Financial Data and Key Metrics Changes - Revenue for the first quarter grew 10% to $221 million compared to the previous year [4][5] - Baseline adjusted EBITDA was nearly $35 million, including over $7 million in growth investments, while reported adjusted EBITDA was $27 million [5][6] - Consolidated net income for the first quarter was $12.8 million, or $0.23 per diluted share [21] - Total average full-time active students grew 7.2% year-over-year to 26,858, with total new student starts increasing 2.6% to 5,449 [18][21] Business Line Data and Key Metrics Changes - The Concorde division generated a 9.5% increase in average full-time active students, driven by demand in nursing and allied health [18][21] - The UTI division grew average full-time active students by 5.7% year-over-year, reflecting strength across its program suite and employer demand [18][21] - Revenue from the Concorde division was $78 million, an increase of 11.5%, while the UTI division contributed $142.8 million, an increase of 8.6% [21] Market Data and Key Metrics Changes - Average full-time active students increased by 7%, with new student starts growing roughly 3% year-over-year, aligning with market expectations [6] - The company anticipates total new student starts to be between 31,500 and 33,000 for the fiscal year [24] Company Strategy and Development Direction - The company is executing its North Star strategic plan, focusing on disciplined growth through new campus launches and program expansions [4][8] - Plans to open a minimum of 2 and up to 5 new campuses annually, with the first fiscal 2026 campus already opened in Fort Myers, Florida [9][11] - The company aims to launch between 12 and 20 new programs annually across its divisions, with over 20 programs planned for this year [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fiscal 2026 revenue guidance of $905 million to $915 million, reflecting approximately 9% year-over-year growth [6][22] - The company is focused on delivering strong student and employer outcomes, which have been a cornerstone of its operations for over 60 years [7] - Management noted that while growth investments may lead to short-term margin pressure, they are essential for long-term value creation [23][25] Other Important Information - Total available liquidity at the end of the quarter was $233.2 million, including $69.2 million of short-term investments [21] - The company expects adjusted EBITDA to exceed $150 million, including approximately $40 million in growth investments [23][25] Q&A Session Summary Question: Insights on UTI and Concorde student starts - Management confirmed that UTI starts were expected to perform better due to increased marketing efforts, while Concorde starts were flat due to a high comparison base from the previous year [32][34] Question: CapEx expectations - The company reiterated a full-year CapEx expectation of around $100 million, with a significant portion allocated to growth investments [44][46] Question: Heartland Fort Myers campus funding - The campus will operate similarly to other campuses, with options for government loans and Pell Grants now available [54] Question: Margin pressure in Concorde - The decline in EBITDA margins was attributed to growth investments, with no structural issues affecting profitability [57] Question: Confidence in start acceleration - Management indicated that momentum is building with new programs and campuses opening, contributing to expected growth in student starts [61][62] Question: Updated thoughts on acquisitions - Management noted limited acquisition opportunities in the current environment, as many operators are not looking to exit the market [119]

（编辑：杨井鑫 审核：朱紫云 校对：张国刚） 该报告指出，金融碎片化的潜在风险为政策制定者和金融从业者选择另一条道路提供了充分理由——通 过加强监管合作、进一步标准化金融交易框架来重塑全球金融体系。借助区块链和人工智能等新兴技 术，各国可提升跨境支付透明度与效率。多方利益相关者协作能强化金融治理，有助于防范系统性风 险，确保金融市场公平高效运行。这种路径将增强全球经济体系的稳定性与韧性，促进各方互信。 中经记者 郝亚娟 夏欣 上海 北京报道 近日，世界经济论坛发布的一则报告显示，全球金融体系内部正在出现断层线，在不同地区和经济发展 水平层面都开始显现裂痕。尽管国际秩序和金融体系正变得更加多极化，但分析表明，全球化体系在短 期内可能仍将持续。然而，随着越来越多的政府将经济治国方略（即一个国家为实现外交政策和国内目 标所使用的经济工具和政策）的运用列为优先事项，金融体系存在进一步碎片化的风险。 ...

Core Insights - Stablecoins are evolving from a niche concept in the cryptocurrency space to a key player in reshaping international payment systems and financial landscapes [1] - The recent regulatory developments in Hong Kong and the United States signify a new phase for the global stablecoin market, with implications for compliance and operational frameworks [10] Regulatory Frameworks - Hong Kong's Financial Management Authority has established a rigorous evaluation system for stablecoin license applications, emphasizing the practicality and sustainability of stablecoin projects [3] - The regulatory framework in Hong Kong allows for flexibility in the definition of stablecoins, potentially accommodating various asset-backed forms in the future [4] - The U.S. legislation supports the development of dollar-backed stablecoins while limiting the advancement of Central Bank Digital Currencies (CBDCs), aiming to maintain the dollar's dominance in the digital economy [6][9] Market Dynamics - The relationship between CBDCs and stablecoins is characterized by competition and coexistence, with each serving different market needs [6] - Cross-border payment capabilities are a core application for stablecoins, prompting regulatory bodies in Hong Kong and other jurisdictions to explore mutual recognition of licenses and regulatory cooperation [7] - Hong Kong's regulatory measures aim to protect consumers by restricting the issuance of stablecoins to licensed entities, thereby preventing unregulated foreign stablecoins from entering the market [8] Comparative Analysis - The regulatory models in Hong Kong and the U.S. differ significantly, with Hong Kong adopting a centralized and efficient approach, while the U.S. employs a complex multi-layered regulatory system [9] - Hong Kong prioritizes investor protection and aims to create a transparent and secure market environment, contrasting with the U.S. focus on reinforcing the dollar's position in the global digital payment system [9][10]

Group 1 - Cathay Financial International's stock surged by 198.39% after receiving a virtual asset trading license from the Hong Kong Securities and Futures Commission, closing at a peak price of HKD 3.70 per share [6] - The upgrade of the trading license allows Cathay Financial International to offer cryptocurrency trading services, including Bitcoin, Ethereum, and stablecoins like Tether (USDT) [6] - The overall market showed positive momentum, with the Hang Seng Index rising 1.23% and a total market turnover of HKD 267.8 billion, indicating increased investor activity [1][5] Group 2 - Other notable stocks included New Oriental, which rose by 8.85%, and Sands China, which increased by 5.99%, leading the blue-chip stocks [3][4] - The Hong Kong Hang Seng Industry Index saw significant gains in the real estate and construction sector, which rose by 2.61%, and the financial sector, which increased by 1.85% [5] - The Chinese brokerage index surged by 11.75%, reflecting strong interest in the sector following the news of Cathay Financial International's license acquisition [5][8] Group 3 - OSL Group, another licensed virtual asset institution in Hong Kong, experienced a stock price increase of 16.07%, reaching HKD 14.30 per share, marking a new high in nearly a year [8] - The entry of traditional financial institutions into the virtual asset trading space is expected to enhance the market ecosystem, with more brokerages likely to upgrade their licenses [8] - The Hong Kong Securities and Futures Commission is actively engaging with the Saudi Capital Market Authority to strengthen regulatory cooperation and enhance market connections [10][11]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) and the Saudi Arabian Capital Market Authority (CMA) are set to enhance regulatory cooperation and continue developing a memorandum of understanding to promote cross-border investment initiatives between Hong Kong and Saudi Arabia [1] Group 1 - The meeting took place between SFC Chief Executive Officer Ashley Alder and Abdulaziz Bin Hassan, a board member of the CMA [1] - Both parties agreed on the importance of strengthening regulatory collaboration [1] - The discussions aim to facilitate cross-border investment opportunities between the two regions [1]