American Public Education, Inc. · NASDAQ:APEI
American Public Education — Q1 2023 Earnings Presentation
12 slides from American Public Education's earnings presentation, May 9, 2023
Slide 1: American Public Education, Inc. First Quarter 2023 Results
American Public Education, Inc. First Quarter 2023 Results May 9, 2023 PRESENTED BY AngelaSelden President andCEO Richard Sunderland, CPA Executive VP and CFO
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements made in this presentation regarding APEI or its subsidiaries that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about APEI and the industry. In some cases, forward-looking statements can
Slide 3: Executive Summary
Executive Summary Highlights Guidance Summary ❖APEI exceeded Adjusted EBITDA guidance for 1Q’23, delivering $7.0 million ($ in millions) 2Q 2023 • Net loss available to common stockholders of $7.2 million Revenue $145.5 to $147.5 ❖1Q 2023 positive enrollment momentum in 3 out of 4 education units ex
Slide 4: APUS Registration and Education Unit Update
APUS Registration and Education Unit Update APUS Net Course Registrations Forecast Period +2% 2% to 6% 94.0K 96.3K 83.5K 85.3k to 88.7k 2022 2023 2022 2023 1Q 2Q 1Q’23 Forecast 2Q’23 and Education Unit Update • 1Q’23 is a seven-year high for net course registrations driven by: • 2Q’23 registrations
Slide 5: HCN Enrollment and Education Unit Update
HCN Enrollment and Education Unit Update HCN Enrollment Forecast Period +10% +22% 3,000 2,700 2,460 2,440 2022 2023 2022 2023 1Q 2Q 1Q’23 Forecast 2Q’23 and Education Unit Update • 1Q’23 HCN enrollment growth of 10% versus prior year • 2Q’23 HCN again sets all-time high enrollment of 3,000 and growt
Slide 6: Rasmussen Enrollment and Education Unit Update
Rasmussen Enrollment and Education Unit Update Non-nursing Nursing Rasmussen Enrollment Forecast Period Enrollment Trends Reflect COVID Bump Impact 16,200 14,300 15,900 • Rasmussen experienced elevated enrollments beginning 2Q’20 13,900 • Pre-licensure nursing enrollments accelerated to record highs
Slide 7: 1Q'23 Financial Highlights
1Q’23 Financial Highlights Financial Summary Capitalization and Liquidity Three Months Ended Twelve Months Ended March 31, March 31, Dec. 31, 2022 Mar. 31, 2023 ($ in millions) 2022 2023 % Change Term Loan $99.1 $99.1 ($ in millions) Revolver, drawn $0.0 $0.0 APUS Revenue 73.1 74.0 1% Total Debt $99
Slide 8: APEI's 2Q'23 Outlook
APEI’s 2Q’23 Outlook These statements are based on current expectations. These statements are forward-looking and actual results may differ materially. Second Quarter 2023 Guidance Full Year 2021 Guidance (Approximate) (% Yr/Yr Change) 1 APUS Net course registrations 85,300 to 88,700 2% to 6% HCN St
Slide 9: Thank You
Thank You
Slide 10: Appendix: Enrollment and Registration Summary
Appendix: Enrollment and Registration Summary 1Q 2023 1Q 2022 % Change APUS Registrations 96,300 94,000 2% Total Rasmussen Enrollment 14,300 16,200 -12% Rasmussen Nursing Enrollment 6,800 8,400 -19% Rasmussen Non-Nursing Enrollment 7,500 7,800 -4% HCN Enrollment 2,700 2,460 10% 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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