0001104659-26-050510
SEC filing营收增长2.7%但毛利率下滑，Career Learning强劲增长驱动，盈利质量受一次性项目影响。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $629,873K | $613,376K | +2.7% |
| Gross Profit | $231,565K | $249,290K | -7.1% |
| Gross Margin | 36.8% | 40.6% | -380 bps |
| Operating Income | $129,080K | $130,786K | -1.3% |
| Operating Margin | 20.5% | 21.3% | -80 bps |
| Net Income | $88,527K | $99,346K | -10.9% |
| Diluted EPS | $1.93 | $2.02 | -4.5% |
| Operating Cash Flow (9M) | $116,963K | $134,492K | -13.0% |
本季度营收增长2.7%至$629.9M，主要受Career Learning收入增长12.3%驱动，其中Middle-High School业务增长15.9%，但General Education收入下降3.6%部分抵消。入学人数方面，Career Learning增长11.6%，而General Education下降5.0%，显示业务结构持续向职业学习倾斜。
毛利率大幅下滑380bps至36.8%，主要因Instructional costs and services增长9.4%至$398.3M，公司归因于增长州的人员招聘和薪资上涨。SG&A费用下降13.5%至$102.5M，部分缓解了毛利率压力，但Operating Income仍微降1.3%。
盈利质量方面，Net Income下降10.9%至$88.5M，主要受$11.5M未实现股权证券损失拖累（去年同期无此项目）。剔除该一次性影响及San Francisco租约终止的$14.3M收益，调整后盈利略好于表面数据。经营现金流九个月为$117.0M，同比下降$17.5M，主要因Accounts Receivable大幅增加$305.9M，反映收入确认与现金回收的时点差异。
| 分部 | 营收 | 同比 | 驱动 |
|---|---|---|---|
| General Education | $357,463K | -3.6% | 入学人数下降5.0%，客户结构变化 |
| Career Learning - Middle/High School | $259,520K | +15.9% | 入学人数增长11.6%，客户结构改善 |
| Career Learning - Adult | $12,890K | -31.0% | 成人学习业务显著下滑 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & cash equivalents | $614,047K | $782,497K (Jun 30, 2025) |
| Accounts Receivable | $854,874K | $559,646K (Jun 30, 2025) |
| Total Debt | $417,579K | $416,322K (Jun 30, 2025) |
| Finance Lease Liability | $117,796K | $86,883K (Jun 30, 2025) |
| Operating Lease Liability | $12,046K | $46,555K (Jun 30, 2025) |
| Operating Cash Flow (9M) | $116,963K | $134,492K |
| Capex (9M) | $56,214K | $45,406K |
注：Capex 为 Property and equipment、Capitalized software、Capitalized curriculum 三项之和。公司现金充裕，总债务主要为2027年到期的1.125% Convertible Senior Notes，无近期偿债压力。
资本配置：
一次性异常项：
主要风险与关注点：