Company Overview - Laureate Education, Inc. operates five higher education institutions in Mexico and Peru, enrolling over 470,000 students in various degree programs [25] First Quarter 2025 Highlights - New enrollments decreased by 2% compared to Q1 2024, while total enrollments increased by 4% [4] - Adjusted for semester start date timing, new enrollments increased by 7% and total enrollments by 6% [4] - Revenue for Q1 2025 was $236.2 million, a decrease of 14% from Q1 2024 [6][28] - Adjusted EBITDA for Q1 2025 was $5.4 million, down 82% from $30.6 million in Q1 2024 [8][28] Enrollment Performance - In Peru, new enrollments increased by 6% during the primary intake, while total enrollments grew by 5% [5] - In Mexico, new enrollments rose by 8% and total enrollments by 7% during the secondary intake [5] Financial Performance - Operating loss for Q1 2025 was $(13.2) million, compared to operating income of $11.1 million in Q1 2024, a change of $24.3 million [7] - Net loss for Q1 2025 was $(19.6) million, compared to a net loss of $(10.8) million in Q1 2024 [7] - Basic and diluted loss per share for Q1 2025 was $(0.13), compared to $(0.07) in Q1 2024 [7] Balance Sheet and Capital Structure - As of March 31, 2025, the company had $109.8 million in cash and cash equivalents and gross debt of $114.6 million, resulting in net debt of $4.8 million [9] - The company repurchased approximately $42 million of its common stock during Q1 2025, with $56 million remaining under its stock repurchase program [10] 2025 Outlook - The company updated its 2025 guidance, expecting total enrollments to be between 491,000 and 495,000 students, reflecting a growth of 4%-5% compared to 2024 [15] - Revenue is expected to be in the range of $1,560 million to $1,575 million, indicating growth of 0%-1% on an as-reported basis and 6%-7% on an organic constant currency basis [15] - Adjusted EBITDA is projected to be between $473 million and $480 million, reflecting growth of 5%-7% on an as-reported basis and 11%-13% on an organic constant currency basis [15]

导读： 清华大学发布多批政府采购意向，其中的仪器设备品目34项，预算总额达3.14亿元。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 近日，清华大学发3 4项仪器设备采购意向，预算总额达3 . 1 4亿元，涉及可扩展原位纳米分辨率三维无损检测系统、离 子研磨仪、中微子探测器反符合探测器、扫描电子显微镜等，预计采购时间为2 0 2 5年4~5月。 | 采购 | 需求概况 | 预算 | 采购 | | --- | --- | --- | --- | | 项目 | | 万元 | 时间 | | | 离子研磨仪能够对透射电镜及扫描电镜样品表面利用通过 | | | | 深圳国际研究 | 电场加速过的离子撞击样品表面，靠微观的机械撞击能量 | | | | 生院离子研磨 | 加工样品，在样品表面产生溅射效应，从而进行抛光或进 | 120 | 2025年 | | 仪 | 行横截面切割，由此制备尺度为毫米级别的平滑表面的研 | | 4月 | | | 磨方法，能够满足各类电镜观察；获得更为准确的原子级 | | | | | 微观结构及成分信息。 | | | | ...

导读： 近日，昆明医科大学发布多批政府采购意向，仪器信息网特对其中的仪器设备品目进行梳理，统计出10项仪器设备采购意向，预算总额达8332万 | 采购 | | 预算 | 采购 | | --- | --- | --- | --- | | 项目 | 需求概况 | 万元 | 时间 | | 教学科研 | | | | | 大型仪器 | | | | | 设备更新 | 为提高学校教学、科研能力，自筹经费更新一批实验室设 | 7100 | 2025年 | | 采购项目 | 备。 | | 2月 | | （自筹经 | | | | | 费） | | | | | 康复学院 | | | | | 省一流学 | | | 2025年 | | 科建设设 | 满足学校教学及科研需求。 | 292 | 5月 | | 备采购项 | | | | | 目 | | | | | 康复学院 | | | | | 智慧教室 | | | 2025年 | | 设备采购 | 满足学校教学及科研需求。 | 100 | 5月 | | 项目 | | | | | 基础医学 | | | | | 院一流学 | | | | | 科团队平 | 设备仪器一批. | 92 | 2025年 ...

导读： 华中科技大学发布多批政府采购意向，其中仪器设备品目32项，预算总额达2.71亿元。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 近日，华中科技大学发布3 2项仪器设备采购意向，预算总额达2 . 7 1亿元，涉及8英寸介质刻蚀机、氧化物电介质磁控溅 射仪、晶圆键合机、化学链燃烧源头碳捕集子系统、往复泵泵体等，预计采购时间为2 0 2 5年1~11月。 | 采购 | 需求概况 | 预算 | 采购 | | --- | --- | --- | --- | | 项目 | | 万元 | 时间 | | | 拟购8英寸介质刻蚀机1台，该设备利用化学反应和物理离 | | | | | 子轰击去除硅片表面的材料来实现高精度图形化。晶圆尺 | | | | | 寸：8英寸向下兼容；片内不均匀性：<5%；片间不均匀 | | | | 8英寸介质 | 性：<5%；刻蚀形貌：85°±5°。服务要求：设备安装调试 | 450 | 2025年 | | 刻蚀机 | | | 4月 | | | 后，提供不少于3个工作日的技术培训服务；所有硬件一 | | | | | ...

