的展望。今年 UTI 事業部的潛在客戶線索流量（lead flow）成長超過 15%。坦白說，我們未能接觸到所有表達興趣的潛在學生；但我們將此視為短期內改善執行力的機會，特別是在此通路上。我們正主動採取措施，加強與潛在學生的互動，並在招生流程中提升轉換率。

To address this, this summer, we are increasing our admission staffing dedicated to the high school channel by approximately 20%.

為了因應此情況，今年夏天我們將專責高中通路的招生人員編制增加約 20%。

We've largely completed this initiative, putting us on strong footing heading into fiscal 2027. These staffing additions will improve our conversion and better serve the needs of our employer partners. As previously noted, we also experienced stronger-than-expected student interest in our skilled trades offerings. As a result, we saw more enrollment growth than originally anticipated in these programs, which are shorter in duration, delivering marginally less revenue and profit than some of our other offerings like automotive and diesel. We are continuously refining our pricing strategies and strengthening the value proposition across our portfolio to ensure our programs remain aligned with employer needs, evolving student demand and long-term market opportunities.

我們已大致完成這項計畫，讓我們在邁入 2027 會計年度時具備更穩固的基礎。這些人力增補將提升轉換率，並更好地滿足我們雇主夥伴的需求。如先前所述，我們也看到學生對技職課程的興趣強於預期。因此，這些課程的招生成長高於原先預估；由於其課程期間較短，相較於汽車與柴油等其他課程，帶來的營收與獲利略低。我們正持續精進定價策略，並強化整體課程組合的價值主張，以確保我們的課程能與雇主需求、學生需求的演變以及長期市場機會保持一致。

Collectively, these actions position us to more optimally balance enrollment opportunities across the portfolio, improve execution and enhance profitability over time. Although these efforts won't materially change the financial outcome for fiscal 2026, they reinforce our confidence in the opportunities ahead and strengthen our outlook as we enter fiscal 2027.

綜合而言，這些行動使我們能更有效地在整體課程組合中平衡招生機會、提升執行力，並隨時間推進改善獲利能力。雖然這些努力不會對 2026 會計年度的財務結果造成重大改變，但它們強化了我們對未來機會的信心，並在邁入 2027 會計年度之際提升我們的展望。

With that backdrop, let me provide some additional context on our full year outlook. Entering 2026. And as we communicated with you throughout the year, we expected a strong fourth quarter contribution from the UTI high school channel. But as I mentioned, those new student starts are coming in softer than anticipated. As a result, this and to a smaller degree, the faster-than-expected increase in student interest in our skilled trades programs over transportation offering are impacting our fiscal 2026 expectations.

在此背景下，讓我就我們的全年展望提供一些補充說明。進入 2026 年。正如我們在全年與各位溝通的，我們原本預期 UTI 高中通路在 2026 會計年度第四季將有強勁貢獻。但如我所提到的，新生開課人數的表現低於預期。因此，這一點以及（影響程度較小的）學生對我們技職課程相較於運輸類課程的興趣增長快於預期，正在影響我們對 2026 會計年度的預期。

And let me make this clear. This is only about our near-term financial outlook. While we are updating our fiscal 2026 financial guidance, we are really adjusting expectations for Q4 2026. We now anticipate generating consolidated revenue between $893 million and $900 million, reflecting approximately 7% year-over-year growth. Baseline adjusted EBITDA is now expected to exceed $135 million and reported adjusted EBITDA to between $100 million and $103 million due to approximately $35 million of growth investments.

我想把話說清楚。這僅關乎我們的短期財務展望。雖然我們正在更新 2026 會計年度的財務指引，但實際上我們是在調整對 2026 年第四季的預期。我們目前預期合併營收介於 8.93 億至 9.00 億美元，約為年增 7%。基準調整後 EBITDA 現預期將超過 1.35 億美元；而因約 3,500 萬美元的成長投資，報告口徑的調整後 EBITDA 預期為 1.00 億至 1.03 億美元。

We're also tightening the range of our new student starts, which are now expected to be between 31,900 and 32,300. I want to emphasize that these fiscal 2026 adjustments in no way whatsoever alter our confidence and the result of the financial targets we've outlined for Phase 2 of our North Star strategy. We remain confident in both our medium- and long-term projections, which means we are still firmly on track to exceed $1.2 billion in revenue and approach $220 million in adjusted EBITDA in 2029. Bruce will walk through our updated guidance in more detail, but we remain confident in North Star financial targets and the significant long-term opportunity in front of us.

我們也收窄新生開課人數的區間，目前預期介於 31,900 至 32,300 人。我要強調，這些 2026 會計年度的調整，完全不會改變我們對北極星（North Star）策略第二階段所提出財務目標的信心與判斷。我們對中期與長期預測仍具信心，這表示我們仍穩健朝著在 2029 年營收超過 12 億美元、調整後 EBITDA 接近 2.20 億美元的目標前進。Bruce 將更詳細說明我們更新後的指引，但我們仍對北極星財務目標以及眼前重大的長期機會充滿信心。

The objective of the second phase of our North Star strategy was to build a larger, more diversified workforce education platform with a durable growth engine. This quarter is another proof point that, that strategy is working. Our new campuses continue to outpace expectations. For example, the first start at our newly launched UTI Atlanta campus in July performed exceptionally well, tracking 30% ahead of expectations. Additionally, the strength of UTI San Antonio, which opened in the spring has not slowed.

北極星策略第二階段的目標，是打造一個規模更大、更多元的職能教育平台，並具備可持續的成長引擎。本季再次證明這項策略正在奏效。我們的新校區持續優於預期。例如，我們於 7 月新啟用的 UTI 亞特蘭大校區首波開課表現非常出色，進度較預期高出 30%。此外，於春季開設的 UTI 聖安東尼奧校區的強勁表現也未見放緩。

To date, new student starts are tracking roughly 40% ahead of the launch model. The early strong performance of both UTI San Antonio and UTI Atlanta gives us confidence these locations have the potential to ramp to scale faster and perhaps above their projected mature run rates of approximately 800 and more than 1,500 students annually, respectively.

截至目前，新生開課人數約較啟動模型高出 40%。UTI 聖安東尼奧與 UTI 亞特蘭大兩地的早期強勁表現，讓我們有信心這些據點有機會更快擴張至規模，甚至可能高於其預估成熟期年化運行水準——分別約 800 名與超過 1,500 名學生。

Looking ahead, we continue to make excellent progress on our fiscal 2027 campus pipeline. Construction and planning activities are advancing as expected, and we recently announced the campus presidents for our new UTI campus in Salt Lake City and our new Concorde campuses in both Houston and the Phoenix metropolitan areas. These new locations represent another significant opportunity to expand reach into attractive and underserved markets. Our comprehensive UTI campus in Salt Lake City, like Atlanta is designed to support approximately 1,500 students while each of the new Concorde campuses to open in Houston, Atlanta and Glendale, Arizona, are expected to serve roughly 600 students each.

展望未來，我們在 2027 會計年度的校區管線持續取得極佳進展。施工與規劃工作如預期推進，我們也近期宣布了新 UTI 鹽湖城校區，以及位於休士頓與鳳凰城都會區的新 Concorde 校區之校長人選。這些新據點代表另一項重大機會，可將觸角延伸至具吸引力且服務不足的市場。我們在鹽湖城的綜合型 UTI 校區（如同亞特蘭大）設計可支援約 1,500 名學生；而預計在休士頓、亞特蘭大與亞利桑那州格蘭岱爾（Glendale）開設的各新 Concorde 校區，預期每一校區約可服務 600 名學生。

With all three of our new fiscal 2026 campuses now open and four campuses getting ready to launch in fiscal 2027, we remain firmly on track with our North Star operational targets. To reiterate, we plan to open a minimum of two and up to five new campuses annually, while replicating 12 to 20 new programs annually across the legacy UTI and Concorde campuses each fiscal year. With respect to program replications, this year, we're on track to launch more than 20 new programs across UTI and Concorde, making fiscal 2026 one of the most active years for program replications in our history. At the UTI division, we've continued to build on the red hot demand for our skilled trades offerings while strengthening our position in aviation. With 12 new programs on existing UTI campuses across HVAC, our electrical suite, and aviation maintenance in 2026.

