American Public Education, Inc. · NASDAQ:APEI
American Public Education — Q3 2024 Earnings Presentation
18 slides from American Public Education's earnings presentation, Nov 12, 2024
Slide 1: 3Q24 Earnings Presentation
3Q24 Earnings Presentation November 2024
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: Executive Summary
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. $153.1 M $731 K $0.04 $12.9 M $162.2 M Revenue Net Income available to common Diluted EPS Ad
Slide 4: Segment Revenue
Segment Revenue APUS increased revenue year over year and is expected to grow in net course registrations in 4Q24. Rasmussen and Hondros are experiencing year over year revenue growth and positive enrollment trends. $79.4 $80.7 $77.0 $76.4 $77.0 $73.4 $74.0 $73.6 $60.7 $57.5 $52.6 $53.1 $52.0 $53.0
Slide 5: Profitability
Profitability TTM Adj. EBITDA1 TTM Adj. EBITDA Margin1 As of 9/30/24 As of 9/30/24 $69.6 $71.8 $66.6 11.5% 11.7% $59.6 10.9% $56.8 9.9% 9.4% $49.3 $46.4 7.7% 8.2% $40.7 6.8% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 ▪ Continued registration growth in 2024 with s
Slide 6: Education Unit Profile
Education Unit Profile ($ in millions) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 FY22 FY23 Revenue $73.1 $69.9 $68.7 $73.4 $74.0 $73.6 $76.4 $79.4 $80.7 $77.0 $77.0 $285.1 $303.3 EBITDA1 $14.9 $15.2 $14.1 $20.6 $18.5 $20.2 $23.3 $30.5 $24.3 $19.5 $22.0 $64.8 $92.5 Margin 20% 22% 21% 28%
Slide 7: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow Strong Balance Sheet with $162M in Cash As of September 30, and December 31 9 Months Ended September 30 $ in Millions 2024 2023 $ in Millions 2024 2023 Cash $162.2 $144.3 Net income available to common ($1.4) ($64.8) shareholders (-) Restricted cash $26.8 $27.7 Adjusted EBI
Slide 8: Guidance
Guidance These statements are based on current expectations. These statements are forward-looking and actual results may differ materially. ($in millions) 4Q24 Revenue $159 - $164 ▪ FY2024 Revenue forecasted to be 3% - 4% higher than 2023 Net Income avail to common shareholders $9 - $11 ▪ FY2024 Net
Slide 9: About APEI
About APEI
Slide 10: Registrations & Enrollments
Registrations & Enrollments 372,100 14,600 3,700 3Q24 LTM Net Course 4Q24 Enrollment 4Q24 Enrollment Registrations APUS has delivered consistently strong Year-over-year Rasmussen enrollments Hondros enrollments have grown year net course registrations since 2020 driven have been improving since 2Q23
Slide 11: Enrollment Summary – Military, Veterans & their Families
Enrollment Summary – Military, Veterans & their Families ▪ 137 degree programs and 111 certificates offered across five 376,600 schools of study 371,900 372,100 370,300 367,600 ▪ 100% online 364,000 ▪ Tuition & fees are generally less than in-state costs at public 357,500 universities 352,700 349,80
Slide 12: Enrollment Summary - Nursing
Enrollment Summary - Nursing ▪ Offers 46 degree programs from Associates degrees to Doctoral ▪ Offers on campus instruction leading to diplomas in PN and ADN degrees, and 13 certificate programs degrees ▪ Year-over-year enrollments have been improving since 2Q23 and ▪ Delivered 19 consecutive quarte
Slide 13: Investment Highlights
Large Addressable Market Online education expected to increase to >$100 billion in 5 years Solid ROI for Education & Stable Long-Term Demand INVESTMENT APUS in top 11% for student return on educational investment Demand for nurses estimated to be 200,000+ per year HIGHLIGHTS Improving Performance at
Slide 14: Summary
Summary
Slide 15: Appendix
Appendix
Slide 16: 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 adjusted net income to the comparable GAAP financial measure that is included in the table below (under the caption “GAAP Out
Slide 17: 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 adjusted net income to the comparable GAAP financial measure that is included in the table below (under the caption “GAAP Out
Slide 18: 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 — Q3 2024 Earnings Presentation on 6ix