American Public Education, Inc. · NASDAQ:APEI

American Public Education — Q3 2021 Earnings Presentation

18 slides from American Public Education's earnings presentation, Nov 8, 2021

  1. Slide 1: American Public Education, Inc. Third Quarter 2021 Results

    American Public Education, Inc. Third Quarter 2021 Results November 8, 2021 PRESENTED BY AngelaSelden President andCEO Richard Sunderland, CPA Executive VP and CFO

  2. Slide 2: Safe Harbor Statement

    Safe Harbor Statement Please note that statements made in this presentation regarding American Public Education and its subsidiaries (the “Company”) that are not historical facts may be forward-looking statements based on current expectations, assumptions, estimates and projections about the Company

  3. Slide 3: Table of Contents

    Table of Contents 1. The “New” APEI: Same Mission, More Ways to Serve 2. Education Unit Enrollment Updates 3. 3Q 2021 Financial Results & 4Q 2021 Outlook 3

  4. Slide 4: The "New" APEI: Educating Service-Minded Students

    The “New” APEI: Educating Service-Minded Students Fully Online Blended Online / On-Ground Flexible learning solutions for military and veterans Helping to solve US nursing shortage by creating Modernizing government to utilize their earned education benefit new nurses and health science professional

  5. Slide 5: Market Leading Positions with Service-Minded Students

    Market Leading Positions with Service-Minded Students #1 Educator of Active-Duty #1 Educator in Pre- Military and Veterans licensure Nursing Leading provider of Federal workforce training HEROIC TM Affordable High-Quality Outcomes-focused HEROICTM: Higher Education Return on Investment for Customers

  6. Slide 6: APEI: Committed to Building a National Nursing Platform

    APEI: Committed to Building a National Nursing Platform Footprint Provides Geographic Reach, Laddered Curriculum, Scale Advantages ✓ Largest Footprint of Nursing Campuses: 30 at closing of Rasmussen acquisition ✓ 8 State Footprint from OH to ND plus FL and KS − High concentration of campuses in larg

  7. Slide 7: Graduate School USA Overview

    Graduate School USA Overview Company Overview Direct Sale to Federal Agencies and Open Enrollment • Leading training provider to federal workforce • Founded in 1921 inside US Dept. of Agriculture then spun out as not- Contract Training (B2G) Open Enrollment (B2C) for-profit in 2010 for Federal Agenc

  8. Slide 8: Table of Contents

    Table of Contents 1. The “New” APEI: Same Mission, More Ways to Serve 2. Education Unit Enrollment Updates 3. 3Q 2021 Financial Results & 4Q 2021 Outlook 8

  9. Slide 9: APUS Enrollment Update

    APUS Enrollment Update 3Q 2021 4Q 2021 APUS Net Course Registrations -2% • 4Q21 Registrations in October and November continue to 264,700 258,700 be impacted by the ArmyIgnitED portal outage 2020 2021 ArmyIgniteED Portal Issue • October registrations decreased by 2% +10% -8% -8% • November registrat

  10. Slide 10: Rasmussen Enrollment Update

    Rasmussen Enrollment Update 3Q 2021 4Q 2021 Rasmussen Enrollment - 2% • 4Q21 Total student enrollment of 17,500+ 16,000 17,200 16,900 • -3% year-over-year growth + 13% 9,600 9,600 - 13% • 1% 2-year CAGR 7,600 8,500 8,400 6,400 Enrollment 4Q'19 4Q'20 4Q'21 Nursing Non-Nursing Total Rasmussen Nursing

  11. Slide 11: HCN Enrollment Update

    HCN Enrollment Update 3Q 2021 4Q 2021 HCN Enrollment • 4Q21 Total student enrollment of 2,500+ 2020 2021 +45% +36% +19% • Highest PN starts all-time 2,270 2,380 2,300 • Highest total PN & RN enrollment all-time 1,950 1,570 1,750 • Some ongoing impact of enrollment deferral due to COVID fatigue New C

  12. Slide 12: Table of Contents

    Table of Contents 1. The “New” APEI: Same Mission, More Ways to Serve 2. Education Unit Enrollment Updates 3. 3Q 2021 Financial Results & 4Q 2021 Outlook 12

  13. Slide 13: Strong Regulatory Metrics

    Strong Regulatory Metrics Institutional Accreditation Update Cohort Default Rate 30% Threshold APUS: Reaccreditation granted by The Higher Learning Commission 19% FY 2016 (HLC) in September for an additional 10 years FY 2017 15% 12% FY 2018 (1) 11% 9% 9% 8% 7% 8% Education Institutional Next Open Un

  14. Slide 14: Third Quarter and YTD 2021 Financial Highlights

    Third Quarter and YTD 2021 Financial Highlights Financial Summary Capitalization and Liquidity 3Q21 3Q20 % 3Q21 3Q20 % Pre- Post- Quarter Quarter Change YTD YTD Change ($ in 000s) Rasmussen Rasmussen Three Months Ended Nine Months Ended Term Loan - $175,000 September 30, September 30, Revolver, draw

  15. Slide 15: APEI's 4Q 2021 Financial & Operational Outlook

    APEI’s 4Q 2021 Financial & Operational Outlook These statements are based on current expectations. These statements are forward-looking and actual results may differ materially. Fourth Quarter 2021 Guidance Full Year 2021 Guidance (Approximate) (% Yr/Yr Change) (Approximate) (% Yr/Yr Change) 1 APUS

  16. Slide 16: Thank You

    Thank You

  17. Slide 17: 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 measures that is included in the table below (under the caption “GAAP Net Income

  18. Slide 18: 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 adjusted net income to the comparable GAAP financial measures that is included in the table below (under the caption “GAAP

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