American Public Education(APEI) - 2025 Q3 - Quarterly Results

Financial Performance - Consolidated revenue for Q3 2025 increased 7% year-over-year to $163.2 million, driven by 19% growth at Hondros College of Nursing, 16% at Rasmussen University, and 8% at American Public University System[4] - Net income available to common stockholders for Q3 2025 was $5.6 million, a 660% increase compared to $0.7 million in Q3 2024[4] - Adjusted EBITDA rose 60% to $20.7 million from $12.9 million in Q3 2024, reflecting increased revenue and margin expansion of 424 basis points[4] - Revenue for Q3 2025 increased to $163.2 million, up 6.9% from $153.1 million in Q3 2024[27] - Net income for Q3 2025 was $5.56 million, compared to $2.26 million in Q3 2024, representing a 146.5% increase[27] - Basic income per common share rose to $0.31 in Q3 2025 from $0.04 in Q3 2024[27] - APUS Segment revenue grew to $83.14 million, a 8.3% increase from $76.98 million in the prior year[27] - RU Segment revenue increased to $60.83 million, up 15.7% from $52.60 million in Q3 2024[27] - The company expects net income for the twelve months ending December 31, 2025, to be between $17.20 million and $19.65 million[34] - Adjusted EBITDA outlook for the twelve months ending December 31, 2025, is projected to be between $75.58 million and $79.08 million[34] Cash Flow and Assets - Cash flows from operations increased 56% to $73.5 million from $47.3 million in Q3 2024[4] - Total cash, cash equivalents, and restricted cash was $193.1 million at September 30, 2025, up 21.5% from $158.9 million at December 31, 2024[6] - Total current assets decreased slightly to $259.11 million as of September 30, 2025, from $260.57 million at the end of 2024[29] - Total liabilities decreased to $245.96 million as of September 30, 2025, down from $266.22 million at the end of 2024[29] - APEI's balance sheet remains strong with no net debt and a simplified capital structure following the sale of Graduate School USA in July 2025[4] Enrollment and Registrations - APUS net course registrations for Q3 2025 were 100,000, an 8.1% increase from 92,500 in Q3 2024[8] - Rasmussen University total student enrollment increased by 10.4% to 14,900 from 13,500 in Q3 2024[8] Future Guidance - For Q4 2025, APEI expects consolidated revenue between $150.0 million and $153.5 million, representing a year-over-year decline of 6% to 9%[10] - Full year 2025 guidance for consolidated revenue is projected at $640 million to $644 million, reflecting a 2% to 3% increase year-over-year[12]