Financial Data and Key Metrics Changes - Net revenue for Q4 2025 grew 7.2% year-over-year to $257 million, supported by a 5.7% increase in average total degree enrollment to 79,300 students [14][15] - For the full year, net revenue increased 6% to $1.01 billion, compared to $950 million in fiscal 2024, driven by a 3.7% increase in average total degree enrollment to 81,900 [15][16] - Net income for fiscal 2025 was $135.4 million, up from $115.1 million in the prior year, reflecting strong operating performance and continued margin expansion [15][16] Business Line Data and Key Metrics Changes - Average total degree enrollment grew to nearly 82,000 in fiscal 2025, up from approximately 79,000 in fiscal 2024, with strong retention supporting this growth [7][14] - Enrollment through employer relationships increased to 32% of average total degree enrollment, up from 30% in fiscal 2024, indicating sustained demand from working adults [8] Market Data and Key Metrics Changes - The university's student body primarily consists of working adults, with 75% currently employed while pursuing a degree, and the average age of students is 38 years [5][6] - Over 50% of students are first-generation college attendees, and nearly two-thirds are caring for a family while pursuing their degree [5] Company Strategy and Development Direction - The company aims to expand access to higher education through flexible, career-relevant programs that empower working adults [4][6] - Continued focus on improving student outcomes and increasing operational efficiencies through AI and automation is a key strategy [8][11] - The company plans to maintain capital allocation priorities that support sustainable enrollment growth and invest in initiatives that enhance student outcomes [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook for fiscal 2026, expecting revenue in the range of $1.025 billion to $1.035 billion and adjusted EBITDA between $244 million and $249 million [19][20] - The company noted strong retention trends and steady demand across programs, indicating a positive trajectory for future growth [11][30] Other Important Information - The College of Nursing received a 10-year accreditation for its Master of Science in Nursing program, highlighting the commitment to academic excellence [9] - The company has a strong balance sheet with no debt and significant cash flow, supporting continued investment in student initiatives [17] Q&A Session Summary Question: Expectations for FY26 revenue growth - Management explained that while they exited FY25 with strong growth, the guidance for FY26 reflects a conservative outlook due to various factors including timing differences and the impact of a scholarship offered in FY24 that was not repeated [22][23][27] Question: Total degree enrollment by verticals, specifically healthcare - Management confirmed healthy growth in nursing programs and noted that while most programs are growing, education saw flatness due to productivity challenges [34][37] Question: Assumptions for enrollment growth and revenue per student for FY26 - Management indicated that they expect some normalization in revenue per student and highlighted strong new student demand and retention as key drivers for FY26 [41][42][46] Question: Impact of suspicious activity controls on enrollments - Management discussed the effectiveness of their controls in identifying suspicious activity and the improvements seen in enrollment productivity after moving controls to the application process [50][52][54] Question: Technology investment and capacity for future growth - Management stated that the current technology platform has the capacity to manage growth well beyond 10,000 additional students without significant further investment [58][61] Question: Updates on Department of Education policies - Management reassured that there have been no significant changes affecting the university from recent Department of Education announcements and expressed confidence in their ongoing relationship with the department [64][68]

Financial Data and Key Metrics Changes - Net revenue for Q4 2025 grew 7.2% year-over-year to $257 million, supported by a 5.7% increase in average total degree enrollment to 79,300 students [13][15] - For the full year, net revenue increased 6% to $1.01 billion, compared to $950 million in fiscal 2024, driven by a 3.7% growth in average total degree enrollment [15][16] - Adjusted EBITDA rose 36% to $56.6 million in Q4 2025, reflecting improved retention and increased net revenue [14] - Net income for fiscal 2025 was $135.4 million, up from $115.1 million in the prior year, indicating strong operating performance and margin expansion [15][16] Business Line Data and Key Metrics Changes - Average total degree enrollment grew to nearly 82,000 in fiscal 2025, up from approximately 79,000 in fiscal 2024, with strong retention throughout the year [7][11] - Enrollment through employer relationships increased to 32% of