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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