American Public Education(APEI) - 2024 Q2 - Quarterly Results

Financial Performance - Consolidated revenue for Q2 2024 increased 3.9% year-over-year to $152.9 million[2] - Net loss available to common stockholders in Q2 2024 was ($1.2) million, significantly improved from a net loss of ($52.7) million in Q2 2023[2] - Adjusted EBITDA for Q2 2024 was $10.9 million, a 24% increase compared to $8.8 million in Q2 2023[7] - Revenues for the three months ended June 30, 2024, increased to $152,895 thousand, up from $147,214 thousand in the same period of 2023, representing a growth of 4%[22] - Net income for the three months ended June 30, 2024, was $371 thousand, a significant improvement from a net loss of $51,232 thousand in the same period of 2023[22] - Adjusted EBITDA for the three months ended June 30, 2024, was $10,925 thousand, compared to $8,785 thousand in the same period of 2023, representing a growth of 24.4%[25] - For the six months ended June 30, 2024, total revenues reached $307,327 thousand, up from $296,903 thousand in the same period of 2023, reflecting a growth of 3.5%[23] Cost Management - Total costs and expenses for Q2 2024 decreased by 29.1% to $150.7 million, down from $212.5 million in Q2 2023[5] - Total costs and expenses for the three months ended June 30, 2024, decreased to $150,675 thousand, down from $212,482 thousand in the same period of 2023, reflecting a reduction of approximately 29%[22] Enrollment and Projections - Q3 2024 enrollments at Rasmussen University increased slightly compared to Q3 2023, marking the first year-over-year increase since its acquisition[2] - APUS net course registrations for Q3 2024 are projected to be between 90,500 and 92,300, reflecting a slight decline to flat change year-over-year[12] - Hondros College of Nursing's student enrollment for Q3 2024 is expected to increase by 10% to approximately 3,100[12] Future Guidance - Full year 2024 revenue guidance is reiterated at $620 million to $630 million, representing a year-over-year increase of 3% to 5%[3] - Full year 2024 Adjusted EBITDA guidance is set at $60 million to $70 million, indicating a potential increase of 1% to 17% year-over-year[12] - The company expects net income for the three months ending September 30, 2024, to range from a loss of $1,150 thousand to a profit of $950 thousand[27] - The company anticipates adjusted EBITDA for the twelve months ending December 31, 2024, to range from $60,000 thousand to $70,000 thousand[27] Segment Performance - The APUS segment generated revenues of $77,048 thousand for the three months ended June 30, 2024, compared to $73,557 thousand in the same period of 2023, indicating a growth of 6.7%[22] - The RU segment reported revenues of $53,034 thousand for the three months ended June 30, 2024, an increase from $51,971 thousand in the same period of 2023, showing a growth of 2%[22] - The HCN segment's revenues increased to $16,409 thousand for the three months ended June 30, 2024, compared to $14,266 thousand in the same period of 2023, marking a growth of 15%[22] Cash Position - Total cash, cash equivalents, and restricted cash increased by 8.2% to $156.2 million as of June 30, 2024[8]