The following is a summary of the American Public Education, Inc. (APEI) Q1 2024 Earnings Call Transcript:
Financial Performance:
American Public Education reported Q1 2024 revenue of $154 million, a 3% increase year over year.
The adjusted EBITDA totalled $17.1 million for Q1 2024, a 143% increase compared to Q1 2023.
EBITDA for this quarter was approximately $7 million above the top end of the company's guidance range.
The adjusted EBITDA margin expanded by 600 basis points to 11% compared to 5% in Q1 2023.
The company's total cash and cash equivalents amounted to $153.2 million, an increase of $8.9 million from the year-end 2023 figure.
Business Progress:
The company has exceeded its adjusted EBITDA guidance for the past five quarters.
Student enrollment at Rasmussen and Hondros has been growing, with a decline in Rasmussen's rate of decrease and a 10% increase in Hondros student count compared to the previous year.
The company is working towards a more balanced portfolio of nursing and campus-based health education offerings.
American Public University is planning to invest in campus relocations for Hondros and curriculum modernization at APUS.
Improved retention rates have been achieved at Rasmussen, and the management team is now showing positive growth in online enrollment after a year in position.
Rasmussen will be free from growth restrictions from 2025, opening up opportunities for campus expansion and program investments.
A minor outstanding amount due from the Army to APUS is being addressed directly with Army representatives.
More details: American Public Education IR
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