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Company Overview - APEI provides post-secondary education to over 108,000 students annually [18] - The company's 2024 revenue was $624.6 million and adjusted EBITDA was $72.3 million [20] - As of September 30, 2025, APEI had $193.1 million in cash and $96.4 million in debt [20] APUS Global (American Public University System) - APUS is the 1 educator of active-duty military and veterans [28] - Approximately 72% of APUS students graduate without APUS-incurred federal student loan debt [34, 81] - APUS and University of Maryland Global Campus together hold 47% of the total market share among ~2,350 Tuition Assistance (TA)-eligible institutions [91] - APUS aims to grow revenue from a midpoint of $314 million in 2025 guidance to $405 million - $420 million by 2029 through organic growth [164] - APUS projects adjusted EBITDA to grow from a midpoint of $92 million in 2025 guidance to $125 million - $130 million by 2029 [167] RU Health+ (Rasmussen University and Hondros College of Nursing) - RU Health+ operates 26 campuses in eight states [28, 194] - RU Health+ has ~13,600 students in nursing, allied health, and other health sciences programs [216] - RU Health+ projects revenue to grow from a midpoint of $320 million in 2025 guidance to $485 million - $505 million by 2029 [300] - RU Health+ projects adjusted EBITDA to grow from a midpoint of $14 million in 2025 guidance to $85 million - $100 million by 2029 [302] Financial Outlook - APEI targets revenue growth to ~$1.0 billion and adjusted EBITDA to $190 million - $200 million by 2029 [340]

Core Points - American Public Education, Inc. (APEI) is hosting an Investor Day on November 20, 2025, in New York City to present its business and financial performance [1][8] - APEI serves approximately 108,000 students through its three subsidiary institutions, focusing on transforming lives and advancing careers [1][9] Company Overview - APEI operates through three main subsidiaries: American Public University System (APUS), Rasmussen University, and Hondros College of Nursing [2][9] - APUS is a leading educator for active-duty military and veteran students, serving around 89,000 adult learners globally [3][6] - Rasmussen University, with a history of 125 years, serves approximately 15,900 students across 20 campuses and online, focusing on nursing and health sciences [4][6] - Hondros College of Nursing is the largest educator of Practical Nursing (LPN) nurses in Ohio, serving about 4,000 students across eight campuses [5][6] Accreditation - APUS and Rasmussen University are accredited by the Higher Learning Commission (HLC), while Hondros College is accredited by the Accrediting Bureau of Health Education Schools (ABHES) [6]

Core Points - Rasmussen University has formed a corporate alliance with Hilton Grand Vacations (HGV) to provide educational benefits to HGV team members, including up to 100% tuition coverage for select online programs [1][3] - The alliance aims to enhance career growth opportunities for HGV employees by reducing financial barriers to education [3][4] - Eligible HGV team members can also receive up to a 20% tuition reduction for other qualified programs at Rasmussen University [2] Company Overview - Rasmussen University is an accredited institution committed to providing innovative, career-ready higher education and healthcare education, with a history of 125 years in transforming lives and strengthening communities [7][9] - The university offers a range of undergraduate and graduate programs both online and in-person across 20 campuses in the U.S. [7] Educational Programs - The programs offered by Rasmussen University are designed to help working adults advance their skills and careers through flexible, career-focused education [3][6] - The curriculum is developed with input from industry professionals, ensuring relevance to current job market needs [6] Employee Development - HGV emphasizes the importance of personal and professional growth for its team members, and the partnership with Rasmussen University is seen as a way to enhance employee development and retention [3][4] - The alliance is expected to attract significant interest from HGV employees, indicating a strong demand for educational opportunities [3]

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Core Insights - American Public Education, Inc. (APEI) reported strong third-quarter 2025 results, with adjusted earnings and total revenues exceeding Zacks Consensus Estimates and showing year-over-year growth [1][10]. Financial Performance - Adjusted earnings per share (EPS) reached 30 cents, significantly surpassing the Zacks Consensus Estimate of a 9-cent loss by 433.3%, compared to an adjusted EPS of 4 cents in the same quarter last year [4]. - Total revenues amounted to $163.2 million, exceeding the consensus mark of $161 million by 1.6% and growing 6.6% year over year [5]. - Adjusted EBITDA increased by 60% year over year to $20.7 million from $12.9 million, with an adjusted EBITDA margin expanding by 500 basis points to 13% from 8% [6]. Segment Performance - American Public University System (APUS) generated revenues of $83.1 million, an 8% increase from $77 million in the prior year, driven by an 8% rise in net course registrations [7]. - Rasmussen University (RU) reported revenues of $60.8 million, a 15.6% increase from $52.6 million, with total student enrollment rising by 10.4% to 14,900 [8]. - Hondros College of Nursing (HCN) saw revenues rise by 19% year over year to $18.4 million, supported by a 17.6% increase in total student enrollment to 3,700 [9]. - Graduate School (GSUSA) experienced a significant revenue decline of 90% year over year to $0.81 million, with the EBITDA margin worsening to negative 1,638% [11]. Guidance and Outlook - APEI revised its full-year 2025 guidance, projecting total revenues to grow 2-3% year over year to a range of $640-$644 million, down from the previous estimate of $650-$660 million [15]. - The company expects adjusted EBITDA to be between $75 million and $79 million, a decrease from the prior projection of $81-$88 million [15]. - For Q4, total revenues are anticipated to decrease by 6-9% year over year to a range of $150-$153.5 million, with expected profit per share between 32 cents and 45 cents compared to 63 cents reported a year ago [13].

