APEI
American Public Education, Inc.37.55
-0.08-0.21%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Campus economics detailed; APUS rebound affirmed
Q&A added color to growth execution without contradicting prepared remarks, detailing new campus economics at $3.5M CapEx, $12M revenue at scale, and 35% EBITDA margins after 18 months to cash flow positive—on track for two annually. APUS non-TA registrations grew 11% in Q4, sustaining into Q1 via high-teens veteran/family momentum despite minor Q1 shutdown blips. Fill the Back Row targets smooth ramp to 90% nursing utilization by year four; no faculty constraints. Capital allocation prioritizes organic growth, opportunistic M&A, then buybacks. Shutdown impact lighter at $12-15M versus prior guide. Q&A reaffirms confidence; watch campus ramps and APUS normalization.
Key Stats
Market Cap
679.09MP/E (TTM)
28.66Basic EPS (TTM)
1.31Dividend Yield
0%Recent Filings
10-K
FY2025 results
American Public Education delivered FY2025 revenue of $648.9M, up 3.9% y/y, with APUS steady at $319.8M despite Q4 TA registrations dropping from the October-November government shutdown, while RU accelerated 13.9% to $246.2M and HCN grew 11.4% to $75.0M on enrollment gains. Q4 momentum faltered at APUS from TA disruptions but RU/HCN sustained sequential enrollment upticks through marketing efficiencies and retention. Operating margin hit 7.3% (up from 5.3%), aided by cost controls despite $3.9M GSUSA sale loss. Cash swelled to $176.5M after $23M asset sales and preferred redemption. Planned APUS/RU/HCN combination risks integration delays.
8-K
Strong FY25 results, growth guidance
American Public Education reported FY2025 revenue of $649M, up 3.9% despite Q4 government shutdown and GSUSA sale, with net income to common stockholders surging 152% to $25.3M and adjusted EBITDA climbing 18.6% to $86M. RU and HCN drove enrollment gains, while APUS dipped. Refinanced debt saves $3.7M annually in interest; $50M buyback authorized. Q1/FY2026 guidance eyes $685-695M revenue.
8-K
Q3 beats guidance across board
American Public Education beat Q3 guidance with revenue up 7% to $163.2 million, net income soaring 660% to $5.6 million, and Adjusted EBITDA jumping 60% to $20.7 million, fueled by 19% growth at HCN, 16% at RU, and 8% at APUS despite GSUSA sale. Cash swelled to $193.1 million, no net debt. Q4 revenue outlook dips 6-9% on government shutdown muting military enrollments.
10-Q
Q3 FY2025 results
APEI posted Q3 revenue of $163.2M, up 6.6% y/y from $153.1M, with operating income jumping to $9.7M from $4.1M as instructional costs eased to 45.8%. APUS drove gains with 8.0% revenue growth to $83.1M on 8.1% higher course registrations; RU surged 15.6% to $60.8M via 10.4% enrollment rise and tuition hikes, while HCN climbed 19.0% to $18.4M. Cash swelled to $193.1M after $73.5M operating cash flow minus $11.8M capex, yielding $61.7M FCF; $94.4M term debt matures 2027 at 9.93% with $20M revolver untapped and covenants met. Redeemed preferred stock in June for $43.2M. Government shutdowns disrupt TA funding.
8-K
APEI names new CFO
American Public Education appointed Edward H. Codispoti as Executive Vice President and CFO effective October 20, 2025, succeeding Richard Sunderland Jr., who will advise for 90 days before retiring. Codispoti, with over 25 years in finance including leading 45 M&A deals at NV5 Global, brings expertise in strategic planning and operations. His package includes $530,000 base salary, $70,000 signing bonus, and $300,000 in RSUs vesting over three years. This bolsters APEI's financial leadership amid growth, yet hinges on smooth handover.
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