导读： 近日，北京邮电大学发布多批政府采购意向，仪器信息网特对其中的仪器设备品目进行梳理，统计出5项仪器设备采购意向， 等技术的核心原理和实际应用，有助于学生更好地理解课 堂上所学的理论知识，并培养解决实际问题的能力。 | 天线及功 | | | | | --- | --- | --- | --- | | | | | 2025年 | | 放货物采 | 某项目所需定制研发60余套多类型天线及功放。 | 240 | 4月 | | 购项目 | | | | | 两类工程 | | | | | 验证基带 | | | 2025年 | | 模块货物 | 某项目所需定制研发两类20套工程验证基带模块。 | 210 | 4月 | | 采购项目 | | | | | 智能无人 | | | | | 系统实践 | 机器人打磨工作站2套，机器人力控装配站2套，增材制造 | | | | | 及物料柔性移动机器人运输系统2套，自动工件测量、打标 | | | | 教学子平 | | | 2025年 | | | 及系统监测系统2套，多机器人协同智能制造管理与调度系 | 1318 | | | 台（货 | | | 6月 | | | 统2套，多机器人协同智 ...

Core Perspective - Rasmussen University is celebrating its 125th anniversary in 2025, highlighting its legacy of transforming lives and strengthening communities through career-focused education [1][4][10] Company Overview - Founded in 1900 by Walter Rasmussen, the institution began as the Rasmussen Practical School of Business in St. Paul, Minnesota, addressing the need for skilled professionals [5] - Over the years, Rasmussen University has expanded its offerings to include more than 60 undergraduate and graduate programs across eight areas of study, with a strong emphasis on nursing education [7][11] Legacy and Impact - The university has a long-standing commitment to expanding access to education, particularly for underrepresented and underserved populations, and has pioneered online learning to meet workforce needs [6][10] - Rasmussen University emphasizes the belief that education creates opportunities, empowering generations of learners to make a lasting impact on their communities [5][6] Anniversary Activities - Throughout 2025, Rasmussen will host various activities and initiatives to celebrate its legacy, including campus celebrations, a traveling Green Couch series for engaging conversations, and research studies focused on legacy and future skills [9][12] - The university will also launch targeted campaigns in key communities to raise awareness of its anniversary and legacy through multi-platform messaging and social media engagement [9][12]

导读： 近日，安徽农业大学发布多批政府采购意向，仪器信息网特对其中的仪器设备品目进行梳理，统计出20项仪器设备采购意向， 预算总额达8573万元。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 近日，安徽农业大学发布2 0项仪器设备采购意向，预算总额达8 5 7 3万元，涉荧光定量PCR仪、多功能酶标仪、MST微 量热泳动仪、超导核磁共振波谱仪、X单晶线衍射仪、全自动核酸提取纯化仪等，预计采购时间为2 0 2 5年2~5月。 | 采购项目 | 需求概况 | 预算 | 采购 | | --- | --- | --- | --- | | | | 万元 | 时间 | | 茶树生物 | | | | | 学与资源 | | | | | 利用国家 | 安徽农业大学茶树生物学与资源利用国家重点实验室重大 | | | | 重点实验 | 科研设备更新项目为建设学科核心平台，购置设备一批， | | | | 室重大科 | 包括：荧光定量PCR仪、多功能酶标仪、MST微量热泳动 | | | | 研设备更 | 仪等，以满足我校核心学科建设需要。要求货物质量符合 ...

Core Insights - EpicQuest Education is expanding its foundational programs in China, with a new agreement with South China University of Technology, marking its third such program in the country [1][3] - The two-year foundational program allows students to transfer to Davis' Toledo, Ohio campus for their final two years, facilitating a pathway to a four-year bachelor's degree [1][4] - The company emphasizes the importance of providing options for students to achieve their academic and career goals [1] Revenue Diversification - EpicQuest Education has multiple revenue streams, including those from its US and Canada-based institutions, alongside its foundational programs [1][2] - The foundational programs at elite Chinese universities like Peking University and Shanghai Jiao Tong University further enhance the company's revenue potential [3] Enrollment Expectations - The foundational program at South China University of Technology is expected to enroll approximately 120 students per incoming class, with enrollment anticipated to accelerate after China's national entrance examination in June 2025 [4] Strategic Growth Plan - The company aims for internationalization as a key element of its growth strategy, focusing on international recruitment and globalized learning [5] - EpicQuest Education seeks to establish itself as a leading international service provider of higher learning [5] Institutional Background - South China University of Technology is recognized as one of China's leading universities, particularly noted for its engineering programs and global partnerships [6] - The university hosts over 39,000 students, including more than 2,000 international students from over 100 countries [6] Company Overview - EpicQuest Education provides comprehensive education solutions for students seeking university degrees in the US, Canada, and the UK [7] - The company operates EduGlobal University in British Columbia and holds a 70% stake in Davis University in Ohio [7][9]

