Financial Data and Key Metrics Changes - Third quarter revenue was $400 million, and adjusted EBITDA was $95 million, both exceeding guidance provided in July [5][12] - Year-over-year revenue growth for the third quarter was 6%, while adjusted EBITDA increased by 3% [12] - Net income for the third quarter was $34 million, resulting in earnings per share of $0.23, with adjusted net income at $37 million and adjusted earnings per share of $0.25, a 14% increase compared to Q3 of the prior year [12][18] Business Line Data and Key Metrics Changes - New enrollments in Mexico increased by 2% on a reported basis or 4% excluding campus closures, while total enrollment volume increased by 4% [13] - In Peru, new enrollments surged by 21% for the third quarter, driven by strong growth in fully online programs for working adults [14][15] - Adjusted EBITDA for Mexico increased by 25% in the third quarter, while Peru's adjusted EBITDA declined by 2% due to timing of expenses [13][16] Market Data and Key Metrics Changes - Peru's economy is projected to grow approximately 3% in 2025, supported by robust domestic demand and low inflation [8] - Mexico's government has maintained fiscal discipline and advanced industrial modernization, contributing to a stable economic environment [8][9] Company Strategy and Development Direction - The company plans to open two new campuses in Monterrey, Mexico, and Lima, Peru, marking the first new campus launches since 2019 [6] - The company has identified numerous other cities in Mexico and Peru for potential development over the next several years [6] - An increase in the stock repurchase program by $150 million reflects the company's disciplined capital allocation strategy [7][17] Management's Comments on Operating Environment and Future Outlook - Management noted a resilient business model despite a softer macroeconomic environment [5] - The company expects an increase in economic activity in the second half of 2026 following trade negotiations [9] - Full year 2025 guidance was increased, projecting revenue growth of 7% to 8% and adjusted EBITDA growth of 13% to 14% [18][19] Other Important Information - The company ended September with $241 million in cash and $102 million in gross debt, resulting in a net cash position of $139 million [17] - The company has returned over $3 billion of capital to shareholders since 2019 through share repurchases and dividends [17] Q&A Session Summary Question: Revenue strength in Peru amidst calendar timing - Management highlighted strong consumer sentiment and a catch-up on deferred demand from last year, with pricing in line with inflation [22][23] Question: New enrollment growth in Mexico - Management clarified that the majority of enrollment growth in the third quarter was driven by traditional undergraduate students aged 18 to 24 [24][25] Question: Contribution from new campuses in Mexico - Management indicated that 4% growth excluding campus closures included a 1% contribution from new campus launches, with 3% from same-store growth [27] Question: Impact of pricing mix on average revenue per student - Management noted that the mix impact could be upwards of 2% as the company aggressively targets the fully online working adult segment [28]