American Public Education Reports Second Quarter 2024 Financial Results

About this update from American Public Education, Inc.

[{"type":"text","content":"Reiterating Full Year 2024 Revenue and Adjusted EBITDA Guidance Driven by Strong Second Quarter Performance\nCHARLES TOWN, W.Va., Aug. 6, 2024 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI), a portfolio of education companies providing online and campus-based postsecondary education and career learning to over 125,000 students through four subsidiary institutions, has reported unaudited financial and operational results for the second quarter ended June 30, 2024.\n\n \n \n \n \n \n \n\n \nKey Second Quarter 2024 Highlights\nConsolidated revenue for Q2 2024 increased 3.9% year-over-year to $152.9 million.Net loss available to common stockholders in Q2 2024 was ($1.2) million, compared to a net loss available to common stockholders of ($52.7) million in the prior year period. Q2 2023 included a non-cash impairment charge of $64.0 million in our Rasmussen University (\"RU\") segment.Net loss per diluted common share in Q2 2024 was ($0.06), compared to a net loss per diluted common share of ($2.93) in the same period of 2023. Excluding the 2023 impairment, net loss per diluted common share in Q2 2023 would have been ($0.25).Q2 2024 Adjusted EBITDA increased 24% year-over-year to $10.9 million.Q3 2024 enrollments at Rasmussen increased slightly compared to Q3 2023, the first year over year increase since the acquisition of Rasmussen.Reiterating guidance for full year revenue, net income available to common stockholders, and Adjusted EBITDA of $620 million to $630 million, $6 million to $13 million, and $60 million to $70 million, respectively.Management Commentary\n\"I am very pleased with the progress we continue to make with the stabilization of Rasmussen, resulting in third quarter 2024 total enrollments slightly above third quarter of 2023, due to improving trends within both Rasmussen's on-Ground and online units,\" said Angela Selden, President and Chief Executive Officer of APEI. \"In the second quarter of 2024, with APUS delivering continued growth in quarterly total registrations and Hondros reaching an all-time high level of nursing enrollments, APEI delivered Adjusted EBITDA near the mid-point of the projected range.\"\n\"We remain focused on the return on education investment our institutions deliver through strict operational controls and quality instruction, enabling students to affordably 'learn to earn...

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