American Public Education, Inc. · NASDAQ:APEI

American Public Education — Q3 2022 Earnings Presentation

15 slides from American Public Education's earnings presentation, Nov 8, 2022

  1. Slide 1: American Public Education, Inc. Third Quarter 2022 Results

    American Public Education, Inc. Third Quarter 2022 Results November 8, 2022 PRESENTED BY AngelaSelden President andCEO Richard Sunderland, CPA Executive VP and CFO

  2. Slide 2: Safe Harbor Statement

    Safe Harbor Statement Please note that statements made in this presentation regarding American Public Education, Inc. and its subsidiaries (the “Company”) that are not historical facts may be forward-looking statements based on current expectations, assumptions, estimates and projections about the C

  3. Slide 3: Table of Contents

    Table of Contents 1. APEI and Education Unit Enrollment Updates 2. 3Q'22 Financial Results & 4Q'22 Outlook 3

  4. Slide 4: Executive Summary

    Executive Summary Highlights Guidance Summary ❖ APEI is positioned to deliver on its $53 to $59 million Adjusted EBITDA range, narrowing ($ in millions) Full Year 2022 and raising range to $55.2 million to $58.0 million Revenue $605.1 to $608.1 ❖ Improving enrollment momentum seen across all educati

  5. Slide 5: APUS Registration and Education Unit Update

    APUS Registration and Education Unit Update APUS Net Course Registrations Forecast Period 2021 2022 +1% to +2% 350.8k - 345.2K 347.3k +1% +1% +3% -3% to +1% 87.5k - 92.9K 94.0K 82.6K 83.5K 83.1K 85.8K 86.6K 84.0k 1Q 2Q 3Q 4Q Full Year 3Q'22 Forecast 4Q'22 and Education Unit Update • 3Q'22 net course

  6. Slide 6: Rasmussen Enrollment and Education Unit Update

    Rasmussen Enrollment and Education Unit Update Non-nursing Nursing Rasmussen Enrollment 17,300 16,900 17,100 16,200 15,900 16,300 15,600 15,000 9,100 7,800 8,600 8,000 8,400 7,700 8,000 7,300 8,200 8,400 8,300 8,200 8,300 7,700 8,700 7,600 1Q 2021 1Q 2022 2Q 2021 2Q 2022 3Q 2021 3Q 2022 4Q 2021 4Q 2

  7. Slide 7: Rasmussen Operational Update

    Rasmussen Operational Update Center for Educational Readiness Center for Nursing Excellence Organizational Realignment • Focus is to ensure campus • Focus is to increase NCLEX first time • Implemented organizational preparedness for faculty, clinicals, pass rates for all nursing students simplificat

  8. Slide 8: HCN Enrollment and Education Unit Update

    HCN Enrollment and Education Unit Update 2021 HCN Enrollment 2022 +8% +3% +4% +4% 2,460 2,510 2,600 2 Yr 2,380 2,440 2,320 2,410 2,270 CAGR +10% 1Q 2Q 3Q 4Q 3Q'22 Forecast 4Q'22 and Education Unit Update • 3Q'22 HCN nursing enrollment growth continued, up 4% from • 4Q'22 HCN enrollment growth of 4%

  9. Slide 9: Table of Contents

    Table of Contents 1. APEI and Education Unit Enrollment Updates 2. 3Q'22 Financial Results & 4Q'22 Outlook 9

  10. Slide 10: 3Q'22 Financial Highlights

    3Q'22 Financial Highlights Financial Summary Capitalization and Liquidity Three Months Ended Nine Months Ended Dec. 31, 2021 Sep. 30, 2022 September 30, September 30, ($ in millions) 2021 2022 % Change 2021 2022 % Change Term Loan $172.8 $166.3 ($ in millions) Revolver, drawn $0.0 $0.0 APUS Revenue(

  11. Slide 11: APEI's 4Q'22 and Full Year 2022 Outlook

    APEI’s 4Q'22 and Full Year 2022 Outlook These statements are based on current expectations. These statements are forward-looking and actual results may differ materially. Fourth Quarter 2022 Guidance Full 2021 Full Year Year 2022 Guidance Guidance F (Approximate) (% Yr/Yr Change) (Approximate) (% Yr

  12. Slide 12: Thank You

    Thank You

  13. Slide 13: Appendix: Enrollment and Registration Summary

    Appendix: Enrollment and Registration Summary 3Q 2022 3Q 2021 % Change APUS Registrations 85,800 83,100 3% Total Rasmussen Enrollment 15,000 16,300 -8% Rasmussen Nursing Enrollment 7,700 8,300 -8% Rasmussen Non-Nursing Enrollment 7,300 8,000 -8% HCN Enrollment 2,410 2,320 4% 13

  14. Slide 14: Appendix: Disclosures

    Appendix: Disclosures American Public Education is presenting adjusted EBITDA in connection with its GAAP results and urges investors to review the reconciliation of adjusted net income to the comparable GAAP financial measure that is included in the table below (under the caption “GAAP Net Income t

  15. Slide 15: Appendix: Disclosures (continued)

    Appendix: Disclosures (continued) American Public Education is presenting adjusted EBITDA in connection with its GAAP outlook and urges investors to review the reconciliation of projected adjusted net income to the comparable GAAP financial measure that is included in the table below (under the capt

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