隨著我們 2026 會計年度新增的三個校區皆已開幕，且有四個校區正準備於 2027 會計年度啟動，我們仍穩健達成北極星的營運目標。再次重申，我們計畫每年新開至少 2 所、最多 5 所校區，同時在每個會計年度於既有 UTI 與 Concorde 校區複製推出 12 至 20 個新課程。就課程複製而言，今年我們可望在 UTI 與 Concorde 推出超過 20 個新課程，使 2026 會計年度成為我們歷史上課程複製最活躍的年度之一。在 UTI 事業部，我們持續乘著技職課程的火熱需求，同時強化我們在航空領域的布局。2026 年將在既有 UTI 校區新增 12 個課程，涵蓋 HVAC、電工課程組合，以及航空維修。

Most recently, we completed the nationwide rollout of our electric vehicle and hybrid curriculum and added HVAC/R to the UTI Lyle campus.

最近，我們完成了電動車與油電混合車課綱的全國性推廣，並在 UTI Lyle 校區新增 HVAC/R 課程。

On the Concorde side, we set out to launch 10 program replications this year. And as of today, we've actually successfully launched 12 programs across the health care campuses. These programs include dental assistant, diagnostic medical sonography pharmacy technician radiology technician and surgical technician. Over the last several years, we have successfully executed the first two pillars of the North Star strategy, growth and diversification. We fundamentally transformed Universal Technical Institute from a primarily transportation-focused education company into a diversified workforce education platform serving transportation, the skilled trades, health care and the dental markets.

在 Concorde 方面，我們原本設定今年要推出 10 個課程複製。而截至今日，我們實際上已在醫療保健校區成功推出 12 個課程。這些課程包括牙科助理、診斷醫學超音波、藥局技術員、放射技術員以及外科技術員。過去幾年，我們已成功落實北極星策略的前兩大支柱：成長與多元化。我們從根本上將 Universal Technical Institute 由以運輸領域為主的教育公司，轉型為多元化的職能教育平台，服務運輸、技職、醫療保健與牙科市場。

A major catalyst in that transformation was our acquisition of Concorde Career Colleges, which unlock an entirely new market as we made our entrance into health care and broaden our addressable market.

推動這項轉型的一大催化劑，是我們收購 Concorde Career Colleges，這使我們得以切入全新市場、進軍醫療保健領域，並擴大我們的可服務市場（TAM）。

From the beginning, we took a deliberate approach to integration, preserving the strength and brands of both organizations while creating infrastructure needed to support a larger, more diversified company. That approach has worked brilliantly and has enabled us to expand our campus footprint, launch dozens of new programs, increased student capacity and establish a stronger enterprise. As we continue to scale, we've reached an important inflection point, where we believe we can better leverage the capabilities we've built across the organization. As I mentioned last quarter, we're increasingly operating as one enterprise with two highly respected brands serving distinct markets. The North Star strategy, as we've repeatedly shared with you, has three components: growth, diversification and optimization.

自一開始，我們便採取審慎的整合方式：在保留兩個組織各自優勢與品牌的同時，建立支援更大、更多元公司所需的基礎設施。這個方法成效卓著，使我們得以擴大校區版圖、推出數十個新課程、提升學生容納量，並建立更強健的企業體質。隨著我們持續擴張，我們已來到一個重要的拐點：我們相信能更有效運用在全組織所建立的能力。如我在上季所提到的，我們正日益以單一企業運作，同時擁有兩個在各自市場備受尊敬的品牌。北極星策略，如我們多次與各位分享的，包含三個組成：成長、多元化與最佳化。

To date, the third leg of the North Star has been focused on optimizing how we operate behind the scenes by unifying supporting capabilities and simplifying operations. And the culmination of a year-long strategic initiative, as of the end of July, we are now operating all of our programs within both of our brands under one enterprise operating model. This is an important planned step in the evolution of our company.

截至目前，北極星的第三支柱聚焦於在幕後最佳化我們的營運方式，透過整合支援能力並簡化作業。作為一項為期一年的策略計畫之成果，截至 7 月底，我們已在單一企業營運模式下運作兩個品牌的所有課程。這是公司演進過程中一項重要且按計畫推進的步驟。

By unifying the capabilities we've developed across both UTI and Concorde brands, we can simplify how we operate, improve student acquisition, and better align our resources behind the highest return opportunities across our businesses.

透過整合我們在 UTI 與 Concorde 兩個品牌所建立的能力，我們能簡化營運方式、提升學生招募成效，並更好地將資源配置於各業務中報酬最高的機會。

Many of these opportunities ahead are enterprise-wide. Whether it's adapting to change in the digital marketing landscape, leveraging the power of artificial intelligence to enhance student acquisition, deepening employer partnerships or supporting future campus expansion, we believe a more unified approach will allow us to move faster and execute more effectively. What does not change in this unification is the strength of our customer-facing brands, UTI and Concorde have tremendous brand equity in respective markets, and we will continue to preserve what makes each institution unique while leveraging the capabilities we have cultivated.

未來許多機會是全企業層級的。無論是因應數位行銷環境的變化、運用人工智慧的力量提升學生招募、深化雇主合作夥伴關係，或支援未來校區擴張，我們相信更一致的做法將使我們能更快行動並更有效執行。在這次整合中不變的是我們面向客戶的品牌實力：UTI 與 Concorde 在各自市場擁有深厚的品牌資產，我們將持續保留各機構的獨特性，同時運用我們所培養的能力。

One area where this is particularly relevant as student acquisition. Students are increasingly using AI tools earlier in their research process, which is changing where inquiries originate and how prospective students engage with our brands. Our acquisition strategy has never depended on a single source of lead. We have built a diversified model that spans paid search, social, organic discovery, admissions outreach, referrals, nurture campaigns and other digital offline channels. That diversification has allowed us to adapt as search behaviors evolve.

其中一個特別相關的領域是學生招募。學生愈來愈早在研究階段就使用 AI 工具，這正在改變詢問（inquiries）的來源，以及潛在學生與我們品牌互動的方式。我們的招募策略從未依賴單一名單來源。我們建立了多元化模型，涵蓋付費搜尋、社群、自然探索、招生外呼、轉介、培育行銷活動，以及其他線上與線下通路。這種多元化使我們能在搜尋行為演變時持續調整與適應。

We're already seeing the resilience of our results.

我們已經看到我們業績的韌性。

At Concorde, total marketing leads increased 22% year over year, while UTI total inquiries increased 18%, demonstrating continued healthy demand across the portfolio even as students increasingly discover us through different channels. We are also continuing to strengthen our position by creating more authoritative content, optimizing our media investments, expanding third-party validation through employer relationships and earned media and enhancing how we measure performance as AI-driven discovery continues to evolve. We believe these efforts, combined with our strong brand and employer partnerships position us well to efficiently continue attracting prospective students regardless of how they choose to begin their search.

在Concorde，行銷線索總量年增22%，而UTI的總諮詢量年增18%，顯示即使學生愈來愈多透過不同管道認識我們，整體產品組合的需求仍持續健康。我們也持續透過打造更具權威性的內容、優化媒體投資、藉由雇主關係與贏得媒體擴大第三方驗證，並在AI驅動的探索持續演進之際強化我們衡量績效的方式，以進一步鞏固我們的地位。我們相信，這些努力結合我們強大的品牌與雇主合作夥伴關係，使我們能以高效率持續吸引潛在學生，不論他們選擇以何種方式開始搜尋。

Another strong area of opportunity is expanding our B2B partnerships. While each employer has unique needs, employers across the industries we serve are facing common challenges. They need more qualified talent and they need solutions that help them recruit, train and retain talent more effectively. We believe our platform positions us to play even a larger role in how we can help employers address these workforce challenges. We continue to pursue opportunities to create customized workforce solutions that expand the talent pipeline for new employer partners while deepening our relationships with our existing partners.

