American Public Education, Inc. · NASDAQ:APEI
American Public Education — Sidoti Virtual Micro Cap Conference 2024
18 slides from American Public Education's conference presentation, May 8, 2024
Slide 1: Sidoti Virtual Micro Cap Conference Presentation – May 2024
Nasdaq: APEI Sidoti Virtual Micro Cap Conference Presentation – May 2024
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 about
Slide 3: Corporate Overview
Corporate Overview APEI is a portfolio of education companies providing online and campus-based postsecondary education and career learning to over 125,000 students through four subsidiary institutions. ▪ APEI operates in the $100 billion market for online and campus-based higher education that is f
Slide 4: Vision, Mission, Values
VISION Education that transforms lives, advances careers, and improves communities. MISSION Powering Purpose, Potential and Prosperity for Those in Service to Others. VALUES Be Customer Centric • Be Accountable Be Agile • Be Respectful & Inclusive Do the Right Thing 1) Adjusted EBITDA (earnings befo
Slide 5: APEI Education Portfolio
APEI Education Portfolio Public Sector Focus Nursing & Healthcare Focus Purpose-built education to help students realize their career • 100% online • Full ladder of nursing curriculum; 15 allied health / healthcare programs; and professional goals • #1 market positions in active- duty military and v
Slide 6: Market Opportunity
Market Opportunity ▪ U.S. Higher Education Market is expected to grow from $94.4 billion in 2021 to US Online University reach $172.9 billion by 2030, growing at a CAGR of 7.18% from 2023 to 2030.1 Education Market2 $ in Billions $136.5 ▪ Number of students in the Online University Education market
Slide 7: APEI Financial Overview
APEI Financial Overview Registrations & Enrollments 370,300 LTM Net Course Registrations 3,300 2Q24 Enrollment 13,600 2Q24 Enrollment 7
Slide 8: Enrollment Summary
Enrollment Summary ▪ APUS has delivered consistently strong net course registrations since 2020 driven by continued strength in military ▪ Hondros enrollments have grown at double- digit rates for the last 6 quarters ▪ Rasmussen enrollments have been improving since 2Q23 and expect positive enrollme
Slide 9: Financial Results
Financial Results 9
Slide 10: APEI Executive Summary
APEI Executive Summary APEI is focused on core military/veterans and nursing/health-ed businesses that have consistently stable, long-term demand. APEI financial performance has improved for the last five quarters. Management has addressed the operational challenges at Rasmussen and continues to pos
Slide 11: Education Unit EBITDA & Margin Profile
Education Unit EBITDA & Margin Profile Segment Summary 1 ($ in millions) 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 Continued margin growth in 1Q24 driven by higher Revenue $74.0 $73.6 $76.4 $79.4 $303.3 $80.7 enrollments, select price increases, and lower APUS EBITDA $18.5 $20.2 $23.3 $30.5 $ 92.5 $24.3 2 Margi
Slide 12: Investment Summary
Investment Summary ▪ Large addressable market expected to grow at >10% over the next 5 years to >$100 billion ($ Millions) ▪ Our long-term strategy is to build distinction in markets with consistently stable long- Stock Price (5/7/24) $ 15.58 Shares Outstanding (mm) 17.6 term demand, namely military
Slide 13: Appendix
Appendix 13
Slide 14: Education Unit Operating Income and Margin Profile
Education Unit Operating Income and Margin Profile 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
Slide 15: Education Unit Overview – Operating Income to EBITDA Reconciliation
APEI Revenue Education Unit Overview – Operating Income to EBITDA Reconciliation Full Year ($ in millions) 1Q23 2Q23 3Q23 4Q23 2023 1Q24 Revenue 74.0 73.6 76.4 79.4 303.3 80.7 Operating Income (1) 17.1 18.9 21.9 26.5 84.4 23.1 (+) D&A 1.4 1.3 1.3 1.3 5.3 1.2 (+) Impairment / Other - - - 2.8 2.8 EBIT
Slide 16: Non-GAAP Disclosures
Non-GAAP 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 to
Slide 17: Non-GAAP Disclosures (continued)
Non-GAAP 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 capti
Slide 18: www.apei.com
NASDAQ: APEI 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 www.apei.com
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