American Public Education, Inc. · NASDAQ:APEI
American Public Education — Q2 2010 Earnings Presentation
10 slides from American Public Education's earnings presentation, Aug 5, 2010
Slide 1: Advancing Online Higher Education – Second Quarter 2010 Investor Call
Advancing Online Higher Education A M E R I C A N P U B L I C E D U C A T I O N , I N C. Second Quarter 2010 Investor Call
Slide 2: Safe Harbor Statement
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.
Slide 3: Recent Highlights & Academic Accolades
3 Recent Highlights & Academic Accolades Student enrollment increased 35% to 72,300 students as of June 30, 2010 Net course registrations increased 34% Net course registrations from new students increased 24% Revenue and earnings growth in second quarter 2010 Revenues increased 30% to $46.3 million
Slide 4: Advancing Our Current Strategic Plan
4 Advancing Our Current Strategic Plan Decline in Military Course Registrations Impacting AMU; Likely from Level of Deployments and Activity. The Company is uncertain of the total impact. Company anticipates third quarter 2010 net course registrations to increase between 20% and 22% year over year.
Slide 5: Financial Overview
5 Financial Overview
Slide 6: Increased Operating Efficiency
6 Increased Operating Efficiency Three Months Six Months Ended June 30, 2010 2009 Ended June 30, 2010 2009 Revenues 100.0 % 100.0 % 100.0 % 100.0 % Costs and expenses: Instructional costs and services 37.6 40.2 37.8 39.4 Selling and promotional 17.6 14.4 16.3 13.8 General and administrative 16.1 16.
Slide 7: Third Quarter Outlook
7 Third Quarter Outlook Anticipated Year Over Year Growth Prior 3Q2010 Revised 3Q2010 Registrations 29% to 31%2 20% to 22% Revenue 40% to 42% 29% to 31% Net Income1 56% to 58% 5% to 10% Selling and Promotional Expense as % of Revenue: 17% to 18% 20% to 21% 1 Increased spending on instruction, market
Slide 8: Strong Balance Sheet with No Debt
8 Strong Balance Sheet with No Debt As of December 31, 2010 As of June 30, 2010 ($ in millions) Cash & Cash Equivalents Total Assets Total Long-Term Debt $74.9 $115.8 $0 $86.2 $134.7 $0 Six Months Ended June 30, 2009 2010 Depreciation and Amortization CAPEX $2.7 $4.4 $3.0 $8.5
Slide 9: Additional Highlights
9 Additional Highlights Board of Directors authorized $20 million share repurchase program Open market trades, including ability to use a 10b5-1 plan Intended to result in no fewer than 18.0 million shares outstanding Recertification application for Title IV participation has been approved, removing
Slide 10: Advancing Online Higher Education – Second Quarter 2010 Investor Call
10 Advancing Online Higher Education A M E R I C A N P U B L I C E D U C A T I O N , I N C. Second Quarter 2010 Investor Call
American Public Education — Q2 2010 Earnings Presentation on 6ix