average total degree enrollment, up from 30% in fiscal 2024, indicating sustained demand from working adults [8] Market Data and Key Metrics Changes - The university's student body primarily consists of working adults, with 75% currently employed while pursuing a degree, and the average age of students is 38 years [5] - Over 50% of students are first-generation college attendees, and nearly two-thirds are caring for a family while pursuing their degree [5] Company Strategy and Development Direction - The company aims to expand access to higher education through flexible, career-relevant programs tailored to the needs of working adults [4][12] - Continued focus on improving student outcomes and increasing operational efficiencies through AI and automation is a key strategy [8][11] - The company plans to maintain capital allocation priorities that support sustainable enrollment growth and invest in initiatives that enhance student outcomes [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong retention trends and steady demand across programs as they look ahead to fiscal year 2026 [11][19] - The company noted that the recent federal government shutdown had no material impact on business or fiscal 2026 outlook [10] - Management highlighted the importance of controls in place to manage unusual enrollment activity, which had previously affected productivity [49][51] Other Important Information - The College of Nursing received a 10-year accreditation for its Master of Science in Nursing program, reflecting the commitment to academic excellence [9] - The company completed its IPO in October 2025, selling 4.9 million shares at $32 per share, with no proceeds going to the company [18] Q&A Session Summary Question: Expectations for FY26 revenue growth - Management explained that while they exited FY25 with strong growth, the guidance for FY26 reflects a conservative outlook due to various factors including timing differences and previous scholarship offerings [21][22] Question: Total degree enrollment by verticals, specifically healthcare - Management confirmed healthy growth in nursing programs and noted that healthcare remains a significant opportunity for growth [32][33] Question: Enrollment growth and revenue per student assumptions for FY26 - Management indicated that they expect some normalization in revenue per student and highlighted the importance of attracting higher quality students [38][39] Question: Impact of suspicious activity controls on enrollments - Management discussed the effectiveness of their controls in managing unusual enrollment activity and expressed confidence in their ability to maintain these controls moving forward [47][51] Question: Technology investment and capacity for future growth - Management affirmed that their technology platform has the capacity to support significant enrollment growth without substantial additional investment [56][58] Question: Policy changes and their implications - Management stated that there have been no significant changes in policy that would adversely affect the university, and they remain confident in their relationship with the Department of Education [61][65]

Welcome to Investor Day 2025! November 2025 American Public Education Inc. Do Not Distribute. Angela Selden President and CEO, American Public Education, Inc. 2 Angela Selden was appointed President and CEO of APEI in September 2019. With her father an Air Force veteran who used the GI Bill to complete his education and subsequently lead HR for a VA hospital, and her mother, a lifelong educator, APEI's purpose of "Educating Those in Service to Others" spoke to her. Earlier in her career, Ms. Selden served a ...

American Institute of Certified Public Accountants (AICPA) and Chartered Institute of Management Accountants (CIMA) have collaborated with Thomas Adewumi University and Landmark University to offer the CGMA Finance Leadership Programme. This digital, self-paced programme enables accounting and finance students to access learning and assessment opportunities remotely. It serves as a route for students to complete CIMA’s CGMA Professional Qualification and attain the CGMA designation. The programme uses r ...

Core Insights - The Open Doors 2025 Report indicates that U.S. colleges and universities hosted 1.2 million international students in the 2024/2025 academic year, marking a 5% increase from the previous year [1][2] - International students contributed nearly $55 billion to the U.S. economy in 2024 and supported over 355,000 jobs [2][3] - The U.S. remains the leading destination for international students globally, with significant contributions to innovation and cross-cultural understanding [3] Enrollment Trends - The number of graduate students decreased by 3% to 488,481, while undergraduate students increased by 4% to 357,231, the first significant rise since the COVID-19 pandemic [3][4] - The total number of new international students decreased by 7% to 