American Public Education, Inc. · NASDAQ:APEI
American Public Education — Q2 2025 Earnings Presentation
20 slides from American Public Education's earnings presentation, Aug 6, 2025
Slide 1: 2Q 2025 Earnings Presentation
2Q 2025 Earnings Presentation August 2025
Slide 2: 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 about APEI and the industry. In s
Slide 3: 2Q'25 Executive Summary
2Q’25 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. 2Q’25 Financial Highlights $162.8 M ($0.3) M ($0.02) $15.1 M $176.6 M Revenue Net loss
Slide 4: Financial Highlights: 3Q'25 and Full Year 2025 Guidance
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. 3Q’25 and Full Year 2025 Guidance Full Year 2025 Guidance $650M - $660M 2025E Revenue ▪ F
Slide 5: Simplify & Strengthen in 2025
Simplify & Strengthen in 2025 ➢ Combine APUS, Rasmussen and HCN into one system ✓ Close and consolidate campuses and corporate centers ✓ APUS/APEI: Corporate buildings sold in June 2025 ✓ Early redemption of preferred equity ✓ Preferred redemption drives higher diluted EPS ✓ Simplified capital struc
Slide 6: Registrations & Enrollments
Registrations & Enrollments 388,400 14,900 3,700 TTM Net Course 3Q’25 Enrollment 3Q’25 Enrollment Registrations APUS has delivered consistently strong Year-over-year Rasmussen campus and HCN delivered double digit year- net course registrations since 2020, online enrollments have been over-year enro
Slide 7: Enrollment Summary – Military, Veterans & their Families
Enrollment Summary – Military, Veterans & their Families 388,400 381,900 378,400 ▪ Consistent, steady registration growth over past 2 years 370,300 371,900 372,100 367,600 364,000 ▪ Revenue growth driven by increased net course 357,500 registrations & impact of select tuition & fee increases in 352,
Slide 8: Enrollment Summary – Healthcare
Enrollment Summary – Healthcare ▪ Rasmussen year-over-year enrollment trends have been improving ▪ HCN continues to deliver consistent year-over-year enrollment since 2Q’23 and delivered 5 consecutive quarters of year-over- growth year enrollment growth ▪ Positive campus enrollment growth in 1Q’25,
Slide 9: Financial Update
Financial Update
Slide 10: Segment Revenue
Segment Revenue APUS increased revenue year-over-year and is expected to grow net course registrations in 2025. Rasmussen and HCN experienced year-over-year revenue growth and positive enrollment trends. $82.4 $83.9 $81.7 $79.4 $80.7 $76.4 $77.0 $77.0 $57.5 $59.3 $59.5 $52.1 $52.6 $52.6 $53.1 $53.0
Slide 11: Profitability
Profitability TTM Adj. EBITDA1 $80.7 ▪ 2Q’25 EBITDA margin of 27% on $81.7 million in revenue $76.5 $72.3 $69.6 $71.8 $66.6 $59.6 $49.3 ▪ Revenue growth of 12% in 2Q’25 versus 2Q’24 ▪ Rasmussen delivered $0.2 million of EBITDA in 2Q’25 compared to ($4.7) million in 2Q24 ▪ Positive 1H’25 EBITDA of $2
Slide 12: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow Strong Balance Sheet with $177M in Cash. Redeemed Preferred Stock in Q2’25 As of June 30, 6 Months Ended June 30, in Millions 2025 2024 in Millions 2025 2024 Cash $176.6 $156.2 Net income (loss) available to $7.1 ($2.2) common stockholders (-) Restricted cash $1.6 $26.4 Adj
Slide 13: Guidance
Guidance These statements are based on current expectations. These statements are forward looking and actual results may differ materially. ($in millions) 3Q’25 Revenue $159 - $161 Net Income (loss) avail to common ▪ FY2025 Revenue forecasted to be 4% - 6% higher than 2024 ($2.9) - ($0.8) shareholde
Slide 14: Investment Highlights
Large Addressable Market Online education expected to increase to >$100 billion in 5 years Demand for nurses estimated to be 200,000+ per year Solid ROI for Education & Stable Long-Term Demand APUS in top 11% for student return on educational investment1 Improving Performance and Operating Leverage
Slide 15: Appendix
Appendix
Slide 16: Education Unit Profile
Education Unit Profile Segment Summary ($ in millions) 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Revenue $74.0 $73.6 $76.4 $79.4 $ 303.3 $80.7 $77.0 $77.0 $82.4 $ 317.0 $83.9 $81.7 APUS EBITDA $18.5 $20.2 $23.3 $30.5 $ 92.5 $24.3 $19.5 $22.0 $28.4 $ 94.3 $25.2 $22.4 Margin 25% 28%
Slide 17: Non-GAAP Disclosures
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 rely o
Slide 18: Non-GAAP Disclosures
Non-GAAP Disclosures American Public Education is presenting adjusted EBITDA and urges investors to review the reconciliation of 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 rely on any sin
Slide 19: Non-GAAP Disclosures
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 Inco
Slide 20: Thank You
Thank You Company Rick Sunderland Chief Financial Officer investorrelations@apei.com Investor Relations Brian M. Prenoveau, CFA MZ Group 561-489-5315 APEI@mzgroup.us
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