另一個強勁的機會領域是擴大我們的B2B合作夥伴關係。雖然每位雇主都有獨特需求，但我們所服務的各產業雇主正面臨共同挑戰。他們需要更多合格人才，也需要能協助其更有效招募、培訓並留任人才的解決方案。我們相信，我們的平台使我們能在協助雇主因應這些勞動力挑戰方面扮演更重要的角色。我們持續尋求機會打造客製化的勞動力解決方案，為新的雇主合作夥伴擴大人才管道，同時深化與既有合作夥伴的關係。

For example, we're working with several of our current transportation and skilled trades partners that need to hire hundreds of additional workers annually. A number of these partners are facing rising costs due to limited supply of qualified talent and are evaluating -- having UTI expand their bespoke training curriculum across additional campuses while supporting recruitment in student services. We're currently in conversation with a major electric vehicle manufacturer regarding this topic. Another potential partner a leading multinational company focused on electrification and industrial automation also has limited internal training capacity due to the number of facilities available to support its month-long onboarding process. This company is exploring a new broader partnership with UTI to support recruitment, training, and onboarding, while leveraging our campuses to create additional capacity.

例如，我們正與數家現有的運輸與技術工種合作夥伴合作，這些夥伴每年需要額外聘用數百名員工。其中不少夥伴因合格人才供給有限而面臨成本上升，並正在評估——由UTI將其量身打造的培訓課程擴展至更多校區，同時在學生服務方面支援招募。我們目前正就此議題與一家大型電動車製造商洽談。另一家潛在合作夥伴是一家專注於電氣化與工業自動化的領先跨國公司，由於可支援其為期一個月到職訓練流程的設施數量有限，內部培訓產能亦受限。該公司正在探索與UTI建立更廣泛的新合作關係，以支援招募、培訓與到職訓練，同時運用我們的校區創造額外產能。

We're also evaluating similar opportunities with major airlines and defense contractors that are facing increasing pressure to attract and retain the talent necessary to fulfill contract obligations. And finally, we continue to work with Heartland to address the significant demand for dental hygienists. We're currently discussing three additional co-branded Concorde campuses that would build on the success of Fort Myers location. With Concorde recruiting, training and placing students into Heartland locations nationwide. While each of these opportunities is unique, they all reinforce the same point.

我們也在評估與大型航空公司及國防承包商的類似機會，這些企業正面臨日益增加的壓力，需要吸引並留任人才以履行合約義務。最後，我們持續與Heartland合作，以因應對牙科衛生師的龐大需求。我們目前正在討論另外三個聯名品牌的Concorde校區，以延續Fort Myers據點的成功。由Concorde負責招募、培訓並將學生安置至全美各地的Heartland據點。雖然每一項機會各有不同，但它們都再次強化同一個重點。

Employers increasingly view Universal Technical Institute as a trusted workforce partner capable of helping them solve critical talent challenges. We look forward to sharing more specific details on these opportunities as they continue to develop.

雇主愈來愈將Universal Technical Institute視為值得信賴的勞動力合作夥伴，能協助其解決關鍵人才挑戰。隨著這些機會持續發展，我們期待分享更多具體細節。

As we look ahead, our confidence in the business continues to strengthen as our North Star strategy moves forward. As demonstrated by the performance of our new campuses and programs, we have built a durable and repeatable growth platform, supported by strong demand, disciplined execution, a healthy balance sheet and meaningful long-term tailwinds across the workforce education. Moving forward, we will continue to optimize our existing campuses and program portfolio to further improve campus level performance enhance conversion and retention and drive same-store growth, leverage our proven campus launch model to expand into attractive new markets while adding high-demand programs and increasing capacity in areas where demand is strongest, and deepen and diversify our strategic partnerships with employers and industry leaders.

展望未來，隨著我們的North Star策略持續推進，我們對業務的信心也持續增強。從新校區與新課程的表現可見，我們已建立一個耐久且可複製的成長平台，並由強勁需求、嚴謹執行、健康的資產負債表，以及勞動力教育領域具意義的長期順風所支撐。未來，我們將持續優化既有校區與課程組合，以進一步提升校區層級績效、強化轉換率與留任率並推動同店成長；運用我們已驗證的校區啟動模式，拓展至具吸引力的新市場，同時新增高需求課程並在需求最強的領域提升產能；並深化與多元化我們與雇主及產業領導者的策略合作夥伴關係。

Now before I wrap up, I'd like to highlight the recognition our organization continues to receive. Earlier this year, we were added to the S&P SmallCap 600 Index, an important milestone that reflects the significant progress we've made scaling and diversifying the company. Additionally, this fall, three of our UTI campuses will once again be recognized as ACCSC School of Excellence, underscoring our continued commitment to educational quality, student outcomes and operational excellence. These accomplishments reinforce the strength of our platform, the dedication of our people, the significant progress we've made and most notably, the immense opportunity that remains ahead.

在我結束之前，我想強調我們組織持續獲得的肯定。今年稍早，我們被納入S&P SmallCap 600指數，這是一項重要里程碑，反映我們在擴大規模與多元化公司方面所取得的重大進展。此外，今年秋季，我們的三個UTI校區將再次獲頒ACCSC卓越學校（School of Excellence）認證，凸顯我們對教育品質、學生成果與營運卓越的持續承諾。這些成就再次印證我們平台的實力、團隊的投入、我們所取得的重大進展，尤其是前方仍存在的巨大機會。

I want to thank our students, instructors, campus team and employees for their hard work and commitment. Their passion for steering students and supporting our employer partners is what makes these results possible. We're proud of our performance this quarter and remain focused on executing on our strategy and creating long-term value for our students, employer partners and shareholders.

我要感謝我們的學生、講師、校區團隊與員工的辛勤付出與承諾。他們對引導學生並支援雇主合作夥伴的熱忱，正是促成這些成果的關鍵。我們為本季表現感到自豪，並將持續專注於執行策略，為學生、雇主合作夥伴與股東創造長期價值。

With that, I'll turn the call over to Bruce, our CFO, to review our third quarter financials and provide you with additional details on our guidance. Bruce?

接下來，我將把電話會議交給我們的財務長Bruce，請他回顧第三季財務表現，並提供更多關於我們財測指引的細節。Bruce？

Thank you, Jerome. As Jerome discussed, our third quarter results reflect a business that continues to execute well operationally, while we also invest to support the long-term opportunity outlined in our North Star Phase 2 strategy. In the third quarter, total average full-time active students grew 5.8% year over year to 25,131 while total new student starts increased 10.9% to 6,342. This growth was driven by continued strength across our newly launched programs and campuses with the UTI division contributing significantly to the increase.

謝謝你，Jerome。如Jerome所述，我們第三季的結果反映出公司在營運面持續良好執行，同時我們也進行投資，以支援North Star第二階段策略所勾勒的長期機會。第三季，全日制在學活躍學生的平均總數年增5.8%至25,131人，而新生入學總數增加10.9%至6,342人。此成長主要來自我們新推出的課程與校區持續強勁的表現，其中UTI事業部對增量貢獻顯著。

Concorde starts were softer driven by fewer clinical starts in the quarter relative to the comparable year. As we've mentioned in the past, start instances can vary based on academic calendars and the timing of program cohorts, and this impact was known and included in our Q3 outlook. The Concorde division grew average full-time active students, 8.5% year over year for the third quarter, reflecting continued strength in our dental programs. The UTI division increased average full-time active students 4% year over year, driven by continued momentum across new campuses and program expansions as well as strong demand for skilled trades offerings. Third quarter revenue on a consolidated basis increased 7.2% to $218.9 million.

Concorde的新生入學較為疲弱，主因是本季臨床課程開班次數相較於去年同期較少。如我們過去所提，入學開班次數可能會因學術行事曆與各課程梯次時點而有所波動，而此影響我們已知悉並納入第三季展望。Concorde事業部第三季全日制在學活躍學生平均數年增8.5%，反映牙科相關課程持續強勁。UTI事業部全日制在學活躍學生平均數年增4%，主要受新校區與課程擴增的持續動能，以及對技術工種課程的強勁需求所帶動。以合併基礎計，第三季營收年增7.2%至2.189億美元。

Concorde contributed $80.9 million, an increase of 11.1% over the prior year quarter, while the UTI division contributed $138 million, an increase of 5% over the prior year quarter.

其中Concorde貢獻8,090萬美元，較去年同期增加11.1%；UTI事業部貢獻1.38億美元，較去年同期增加5%。

Turning to profitability. Consolidated net income for the third quarter was $2.3 million or $0.04 per diluted share, which was consistent with our expectations outlined last quarter. Baseline adjusted EBITDA for the third quarter was $27.2 million, including $9 million in growth investments, our SEC reported adjusted EBITDA for the quarter was $18.2 million. At the end of the quarter, we had 55 million shares outstanding. Total available liquidity at the end of the quarter was $181 million, including short-term investments and remaining capacity on our revolving credit facility.

