American Public Education(US:APEI)2024-05-07 23:21Financial Performance - APEI's revenue for Q1 2024 was $154.4 million, exceeding guidance and showing year-over-year growth for the third consecutive quarter[5] - The net loss available to common stockholders was ($1.0) million, with a net loss per diluted common share of ($0.06), better than the high-end guidance[5] - Adjusted EBITDA for 1Q 2024 increased by 143% year-over-year to $17.1 million, also exceeding guidance[5] - The company maintained a strong liquidity position with $153.2 million in cash, cash equivalents, and restricted cash as of March 31, 2024[5] Guidance - The company is increasing its full-year 2024 guidance for revenue to between $620.0 million and $630.0 million[7] - The full-year 2024 guidance for Adjusted EBITDA is between $60.0 million and $70.0 million[7] Segment Performance - APUS revenue grew by 9% in 1Q24, driven by net course registration increases and tuition increases implemented in 2023[11, 20] - Hondros' enrollments were 22% higher in 1Q24 compared to 1Q23, with positive EBITDA[13] - Rasmussen's online enrollment was flat in 1Q24 and grew 4% in 2Q24, with on-ground healthcare enrollment improving sequentially[16, 17] Strategic Focus - APEI is focused on core military/veterans and nursing/health-ed businesses[4] - The addressable market is expected to grow at >10% over the next 5 years to >$100 billion[25] - The company is forecasting 3% to 5% revenue growth in 2024[25]