The following is a summary of the American Public Education, Inc. (APEI) Q2 2024 Earnings Call Transcript:

Financial Performance:

• APEI reported Q2 2024 revenue of $152.9 million, a growth of 3.9% year-over-year.

• Adjusted EBITDA for the quarter rose 24% to $10.9 million, with an EBITDA margin improvement of 118 basis points to 7.2%.

• The company anticipates full-year 2024 revenue between $620 million and $630 million, and adjusted EBITDA between $60 million and $70 million.

• Second quarter revenue growth was driven by increments at APUS, Hondros, and Rasmussen, partially offset by a decline at the graduate school.

• Adjusted net loss for the quarter improved to $0.06 per share from a $0.25 loss in the previous period after adjusting for a substantial impairment charge taken last year.

Business Progress:

• Positive turn in enrollments for Rasmussen, with a 2% revenue increase and reduced EBITDA loss, signaling a movement towards profitability.

• APUS experienced a 1.7% increase in net course registrations, driving revenue growth.

• Enrollment at Hondros College continues to show robust growth, with a 10% year-over-year increase to 3,100 students.

• Rasmussen expects to expand its campus footprint following the lifting of Department of Education growth restrictions to address high demand for nursing and other clinical roles.

Opportunities:

• Market demand in higher education, especially for service-minded sectors like nursing, presents significant growth opportunities for APEI, expected to reach about $173 billion by 2030.

• Expansion plans for Rasmussen are set to address the critical shortage in nursing and other clinical roles, with a projected significant increase in demand for these professionals by 2031.

Risks:

• Potential enrollment impacts due to infrastructure setbacks at a relocated Hondros campus in Ohio.

More details: American Public Education IR

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