American Public Education, Inc. · NASDAQ:APEI
American Public Education — Q1 2025 Earnings Presentation
19 slides from American Public Education's earnings presentation, May 12, 2025
Slide 1: 1Q 2025 Earnings Presentation
1Q 2025 Earnings Presentation May 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: 1Q25 Executive Summary
3 1Q25 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. 1Q 2025 Financial Highlights $7.5 M $187.5 $164.6 M $0.41 $21.2 M Revenue Net Income
Slide 4: 2Q and FY25 Financial Highlights
4 2Q and FY25 Financial Highlights 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. 2Q25 and Full Year 2025 Guidance Full Year 2025 Guidance $650M - $660M 2025
Slide 5: Simplify & Strengthen in 2025
5 Simplify & Strengthen in 2025 Combine APUS, Rasmussen and Hondros College of Nursing into one System Strengthen military platform Build healthcare platform by combining Rasmussen and Hondros Expand academic choice Accelerate innovation Strengthen compliance and financial positions Ex
Slide 6: Registrations & Enrollments
6 Registrations & Enrollments 381,900 14,600 3,700 TTM Net Course 2Q25 Enrollment 2Q25 Enrollment Registrations APUS has delivered consistently Year-over-year Rasmussen campus HCN delivered double digit strong net course registrations since and online enrollments have been enrollment growth 2020, dr
Slide 7: Enrollment Summary – Military, Veterans & their Families
7 Enrollment Summary – Military, Veterans & their Families 381,900 378,400 371,900 372,100 370,300 367,600 Consistent, steady registration growth over past 2 years 364,000 357,500 Revenue growth driven by increased net course 352,700 registrations & impact of select tuition & fee increases in 34
Slide 8: Enrollment Summary – Healthcare
8 Enrollment Summary – Healthcare Rasmussen year-over-year enrollment trends have been HCN continues to deliver consistent year-over-year enrollment improving since 2Q23 and delivered 4 consecutive quarters of growth enrollment growth Positive campus enrollment growth in 1Q25 and 2Q25 YoY enro
Slide 9: Financial Update
Financial Update
Slide 10: Segment Revenue
10 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. $77.0 $79.4 $82.4 $80.7 $83.9 $73.6 $76.4 $77.0 $57.5 $59.3 $52.0 $53.
Slide 11: Profitability
11 Profitability TTM Adj. EBITDA1 1Q25 registration growth of 3.5% compared to 1Q24 $76.5 $71.8 $72.3 $69.6 1Q25 EBITDA margin of 30% on $83.9 million in revenue $66.6 $59.6 $49.3 $40.7 Positive year-over-year enrollment trends started in 3Q24. 1Q25 enrollment trends building on current moment
Slide 12: Balance Sheet & Cash Flow
12 Balance Sheet & Cash Flow Strong Balance Sheet with $188M in Cash As of March 31, 3 Months Ended March 31, in Millions 2025 2024 in Millions 2025 2024 Cash $187.5 $153.2 Net income available to common $7.5 ($1.0) stockholders (-) Restricted cash $25.9 $27.9 Adjusted EBITDA1 $21.2 $17.1 Unrestrict
Slide 13: Guidance
13 Guidance These statements are based on current expectations. These statements are forward-looking and actual results may differ materially. ($in millions) 2Q25 Revenue $160 - $162 Net Income (loss) avail to common FY2025 Revenue forecasted to be 4% - 6% higher than ($2.5) - ($0.7) 2024 sharehol
Slide 14: Investment Highlights
14 Large Addressable Market Online education expected to increase to >$100 billion in 5 years Solid ROI for Education & Stable Long-Term Demand APUS in top 11% for student return on educational investment1 Demand for nurses estimated to be 200,000+ per year INVESTMENT Improving Performance and Opera
Slide 15: Appendix
Appendix
Slide 16: Education Unit Profile
16 Education Unit Profile Segment Summary ($ in millions) 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 Revenue $74.0 $73.6 $76.4 $79.4 $ 303.3 $80.7 $77.0 $77.0 $82.4 $ 317.0 $83.9 APUS EBITDA $18.5 $20.2 $23.3 $30.5 $ 92.5 $24.3 $19.5 $22.0 $28.4 $ 94.3 $25.2 Margin 25% 28% 30% 38% 30% 30
Slide 17: Non-GAAP Disclosures
17 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 18: Non-GAAP Disclosures
18 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 19: 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
American Public Education — Q1 2025 Earnings Presentation on 6ix