Financial Performance - Total consolidated revenue for Q1 2025 was $164.6 million, an increase of $10.1 million, or 6.6%, compared to Q1 2024[4] - Net income available to common stockholders in Q1 2025 was $7.5 million, compared to a net loss of ($1.0) million in Q1 2024[5] - Adjusted EBITDA for Q1 2025 was $21.2 million, up from $17.1 million in Q1 2024[5] - Total revenue for the three months ended March 31, 2025, was $164,551,000, representing an increase of 6.4% compared to $154,432,000 in the same period of 2024[30] - Net income available to common stockholders for Q1 2025 was $7,461,000, a significant improvement from a net loss of $1,019,000 in Q1 2024[30] - Adjusted EBITDA for the three months ended March 31, 2025, was $21,247,000, up from $17,057,000 in the same period of 2024, reflecting a growth of 24.3%[31] Enrollment and Registrations - APUS net course registrations for Q1 2025 were 102,500, a 3.5% increase from 99,000 in Q1 2024[8] - Rasmussen University total student enrollment increased to 14,500, a rise of 7.4% from 13,500 in Q1 2024[8] - Hondros College of Nursing total student enrollment rose to 3,600, reflecting a 9.6% increase from 3,300 in Q1 2024[8] Guidance and Projections - Full year 2025 net income guidance increased to a range of $23 million to $30 million, representing a year-over-year increase of 129% to 198%[11] - Full year 2025 revenue estimates remain unchanged at between $650 million and $660 million[5] - Second quarter 2025 guidance for consolidated revenue is projected to be between $160.0 million and $162.0 million, reflecting a year-over-year increase of 4% to 5%[11] - The company expects a net income range of $(2,461,000) to $(711,000) for the three months ending June 30, 2025, with an adjusted EBITDA forecast of $11,500,000 to $14,000,000[32] Assets and Liabilities - Total cash, cash equivalents, and restricted cash increased to $187.5 million at March 31, 2025, representing an increase of $28.6 million, or 18.0%[6] - Total assets as of March 31, 2025, were $578,661,000, compared to $570,103,000 as of December 31, 2024, indicating a growth of 1.0%[28] - Total liabilities increased to $268,649,000 as of March 31, 2025, from $266,224,000 as of December 31, 2024[28] Earnings Per Share and Deficit - The company reported a basic income per common share of $0.42 for Q1 2025, compared to a loss of $0.06 per share in Q1 2024[30] - The company’s accumulated deficit improved to $(34,344,000) as of March 31, 2025, from $(41,805,000) as of December 31, 2024[28] Segment Performance - The APUS segment generated revenue of $83,946,000 in Q1 2025, an increase of 4.5% from $80,656,000 in Q1 2024[30] - The RU segment reported revenue of $59,251,000 for Q1 2025, up 11.9% from $53,135,000 in Q1 2024[30]

Core Viewpoint - American Public Education, Inc. (APEI) is expected to report first-quarter 2025 results on May 12, with positive trends in enrollment and revenue growth anticipated despite some pressure on margins [1][3][7]. Revenue and Enrollment - APEI's first-quarter revenues are projected to increase by 4-6% year over year, reaching between $161 million and $163 million [4]. - The Zacks Consensus Estimate for first-quarter revenues is set at $161.9 million, indicating a 4.9% year-over-year rise [2]. - Strong enrollment growth is expected across all segments, particularly in the American Public University System (APUS), which accounted for 50.8% of total revenues in the previous quarter, and the Hondros College of Nursing (HCN) segment, which accounted for 10.8% [3][5]. Segment Performance - APUS is expected to have net course registrations between 100,500 and 102,000, reflecting a growth of 1.5-3% year over year [5]. - HCN's total enrollment is anticipated to increase by 10% to 3,600 students, while Rasmussen University (RU) is expected to see a 7% increase in enrollment to 14,500 students [5]. - Revenue growth predictions for APUS and HCN segments are 2.1% to $82.3 million and 9.5% to $18 million, respectively, while RU's revenue is expected to grow by 7.9% to $57.3 million [6]. Earnings and Margins - APEI expects net income to be between $1.7 million and $3.1 million, compared to a loss of $1 million a year ago [7]. - Adjusted EPS is anticipated to be between 9 cents and 17 cents, improving from a loss of 6 cents reported in the previous year [7]. - Adjusted EBITDA is projected to be between $13.5 million and $15.5 million, reflecting a decline of 21-9% year over year, with adjusted EBITDA margins expected to decrease by 170 basis points to 9.3% [7][8].