277,118, with new undergraduate enrollments growing by 5% and new graduate enrollments falling by 15% [4][5] Country of Origin - India is the top-sending country with 363,019 international students, reflecting a 10% increase, while China saw a 4% decline with 265,919 students [5][6] - Twelve of the top 25 countries sending international students reached their highest totals to date, including Bangladesh, Canada, and Vietnam [5] Institutional Insights - Most international students (59%) attended public institutions, with community colleges experiencing the fastest growth rate of 8% [6][7] - Texas, Illinois, and Missouri reported the largest increases in international student numbers among states [6] U.S. Students Abroad - In the 2023/24 academic year, 298,180 U.S. students studied abroad, a 6% increase, with Italy, Spain, the UK, and France as the leading destinations [7][8] - Japan emerged as the 5th-largest destination for U.S. students studying abroad, with a 16% growth [7] Future Projections - A Fall 2025 Snapshot indicates a 1% decline in international student totals, with undergraduate enrollments up by 2% and graduate enrollments down by 12% [8][9] - New enrollments for international students studying in the U.S. for the first time decreased by 17% [9]

Core Points - The event "Traveling Around China" is an online poetry recitation and cultural exchange activity organized by the Ministry of Education of China, showcasing the beauty of Chinese culture through poetry recitation by overseas Chinese students and poetry enthusiasts [1][2] - A total of 12 participants from countries including the Philippines, Myanmar, Vietnam, Germany, and Switzerland presented their recitations, highlighting the geographical and cultural diversity of China [1][2] - The event aims to promote Chinese classical literature and culture among overseas Chinese schools and students, integrating poetry with geographical culture [1][2] Group 1 - The event featured a variety of classical poems, with participants expressing their personal experiences and talents, such as calligraphy and original music compositions [2] - The use of an online interactive map (H5) and a selection process combining AI evaluation and expert review reflects an innovative approach to cultural dissemination [2][3] - Experts from various fields, including international Chinese education and classical literature, provided feedback on the participants' performances, emphasizing the clarity and emotional depth of their recitations [3] Group 2 - The event serves as a platform for overseas Chinese students to connect with their cultural roots and share their love for traditional culture, fostering a sense of cultural identity [3] - The involvement of renowned experts in the evaluation process enhances the credibility and educational value of the event [3] - The initiative is part of a broader strategy to cultivate cultural ambassadors among overseas Chinese students, ensuring the transmission of traditional culture globally [3]

Core Viewpoint - The article explores the experiences and challenges faced by university students, particularly at Zhejiang University, as they navigate their academic and personal growth during their college years [6][7][18]. Group 1: Student Learning Experiences - Students are adapting to new learning routines, with some expressing anxiety over academic pressures, such as reading complex English papers and dealing with research failures [7][8]. - The importance of balancing classroom learning with independent research is emphasized, as many students engage in long-term research projects alongside their studies [9][10]. - The use of online platforms and AI tools for self-directed learning is becoming common among students, allowing them to explore subjects of interest beyond the classroom [10][12]. Group 2: Time Management and Study Strategies - Effective time management is crucial, with students utilizing various scheduling tools to balance coursework, research, and extracurricular activities [12][13]. - Students are encouraged to find their intrinsic motivation for learning, which helps them maintain curiosity and engagement in their studies [10][15]. - The article highlights the significance of a supportive environment, where students can seek help and guidance from peers and faculty to navigate academic challenges [13][14]. Group 3: Perspectives on Competition and Personal Growth - The article discusses the dichotomy of "competition" versus "relaxation" among students, with some feeling pressured to excel while others choose a more laid-back approach [15][18]. - Students are encouraged to define their own paths and interests rather than conforming to external pressures, fostering a sense of self-awareness and personal growth [16][18]. - The role of universities in providing a supportive framework for students to explore their interests and develop their skills is emphasized, promoting a holistic approach to education [17][18].

