Summary of American Public Education (APEI) 2025 Investor Day Company Overview - **Company**: American Public Education, Inc. (APEI) - **Industry**: Higher Education, focusing on military and veteran education - **Key Institutions**: American Public University System (APUS), Rasmussen University, Hondros College of Nursing Core Points and Arguments 1. **Value Proposition**: APEI is recognized as "higher education's best kept secret," with 72% of APUS students graduating with no student debt, largely due to its affiliation with the Department of Defense [4][20][46] 2. **Market Position**: APEI serves a critical role in addressing the nursing shortage, with a projected 200,000 openings annually for the next decade [7][25] 3. **Educational Model**: APEI offers a flexible educational model, allowing students to take one class at a time, which is particularly beneficial for military learners [12][18] 4. **Growth Strategy**: Plans to expand into new markets and add programs, particularly targeting military families and veterans, are underway [15][30] 5. **Financial Performance**: APEI aims for organic revenue between $890 million and $925 million by 2029, with an adjusted EBITDA margin of 20%-21% [30][31] 6. **Student Demographics**: The student body includes 40% military referrals and 30% of military students returning for a second degree, indicating high satisfaction and loyalty [25][47] 7. **Tuition Assistance**: APEI's tuition model aligns with Department of Defense assistance, allowing military students to study at no out-of-pocket cost [20][44] Important but Overlooked Content 1. **Technological Integration**: APEI is leveraging technology to enhance learning experiences and operational efficiency, which is crucial for future growth [9][10] 2. **Market Share Growth**: APEI has gained 1,090 basis points of market share in the military education sector over the past five years, indicating strong competitive positioning [49] 3. **Unique Educational Platform**: The purpose-built platform for military education is difficult for competitors to replicate, providing APEI with a sustainable competitive advantage [42][50] 4. **Extended Family Segment**: APEI is expanding its reach to include the families of military personnel, tapping into a significant market of 20 million potential students [55][56] 5. **Career Services**: APEI offers lifelong career services to military students transitioning to civilian life, enhancing their employability [45][46] Conclusion APEI is strategically positioned to capitalize on the growing demand for military and veteran education, with a strong focus on student outcomes, financial discipline, and market expansion. The company's unique value proposition and commitment to serving those in the military community underpin its growth strategy and operational success.

Group 1 - The establishment of systematic military education in Russia began with the Northern War in 1700, leading to the creation of various military educational institutions under Peter the Great's reforms [1] - The first military academy, the Imperial Military Academy, was founded in 1832 in St. Petersburg, initially facing challenges in terms of enrollment and prospects due to revolutionary influences [3] - The defeat in the Crimean War (1853-1856) prompted significant reforms in military education, including the establishment of several military academies under the unified name of the Imperial Military Academy in 1855 [3] Group 2 - After the October Revolution, the Red Army's General Staff Military Academy was established in 1918, later renamed the Red Army Military Academy in 1921, focusing on tactical training [4] - Notable military leaders, including Marshal Tukhachevsky and Marshal Shaposhnikov, served as directors of the academy, with Mikhail Vasilyevich Frunze being a prominent figure in military education during the 1920s [4] - Following the dissolution of the Soviet Union, the Frunze Military Academy became a key institution for training senior officers in the Russian Armed Forces, merging with other military academies in 1998 to form the Combined Arms Academy of the Russian Armed Forces [4]