接著談獲利能力。第三季合併淨利為230萬美元，或稀釋後每股0.04美元，與我們上季所說明的預期一致。第三季基準調整後EBITDA為2,720萬美元，其中包含900萬美元的成長投資；本季依SEC口徑揭露的調整後EBITDA為1,820萬美元。季末流通在外股數為5,500萬股。季末可用流動性總額為1.81億美元，包含短期投資以及循環信用額度的剩餘可用額度。

Year-to-date capital expenditures were $85.4 million or approximately 85% of our originally targeted spend for the year. In an effort to capitalize on the momentum we're seeing in the business and to ensure on-time launches of our fiscal year '27 initiatives, we've accelerated some of our CapEx spend and now expect to execute on approximately $110 million of capital expenditures this year.

年初至今資本支出為8,540萬美元，約為我們原先全年目標支出的85%。為了把握我們在業務上看到的動能，並確保2027會計年度相關計畫能如期啟動，我們已加速部分資本支出，並預期今年資本支出約為1.10億美元。

Now turning to our full year outlook. As Jerome discussed, the underlying fundamentals of the business remain healthy. Employer demand continues to exceed available graduate supply, student interest remains strong and our newer campuses and recently launched programs continue to perform at or above our expectations. We also believe it's important to balance that confidence with appropriate expectations for the remainder of the current year based on what we're now seeing. Due to the challenge in our high school starts in Q4 and the more muted impact of our program mix, we now expect consolidated revenue to range from $893 million to $900 million for fiscal 2026 or approximately 7% year-over-year growth at the midpoint.

接著談全年展望。如Jerome所述，業務的基本面仍然健康。雇主需求持續超過可供應的畢業生人數，學生興趣依然強勁，而我們較新的校區與近期推出的課程持續達到或優於我們的預期。我們也認為，基於目前所見情況，對今年剩餘期間設定適當預期、在信心與審慎之間取得平衡同樣重要。由於第四季高中生入學面臨挑戰，以及我們課程組合影響較為溫和，我們目前預期2026會計年度合併營收將介於8.93億至9.00億美元，按中位數計約為年增7%。

Net income is now anticipated to be between $32 million and $36 million, with diluted earnings per share of $0.57 to $0.64. Baseline adjusted EBITDA is now expected to exceed $135 million and reported adjusted EBITDA to be between $100 million and $103 million due to approximately $35 million of growth investments. We are also tightening the range for total new student starts, which are now expected to be between 31,900 and 32,300.

目前預期淨利將介於 3,200 萬美元至 3,600 萬美元之間，稀釋後每股盈餘為 0.57 美元至 0.64 美元。基準調整後 EBITDA 現預期將超過 1.35 億美元；由於約 3,500 萬美元的成長投資，報告口徑的調整後 EBITDA 預期介於 1.00 億美元至 1.03 億美元之間。我們也收窄了新生開課（new student starts）總數的區間，目前預期介於 31,900 至 32,300 之間。

Let me provide some additional context around what's driving the revised outlook. First, and most importantly, as Jerome emphasized, this is not an underlying demand issue. In fact, inquiries are up solidly in both divisions. We exceeded our expectations for new student starts during the quarter, and we continue to expect to finish the year squarely in the range of our original start expectations. The primary driver, as Jerome outlined, is lower-than-anticipated fourth quarter new student starts specific to our UTI division's high school channel, primarily in the Auto/Diesel program.

我再補充一些背景，說明是什麼因素推動了這次修正後的展望。第一點，也是最重要的一點，正如 Jerome 所強調，這並不是基本需求的問題。事實上，兩個事業部的諮詢量（inquiries）都明顯上升。本季新生開課數超出我們預期，而我們仍預期全年將穩穩落在原先對開課數的預期區間內。主要驅動因素如 Jerome 所述，是第四季新生開課數低於原先預期，且此情況特別發生在我們 UTI 事業部的高中通路，主要集中在汽車／柴油（Auto/Diesel）課程。

To a lesser extent, we're seeing some impact of UTI's portfolio mix due to the incredibly strong starts performance in the skilled trades, which are shorter and drive less revenue compared to other offerings.

此外，在較小程度上，我們也看到 UTI 的產品組合受到影響，原因是技職類（skilled trades）開課表現極為強勁；這些課程學制較短，與其他課程相比帶來的營收較少。

As we've shared with you since first releasing our fiscal 2026 guidance last November, based on our normal seasonality as well as the timing of our growth investments this year, we expected Q4 to have an outsized impact on the year. Because our new student starts in the fourth quarter are not coming in as strong as we'd initially expected, revenue and profitability are impacted and we've, therefore, aligned our outlook to reflect a still strong and very profitable but more measured Q4. Further, we continue to maintain confidence in the long-term earnings power of the business and in our trajectory toward our fiscal 2029 targets.

正如我們自去年 11 月首次發布 2026 財年指引以來所分享的，基於我們一貫的季節性，以及今年成長投資的時點安排，我們原本預期第四季對全年將有不成比例的影響。由於第四季新生開課數不如我們最初預期強勁，營收與獲利能力受到影響，因此我們調整展望，以反映第四季仍然強勁且非常獲利，但步調更為審慎。此外，我們仍對公司長期獲利能力，以及邁向 2029 財年目標的發展軌跡保持信心。

Second, fiscal 2026 represents the largest investment year-to-date in our North Star Phase 2. We've intentionally accelerated investments in campus expansions and new programs. The early results we're seeing across these initiatives only reinforce our conviction that expanding access to the programs we offer is the best use of capital for our students, employer partners and investors. Nothing in our updated fiscal 2026 outlook changes our confidence in the long-term financial framework we've established for North Star Phase 2 nor in the underlying building blocks to get there. We continue to maintain confidence in delivering more than $1.2 billion in revenue by fiscal 2029 and adjusted EBITDA approaching $220 million that year.

第二，2026 財年是我們「North Star」第二階段（Phase 2）迄今投資規模最大的一年。我們有意加速校區擴建與新課程的投資。我們在這些計畫上看到的早期成果，更加強了我們的信念：擴大我們所提供課程的可及性，是對學生、雇主合作夥伴與投資人而言最好的資本運用。我們更新後的 2026 財年展望，並未改變我們對 North Star 第二階段所建立之長期財務框架的信心，也未改變我們對達成該目標之基本構成要素的信心。我們仍有信心在 2029 財年實現超過 12 億美元的營收，並在當年達成接近 2.2 億美元的調整後 EBITDA。

As we move into fiscal 2027, we continue to expect revenue growth higher than fiscal 2026 and are targeting modest EBITDA growth with more meaningful EBITDA expansion in fiscal 2028 and 2029. Supporting new campus and program launches, we continue to plan for $100 million or more of annual capital expenditures. Importantly, looking ahead, we remain confident in our long-term outlook outlined in Phase 2 of our North Star strategy. With the results we're seeing, we are emboldened that the investments we are making today are strengthening the foundation for sustained growth and long-term value creation. We also remain focused on executing with discipline, managing our investments thoughtfully and positioning the company to continue to deliver revenue growth, margin expansion and shareholder value.

展望 2027 財年，我們仍預期營收成長將高於 2026 財年，並以 EBITDA 小幅成長為目標；在 2028 與 2029 財年則可望出現更顯著的 EBITDA 擴張。為支援新校區與新課程的推出，我們仍規劃每年資本支出達 1 億美元或以上。重要的是，往前看，我們仍對 North Star 策略第二階段所勾勒的長期展望充滿信心。從目前看到的成果來看，我們更有信心：今天所做的投資正在強化持續成長與長期價值創造的基礎。我們也將持續專注於紀律執行、審慎管理投資，並讓公司處於能持續帶來營收成長、利潤率擴張與股東價值的有利位置。

In addition to this earnings call transcript, we encourage everyone to review our press release, financial supplement, investor presentation and upcoming 10-Q filing. These materials include the latest updates on our consolidated and segment results, strategic initiatives and guidance. As always, thank you to our students, team, partners and investors for your ongoing support.