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $163.2 million, an increase of $10.1 million or 7% from the prior year period [22] - Net income available to common shareholders was $5.6 million, nearly seven times higher than the $700,000 in the prior year [23] - EPS increased significantly to $0.30 per diluted share in Q3 2025 versus $0.04 in the prior year [23] - Adjusted EBITDA increased 60% to $20.7 million, with an adjusted EBITDA margin of 13% compared to 8% in the prior year [23] Business Line Data and Key Metrics Changes - At APUS, Q3 revenue increased to $83.1 million, an 8% increase compared to the prior year, driven by an 8% increase in net course registrations [24] - Rasmussen's Q3 revenue was $60.8 million, a 16% increase fueled by a 12% increase in on-ground enrollment and an 11% increase in online enrollment [24] - Hondros College of Nursing's Q3 revenue increased 19% to $18.4 million, with total enrollment up 18% to approximately 3,700 students [25] Market Data and Key Metrics Changes - Registrations at APUS increased 8% year-over-year, while enrollments at Rasmussen increased 10% compared to Q3 2024 [9] - On-ground enrollments at Rasmussen are accelerating, contributing to the overall enrollment growth [9] - The government shutdown has muted military enrollments at APUS for October and November, but there are signs of recovery with tuition assistance funds being authorized [15][16] Company Strategy and Development Direction - The company is focused on simplifying operations and has received HLC approval for the combination of its institutions, with a new application submitted to the U.S. Department of Education [10][11] - The sale of Graduate School USA allows the company to concentrate on core degree-granting businesses, particularly in healthcare and military-affiliated education [10] - The company aims to leverage existing capacity and improve financial results through strategic enrollment growth and operational efficiencies [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the government shutdown and maintain enrollment momentum [17] - The company anticipates that the impact of the government shutdown will be temporary, with expectations for a return to normal enrollment levels [81] - Management remains optimistic about long-term growth potential, particularly in nursing and healthcare education sectors [32] Other Important Information - The company has improved its cash position, with unrestricted cash and equivalents totaling $193.1 million as of September 30, 2025 [11] - The recent redemption of preferred equity is expected to save approximately $6 million annually, enhancing financial flexibility [12] - The company plans to provide a longer-term view of growth strategies and financial outlook at the upcoming Investor Day [18] Q&A Session Summary Question: Plans for driving re-enrollments at APUS - Management noted that military branches are utilizing tuition assistance funds, leading to increased registrations in December despite the government shutdown [36] Question: Impact of the new process for institution integration - Management confirmed commitment to the integration and stated that the new process is procedural, with expectations for implementation in Q3 2026 [39][40] Question: Fourth quarter guidance assumptions - Management indicated a slowdown in October registrations but expects a return to normal trajectory in December [46] Question: Cost-saving measures and their permanence - Management discussed temporary and permanent reductions in variable costs, emphasizing that these measures will not harm revenue [50] Question: Trends in nursing program demand - Management reported strong growth in nursing enrollments, driven by attractive compensation and job availability in the sector [53] Question: Changes in student demographics at Rasmussen - Management highlighted efforts to expand marketing reach to both ADN and BSN students, with a noted increase in BSN enrollments [111]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $163.2 million, an increase of $10.1 million or 7% from the prior year period [22] - Net income available to common shareholders was $5.6 million, nearly seven times higher than the $700,000 in the prior year [23] - EPS increased significantly to $0.30 per diluted share in Q3 2025 versus $0.04 in the prior year [23] - Adjusted EBITDA increased 60% to $20.7 million compared to $12.9 million in the prior year, with an adjusted EBITDA margin of 13% compared to 8% in the prior year [23] Business Line Data and Key Metrics Changes - At APUS, Q3 revenue increased by 8% to $83.1 million, driven by a corresponding 8% increase in net course registrations [24] - Rasmussen's Q3 revenue was $60.8 million, a 16% increase, fueled by a 12% increase in on-ground enrollment and an 11% increase in online enrollment [24] - Hondros College of Nursing saw a 19% increase in Q3 revenue to $18.4 million, with total enrollment increasing 18% to approximately 3,700 students [25] Market Data and Key Metrics Changes - Registrations at APUS increased 8% year-over-year, while enrollments at Rasmussen increased 10% compared to Q3 2024 [9] - Enrollments at Hondros College of Nursing continued strong momentum, increasing 18% compared to Q3 2024 [9] - The government shutdown has muted military enrollments at APUS for October and November, but several military branches are now authorizing tuition assistance benefits [15][16] Company Strategy and Development Direction - The company is focused on simplifying operations and has received HLC approval for the combination of its institutions, with a new application submitted to the U.S. Department of Education [10][11] - The sale of Graduate School USA allows the company to concentrate on core degree-granting businesses, particularly in military and healthcare sectors [10] - The company aims to leverage existing capacity and improve financial results through operational simplification and strategic growth initiatives [12][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the team