0001628280-26-050794
SEC filingQ2营收与净利双位数增长，汇率与入学人数驱动，回购加码。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $615.9M | $524.2M | +17% |
| Gross Profit | $223.4M | $193.3M | +16% |
| Gross Margin | 36.3% | 36.9% | -60bps |
| Operating Income | $223.4M | $193.3M | +16% |
| Operating Margin | 36.3% | 36.9% | -60bps |
| Net Income | $137.1M | $97.4M | +41% |
| Diluted EPS | $0.98 | $0.65 | +51% |
| Adjusted EBITDA | $250.6M | $214.5M | +17% |
| Operating Cash Flow | $172.9M | $131.8M | +31% |
| Free Cash Flow | $137.4M | $114.0M | +21% |
Q2营收增长$91.7M，主要驱动力为汇率（+$51.1M）与入学人数（+$31.8M），定价/组合贡献$8.9M。毛利率下滑60bps，主因直接成本增速（+19%）略高于营收（+17%），但经营利润率持平，反映费用控制良好。
盈利质量突出：净利$137.1M同比+41%，主要受益于外汇损失大幅收窄（$2.0M vs $25.6M）。剔除该一次性因素，核心盈利能力依然强劲，Adjusted EBITDA利润率40.7%（+10bps）。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Mexico | $269.0M | +24% | $70.6M | 26.2% | 入学人数+9.9M，汇率+$29.8M |
| Peru | $346.9M | +13% | $190.8M | 55.0% | 入学人数+21.9M，汇率+$21.3M |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $161.7M | +$15.0M |
| Total Debt | $223.2M | +$94.1M |
| Net Debt | $61.5M | +$79.1M |
| Operating Cash Flow | $172.9M | +$41.1M |
| Capex | $35.5M | +$17.6M |
| Free Cash Flow | $137.4M | +$23.4M |
| FCF 转化率 | 119% | — |
Net Debt/EBITDA（TTM）约0.2x，杠杆水平极低。新增UPN贷款PEN 205M（约$60M）用于资本开支与再融资，7月已偿还$41M营运资金贷款。
资本配置：Q2回购$76.4M，上半年累计$185.9M，7/30再增$150M授权，总授权$550M，剩余$150M。无股息。
指引：未提供正式指引。
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