Q2 2024 American Public Education Inc Earnings Call Transcript
Key Points
- APEI's adjusted EBITDA has met or exceeded guidance for the seventh consecutive quarter.
- Overall revenue grew 3.9% year-over-year to $152.9 million.
- APEI's adjusted EBITDA grew 24% to $10.9 million, with an expanded margin of 7.2%.
- Rasmussen achieved its first year-over-year positive revenue and enrollment quarter since its acquisition in 2021.
- APEI reiterated its full-year guidance of revenue between $620 million and $630 million and adjusted EBITDA between $60 million and $70 million.
- Rasmussen's EBITDA was still negative in the quarter, with a loss of $4.7 million.
- APEI's graduate school revenue declined by $1 million compared to the prior year.
- APUS's EBITDA margin decreased to 25% from 28% due to increased costs.
- Rasmussen's on-ground enrollment decreased by 8.8%, partially offsetting the 4.2% increase in online enrollment.
- Hondros experienced some unexpected infrastructure setbacks at one of its Ohio campuses, impacting enrollment.
Hello, and welcome to the American Public Education, Inc. Second Quarter 2024 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)
I would now like to turn the conference over to Brian Prenoveau, Investor Relations. You may begin.
Thank you, Sarah, and good afternoon, everyone. Welcome to American Public Education's conference call to discuss second quarter 204 results. Joining me on the call today are Angela Selden, President, and Chief Executive Officer; Rick Sunderland, Executive Vice President, and Chief Financial Officer; Steve Somers, Senior Vice President, Chief Strategy and Corporate Development Officer.
Materials for the call today are available in the Quarterly Reports section of APEI's website. Statements made during this conference call and in any accompanying presentation regarding APEI and its subsidiaries that are not historical facts maybe considered
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