Executive summary: Strategic actions Strategy Update January 31, 2024 Confidential and proprietary information © 2024 Navient Solutions, LLC. All rights reserved. 1 Following an in-depth business review conducted by the board and management, Navient is announcing strategic actions to simplify the company, reduce expense base and enhance flexibility: | Outsource student loan | • Maximize net value of loan portfolio cash flows | | --- | --- | | servicing and create | • Facilitate corporate cost reduction | | ...

教育部网站6月11日发布《关于拟同意设置本科高等学校的公示》。其中包括"设立大湾区大学"。 据大湾区大学（筹）官网介绍，筹建大湾区大学是贯彻落实《粤港澳大湾区发展规划纲要》的重大战略 举措。大湾区大学是由广东省人民政府举办、东莞市政府投入保障为主的公办普通高等学校。学校立足 粤港澳大湾区，面向全中国，辐射全世界，以理工为主、精理强工，致力于办成一所"国际水准、开放 包容、湾区特色"，能引领未来科技发展、产业升级和社会进步的新型研究型大学。 学校开展全日制本科和研究生教育，形成本硕博贯通式培养体系，预计2030年达到在校生10000人左 右，本科生与研究生规模比例预计达1：1左右。 在学生培养方面，针对本科生，首批设置数学与应用数学、物理学、计算机科学与技术、材料科学与工 程和工业工程等5个本科专业，实行大类招生，分类培养，并对理学和工学等学科门类制定差异化的人 才培养方案。 松山湖校区主要建设与综合性国家科学中心有关的大科学装置、新型研发机构融合办学的学科领域，设 立相关领域研究院和科研平台，同时满足办学初期需求。 滨海湾校区同步启动，主要满足本科生和研究生培养、产学研合作和国际合作、创新创业孵化以及行政 办 ...

Core Insights - Hilton Worldwide Holdings Inc. has opened its 1,000th luxury and lifestyle hotel globally, marking a significant milestone amid robust growth driven by organic expansion, strategic acquisitions, and brand partnerships [1][8] - The company is focusing on high-margin luxury travel, with nearly 500 additional luxury and lifestyle hotels in the development pipeline, aiming to open over 150 properties in this category by 2025 [2][8] Strategic Brand Initiatives - Hilton has introduced new brands like NoMad and Graduate by Hilton, and formed an exclusive partnership with Small Luxury Hotels of the World (SLH), adding over 100 future luxury and lifestyle hotels to its pipeline in 2025 [3][5] - The NoMad brand plans future openings in Singapore and Detroit, with more than 15 projects globally, while Graduate by Hilton is expanding into U.S. college towns and has international expansion plans [4] Global Expansion - Hilton is aggressively expanding its luxury footprint with upcoming launches including Waldorf Astoria New York and Conrad Athens The Ilisian, among others, aiming to open three luxury and lifestyle hotels per week throughout 2025 [6][8] - The company is also expanding in the Asia-Pacific region, particularly with new Conrad hotels, reflecting growing global demand for upscale offerings [9] Stock Performance - Year to date, Hilton's stock has gained 0.8%, contrasting with a 5.3% decline in the industry, benefiting from strong demand for leisure travel and strategic partnerships [9] - The company has delivered a trailing four-quarter earnings surprise of 30.9% on average, with a year-to-date stock gain of 10.6% [12]

随着高考临近，各高校陆续公布2025年招生章程，它是考生了解高校招生信息、录取规则的重要渠道，也是填报志愿的关键依据，怎么吃透招生章程？需要 重点关注哪些信息？一起来听听高校招办主任的解读。 高校招生章程包含招生计划分配原则、招生录取规则、身体健康状况要求、学费标准、办学地点等一系列关键信息。提醒考生，要特别留意招生章程里专业 录取的特殊要求和限制条件。 北京工业大学招生办公室副主任 马鑫蕊：比如说，我们学校在京录取的外培计划专业，要求外语的单科成绩不低于120分。 北京化工大学招生办公室主任 李庆：考生和家长一定要认真去阅读有关个性化的东西，比如说填报了身体受限的一些专业，即使是平行志愿投档，也有可 能被退档，退档以后只能填报征集志愿了，失去了很多很好院校的录取机会。 据介绍，专业录取规则也是招生章程里需要重点关注的内容，涵盖了学校的调档比例、加分政策、优先原则等，在志愿填报的时候，考生和家长需采取针对 性的策略。 华东理工大学本科招生办公室主任 孙玉柱：各个学校在录取时优先参考的内容会有所不同。比如，我们学校是分数优先，分数相同的情况，我们首先会遵 循志愿，如果两名考生填报的专业志愿顺序也相同，就会比较单 ...

