The call reflects a positive sentiment with several quarters of growth, strong enrollment numbers for key segments, and optimistic future guidance. Despite some cost increases and a decline in graduate school revenue, the overall financial and enrollment performance is strong, indicating a positive outlook.

Company Guidance

During the Q3 2024 earnings call for American Public Education, Inc. (APEI), key performance metrics were discussed, highlighting the company's strong performance and positive future outlook. APEI's revenue for the third quarter reached $153 million, marking a 1.5% year-over-year increase, with adjusted EBITDA exceeding guidance at $12.9 million. Net income for the quarter was $731,000, translating to $0.04 per diluted share, aligning with the higher end of the guidance range. The company noted a significant milestone for Rasmussen University, which achieved its first year-over-year increase in total enrollment since its acquisition. Looking ahead, APEI provided a robust outlook for the fourth quarter, anticipating a growth of 4% to 6% in total net course registrations at APUS compared to the previous year. Additionally, Rasmussen's fourth quarter total enrollment is expected to rise by 4%, while Hondros projects a 19% increase in student enrollment, reaching approximately 3,700 students. For the full year 2024, APEI projects revenue to be between $620 million and $625 million, representing a 3% to 4% increase over 2023, with full-year adjusted EBITDA forecasted to be between $64 million and $67 million, reflecting a 7% to 12% increase from the previous year.

Revenue and Enrollment Growth

APEI's total revenue increased by 1.5% year-over-year to $153 million, marking the fourth consecutive quarter of year-over-year growth. Rasmussen University posted its first year-over-year increase in total enrollment since acquisition.

Positive Outlook for Fourth Quarter

Fourth quarter 2024 outlook is strong with APUS net course registrations expected to grow 4% to 6% year-over-year. Rasmussen's fourth quarter enrollment increased by 4% and Hondros by 19%.

Full Year Guidance and Accreditation Success

Full year 2024 revenue guidance is $620 million to $625 million, a 3% to 4% increase over 2023. Rasmussen received 6-year continuing accreditation for two campuses and initial accreditation for several others.

Nursing and Healthcare Program Impact

APEI continued to address nursing shortages with Hondros and Rasmussen showing strong enrollment growth. Both institutions are positioned to contribute significantly to future growth.

Improved Financial Performance

Adjusted EBITDA for the third quarter was $12.9 million, above the guidance range. Full year adjusted EBITDA is expected to be between $64 million and $67 million, a 7% to 12% increase over 2023.

---

American Public Education (APEI) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

APEI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 18, 2025	2024 (Q4)	0.61 / -	0.64	―	―	―
Nov 12, 2024	2024 (Q3)	0.14 / 0.14	-0.008	1837.50% (+0.15)
Aug 06, 2024	2024 (Q2)	0.07 / 0.05	-2.813	101.81% (+2.86)
May 07, 2024	2024 (Q1)	-0.17 / -0.06	-0.38	84.21% (+0.32)
Mar 05, 2024	2023 (Q4)	0.20 / 0.64	-0.35	282.86% (+0.99)
Nov 07, 2023	2023 (Q3)	-0.25 / >-0.01	-0.2	96.00% (+0.19)
Aug 08, 2023	2023 (Q2)	-0.23 / -2.81	-5.82	51.67% (+3.01)
May 09, 2023	2023 (Q1)	-0.45 / -0.38	0.28	-235.71% (-0.66)
Mar 14, 2023	2022 (Q4)	>-0.01 / -0.35	0.67	-152.24% (-1.02)
Nov 08, 2022	2022 (Q3)	-0.25 / -0.20	0.002	-10100.00% (-0.20)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

---

APEI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 12, 2024	$17.32	$19.85	+14.61%
Aug 06, 2024	$17.07	$12.30	-27.94%
May 07, 2024	$15.18	$17.87	+17.72%
Mar 05, 2024	$11.37	$15.57	+36.94%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

---