American Public Education, Inc. · NASDAQ:APEI
American Public Education — Q2 2009 Earnings Presentation
15 slides from American Public Education's earnings presentation, Aug 4, 2009
Slide 1: Second Quarter 2009 Conference Call
Ahead of the Curve.Online higher educationfor a complex world.Second Quarter 2009Conference Call August 4, 2009
Slide 2: Safe Harbor Statement
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 st
Slide 3: Continued Success with Military Community
Continued Success with Military Community Military Times Edge Magazine ranked AMU #2 in Top 50 schools chosen by service members using tuition assistance in 2008. The Top 50
Slide 4: Focused on Our Mission
Focused on Our Mission Strong Growth in Civilian SegmentsSecond quarter 2009 net course registrations from students using Title IV grew 100% to approximately 8,400 (18% of net course registrations)New Programs and New InitiativesSubmitted two new Master’s programs to HLCAPUS partners with Connection
Slide 5: Net Course Registrations and Enrollment
Net Course Registrations and Enrollment Body:For the three months ended June 30, 20082009 % Change Net Course Registrations from New Students8,80011,200 27% Net Course Registrations 33,30047,90044% For the six months ended June 30, 20082009 % Change Net Course Registrations from New Students16,30021
Slide 6: Transitioning to Civilian Growth Drivers
Transitioning to Civilian Growth Drivers Civilian Students…. More Classes Per Year (6 classes on average) more annual revenue per studentHigher Retention better lifetime valueLarger Market Size additional growth opportunitiesSegments Rely on Key Influencers allows for continue targeted advertisingHi
Slide 7: APUS Story Virtually Unchanged Since IPO
APUS Story Virtually Unchanged Since IPOExpand share of and presence in the Military community Pursue select civilian markets with a cost-effective marketing Launch new programs and enter new markets Source: Company Reports & APEI Estimates Education Peers APEI – no undergraduate tuition increase si
Slide 8: APEI Reports Strong Second Quarter 2009 Results
APEI Reports Strong Second Quarter 2009 Results Revenues increase 43% to $35.7 million EBIT Increases 52% to $8.8 million Second quarter 2009 tax rate was 40%, compared to 34% in second quarter 2008Net Income Increases 35% to $5.3 millionReports Earnings of $0.28 Per Diluted Share Strong Balance She
Slide 9: Continued Margin Improvement
Continued Margin Improvement Three Months Six Months Ended June 30, Ended June 30, 2009 2008 2009 2008 Revenues 100.0 % 100.0 % 100.0 % 100.0 % Costs and expenses: Instructional costs and services 40.2 42.1 39.4 42.4 Selling and promotional 14.4 10.5 13.8 9.9 General and administrative 16.9 20.3 17.
Slide 10: Strong Balance Sheet with No Debt
Strong Balance Sheet with No Debt Cash & Cash Equivalents $57.1 $47.7 Total Assets $91.4 $78.8 Total Long-Term Debt $0 $0 Other Items: Depreciation and Amortization $1.4 $1.0 CAPEX $2.6 $2.4 ($ in millions) As of June 30, As of December 31, 2009 2008 Three Months Ended June 30, 2009 2008
Slide 11: Company Refines Full Year 2009 Outlook
The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. Full Year 2009 % GrowthNet Course Registrations from New Students approx. 49,000 33%Net Course Registrations approx. 205,200 40%Total Revenue $147 to $150 millio
Slide 12: Company Introduces Third Quarter 2009 Outlook
The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. Third Quarter 2009 % GrowthNet Course Registrations from New Students approx. 13,600 31%Net Course Registrations approx. 53,800 38%Total Revenue $35.0 to $36.0 m
Slide 13: Timing of Starts in Third & Fourth Quarter 2009
Early start leads to greater percentage of earned revenue in first month, while a later start leads to a lower percentage of revenue recognized in the first month. Timing of Starts In Third & Fourth Quarter 2009 September Cohort Revenue Recognition: 2008 2009E September October 56% 44% $1.2 million
Slide 14: APUS Story Virtually Unchanged Since IPO
APUS Story Virtually Unchanged Since IPO Expand share of and presence in the Military community Pursue select civilian markets with a cost-effective marketing Launch new programs and enter new markets Source: RBC, Company Reports & APEI Estimates Education Peers APEI –no undergraduate tuition increa
Slide 15: Ahead of the Curve
Ahead of the Curve.Online higher education for a complex world.
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