despite the government shutdown and emphasized the importance of tuition assistance as a recruiting tool for military service members [17] - The company remains optimistic about long-term growth potential and plans to share more details during the upcoming Investor Day [32] - Management believes that the combination of institutions will enhance revenue and expense synergies, despite procedural delays [39][41] Other Important Information - The company redeemed all outstanding preferred stock for $43.1 million and completed the sale of two corporate administrative office buildings for net proceeds of $22.5 million [26] - Cash flow from operations for the nine months ended September 30, 2025, increased 56% to $73.5 million, with total cash and equivalents increasing 22% to $193.1 million [25][26] Q&A Session Summary Question: Plans for driving re-enrollments at APUS due to tuition assistance disruption - Management noted that military branches are using tuition assistance funds to allow service members to register, and they expect demand to return as the government shutdown resolves [36][37] Question: Impact of new process on integration of institutions - Management confirmed commitment to the integration and stated that the new process is procedural, with expectations for implementation in Q3 2026 [39][40] Question: Confirmation of fourth quarter guidance assumptions - Management acknowledged a slowdown in registrations due to the government shutdown but expects a return to normal trajectory in December [46] Question: Cost-saving measures and their permanence - Management discussed temporary and permanent reductions in variable costs and operational streamlining, ensuring that revenue generation remains unaffected [48][50] Question: Trends in nursing program demand - Management reported strong growth in nursing enrollments, driven by attractive compensation and job availability, with a focus on first licensure programs [54][56] Question: Enrollment trends and demographics at Rasmussen - Management indicated a shift towards enrolling more BSN students, reflecting effective marketing strategies and macro demand [108]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $163.2 million, an increase of $10.1 million or 7% from the prior year period [19] - Net income available to common shareholders was $5.6 million, nearly seven times higher than the net income of $700,000 in the prior year [20] - EPS increased significantly to $0.30 per diluted share in Q3 2025 versus $0.04 in the prior year [20] - Adjusted EBITDA increased 60% to $20.7 million compared to the prior year period, with an adjusted EBITDA margin of 13% compared to 8% in the prior year [21] Business Line Data and Key Metrics Changes - At APUS, Q3 revenue increased to $83.1 million, an 8% increase compared to the prior year, driven by an 8% increase in net course registrations [22] - Rasmussen's Q3 revenue was $60.8 million, a 16% increase fueled by a 12% increase in on-ground enrollment and an 11% increase in online enrollment [22] - Hondros College of Nursing's Q3 revenue increased 19% to $18.4 million, with total enrollment up 18% to approximately 3,700 students [23] Market Data and Key Metrics Changes - Registrations at APUS increased 8% year-over-year, while enrollments at Rasmussen increased 10% compared to Q3 2024 [8][12] - Enrollments at Hondros College of Nursing continued strong momentum, increasing 18% compared to Q3 2024 [12] Company Strategy and Development Direction - The company is focusing on growing core degree-granting businesses, particularly in military, veteran, nursing, and healthcare communities [9] - APEI is simplifying its operational structure and has submitted a new application for the combination of its institutions, expected to take effect in Q3 2026 [10][34] - The company aims to leverage existing capacity and improve financial results through enrollment growth and operational efficiencies [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the team despite government shutdown uncertainties and highlighted consistent performance over the last 18 months [16] - The company anticipates that the government shutdown will have a temporary impact on enrollments, with expectations of a return to normalcy once the situation stabilizes [32][50] - Management remains optimistic about long-term growth potential and plans to share more details at the upcoming Investor Day [30] Other Important Information - The company completed the sale of Graduate School USA, which was no longer a strategic fit, allowing a focus on core businesses [8][9] - The balance sheet improved with unrestricted cash and equivalents totaling $193.1 million as of September 30, 2025 [10][24] Q&A Session Summary Question: Plans for driving re-enrollments at APUS due to tuition assistance disruption - Management noted that several military branches are using tuition assistance funds to allow service members to register, and they have implemented marketing campaigns to re-engage dropped students [32] Question: Impact of the new process for integrating institutions on expense or revenue synergies - Management confirmed commitment to the integration and stated that the new process is procedural, with expectations for implementation in Q3 2026 [34] Question: Confirmation of a two-month slowdown for APUS registrations - Management acknowledged a slowdown in October but noted a recovery in November, with expectations for a return to normal trajectory in December [37] Question: Details on cost-saving initiatives - Management indicated that they have streamlined operations and reduced variable costs without affecting revenue-generating activities [39] Question: Trends in nursing program demand - Management reported strong growth in nursing enrollments, driven by attractive compensation and job availability in the sector [41] Question: Enrollment trends and demographic changes at Rasmussen - Management highlighted broad-based enrollment growth across campuses, with a particular focus on expanding the BSN student pool [58]