Core Insights - American Public Education (APEI) is expected to report quarterly earnings of $0.15 per share, a significant increase of 350% year-over-year [1] - Forecasted revenues for APEI are $161.94 million, reflecting a year-over-year increase of 4.9% [1] - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analysts' projections [1] Revenue Projections - Revenues for Rasmussen University (RU) are projected to be $57.19 million, representing a year-over-year increase of 7.6% [4] - Revenues for Hondros College, Nursing Programs (HCN) are estimated at $18.07 million, indicating a year-over-year increase of 9.9% [4] - Revenues for American Military & Public University (APUS) are forecasted to reach $82.42 million, reflecting a year-over-year change of 2.2% [5] Market Performance - APEI shares have increased by 5.6% over the past month, compared to a 11.3% increase in the Zacks S&P 500 composite [6] - APEI holds a Zacks Rank of 3 (Hold), suggesting it is expected to perform in line with the overall market in the near future [6]

Core Insights - The American Public University System (APUS) will celebrate approximately 18,100 graduates during its commencement events on May 9-10, 2025, marking one of its largest ceremonies ever [1][2] - The Class of 2025 includes 11 doctoral degree recipients, over 4,600 master's degree recipients, 9,600 bachelor's degree recipients, and 3,900 associate degree recipients [3] Graduation Statistics - The oldest graduate is 81 years old, while the youngest is 17 years old [6] - Nearly 10% (around 2,000) of graduates are under 25 years old, and almost 3% are 55 or older [6] - There are over 1,155 first-generation students among the graduates [6] - Over 4,200 graduates are earning their second degree or certificate from AMU or APU [6] - 66% of graduates are active-duty military, National Guard, or Reservists, with over 19% being veterans [6] Keynote Speakers and Messages - Keynote speakers include U.S. Marine Corps Lt. Gen. Lori E. Reynolds, who emphasized the importance of leadership and character [5] - APUS President Nuno Fernandes highlighted the significance of education in today's world, stating that the odds of the graduates being together are nearly a cosmic accident [6][7] Awards and Recognition - APUS will recognize outstanding students, faculty, and alumni during the commencement, celebrating their contributions to the university community [8] - The university has a rich history of 33 years and a community of over 153,000 alumni from more than 80 countries [9] Educational Value - APUS is recognized for its affordable, high-quality, workforce-relevant higher education, ranking in the top 22% for students' return on educational investment among 4,396 colleges and universities nationwide [9][11]

Company Overview - American Public Education, Inc. (APEI) is a leading education services provider offering innovative and affordable educational programs through its subsidiaries [3][4]. - The company serves approximately 88,000 adult learners worldwide, primarily focusing on active-duty military and veteran students [4]. Subsidiaries and Services - American Public University System (APUS) operates through American Military University and American Public University, catering to military and veteran students [4]. - Rasmussen University, with a history of 125 years, serves around 13,500 students across 20 campuses and online, focusing on nursing and health sciences [5]. - Hondros College of Nursing is the largest educator of Practical Nursing (LPN) nurses in Ohio, serving approximately 3,100 students across eight campuses [6]. - Graduate School USA provides training to the federal workforce, offering customized contract training and open enrollment programs [7]. 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) [8]. - Graduate School USA is accredited by the Accrediting Council for Continuing Education & Training (ACCET) [8]. Upcoming Financial Results - APEI will hold a conference call on May 12, 2025, at 5:00 PM Eastern Time to discuss its financial results for the first quarter ended March 31, 2025 [1][2]. - Financial results will be released in a press release prior to the call [1].

Core Points - American Public University System (APUS) announced its President's List for Q1 2025, recognizing students with a 4.0 cumulative GPA, the highest academic honor at the University [1][2][3] - APUS President Nuno Fernandes expressed pride in honoring students for their significant academic achievements and commitment to growth [2] - The President's List is published quarterly and includes students who meet specific academic criteria [3][8] Company Overview - APUS provides affordable, high-quality, workforce-relevant higher education and has a history of 33 years with over 153,000 alumni from more than 80 countries [4][5] - The institution is recognized for its innovative online learning approach and ranks in the top 22% for students' return on educational investment among 4,396 colleges and universities nationwide [4][6] - APUS is accredited by the Higher Learning Commission and is a wholly owned subsidiary of American Public Education, Inc. (Nasdaq: APEI) [5][6]

Core Perspective - Rasmussen University is celebrating its 125th anniversary in 2025, highlighting its legacy of transforming lives and strengthening communities through career-focused education [1][4][10] Company Overview - Founded in 1900 by Walter Rasmussen, the institution began as the Rasmussen Practical School of Business in St. Paul, Minnesota, addressing the need for skilled professionals [5] - Over the years, Rasmussen University has expanded its offerings to include more than 60 undergraduate and graduate programs across eight areas of study, with a strong emphasis on nursing education [7][11] Legacy and Impact - The university has a long-standing commitment to expanding access to education, particularly for underrepresented and underserved populations, and has pioneered online learning to meet workforce needs [6][10] - Rasmussen University emphasizes the belief that education creates opportunities, empowering generations of learners to make a lasting impact on their communities [5][6] Anniversary Activities - Throughout 2025, Rasmussen will host various activities and initiatives to celebrate its legacy, including campus celebrations, a traveling Green Couch series for engaging conversations, and research studies focused on legacy and future skills [9][12] - The university will also launch targeted campaigns in key communities to raise awareness of its anniversary and legacy through multi-platform messaging and social media engagement [9][12]

