American Public Education, Inc. · NASDAQ:APEI
American Public Education — Q4 2022 Earnings Presentation
12 slides from American Public Education's earnings presentation, Mar 14, 2023
Slide 1: American Public Education, Inc. Fourth Quarter 2022 Results
American Public Education, Inc. Fourth Quarter 2022 Results March 14, 2023 PRESENTED BY AngelaSelden President andCEO Richard Sunderland, CPA Executive VP and CFO
Slide 2: Safe Harbor Statement
Safe Harbor Statement Please note that statements made in this presentation regarding American Public Education, Inc. and its subsidiaries (the “Company”) that are not historical facts may be forward-looking statements based on current expectations, assumptions, estimates and projections about the C
Slide 3: Executive Summary
Executive Summary Highlights Guidance Summary ❖ APEI delivered $15.4 million and $56.7 million of Adjusted EBITDA for 4Q’22 and full ($ in millions) 1Q 2023 year 2022, respectively, in line with guidance Revenue $155.1 to $157.1 ❖ 2022 enrollment momentum in 3 out of 4 education units expected to co
Slide 4: APUS Registration and Education Unit Update
APUS Registration and Education Unit Update APUS Net Course Registrations +1% 345.3K 350.4K Forecast Period +1% +1% +3% +1% 2.4% 92.9K 94.0K 82.6K 83.5K 83.1K 85.8K 86.6K 87.2K 94.0K 96.3k 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2022 2023 1Q 2Q 3Q 4Q Full Year 1Q 4Q'22 Forecast 1Q’23 and E
Slide 5: HCN Enrollment and Education Unit Update
HCN Enrollment and Education Unit Update HCN Enrollment Forecast Period +8% +3% +4% +4% +10% 2,700 2,460 2,510 2,600 2,460 2,380 2,440 2,320 2,410 2,270 2021 2022 2021 2022 2021 2022 2021 2022 2022 2023 1Q 2Q 3Q 4Q 1Q 4Q'22 Forecast 1Q’23 and Education Unit Update • 4Q'22 HCN enrollment growth of 4%
Slide 6: Rasmussen Enrollment and Education Unit Update
Rasmussen Enrollment and Education Unit Update Non-nursing Nursing Rasmussen Enrollment Forecast Period 17,000 17,100 15,900 16,300 15,600 16,200 15,000 14,300 8,700 8,000 8,400 7,800 7,700 8,000 7,300 7,500 8,300 8,200 8,300 7,700 8,700 7,600 8,400 6,800 2Q 2021 2Q 2022 3Q 2021 3Q 2022 4Q 2021 4Q 2
Slide 7: 4Q'22 Financial Highlights
4Q'22 Financial Highlights Financial Summary Capitalization and Liquidity Three Months Ended Twelve Months Ended Dec. 31, 2021 Dec. 31, 2022 December 31, December 31, ($ in millions) 2021 2022 % Change 2021 2022 % Change Term Loan $172.8 $99.1 ($ in millions) Revolver, drawn $0.0 $0.0 APUS Revenue(1
Slide 8: APEI's 1Q'23 Outlook
APEI’s 1Q’23 Outlook These statements are based on current expectations. These statements are forward-looking and actual results may differ materially. First Quarter 2023 Guidance Full Year 2021 Guidance (Approximate) (% Yr/Yr Change) APUS Net course registrations 1 96,300 2.4% 2 HCN Student enrollm
Slide 9: Thank You
Thank You
Slide 10: Appendix: Enrollment and Registration Summary
Appendix: Enrollment and Registration Summary 4Q 2022 4Q 2021 % Change APUS Registrations 87,200 86,600 1% Total Rasmussen Enrollment 15,600 17,100 -9% Rasmussen Nursing Enrollment 7,600 8,700 -12% Rasmussen Non-Nursing Enrollment 8,000 8,400 -5% HCN Enrollment 2,600 2,510 4% 10
Slide 11: Appendix: Disclosures
Appendix: Disclosures American Public Education is presenting adjusted EBITDA in connection with its GAAP results 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 t
Slide 12: Appendix: Disclosures (continued)
Appendix: Disclosures (continued) American Public Education is presenting adjusted EBITDA in connection with its GAAP outlook and urges investors to review the reconciliation of projected adjusted net income to the comparable GAAP financial measure that is included in the table below (under the capt
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