American Public Education, Inc. · NASDAQ:APEI
American Public Education — Q3 2007 Earnings Presentation
12 slides from American Public Education's earnings presentation, Nov 16, 2007
Slide 1: Third Quarter 2007 Earnings Conference Call
1 American Public Education Third Quarter 2007 Earnings Conference Call November 16, 2007
Slide 2: Safe Harbor Statement
2 Statements made in this presentation regarding American Public Education, or its subsidiaries, that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about American Public Education and the industry. These forward-looking
Slide 3: Today's Speakers
3 PRIOR EXPERIENCE CFO, COO, or CEO, of: Meridian HealthCare Manor HealthCare NeighborCare Pharmacies Sun Healthcare Group Wallace E. Boston, Jr. President and Chief Executive Officer Member, Board of Trustees Member, Board of Directors Joined as Chief Financial Officer in 2002 to implement financia
Slide 4: Third Quarter 2007 Highlights
4 Strong Growth in Registrations(1) Total Student Enrollment(2) Increases to 26,900, an increase of 74% Accreditation Progress - Secured approval for Education and Technology programs from NCA and DETC 2006 2007 % Change Net Course Registrations from New Students 4,160 6,660 60% Total Net Course Reg
Slide 5: Other Recent Developments
5 Six New Articulation Agreements, Including: Community College of The Air Force (UA-ABC Program) Florida Community College at Jacksonville Company Continues to Deepen Military Market Relationships Signed agreements for a permanent presence on three additional military bases. Lieutenant General Juli
Slide 6: Strong 3Q2007 Financial Results
6 Strong 3Q2007 Financial Results ($ in thousands, except per share data) 137% $3,578 $1,508 Income from Continuing Operations Before Interest Income and Income Tax 157% $0.18 $0.07 Diluted EPS 163% $2,222 $845 Net Income 73% $17,612 $10,118 Revenues 71% 25,290 14,791 Total Net Course Registrations
Slide 7: Strong Balance Sheet with No Debt
7 Strong Balance Sheet with No Debt ($ in millions) $39.2 $28.8 Total Liabilities and Equity 6.4 7.3 Other Current Assets 24.2 16.8 Total Stockholders’ Equity 15.0 11.9 Liabilities $39.2 $28.8 Total Assets 12.5 9.8 Non-Current Assets $20.3 $11.7 Cash and Cash Equivalents As of Sept 30 2007 As of Dec
Slide 8: Outstanding Track Record of Growth
8 $47.9 $40.0 $27.1 $28.2 $10.7 $17.8 $23.1 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 2002 2003 2004 2005 2006 YTD 9/06 YTD 9/07 76% Growth Revenues CAGR 39% ($ in millions) Outstanding Track Record of Growth
Slide 9: Fourth Quarter 2007 Outlook
9 Fourth Quarter 2007 Net Course Registrations from New Students 6,800+, an increase of 41%+ Total Net Course Registrations 27,000+, an increase of 58%+ Total Revenue $19.0 to $20.5 million Adjusted Income from Continuing Operations Before Interest Income and Income Tax (1) $3.4 to $4.2 million Adju
Slide 10: APEI Outlook/Metrics
10 OUTLOOK STATEMENTS: Quarterly Annual Net Course Registrations from New Students (Range) X X Total Net Course Registrations (Range) X X Total Revenue ($ Range) X X Income from Continuing Operations Before Interest Income and Income Tax ($ Range) X X Net Income ($ Range) X X Depreciation and Amorti
Slide 11: Investment Highlights
11 Strong top-line growth with good visibility Tuition is paid in advance; attractive working capital dynamics High referral rates drive low student acquisition costs Limited “brick and mortar” costs Variable cost adjunct faculty model Technology platform drives potential for scalability and long-te
Slide 12: Proprietary - Not for duplication
12 Proprietary - Not for duplication
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