Good afternoon. >> My name is Miguel Schneider and my official title is Chief Executive Officer. I've spent my early career in a laser focused pursuit of that title. However, the practical usefulness of it proved to be questionable at best. The one undeniable utility of that title is for certain, however. It is for the federal government to know whom to escort to prison should something go awfully arry in a highly regulated industry like higher education. That said, I describe my actual role as dreamer in c ...

Financial Data and Key Metrics Changes - APEI's consolidated revenue for full year 2025 grew 4% to $649 million compared to 2024, despite challenges such as the mid-year sale of Graduate School USA and a registration interruption at APUS [9][23] - Adjusted EBITDA for full year 2025 reached $85.7 million, up 19% from 2024, exceeding both revised and initial guidance [9][24] - Fourth quarter revenue was $158.3 million, down 3.5% year-over-year, but exceeded guidance across all key financial metrics [19][11] Business Line Data and Key Metrics Changes - APUS revenue for Q4 2025 was $71 million, down 13.8% year-over-year due to the federal government shutdown [19] - Rasmussen's revenue for Q4 2025 increased 15.9% to $66.6 million, driven by 8.9% enrollment growth [20] - Hondros College of Nursing reported Q4 revenue of $20.7 million, up 9.2% year-over-year, with enrollment of 4,000 students, an increase of 8.1% [20] Market Data and Key Metrics Changes - APUS experienced a 41% increase in TA registrations in December 2025 compared to December 2024, indicating strong demand from military students despite the earlier registration interruption [13] - The nursing and healthcare segments showed strong performance, with Rasmussen and Hondros both achieving significant revenue growth [8][12] Company Strategy and Development Direction - APEI is focused on a four-year growth strategy introduced at the recent Investor Day, aiming to simplify and strengthen the business [8] - The company plans to combine its institutions into one system and launch new campuses in 2026, targeting markets with demonstrated demand [14][15] - APEI aims for organic revenue growth of $890 million to $925 million by 2029, with strategic investments in new campuses and potential acquisitions [31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term potential of the company, citing strong demand for nursing education and military service members [32] - The company anticipates improved profitability and cash flow due to debt refinancing and cost savings [16] - Management highlighted the resilience of military students and the ability to navigate funding disruptions without significant operational impact [27][80] Other Important Information - APEI's board authorized a $50 million share repurchase program to offset dilution from stock-based compensation [27] - The company ended 2025 with a strong balance sheet, including cash equivalents of $176.5 million and total debt of $96.4 million [25][26] Q&A Session Summary Question: CapEx cadence for new campus openings - Management expects most CapEx related to new campuses will occur in the second half of the year [35][38] Question: Expected revenue and margin for new campuses - New campuses are expected to generate about $12 million in revenue with a 35% EBITDA margin, taking 8-18 months to become cash flow positive [38] Question: Marketing strategy post-institution combination - Brands will remain present in local markets, with best practices shared across institutions to optimize marketing spend [54] Question: Impact of government shutdown on Q4 revenue - Actual impact was estimated at $12 million to $15 million short due to a strong December performance [110][117] Question: Priorities for cash use - Focus will be on organic growth, followed by opportunistic M&A, and then returning capital to shareholders [69]

