Q4 2025 American Public Education Inc Earnings Call Transcript
Key Points
- APEI achieved a 4% growth in full-year consolidated revenue to $649 million, despite challenges such as the sale of Graduate School USA and campus closures.
- Rasmussen University and Hondros College of Nursing reported significant revenue growth of 14% and 11% respectively, showcasing strong performance in the nursing and healthcare sectors.
- APEI's full-year adjusted EBITDA increased by 19% to $85.7 million, surpassing both revised and initial 2025 guidance.
- The company successfully redeemed preferred equity, sold corporate buildings, and lifted growth restrictions, simplifying and strengthening its business for future growth.
- APEI demonstrated resilience during a 43-day federal government shutdown, with a 41% increase in military tuition assistance registrations once the government reopened.
- Fourth-quarter revenue at APUS decreased by 13.8% due to the federal government shutdown, impacting military student registrations.
- APEI's total revenue for the fourth quarter was down 3.5% compared to the prior year, reflecting challenges from external factors.
- The company faced a temporary enrollment disruption due to the federal government shutdown, affecting active duty military students.
- APEI's fourth-quarter adjusted EBITDA margin decreased to 18.1%, down from the previous year, due to the shutdown impact.
- The company anticipates potential challenges in maintaining enrollment momentum due to ongoing government funding uncertainties.
Thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the APEI 4Q 2025 earnings call. (Operator Instructions)
Thank you. I would now like to turn the call over to Shannon Devine, Investor Relations. Please go ahead.
Thank you and good afternoon, everyone. Welcome to American Public Education's conference call to discuss fourth quarter and full year 2025 results. Joining me on the call today are Angela Selden, President and Chief Executive Officer, Edward Kotak Bati, Executive Vice President and Chief Financial Officer, and Gary Jansen, Chief Strategy and Growth Officer. Materials for today's call are available in the events and presentations section of APEI's website.
Statements made during this call and in the accompanying presentation regarding APEI and its subsidiaries that are not historical facts may be forward-looking statements that are based on management's current expectations,
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