除本次財報電話會議逐字稿外，我們也鼓勵各位查閱我們的新聞稿、財務補充資料、投資人簡報，以及即將提交的 10-Q 季報。這些資料包含我們合併與分部業績、策略性計畫與指引的最新更新。一如既往，感謝我們的學生、團隊、合作夥伴與投資人持續的支持。

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

接下來我想把電話交給接線員，進入問答環節。接線員？

(Operator Instructions) Jasper Bibb, Truist.

（接線員指示）Jasper Bibb，Truist。

You mentioned, I think in the fourth quarter, the high school leads were up 15% year over year on UTI, but it sounds like the starts are going to be flat, maybe down in the fiscal fourth quarter for the high school channel. So I guess, just to clarify, do you think this was a capacity problem on your end if some leads may be dropped on the floor for lack of a better term? Or conversion problem? And how does that inform some of the changes that it sounds like you're making?

你提到，我想是在第四季，UTI 的高中線索（leads）年增 15%，但聽起來高中通路在財政第四季的開課數（starts）將持平，甚至可能下滑。所以我想釐清一下：你認為這是你們端的產能問題嗎——用比較直白的說法，有些線索可能因為人力或資源不足而被「漏接」？還是轉換率（conversion）問題？這又如何影響你們看起來正在進行的一些調整？

It's a great question. It's not a capacity issue. We do have some capacity issues associated with the skilled trades programs which are growing at a significantly faster pace than we originally planned. But we're working very fast to increase capacity for those courses. I frankly, it was an execution issue in terms of the number of reps we had in the field on a persistent basis.

這是個很好的問題。這不是產能問題。我們在技職類課程確實有一些產能相關的問題，因為其成長速度遠高於我們原先規劃。但我們正非常快速地提升這些課程的產能。坦白說，這是在執行面上的問題，主要在於我們長期在外勤配置的招生代表（reps）人數。

We were not able to get to all of the students that were inquiring. And frankly, that's what's making it fall short. As we said in the call, we've already taken steps in the last month or two to remediate that. And we're loaded now with our reps, and we've actually added 20% to the field this year so that it's not replicated again in 2027.

我們無法接觸到所有提出諮詢的學生。坦白說，這就是造成未達標的原因。如同我們在電話會議中所說，我們在過去一兩個月已經採取措施來補救。目前我們的代表人力已到位，而且今年我們已將外勤人力增加了 20%，以避免 2027 年再度發生同樣情況。

And then I think as you look back to last year, I think the high school channel was a little bit weaker than expected than other diesel in fiscal '25, too. I guess maybe -- are you seeing anything different in the student behavior that's made the productivity of the high school channel or the enrollment cycle a little like weaker or less predictable than it's been historically over the past two years?

另外，回頭看去年，我記得高中通路在 25 財年柴油相關（diesel）方面的表現，也比其他項目更弱、且低於預期。我想問的是——你們是否看到學生行為有任何不同，導致高中通路的生產力或招生週期，相較過去兩年在歷史上變得更弱或更難預測？

Well, as I said, the weakness we outlined was more about the volume of reps we had in the field to be able to process the leads that we had. The change we are seeing in behavior is traditionally, the high school students have been all about auto diesel, right? And that they're 16, 17 years old, they just got their first car and all they want to do is fix cars. We believe that because of a significant increase in the amount of press that's out there around the opportunities in places like welding, electronics, HVAC technicians, et cetera, that people are seeing and younger people are seeing that as an opportunity to hit where the trend is going. I'm going to go help build data centers or industrial automation or things along those lines.

嗯，正如我所說，我們提到的疲弱更多是因為外勤代表人數不足，無法處理我們所擁有的線索量。我們看到的行為變化是：傳統上，高中生主要都偏向汽車／柴油，對吧？他們 16、17 歲，剛拿到第一台車，滿腦子只想修車。我們認為，由於媒體大量報導焊接、電子、HVAC 技師等領域的機會，大家——尤其是年輕人——開始把這些視為能搭上趨勢的機會。「我要去協助建資料中心，或做工業自動化，或類似的工作。」

What we didn't get right and our mix shift this year is just how many of the students were going to choose these skilled trades over auto diesel.

我們今年沒有掌握好、也造成組合轉移（mix shift）的地方在於：我們低估了會有多少學生選擇技職類，而不是汽車／柴油。

The demand for auto diesel is still quite high and projected to become even higher. What we're seeing, though, is that -- I think because of a lot of the energy that's out there in the market about onshoring and data centers and manufacturing being in the U.S., et cetera, that the message has gotten more down into -- what traditionally was really just an auto diesel group that, "Hey, I want to be a welder or I want to be an HVAC tech. I can make good money." Frankly, I can get through school faster. And that mix shift, we did not have right this year.

汽車／柴油的需求仍然相當高，且預期還會更高。不過我們看到的是——我認為因為市場上對回流製造（onshoring）、資料中心，以及製造業留在美國等議題的熱度很高，這個訊息更深入傳遞到——過去傳統上幾乎只屬於汽車／柴油族群的那群人：『嘿，我想當焊工，或我想當 HVAC 技師。我可以賺到不錯的收入。』坦白說，我也能更快完成學業。而這樣的組合轉移，是我們今年沒有預估準確的。

Last one for me. I know you said that fiscal '29 targets won't be impacted by this, but you build there of '27 and '28. I mean just to confirm '27 expectations in the context of the plan, would it be, I guess, fair to say that maybe total enrollment or total revenue might need to recalibrate for a lower starting point on enrollment going into the year? And then on the comment about modest EBITDA dollar growth for '27, is that going to be off the new $100 million to $103 million baseline?

我這邊最後一個問題。我知道你說過這不會影響到 29 財年的目標，但你們在 27、28 財年有做鋪陳。我的意思是，為了確認在計畫脈絡下對 27 財年的預期，是否可以說，因為進入年度時的入學人數起點較低，總入學人數或總營收可能需要重新校準？另外，關於 27 財年 EBITDA 金額溫和成長的評論，這會是以新的 1 億至 1.03 億美元基準來計算嗎？

Jasper, this is Bruce. Let me address that. So overall, I can tell you, we feel very confident about '27. So yes, there will be a little bit of carry-in impact from the high school miss directly. But there are so many offsets with the incredible demand we're seeing on the skilled trades side.

Jasper，我是 Bruce。我來回應一下。整體而言，我可以告訴你，我們對 27 財年非常有信心。所以是的，高中端的落差確實會直接帶來一些期初結轉影響。但在技職（skilled trades）這一端，我們看到的驚人需求帶來了很多抵銷因素。

And frankly, we have been building capacity all for the last several quarters now in '26. You're going to really see that that better capacity utilization starts to flow through in '27. We're going to lean in further to capacity in '27 in general in the skilled trades. So no, we don't expect to come off our guidance, especially on EBITDA for '27. We feel very good about how that -- our forward-looking year in '27 is shaping up.

坦白說，我們在 26 財年過去幾個季度一直在擴建產能。你會在 27 財年真正看到更好的產能利用率開始反映出來。我們在 27 財年整體上會在技職領域進一步加大產能投入。所以不，我們不預期會偏離我們的指引，尤其是 27 財年的 EBITDA。我們對 27 財年這個前瞻年度的發展態勢感覺非常好。

Luke Horton, Northland Securities.

Luke Horton，Northland Securities。

Just wanted to touch back on the softer high school enrollment starts. Were you guys alluding to this relating to the increasing usage of AI search as causing some top of the funnel disruptions. Was that what led to the softer high school? Or are those two separate instances?

我想再回到高中入學開學人數（enrollment starts）較疲弱這件事。你們是否暗示這與 AI 搜尋使用增加、導致漏斗上端（top of the funnel）出現一些干擾有關？這就是造成高中端較疲弱的原因嗎？還是這兩件事是分開的？

No. No, not at all. And you're familiar with most of how high school works. Most of how high school works is not at all dependent on AI search whatsoever. We have had 160-some reps out in the field.

不是。完全不是。而且你也熟悉高中端大多數的運作方式。高中端的運作幾乎完全不依賴 AI 搜尋。我們有 160 多位業務代表在外勤。

They do presentations in front of students who inquire off a QR code on the board for the presentation and -- or an inquiry card, and those are followed up on manually. What I'm saying is that throughout the year, we were running at a deficit of the number of reps that were necessary to get to the number that we were expecting out of them. It was really not a strategy issue. It's really not an AI issue. It was an execution issue, and we've rectified it. So that's more of what we saw there.