Core Insights - American Public Education, Inc. (APEI) reported a strong financial performance for the fourth quarter and full year 2025, achieving $649 million in revenue, a 3.9% increase year-over-year, and $86 million in adjusted EBITDA, an 18.6% improvement year-over-year [1] - The company simplified its structure by redeeming preferred equity and selling corporate buildings and Graduate School USA, while also lifting growth restrictions imposed by the Department of Education [1] - APEI provided guidance for 2026, aiming for sustained growth and margin expansion [1] Financial Performance - Fourth Quarter 2025 Highlights: - Consolidated revenue of $158.3 million, a 3.5% decrease year-over-year, impacted by the federal government shutdown and the sale of GSUSA [1] - APUS segment revenue decreased by 13.8% to $71 million, while HCN and RU segments saw revenue growth of 9.5% to $20.7 million and 15.9% to $66.6 million respectively [1] - Full Year 2025 Highlights: - Consolidated revenue of $648.9 million, a 3.9% increase year-over-year [1] - APUS segment revenue grew by 0.9% to $319.8 million, HCN segment revenue grew by 11.4% to $75 million, and RU segment revenue grew by 13.9% to $246.2 million [1] Debt Management - APEI's Board of Directors authorized a common stock repurchase program of up to $50 million [1] - The company completed a debt refinancing on March 9, 2026, reducing its borrowing rate by 375 basis points, expected to save approximately $3.7 million in annual interest expenses [1] Enrollment and Registrations - Q4 2025 net course registrations for APUS decreased by 15.3% to 82,200, while RU and HCN saw increases in total student enrollment of 8.9% to 15,900 and 9.2% to 4,000 respectively [1] 2026 Outlook - First Quarter 2026 guidance includes expected revenue of $173.0 - $175.0 million, net income available to common stockholders of $11.1 - $12.2 million, and adjusted EBITDA of $25.5 - $27.0 million [1] - Full Year 2026 guidance anticipates revenue of $685.0 - $695.0 million, net income of $41.3 - $47.6 million, and adjusted EBITDA of $91.5 - $100.5 million [1]

perform. You don't perform your best in not how I want to say it. Um, you don't perform your best in the heat of the moment. You perform your best because you rehearsed.And what just happened there. That that wasn't nerves. That was my mini rehearsal to show you that the ability to pause, reset, and respond.That's what rehearsal trains. I spent years creating immersive virtual reality experiences for entertainment. But my most meaningful work wasn't in entertainment.It was an educational VR film I produced ...

Core Points - American Public Education, Inc. (APEI) is hosting an Investor Day on November 20, 2025, in New York City to present its business and financial performance [1][8] - APEI serves approximately 108,000 students through its three subsidiary institutions, focusing on transforming lives and advancing careers [1][9] Company Overview - APEI operates through three main subsidiaries: American Public University System (APUS), Rasmussen University, and Hondros College of Nursing [2][9] - APUS is a leading educator for active-duty military and veteran students, serving around 89,000 adult learners globally [3][6] - Rasmussen University, with a history of 125 years, serves approximately 15,900 students across 20 campuses and online, focusing on nursing and health sciences [4][6] - Hondros College of Nursing is the largest educator of Practical Nursing (LPN) nurses in Ohio, serving about 4,000 students across eight campuses [5][6] Accreditation - APUS and Rasmussen University are accredited by the Higher Learning Commission (HLC), while Hondros College is accredited by the Accrediting Bureau of Health Education Schools (ABHES) [6]

Core Viewpoint - The second Tianyuan Nursing Discipline Forum held at Nanjing Medical University focused on the theme "Empowering Foundations, Innovating for the Future," aiming to explore cutting-edge developments in nursing, innovative pathways, and new talent cultivation models to contribute to high-quality nursing development and the construction of a healthy China [1]. Group 1 - Emerging fields such as artificial intelligence, telemedicine, and smart nursing are reshaping nursing service models, raising the bar for innovation capabilities among nursing graduate students [3]. - Nursing education must adapt to the transition from a treatment-focused approach to a comprehensive health management model throughout the life cycle, integrating with cutting-edge fields like artificial intelligence, big data, and psychology [3]. - The forum's focus on "interdisciplinary" and "academic frontiers" is a significant exploration of integrating various disciplines to stimulate new dynamics in professional development and foster new growth points in nursing education and practice [3]. Group 2 - Nursing should actively break down disciplinary barriers and promote deep interdisciplinary collaboration with fields such as basic medicine, psychology, rehabilitation, management, and artificial intelligence to generate original and leading theoretical and technological outcomes [5]. - There is a need to guide research efforts towards public health and innovation, leveraging advanced technologies like artificial intelligence and big data to enhance interdisciplinary research and strengthen industry-academia collaboration for effective application of research outcomes [5]. - The development of "Internet+" and artificial intelligence will lead to more remote services in health management, extending clinical nursing into community and family settings, necessitating comprehensive knowledge and caregiving skills among nursing students [7].