Industry Overview - The Zacks Schools industry is experiencing a rebound driven by increased demand for career-focused programs in healthcare, skilled trades, cybersecurity, and IT, supported by a labor market that values job-ready skills and government initiatives promoting non-degree pathways [1][4] - The industry is addressing the critical shortage of healthcare workers through rigorous, workforce-aligned training programs [5] Trends Influencing the Industry - Digital innovation is a key driver of differentiation, with companies investing in adaptive learning tools and scalable online platforms to enhance engagement and support flexible learning for working adults [2][7] - There is a rising demand for workforce-oriented programs, particularly among adult learners and career switchers, as the labor market increasingly values job-ready skills over traditional degrees [4] - The sector is witnessing consolidation, with larger players acquiring niche or financially weaker institutions to expand offerings and improve scale [6] Financial Performance and Market Position - The Zacks Schools industry currently ranks 30 within the broader Zacks Consumer Discretionary sector, placing it in the top 12% of over 250 Zacks industries, indicating strong near-term prospects [10][11] - The industry's earnings estimates for 2025 have increased to $1.38 per share from $1.37 since April 2025, reflecting growing analyst confidence in the group's earnings growth potential [12] Enrollment and Revenue Growth - For-profit providers are expected to see enrollment and revenue growth in 2025, driven by demographic tailwinds, state and federal support for vocational education, and digital innovation [2] - Companies like Stride, Inc., Laureate Education, Inc., and American Public Education, Inc. are positioned to benefit from these trends, with significant enrollment growth reported [21][29][25] Valuation Metrics - The industry is currently trading at a forward 12-month price-to-earnings ratio of 16.86X, compared to the S&P 500's 21.81X and the sector's 19.73X, indicating potential undervaluation [17][20] Company Highlights - Stride, Inc. reported a 20% rise in total enrollment, with a 12.8% increase in General Education and a 32% increase in Career Learning [21] - American Public Education has seen a 60.2% stock increase over the past year, with earnings expected to grow 150.9% in 2025 [25] - Laureate Education's fully online programs account for about 20% of its student base, growing at three to four times the pace of face-to-face programs [28] - Perdoceo Education has benefited from a 10.6% enrollment increase at Colorado Technical University, driven by strong student engagement [32] - Lincoln Educational Services has achieved an 82.4% stock increase over the past year, supported by strong enrollment growth and operational efficiencies [36]

Core Insights - American Public Education, Inc. (APEI) reported strong first-quarter 2025 results, with adjusted earnings and total revenues exceeding expectations and showing year-over-year growth [1][2] - The performance was primarily driven by contributions from Rasmussen University (RU), American Public University System (APUS), and Hondros College of Nursing (HCN), while the Graduate School (GSUSA) segment experienced a revenue decline [1][2] Financial Performance - APEI's adjusted earnings per share (EPS) reached 41 cents, significantly surpassing the Zacks Consensus Estimate of 15 cents by 173.3%, compared to a loss of six cents per share in the same quarter last year [3] - Total revenues amounted to $164.6 million, exceeding the consensus mark of $162 million by 1.6% and growing 6.6% year over year, supported by net course registration growth and tuition increases [4] - Total costs and expenses rose 2% year over year to $152.3 million, driven by a 3.5% increase in instructional costs and an 8.5% rise in selling and promotional expenses [4] - Adjusted EBITDA increased by 24% year over year to $21.2 million, with an adjusted EBITDA margin of 13%, expanding 200 basis points from 11% [5] Segment Performance - APUS reported revenues of $83.9 million, a 4.1% increase from $80.7 million year over year, driven by net course registrations and tuition increases [6] - RU's revenues grew 11.5% year over year to $59.3 million, attributed to enrollment growth and tuition hikes, with total student enrollment increasing 7.4% to 14,500 [7][8] - HCN's revenues rose 7.5% year over year to $17.7 million, supported by student enrollment growth, although it reported a negative EBITDA margin of 1% [8][9] - GSUSA's revenues declined 11.9% year over year to $3.7 million, with a negative EBITDA margin of 57% [10] Cash and Debt Position - As of March 31, 2025, APEI had cash, cash equivalents, and restricted cash of $187.5 million, up from $158.9 million at the end of 2024 [11] - Net long-term debt slightly increased to $93.7 million from $93.4 million at the end of 2024 [11] Guidance and Outlook - For Q2 2025, APEI expects total revenues to increase by 4-5% year over year to $160-$162 million, with a projected loss per share between 13 cents and four cents [12] - Adjusted EBITDA for Q2 is anticipated to be between $11.5 million and $14 million, reflecting year-over-year growth of 6% to 28% [12] - The company revised its 2025 guidance, expecting total revenues to grow 4-6% year over year to $650-$660 million, with adjusted EBITDA projected between $77 million and $87 million [14]

Company Overview - Afya is the largest hub of medical education and solutions for medical practice in Brazil[11] - The company's mission is to provide an ecosystem that integrates education and medical practice solutions for the entire medical journey[8] - As of May 2025, Afya has 3,653 medical seats after the last acquisition of Faculdade Única de Contagem[57] - Afya holds a 9% market share of private medical seats in Brazil, with a total of 3,653 seats out of 38,450 approved medical seats[59, 60] Financial Performance (1Q25) - Net revenue reached R$936 million[62] - Adjusted EBITDA was R$492 million, representing a 52.5% adjusted EBITDA margin[62] - Adjusted net income amounted to R$294 million[62] - Medical school net average ticket was R$9,240[63] Operational Metrics (1Q25) - The company has 37 undergraduate campuses and 20 medical graduate campuses[62] - Afya has 3,593 approved medical seats and 25,879 medical students[62, 70] - Continuing education enrolled students numbered 46,909[62] - Medical Practice Solutions has 244,518 monthly active users[62] Growth and Strategy - Undergraduate programs saw a 14.5% increase in net revenue[70] - Continuing Education experienced an 8.7% increase in net revenue[77] - Medical Practice Solutions reported a 13.7% increase in net revenue[83]

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]

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]