他們在學生面前做簡報，學生透過簡報板上的 QR code 或填寫詢問卡來提出諮詢，之後再由人工跟進。我想說的是，整個年度我們的代表人數一直低於達成我們預期所需的人力配置。這真的不是策略問題。也真的不是 AI 的問題。這是執行面的問題，而我們已經修正了。所以我們看到的主要就是這個。

And then the other piece we saw, it's about a 70-30 mix of the deficit is we did not believe going into the year that this many high school students were going to choose to go into the skilled trades, because they hadn't before. But that dynamic has shifted and skilled trades are shorter, are cheaper, are marginally less profitable, although we're working on that. And that's another point in which that affected the high school channel.

另外我們看到的另一個因素是，缺口大約 70/30 的組成：我們在年初並不認為會有這麼多高中生選擇進入技職領域，因為以前並沒有這樣。但這個動態已經改變了；技職課程更短、更便宜，獲利率略低一些，雖然我們正在改善。這也是影響高中通路的另一個面向。

What we said about AI, just as a point, is that, that type of search is a part of how people find us. But because of the number of diversified channels that people use to find us, we are not seeing the effects in the AI disruption that you are seeing from people who are heavily weighted towards search technologies. So not really much to do at all with the high school channel and rather muted when it comes to UTI. As a matter of fact, our search volume is up, as we said, 18% for UTI, 23% for Concorde. That's because our marketing departments have done such a great job of pivoting into these other channels. We haven't seen any headwinds in the AI space.

至於我們提到 AI 的部分，只是補充說明：那類搜尋確實是人們找到我們的方式之一。但因為人們用來找到我們的管道非常多元，我們並沒有看到你所提到、那些高度依賴搜尋技術的公司所面臨的 AI 擾動影響。所以這跟高中通路幾乎沒有關係；而就 UTI 而言影響也相當有限。事實上，如我們所說，UTI 的搜尋量成長 18%，Concorde 成長 23%。這是因為我們的行銷團隊很成功地轉向其他管道。我們在 AI 方面沒有看到任何逆風。

Okay. Got it. No, that's helpful. And then just shifting gears on the unified UTI and Concorde being under one enterprise operating model. Are there any expected cost synergies or efficiency gains that you guys want to call out or any timeframe where you expect those to materialize? Or anything significant there?

好的。了解。這很有幫助。接著換個話題，關於把 UTI 與 Concorde 統一到同一個企業營運模式之下。你們是否預期會有任何成本綜效或效率提升值得特別指出？以及你們預期這些效益會在什麼時間點開始顯現？或是有任何重要的事項嗎？

Yeah. I mean we've begun the process of the unification most recently in July as we had been planning throughout the year. Just to reiterate, when we bought Concorde, we specifically did not look at integrating the operating functions or the customer acquisition functions because we believe that in the first three years, we could make significant progress in moving Concorde from a $185 million company with single-digit EBITDA to a $300 million company with double-digit EBITDA, and we were very successful at doing that.

有的。我們最近在 7 月開始推動整合流程，這也是我們全年規劃的一部分。再重申一次，當初我們收購 Concorde 時，刻意沒有把營運職能或客戶獲取（customer acquisition）職能做整合，因為我們相信在前三年內，可以把 Concorde 從一家營收 1.85 億美元、EBITDA 為個位數的公司，推進到一家營收 3 億美元、EBITDA 為雙位數的公司，而我們也非常成功地做到了。

Now that we've reached a standard operating model of program expansions, campus launches, capacity increases there's much more similar about the two units than they were separate. And that's why we made the choice earlier this year to begin the process now. Sure. Over time, there definitely will be synergies, right? Some of the duplications we lived with for three years will be taken out of the system.

現在我們已經達到一個標準化的營運模式，包括擴增課程、開設校區、提升產能，因此兩個事業單位之間的相似性比過去各自獨立時高得多。這也是我們今年稍早選擇現在開始推動整合的原因。當然。隨著時間推進，確實會有綜效，對吧？我們過去三年容忍的一些重複配置，會從系統中被移除。

But what we really think is that it's going to allow us to move faster and more efficiently in things like the customer acquisition process. A single investment in AI technologies and systems like CRMs, student information systems, communication systems, all of that will allow us to move more efficiently and effectively. And so yes, we will see synergies and we'll lay that out to you over time. But we really believe it's going to have a simplification effect on the company by merging systems and processes and technologies moving forward.

但我們真正認為的是，這將讓我們在客戶獲取流程等方面更快、更有效率地推進。在 AI 技術以及 CRM、學生資訊系統、溝通系統等方面做一次性的投資，就能讓我們更有效率、也更有效地運作。所以是的，我們會看到綜效，也會隨時間向各位說明。但我們更相信，透過合併系統、流程與技術，這會對公司帶來簡化效果，並在未來持續發揮。

Steven Frankel, Rosenblatt.

Steven Frankel，Rosenblatt。

Just to revisit this high school issue one more time. Maybe parse out for us, how much of the shortfall is your staffing issue versus mix shift to the students that you did get choosing to be in skilled trades. And then one other aspect. Are any of these students get able over a period of time? And do you have e-mail campaigns or other outbound ways to maybe pull them back into the funnel?

我想再回到這個高中問題一次。能否幫我們拆解一下，缺口中有多少是你們的人力配置問題，多少是你們實際招到的學生中，有更多人選擇技職領域所造成的組合變化（mix shift）？另外還有一點。這些學生是否有可能在一段時間後再被拉回來？你們是否有電子郵件行銷活動或其他外呼方式，可能把他們拉回漏斗？

Yeah. Sure, Steven. So I can maybe take the first part of that. Jerome can take the second part. So let me bridge you between two data points.

有。當然，Steven。第一部分我可以先回答。第二部分 Jerome 可以回答。我先把兩個數據點串起來。

The adjusted EBITDA numbers we've had in our guide originally, it was north of $155 million, we're now seeing that baseline EBITDA is going to be about $135 million, just north of that. That $20 million delta 70%, roughly, Steven, is directly related to the auto diesel high school start miss for all the reasons Jerome just outlined. About 30% is the mix piece.

我們原先指引中的調整後 EBITDA 數字是高於 1.55 億美元；我們現在看到的基準 EBITDA 大約會在 1.35 億美元左右，略高於此。這 2,000 萬美元的差額中，大約 70%（Steven）是直接與汽車/柴油（auto diesel）高中端開學人數未達預期有關，原因如 Jerome 剛才所說。約 30% 則是組合因素。

And remember, that mix thing is something that's not an accident or where this is a very good thing for the company. We're intentionally driving this mix shift is a critical part of our strategy over the next three years. It just happened a little faster than we anticipated. So that's what we're working through and we have good plans to address that for '27. But that's the mix shift on your first part of your question, and I can let Jerome second piece.

而且請記得，這個組合變化並不是意外；對公司而言其實是非常好的事情。我們是有意推動這個組合轉移，這是我們未來三年策略中非常關鍵的一部分。只是它發生得比我們預期更快一些。所以這就是我們正在消化與處理的部分，而且我們對 27 財年有很好的計畫來因應。以上就是你問題第一部分的組合轉移，我把第二部分交給 Jerome。

Yeah, absolutely. And in the staffing up we've done over the last month, 1.5 months, as we've seen -- as we saw the trend begin to happen. Step one early in the year is to go back to those that did not convert and see if we can't get them in, in the first quarter of next year. right? And so absolutely, the basket of nonconverting leads is larger this year, and we have 20% more staff that we've handed them to. So have expectations that they'll begin to rally in the first quarter.

是的，完全同意。而且在過去一個月到一個半月我們所做的人力擴編中，隨著我們看到——正如我們看到趨勢開始出現。年初的第一步是回頭去找那些沒有轉換的人，看看能不能在明年第一季把他們拉進來，對吧？所以沒錯，今年未轉換名單的線索池更大，而我們也把這些線索交給了多 20% 的人手去跟進。因此我們預期他們會在第一季開始回升。

Okay. Great. And then one more funnel related question. Everybody talks about AI search raising your cost because you've got to do a lot of other things that you described, what's going on in your cost per lead?