Core Insights - American Public Education, Inc. (APEI) will hold its 2025 Investor Day on November 20, 2025, at the New York Athletic Club in New York City, starting at 9:00 am ET [1][2] - The management team will discuss APEI's long-term strategies and growth outlook during the event [2] - A replay of the Investor Day will be available until December 4, 2025 [3] Company Overview - APEI provides online and campus-based postsecondary education to approximately 108,000 students through its three subsidiary institutions: American Public University System (APUS), Rasmussen University, and Hondros College of Nursing [1][3] - APUS serves around 89,000 adult learners globally, focusing on active-duty military and veteran students [4] - Rasmussen University, with a history of 125 years, serves about 15,900 students across 20 campuses in six states and online, offering programs in various fields including nursing and health sciences [5] - Hondros College of Nursing is the largest educator of Practical Nursing (LPN) nurses in Ohio, serving approximately 4,000 students across eight campuses [6] Accreditation - APUS and Rasmussen University are accredited by the Higher Learning Commission (HLC), while Hondros College of Nursing is accredited by the Accrediting Bureau of Health Education Schools (ABHES) [7]

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Core Insights - American Public Education (APEI) reported quarterly earnings of $0.3 per share, significantly beating the Zacks Consensus Estimate of a loss of $0.09 per share, representing an earnings surprise of +433.33% [1] - The company posted revenues of $163.22 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.62% and showing an increase from $153.12 million year-over-year [2] - APEI shares have increased approximately 44% since the beginning of the year, outperforming the S&P 500's gain of 14.4% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.65 on revenues of $157.07 million, and for the current fiscal year, it is $1.10 on revenues of $645 million [7] - The estimate revisions trend for APEI was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Schools industry, to which APEI belongs, is currently ranked in the bottom 29% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Another company in the same industry, Afya (AFYA), is expected to report quarterly earnings of $0.32 per share, with revenues projected to be $168.75 million, reflecting an 11.2% increase from the previous year [9]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $163.2 million, an increase of $10.1 million or 7% from the prior year period [22] - Net income available to common shareholders was $5.6 million, nearly seven times higher than the $700,000 in the prior year [23] - EPS increased significantly to $0.30 per diluted share in Q3 2025 versus $0.04 in the prior year [23] - Adjusted EBITDA increased 60% to $20.7 million, with an adjusted EBITDA margin of 13% compared to 8% in the prior year [23] Business Line Data and Key Metrics Changes - At APUS, Q3 revenue increased to $83.1 million, an 8% increase compared to the prior year, driven by an 8% increase in net course registrations [24] - Rasmussen's Q3 revenue was $60.8 million, a 16% increase fueled by a 12% increase in on-ground enrollment and an 11% increase in online enrollment [24] - Hondros College of Nursing's Q3 revenue increased 19% to $18.4 million, with total enrollment up 18% to approximately 3,700 students [25] Market Data and Key Metrics Changes - Registrations at APUS increased 8% year-over-year, while enrollments at Rasmussen increased 10% compared to Q3 2024 [9] - On-ground enrollments at Rasmussen are accelerating, contributing to the overall enrollment growth [9] - The government shutdown has muted military enrollments at APUS for October and November, but there are signs of recovery with tuition assistance funds being authorized [15][16] Company Strategy and Development Direction - The company is focused on simplifying operations and has received HLC approval for the combination of its institutions, with a new application submitted to the U.S. Department of Education [10][11] - The sale of Graduate School USA allows the company to concentrate on core degree-granting businesses, particularly in healthcare and military-affiliated education [10] - The company aims to leverage existing capacity and improve financial results through strategic enrollment growth and operational efficiencies [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the government shutdown and maintain enrollment momentum [17] - The company anticipates that the impact of the government shutdown will be temporary, with expectations for a return to normal enrollment levels [81] - Management remains optimistic about long-term growth potential, particularly in nursing and healthcare education sectors [32] Other Important Information - The company has improved its cash position, with unrestricted cash and equivalents totaling $193.1 million as of September 30, 2025 [11] - The recent redemption of preferred equity is expected to save approximately $6 million annually, enhancing financial flexibility [12] - The company plans to provide a longer-term view of growth strategies and financial outlook at the upcoming Investor Day [18] Q&A Session Summary Question: Plans for driving re-enrollments at APUS - Management noted that military branches are utilizing tuition assistance funds, leading to increased registrations in December despite the government shutdown [36] Question: Impact of the new process for institution integration - Management confirmed commitment to the integration and stated that the new process is procedural, with expectations for implementation in Q3 2026 [39][40] Question: Fourth quarter guidance assumptions - Management indicated a slowdown in October registrations but expects a return to normal trajectory in December [46] Question: Cost-saving measures and their permanence - Management discussed temporary and permanent reductions in variable costs, emphasizing that these measures will not harm revenue [50] Question: Trends in nursing program demand - Management reported strong growth in nursing enrollments, driven by attractive compensation and job availability in the sector [53] Question: Changes in student demographics at Rasmussen - Management highlighted efforts to expand marketing reach to both ADN and BSN students, with a noted increase in BSN enrollments [111]