Company Overview - APEI provides post-secondary education to over 108,000 students annually [18] - The company's 2024 revenue was $624.6 million and adjusted EBITDA was $72.3 million [20] - As of September 30, 2025, APEI had $193.1 million in cash and $96.4 million in debt [20] APUS Global (American Public University System) - APUS is the 1 educator of active-duty military and veterans [28] - Approximately 72% of APUS students graduate without APUS-incurred federal student loan debt [34, 81] - APUS and University of Maryland Global Campus together hold 47% of the total market share among ~2,350 Tuition Assistance (TA)-eligible institutions [91] - APUS aims to grow revenue from a midpoint of $314 million in 2025 guidance to $405 million - $420 million by 2029 through organic growth [164] - APUS projects adjusted EBITDA to grow from a midpoint of $92 million in 2025 guidance to $125 million - $130 million by 2029 [167] RU Health+ (Rasmussen University and Hondros College of Nursing) - RU Health+ operates 26 campuses in eight states [28, 194] - RU Health+ has ~13,600 students in nursing, allied health, and other health sciences programs [216] - RU Health+ projects revenue to grow from a midpoint of $320 million in 2025 guidance to $485 million - $505 million by 2029 [300] - RU Health+ projects adjusted EBITDA to grow from a midpoint of $14 million in 2025 guidance to $85 million - $100 million by 2029 [302] Financial Outlook - APEI targets revenue growth to ~$1.0 billion and adjusted EBITDA to $190 million - $200 million by 2029 [340]