好的。很好。然後還有一個與漏斗相關的問題。大家都在談 AI 搜尋會拉高你的成本，因為你得做你剛才描述的很多其他事情；那你們的每條線索成本（cost per lead）目前怎麼樣？

Well, in general, cost per lead has been relatively stable overall. If you look at our -- just our marketing and advertising spend, Steven, as a percent of revenue, we're actually down a little bit sequentially versus last quarter up a little versus prior year as we really focus on new campus and new program launches. But we've not seen a very material impact in cost per lead at this point.

整體而言，每條線索成本一直相對穩定。如果你看我們——單就行銷與廣告支出來看，Steven，以營收百分比計，其實相較上一季我們是略為下降；相較去年同期則略為上升，因為我們把重點放在新校區與新課程的推出。但截至目前，我們尚未看到每條線索成本有非常顯著的影響。

Eric Martinuzzi, Lake Street.

Eric Martinuzzi，Lake Street。

Jerome, I wanted to follow up on your reps in the field number. You said you're at $160. Is that you were at $160 and you're going to $192 you were at $130-something and you went $160.

Jerome，我想追問一下你們外勤業務代表的人數。你說你們在 160。你的意思是你們原本在 160，接著要到 192；還是你們原本在 130 多，後來提升到 160？

It's somewhere in between, right? We were more in the range of $140-ish throughout the year. running at somewhat of a deficit, team believed they could catch up and they didn't. And then we're adding to that, again, another $10 or so out of that as well.

介於兩者之間，對吧？我們今年大多時間大概在 140 左右的區間，某種程度上人力是有缺口的；團隊相信他們可以追上來，但最後沒有。然後我們還會再增加，另外再加大約 10 人左右。

Okay. So as we stand here today, we're at roughly $150-ish and that is sufficient to --

好的。所以以今天來看，我們大概在 150 左右，這樣就足以--

$170-ish, a little over $170.

大概 170 左右，略高於 170。

Okay. All right. And as far as ramping those field reps, is there -- is it pretty cut and dry recipe that you can have somebody or is there a training time line that takes place?

好的。了解。那在外勤代表的上手（ramp）方面，有沒有——是不是一套很明確的流程就能讓新人上線？還是需要一段訓練期？

Well, a brand-new rep is not as productive as say, two- or three-year rep. That's when they hit their stride. They don't have the relationships with counselors, with schools, et cetera, to be able to do that. That's in our expectation for next year, but it's mitigated by the increase in head count as well. So yeah, I mean, a seasoned rep is going to have more success than someone who's been there a year or so but we've got that built into our plan, and we'll share that with you in November when we set guidance for next year.

嗯，全新的業務代表生產力不會像做了兩、三年的代表那麼高。通常到那時他們才會進入最佳狀態。他們還沒有和輔導員、學校等建立關係，因而無法做到同樣的程度。這點我們已納入對明年的預期，但也會被人數增加所部分抵消。所以是的，資深代表的成功率會高於只待了一年左右的人；但我們已把這些因素納入計畫中，並會在 11 月提供明年指引時與你分享。

Okay. And I was wondering if the -- if there was any Obviously, Atlanta is a new campus, you opened it in July. Was there any [tail] in the student shift that you enrolled? You said, obviously, you were ahead of plan, you said 30% ahead. But did you see -- was it also with the mix shift evident in Atlanta?

好的。我想問的是——顯然亞特蘭大是新校區，你們在 7 月開校。你們招收的學生結構轉移是否有任何[尾端效應]？你說顯然你們超出計畫，說是高出 30%。但你們有沒有看到——亞特蘭大那邊也有出現這種組合轉移嗎？

Not really. And the reason is that when you think about the time line in which you are able to start recruiting to a new campus when you've been approved by Ed for Title IV funding, your state approvals, et cetera. That time line wasn't long enough for us to be counting on many high school kids to come in, in July. So in our numbers, we didn't expect that many high school kids to come in.

其實沒有。原因是，當你想到一個新校區在獲得教育部（Ed）的 Title IV 資助核准、州政府核准等之後，你能開始招生的時間軸。那個時間軸不夠長，讓我們能指望在 7 月就有很多高中生入學。所以在我們的數字裡，我們本來就沒有預期會有那麼多高中生進來。

Now that being said, we had already, as we told you on our last call, we had already increased the capacity from the original model and our skilled trades by 50% in the bigger areas because our anticipation was that we were going to get more interest in skilled trades initially because it's also initially mostly an adult population that you get in your initial cohorts.

不過話說回來，正如我們在上次電話會議告訴各位的，我們已經把原始模型的容量提高了——在較大的區域，我們把技職類（skilled trades）的容量提高了 50%。

And we were right. right, is that we're getting about what we expected to get out of auto diesel from the adult population. A longer sale, easier to bring that -- or easier to identify and bring that person through. But we also are glad that we started the capacity increases there. early because when we're talking about 30% upside, a lot of that did come out of skilled trades.

而我們的判斷是對的。對吧？我們從成人族群在汽車柴油（auto diesel）方面的招生，大致符合我們的預期。銷售週期較長，但也更容易辨識並把這個人帶完整個流程。但我們也很高興我們提早啟動那邊的擴容；因為當我們談到 30% 的上行空間時，其中很大一部分確實來自技職類。

Got it. And then I just wanted to -- Bruce, if you could recap that FY '27. I know it wasn't guidance, but just color. I think you said FY 2027, that the anticipated revenue is greater than FY 2026. So you've guided to $893 million to $900 million.

了解。然後我想——Bruce，如果你能回顧一下 2027 財年（FY '27）。我知道那不是指引，但只是提供一些背景。我想你說的是 2027 財年，預期營收會高於 2026 財年。而你們對 2026 財年的指引是 8.93 億到 9.00 億美元。

So something in excess of that would be the expectation for 2027. And then I wanted to make sure I understood the adjusted EBITDA, the modest expansion commentary there is that the 100 to 103 new range modest expansion from that?

所以對 2027 年的預期應該會高於那個水準。另外我想確認我對調整後 EBITDA 的理解：你提到「小幅擴張」的評論，是指在 100 到 103 這個新區間之上再小幅擴張嗎？

Well, so first of all, Eric, a couple of things. Let me just -- we have not guided '27 yet, but I'll just give you some general contours like I said in my prepared remarks, our revenue growth will be higher in '27 versus '26. I think in general, where we had pegged EBITDA before that modest growth versus our additional guide, we're going to be -- we feel comfortable with that as where analysts have us right now. But we have not guided 27%. We're still working on it, but we feel very strong about the plan in general.

嗯，首先 Eric，有幾點。我先說——我們還沒有對 2027 年給出指引，但我會像我在事先準備的發言中所說，提供一些大致輪廓：我們在 2027 年的營收成長會高於 2026 年。我想整體而言，先前我們對 EBITDA 的設定是溫和成長；相較我們這次新增的指引，我們會——我們對目前分析師的預期水準感到有把握。但我們尚未對 2027 年給出指引。我們仍在規劃中，但整體而言我們對這個計畫非常有信心。

Eric Wold, Texas Capital.

Eric Wold，Texas Capital。

Just a couple of quick questions, again, back on the high school headwind you had in the quarter. I guess when you talked, obviously, the mix shift towards the skilled trades versus auto diesel. What's a good average in terms of what that revenue delta would be between those two programs as that mix shift continues to something you talked about you had planned on, but it came a little bit earlier. And then is that something you feel that you can adjust pricing around if that demand is moving in one way versus another, you can take advantage of that and price into it? Or is that not possible for one reason other competitively or something else?

我有幾個很快的問題，還是回到本季你們遇到的高中生逆風。我想你提到，顯然組合轉向技職類而不是汽車柴油。隨著這種組合轉移持續——你說這本來就在你們的規劃中，只是發生得早了一點——那這兩個課程之間的營收差異，平均來說大概會是多少？另外，如果需求往某一邊移動，你們覺得能否透過調整定價來因應、並從中受益、把價格「打進去」？還是因為競爭或其他原因而不可行？

Yeah, Eric, thanks. I'll take that. So the way to think about the pricing, that average revenue per student for UTI that we disclosed that's going to be very similar -- it looks very similar across all of our Skilled Trades programs. The big difference is program length. So some of our skilled trades programs are nine months or so versus 51 weeks to a full year for auto diesel.

