American Public Education, Inc. · NASDAQ:APEI
American Public Education — Investor Presentation (June 2025)
21 slides from American Public Education's investor presentation, Jun 5, 2025
Slide 1: Investor Presentation June 2025
Investor Presentation June 2025
Slide 2: Forward-Looking Statements
FORWARD - LOOKING STATEMENTS 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 a
Slide 3: Company Overview
Company Overview American Public Education (APEI) is a leading provider of accessible & affordable education and training of high - demand fields to military and healthcare sectors with four wholly - owned subsidiaries (campus - based & online) Addressing $100B online education market in stable, hig
Slide 4: Vision, Mission and Values
4 1) Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization less non - recurring expenses, such as severance, and non - cash expenses, such as stock compensation) is a non - GAAP financial measure. Refer to appendix for GAAP to non - GAAP reconciliation. VISION Education th
Slide 5: Nursing & Healthcare
Nursing & Healthcare National Nursing Platform #1 provider of pre - licensure ADN+PN education Hondros Rasmussen Current Campuses ~9,400 Enrolled nursing students 26 Campuses in 8 states 23 Nursing and Allied Health Degrees Nasdaq: APEI 5 Enrollment Momentum Continues Current demand for 200,000+ reg
Slide 6: Public Sector Education
Public Sector Education #1 Activity - duty military & veterans educator ~90,000 Adult learners in over 90 countries >100 Federal agency customers ~25,000 Trained individuals in 2024 Nasdaq: APEI 6 Clear Leadership Position Provides Solid Growth, Margins & Cash Flow 1. According to the Georgetown Uni
Slide 7: Registrations & Enrollments
Registrations & Enrollments 381,900 TTM Net Course Registrations 14,600 2Q25 Enrollment APUS has delivered consistently strong net course registrations since 2020, driven by continued strength in military and growing enrollments from veterans and military - affiliated families Year - over - year Ras
Slide 8: Enrollment Summary – Military, Veterans & their Families
Enrollment Summary – Military, Veterans & their Families * TTM quarterly registration figures 346,200 347,100 349,800 350,400 352,700 357,500 364,000 367,600 370,300 371,900 372,100 378,400 381,900 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 ▪ 137 degree programs and 111 certifi
Slide 9: Enrollment Summary – Nursing & Healthcare
13,900 13,600 13,500 13,500 14,100 14,600 13,500 14,500 13,600 14,600 2Q23 2Q24 3Q23 3Q24 4Q23 4Q24 1Q24 1Q25 2Q24 2Q25 ▪ Offers 47 degree programs from Associates degrees to Doctoral degrees, and 13 certificate programs ▪ Year - over - year enrollments have been improving since 2Q23 and delivered 4
Slide 10: Financial Update
Financial Update
Slide 11: 1Q25 Executive Summary
1Q25 Executive Summary $164.6 M Revenue $21.2 M Adj. EBITDA 1 $7.5 M Net Income available to common stockholders $187.5 M Cash (as of 3/31/25) 1. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, less non - recurring expenses, such as severanc e, and non - cash expens
Slide 12: Segment Revenue
Segment Revenue • APUS has delivered consistent year - over - year growth driven by modest increases in registrations and targeted tuition and fee increases • Rasmussen continues to build on a solid foundation with higher revenue and enrollment trends • 1Q25 enrollment growth is 7% over 1Q24 • Fourt
Slide 13: Profitability
Profitability ▪ 1Q25 registration growth of 3.5% compared to 1Q24 ▪ 1Q25 EBITDA margin of 30% on $83.9 million in revenue TTM Adj. EBITDA 1 TTM Adj. EBITDA Margin 1 ▪ Positive year - over - year enrollment trends started in 3Q24. 1Q25 enrollment trends building on current momentum ▪ Rasmussen delive
Slide 14: Education Unit Profile
Education Unit Profile Note: See note 16 to the financial statements included in the 2024 10 - K. Reflects income (loss) from operations before interest, income taxes, gain (loss) from acquisitions, + depreciation & amortization. Please refer to appendix for GAAP to non - GAAP reconciliation. 1. APU
Slide 15: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow 3 Months Ended March 31, 2024 2025 in Millions ($1.0) $7.5 Net income available to common stockholders $17.1 $21.2 Adjusted EBITDA 1 $6.2 $3.9 ( - ) Capital expenditures $10.8 $17.3 Free cash flow 2 As of March 31, 2024 2025 in Millions $153.2 $187.5 Cash $27.9 $25.9 ( - )
Slide 16: Summary
Summary
Slide 17: Investment Highlights
1. According to the Georgetown University Center on Education and the Workforce (2022) 2. Free cash flow defined as Adjusted EBITDA less Capital Expenditures INVESTMENT HIGHLIGHTS Large Addressable Market Online education expected to increase to >$100 billion in 5 years Solid ROI for Education & Sta
Slide 18: Experienced Management Team
Experienced Management Team Angela Selden CEO Steve Somers SVP – Corporate Development Officer Angela Selden was appointed CEO of APEI in September 2019. Ms. Selden brings more than 30 years of experience in technology and technology - enabled services, both within private - equity and publicly trad
Slide 19: Appendix
@ AMERICAN PUBLIC EDUCATION, INC. Appendix
Slide 20: Non-GAAP Disclosures
Non - GAAP Disclosures American Public Education is presenting adjusted EBITDA and urges investors to review the reconciliation 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 rely on any single financia
Slide 21: 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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