American Public Education, Inc. · NASDAQ:APEI
American Public Education — Q4 2024 Earnings Presentation
20 slides from American Public Education's earnings presentation, Mar 6, 2025
Slide 1: 4Q and Full Year 2024 Earnings Presentation
4Q and Full Year 2024 Earnings Presentation March 2025
Slide 2: Forward-Looking Statements
2 Statements made in this presentation regarding American Public Education, Inc. or its subsidiary institutions (“APEI” or the “Company”) that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about APEI and the industry. In
Slide 3: Executive Summary
3 Executive Summary APEI is a market leader in the post-secondary education of active-duty military, veterans, new nurses, and health professionals, segments that have demonstrated stable and long-term demand. 2024 Financial Highlights $10.1 M $158.9 $624.6 M $0.55 $72.3 M Revenue Net Income availab
Slide 4: 2025 Objectives
4 2025 Objectives Simplify & Strengthen in 2025 Combining APUS, Rasmussen and Hondros College of Nursing $650M - $660M 2025E Revenue Strengthens military and healthcare platforms Expands academic choice Accelerates innovation Strengthens compliance and financial positions Expected comple
Slide 5: Executing on Combination of Institutions
5 Executing on Combination of Institutions Current State: APEI’s three higher education institutions will be combined into American Public University System. Students will benefit from increased access to curriculum and advanced degrees, flexible scheduling options and more The System will ope
Slide 6: Registrations & Enrollments
6 Registrations & Enrollments 378,400 14,500 3,600 1Q25 Enrollment 1Q25 Enrollment 2024 Net Course Registrations APUS has delivered consistently Year-over-year Rasmussen Hondros enrollments have grown year- strong net course registrations since enrollments have been improving over-year for the last
Slide 7: Enrollment Summary – Military, Veterans & their Families
7 Enrollment Summary – Military, Veterans & their Families 378,400 371,900 372,100 370,300 Consistent, steady registration growth over past 2 years 367,600 364,000 Revenue growth driven by increased net course 357,500 registrations & impact of select tuition & fee increases in 352,700 2024 349,8
Slide 8: Enrollment Summary – Rasmussen
8 Enrollment Summary – Rasmussen Year-over-year enrollments have been improving since 2Q23 and delivered 3 consecutive quarters of enrollment growth Return to positive on-ground enrollment growth in 1Q25 YoY enrollment comparison by quarter Quarterly Enrollment 16,500 16,200 10% 14,600 14,500 15
Slide 9: Enrollment Summary – Hondros
9 Enrollment Summary – Hondros Delivered 20 consecutive quarters of year-over-year enrollment growth YoY enrollment comparison by quarter Quarterly Enrollment 23% 22% 3,700 3,600 3,700 3,600 3,300 3,300 3,300 3,300 3,300 3,000 19% 3,100 3,100 19% 3,000 3,100 3,100 2,800 2,700 2,800 2,600 2,700 2,4
Slide 10: Financial Update
Financial Update
Slide 11: Segment Revenue
11 Segment Revenue APUS increased revenue year over year and is expected to grow net course registrations in 2025. Rasmussen and Hondros College of Nursing experienced year-over-year revenue growth and positive enrollment trends. $80.7 $77.0 $79.4 $82.4 $74.0 $73.6 $76.4 $77.0 $57.5 $57.5 $53.1 $52.
Slide 12: Profitability
12 Profitability TTM Adj. EBITDA1 As of 12/31/24 $71.8 $72.3 $69.6 $66.6 4Q24 registration growth of 7% compared to 4Q23 $59.6 2024 EBITDA margin of 30% on $317 million in revenue $49.3 $46.4 $40.7 Improving enrollment trends started in 3Q24. 1Q25 enrollment trends building on current momentum
Slide 13: Balance Sheet & Cash Flow
13 Balance Sheet & Cash Flow Strong Balance Sheet with $159M in Cash As of December 31, 12 Months Ended December 31, $ in Millions 2024 2023 $ in Millions 2024 2023 Cash $158.9 $144.3 Net income available to common $10.1 ($53.3) shareholders (-) Restricted cash $27.0 $27.7 Adjusted EBITDA1 $72.3 $59
Slide 14: Guidance
14 Guidance These statements are based on current expectations. These statements are forward-looking and actual results may differ materially. ($in millions) 1Q25 Revenue $161 - $163 Net Income avail to common FY2025 Revenue forecasted to be 4% - 6% higher than $1.7 - $3.1 2024 shareholders Adjust
Slide 15: Investment Highlights
15 Large Addressable Market Online education expected to increase to >$100 billion in 5 years Solid ROI for Education & Stable Long-Term Demand APUS in top 11% for student return on educational investment1 Demand for nurses estimated to be 200,000+ per year INVESTMENT Improving Performance and Opera
Slide 16: Appendix
Appendix
Slide 17: Education Unit Profile
17 Education Unit Profile Segment Summary ($ in millions) 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 Revenue $74.0 $73.6 $76.4 $79.4 $ 303.3 $80.7 $77.0 $77.0 $82.4 $ 317.0 APUS 1 EBITDA $18.5 $20.2 $23.3 $30.5 $ 92.5 $24.3 $19.5 $22.0 $28.4 $ 94.3 Margin 25% 28% 30% 38% 30% 30% 25% 29% 34.5%
Slide 18: Non-GAAP Disclosures
18 Non-GAAP Disclosures American Public Education is presenting adjusted EBITDA 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 to Adjusted EBITDA”) and not to rel
Slide 19: Non-GAAP Disclosures
19 Non-GAAP Disclosures American Public Education is presenting Adjusted EBITDA in connection with its GAAP outlook and urges investors to review the reconciliation of projected EBITDA to the comparable GAAP financial measure that is included in the table below (under the caption “GAAP Outlook Net I
Slide 20: Thank You
Thank You Company Steve Somers, CFA Chief Strategy & Corporate Development Officer investorrelations@apei.com Investor Relations Brian M. Prenoveau, CFA MZ Group 561-489-5315 APEI@mzgroup.us
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