Company Overview - American Public Education, Inc. (APEI) has appointed Richard J. Statuto to its Board of Directors, effective March 6, 2025, increasing the total board members to nine [1] - Statuto has over 30 years of leadership experience in the healthcare sector, including roles as President and CEO of Bon Secours Health System and CEO of St. Joseph Health System, both of which generated over $3 billion in revenue [2] Strategic Alignment - APEI's Chairman, Ric Andersen, expressed excitement about Statuto's appointment, highlighting his experience in driving growth at large health systems, which aligns with APEI's strategic objectives [3] - Angela Selden, APEI's President and CEO, noted that Statuto's success in mission-driven healthcare organizations will be crucial in shaping APEI's strategy [3] Leadership and Experience - Statuto has served on several boards, including the Catholic Health Association and the American Heart Association, showcasing his extensive network and leadership in healthcare [2] - He holds an MBA from Xavier University and a bachelor's degree from Vanderbilt University, further emphasizing his educational background [4] Educational Institutions - APEI operates through various institutions, including American Public University System, Rasmussen University, Hondros College of Nursing, and Graduate School USA, focusing on transforming lives and advancing careers [5] - APUS serves approximately 88,000 adult learners worldwide, primarily focusing on active-duty military and veteran students [6] - Rasmussen University, with a history of 125 years, serves around 14,600 students across 20 campuses and online, emphasizing nursing and health sciences [7] - Hondros College of Nursing is the largest educator of PN (LPN) nurses in Ohio, serving approximately 3,700 students [8] - Graduate School USA provides training to the federal workforce, catering to government professionals through customized training [9] Accreditation - APEI's institutions are accredited by recognized agencies, ensuring quality education and compliance with educational standards [10]

Financial Data and Key Metrics Changes - For Q4 2024, revenue was $423 million, and adjusted EBITDA was $141 million, representing a 10% year-over-year increase in revenue on an organic constant currency basis, driven by a 5% increase in total enrollment volume [21][22] - Full year 2024 revenue was $1.567 billion, with adjusted EBITDA of $450 million, resulting in an adjusted EBITDA margin of 28.7%, a historic high for the company [23][24] - Full year net income was $296 million, leading to earnings per share of $1.92 [24] Business Line Data and Key Metrics Changes - In Mexico, new enrollments increased by 4% for the year, with revenue growth of 10% driven by an 8% increase in average total enrollments [29] - In Peru, new enrollments increased by 6% for the year, with revenue growth of 4% driven by a 2% increase in average total enrollments [32] Market Data and Key Metrics Changes - The company remains the largest higher education provider in Mexico and Peru, with strong demand for quality higher education driven by rising participation rates and strong wage premiums for graduates [9][14] - The economic outlook for Peru is positive, with GDP growth expected to reach approximately 3% in 2025, while Mexico's GDP growth is anticipated to be around 1% [16][53] Company Strategy and Development Direction - The company plans to open four new campuses for its value brands, with two expected to launch in 2025, marking the first new campus launches since 2019 [13] - Continued investment in digital education is a priority, alongside maintaining a strong focus on academic quality and student outcomes [36][44] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the geopolitical uncertainties in Mexico, noting that while there may be some impact on enrollments, the company has proven resilient in various economic conditions [15][50] - The company anticipates flat to slightly down year-over-year reported revenues for 2025, but expects growth in adjusted EBITDA and unlevered free cash flow due to local currency revenue growth and margin expansion efforts [19][41] Other Important Information - The company returned over $100 million to shareholders in 2024 and has a strong balance sheet with a net debt position of $11 million [8][33] - New non-GAAP metrics for adjusted net income and adjusted earnings per share were introduced to provide a clearer picture of the company's underlying profitability [25][26] Q&A Session Summary Question: Impact of tariffs and economic environment in Mexico - Management acknowledged that while geopolitical discussions around tariffs do not directly impact the business, a slowdown in foreign direct investment has affected GDP growth, which in turn impacts enrollments [47][49] Question: Capital allocation policy - The company aims for a 50% free cash flow conversion on EBITDA and plans to return 50% of available free cash flow to shareholders after supporting growth [54][56] Question: Tax rate and Peru intake - The effective tax rate is expected to be below 40%, and management is optimistic about the upcoming intake period in Peru, despite some lingering effects from the previous recession [60][63][64]