好的，Eric，謝謝。我來回答。關於定價的思考方式：我們揭露的 UTI 每位學生平均營收，在我們所有技職類課程之間會非常接近——看起來都很相似。

That's the differential. And then from a margin perspective, again, we don't disclose detailed margins, but there's a small margin differential between skilled trades and auto diesel. We feel, again, very comfortable all the capacity expansions we've made this year, you're going to see those really get to full capacity. We'll have better utilization in '27, so margins will improve, just on that alone, and we're going to look at everything, pricing optimization and the skilled trades as well.

差異就在這裡。至於毛利率角度，再次說明，我們不揭露細部毛利率，但技職類與汽車柴油之間確實存在小幅的毛利差異。我們也再次強調，對於今年所做的所有擴容，我們很有信心你們會看到那些產能真正達到滿載。我們在 2027 年會有更好的產能利用率，因此僅憑這一點，毛利率就會改善；而且我們也會全面檢視，包括定價最佳化以及技職類的定價。

Yeah. Let me just put a cap on that, which is we talked about the things that we're doing to look at the skilled trades program. There's two that are immediately actionable. One is the more capacity you create, the more margin you create on a given campus. And so we're working much more aggressively on building capacity in the skilled trades in our existing campuses.

是的。我先把這點做個總結：我們談到我們正在做的事情，以檢視技職（skilled trades）課程。其中有兩項是可以立即採取行動的。第一是，你創造的產能越多，在特定校區就能創造越多的利潤率空間。因此，我們正更積極地在既有校區擴建技職領域的產能。

That will drive margin expansion for the skilled trade. And the second point is there is absolutely pricing power. When you've got this much demand and you're selling out many of your cohorts, we do have the ability to reevaluate our price points in here. Not in any crazy matter effect or anything like that.

這將帶動技職業務的利潤率擴張。第二點是，我們絕對有定價能力。當需求如此強勁、而且你們許多梯次都滿班時，我們確實有能力重新評估這裡的價格水準。不會是什麼誇張的幅度或類似那樣的事。

But if we're getting a couple of points in price out of -- or we're getting a couple of points in price, you may be able to get a couple more that's where I see that. Now -- so those two things are actually actionable.

但如果我們已經把價格提高了幾個百分點——或我們拿到了幾個百分點的漲價空間，你也許還能再多拿幾個百分點，我認為機會就在這裡。所以——這兩件事其實都是可以立即執行的。

(Operator Instructions) Griffin Boss, B. Riley Securities.

（接線員指示）Griffin Boss，B. Riley Securities。

I hate to beat a dead horse, but I do hope you appreciate, we want to fully understand this. So on the high school side, I just want to make sure I'm clear here. So one, you said demand for skilled trades is trending much higher than you anticipated. But I think you also said demand for auto diesel is also very robust, right? It's not just a shift from auto diesel to skilled trades to demand for both is robust?

我不想老調重彈，但也希望你能理解，我們想把這件事完全弄清楚。所以在高中端這邊，我想確認我理解正確。第一，你說技職的需求趨勢比你原先預期高很多。但我想你也說過汽車柴油（auto diesel）的需求也非常強勁，對吧？也就是說，不只是從汽車柴油轉向技職，而是兩邊的需求都很強勁？

Yeah. That is true. right. And so the question is that -- or the thing is that we were articulating in the mix is that if traditionally 5% of the students picked going into one of the skilled trades and 95% go into auto diesel, that is no longer that way. That's -- there's a significant shift to the number of them that are saying, "Well, I'll be a welder or I'll be an electrical worker or I'll be HVAC tech, that shift, we did not anticipate moving as quickly as it did.

對。沒錯。所以我們在談組合變化時想表達的是：如果傳統上只有5%的學生選擇進入某個技職領域、95%進入汽車柴油，那現在已經不是這樣了。現在有顯著的轉變，更多人說：「那我去當焊工、或做電工、或當HVAC技師。」這個轉變的速度比我們預期快得多。

And then the other issue, which we outlined about the skilled trades is we simply did not have enough conversations with enough of the leads because we were not running at an optimal staffing level the entire year. I believed we could catch it up. The team did, did -- and so that not a strategy error but really an execution issue.

另外一個我們在技職部分提到的問題是：因為我們整年的人力配置都沒有達到最佳水準，所以我們根本沒有和足夠多的潛在名單（leads）進行足夠多的對話。我原本以為我們可以追趕上來。團隊確實有努力——因此這不是策略錯誤，而更像是執行面的問題。

And so on that last point, so where the prospects per rep, it was, what, too high or higher than it has been historically that you were not able to catch up in a way that you have in years past?

所以就最後那點來說，關於每位業務代表對應的潛在客戶數（prospects per rep），是因為太高、或比歷史水準更高，導致你們沒辦法像過去幾年那樣追趕上來？

No, it was reps for prospect. The lead count the lead count is robust. And yes, we are happy with what we're seeing overall in both digital and non-digital lead count, meaning, there's no -- there definitely is a tailwind around going into the trades and to the transportation areas as well as health care. You can see the numbers in health care. So the issue is, is that we needed more bodies in the field more persistently to be able to have those conversations, and we did not.

不是，是「每個潛在客戶對應的業務代表數」（reps for prospect）。名單量（lead count）很強勁。而且是的，我們對整體看到的狀況很滿意，無論是數位或非數位的名單量；也就是說——確實有一股進入技職、運輸相關領域以及醫療保健的順風。你從醫療保健的數字就看得出來。所以問題在於：我們需要更持續地在第一線配置更多人手，才能進行那些對話，但我們沒有做到。

Got it. Okay. Yeah. Understood. And then so just wanted to shift gears one more for me.

了解。好。是的。明白。那我這邊再換個話題問最後一個。

Separately, I was hoping if you could share for us, what percentage of your student body are military affiliated, so veterans or active duty that could be relying on tuition assistance, just an area that was hoping we can get more context on.

另外，我想請你們分享一下，你們學生族群中有多少比例是軍方相關（military affiliated），也就是退伍軍人或現役軍人，可能會依賴學費補助（tuition assistance）。這是我希望能多了解背景脈絡的一個面向。

So that's pretty clear. It's about 15% of UTI, right? Now you're going to ask me to do the math overall. I'm going to have trouble with that. So -- But 15% of UTI, very small population in Concorde and quite frankly, the unification that we're moving on now, which we didn't do in the first three years, actually brings health care into our military sales channels book bag, for lack of a better word.

這點很清楚。UTI大約是15%，對吧？你接下來可能會要我算整體的比例。我可能會算不出來。所以——但UTI是15%；Concorde那邊的比例非常小。坦白說，我們現在推動的整合——前面三年我們沒有做——實際上把醫療保健納入我們的軍方銷售通路「工具包」中（姑且這麼說）。

And so we see that actually as a significant opportunity to be able to work with the military on transitioning soldiers out into the health care areas. It's frankly just something we didn't put any energy into because Concorde wasn't putting energy into it prior to the acquisition.

因此我們認為這其實是一個很重要的機會，能與軍方合作，協助退役官兵轉職到醫療保健領域。坦白說，這只是我們過去沒有投入任何精力的事情，因為Concorde在併購之前也沒有在這方面投入。

And this does conclude our question-and-answer session. I would now like to turn the conference back over to Jerome Grant for any closing remarks.

以上為本次問答環節。接下來我想把電話會議交回Jerome Grant，請他做結語。

Thank you, operator. I'd like to also thank everyone who attended today. As always, Bruce, Matt and I are available for follow-up questions. We encourage everyone if you have an opportunity, too, to visit one of our campuses. If you're interested in doing that, please let us know, and we'd be happy to host you.

謝謝你，接線員。我也要感謝今天所有與會者。一如往常，Bruce、Matt和我都可以在會後回答追問。我們也鼓勵大家，如果有機會的話，來參觀我們其中一個校區。如果你有興趣，請告訴我們，我們很樂意接待。

We look forward to speaking with you, our investors and analysts when we report our fiscal fourth quarter and full year results for 2026 in November. Thanks again, and have a great evening.

我們期待在11月公布2026會計年度第四季及全年業績時，再與各位投資人與分析師交流。再次感謝，祝各位晚安。

Ladies and gentlemen, this does conclude today's teleconference. You may now disconnect your lines, and thank you for your participation.

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話線，感謝您的參與。