Q1 2024 American Public Education Inc Earnings Call Transcript
Key Points
- American Public Education Inc reported a 3% increase in revenue to $154 million in Q1 2024 compared to the same period last year.
- Adjusted EBITDA significantly improved, totaling $17.1 million in Q1 2024, a 143% increase from Q1 2023.
- The company has successfully exceeded its adjusted EBITDA guidance for five consecutive quarters.
- Enrollment at APUS and Hondros showed positive growth, with APUS experiencing a 3% increase in net course registrations and Hondros seeing a 22% increase in enrollment.
- American Public Education Inc is increasing its full-year 2024 guidance for revenue and adjusted EBITDA, reflecting strong financial performance and confidence in continued growth.
- Rasmussen University experienced a 6% decrease in enrollments from the previous year, although the rate of decline is slowing.
- The company reported a diluted loss per common share of $0.06 in Q1 2024, indicating some ongoing financial challenges.
- Revenue at Rasmussen and the graduate school declined, partially offsetting the revenue growth from other segments.
- Some Rasmussen programs did not meet the required state benchmarks for pass rates, although improvements are being made.
- American Public Education Inc faces challenges with IT transitions and campus relocations, which could impact operations and costs in the short term.
Thank you for standing by. My name is Jamie, and I will be your conference operator today. At this time, I would like to welcome everyone to the American Public Education, Inc. First Quarter 2024 earnings conference 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 if you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again, thank you. I would now like to turn the conference over to Brian Prenoveau, Investor Relations. You may begin.
Thank you, operator, and good afternoon, everyone. Welcome to American Public Education's conference call to discuss first quarter 2024 results. Joining me on the call today are Angela Sheldon, President and Chief Executive Officer, Rick Sunderland, Executive Vice President and Chief Financial Officer, Steve Somers, Senior Vice President and Chief Strategy
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