American Public Education(APEI) - 2025 Q1 - Quarterly Results

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]