Core Viewpoint - American Public Education (APEI) has consistently surpassed earnings estimates and is well-positioned for future earnings growth, making it a strong candidate for investors [1][5]. Earnings Performance - In the most recent quarter, APEI reported earnings of $0.63 per share, exceeding the expected $0.54 per share by 16.67% [2]. - In the previous quarter, APEI's earnings were $0.04 per share against an expectation of $0.01 per share, resulting in a surprise of 300% [2]. Earnings Estimates and Predictions - Recent estimates for APEI have been increasing, with a positive Earnings ESP (Expected Surprise Prediction) indicating a strong likelihood of an earnings beat [5][8]. - APEI currently has an Earnings ESP of +10%, suggesting analysts are optimistic about its near-term earnings potential [8]. Zacks Rank and Success Rate - APEI holds a Zacks Rank of 3 (Hold), which, when combined with a positive Earnings ESP, indicates a high probability of beating consensus estimates, with a success rate of nearly 70% for stocks with this combination [6][8].

Core Viewpoint - American Public Education, Inc. (APEI) is demonstrating strong performance in the education market, with a notable 10.4% increase in stock price over the past three months, outperforming industry peers and major indices [1][3]. Group 1: Enrollment and Revenue Growth - APEI's growth is driven by successful marketing and enrollment strategies, particularly among military-affiliated students utilizing VA benefits, leading to increased registrations at American Public University System (APUS) and Hondros College of Nursing (HCN) [2][7]. - For Q1 2025, APEI anticipates total revenues to rise by 4-6% year over year, projecting revenues between $161 million and $163 million, with APUS net course registrations expected to grow by 1.5% to 3% and HCN by approximately 10% [5][6]. - HCN segment enrollment grew by about 14.9% from 2023, attributed to new campus openings and relocations [9]. Group 2: Cost Management and Strategic Initiatives - APEI is implementing cost optimization strategies to mitigate inflationary pressures, including consolidating its degree-granting institutions into a single entity for streamlined operations [10][11]. - The company has closed underperforming campuses and terminated costly leases to improve its balance sheet and enhance earnings growth potential [11]. Group 3: Competitive Position and Valuation - APEI is currently trading at a premium compared to industry peers on a forward 12-month price-to-earnings (P/E) ratio, indicating strong market potential despite challenges in determining an optimal entry point for investors [12]. - The earnings estimate trend for 2025 has seen a 5.9% downward revision in the past 30 days, yet the year-over-year growth rate for 2025 earnings estimates stands at 130.9% [18][20]. Group 4: Challenges and Headwinds - APEI faces challenges from soft enrollment trends in the Rasmussen University (RU) and Graduate School USA (GSUSA) segments, with RU's enrollment declining by 1.3% year over year and GSUSA revenues decreasing by 8.4% [4][15]. - Elevated inflation continues to pressure APEI's bottom line, with general and administrative expenses rising by 10.7% to $142 million and instructional costs increasing by 1% to $295.7 million in 2024 [16].

Core Insights - American Public University System (APUS) has joined the Skynet Robotic Telescope Network, enhancing its Space Studies program and providing students with access to advanced astronomical tools [1][2] - The partnership allows APUS students and faculty to utilize over a dozen global observatories, including a 20-meter radio telescope in West Virginia and facilities in Australia, promoting hands-on learning in observational astronomy [2][3] - APUS aims to inspire future generations in space exploration through this collaboration, emphasizing its commitment to education, innovation, and scientific discovery [4] Company Overview - APUS is recognized for delivering affordable, high-quality, and workforce-relevant higher education, with a history of 33 years and over 153,000 alumni from more than 80 countries [6] - The institution is accredited by the Higher Learning Commission and is a subsidiary of American Public Education, Inc. (Nasdaq: APEI) [7] - APUS ranks in the top 11% for students' return on educational investment among 4,500 colleges and universities nationwide, according to the Georgetown University Center on Education and the Workforce [6][9] Industry Context - The Skynet Robotic Telescope Network, based at the University of North Carolina, is one of the largest telescope networks globally, supported by the National Science Foundation and DoD STEM [5] - This collaboration reflects a growing trend in educational institutions leveraging technology to enhance STEM education and provide students with real-world research opportunities [2][4]