Exhibit 99.3
apei AMERICAN PUBLIC EDUCATION, INC. NOVEMBER 2020 TICKER: APEI EXCHANGE: NASDAQ HEROI Providing a Higher Education Return on Investment (HEROI) to Learners of All Backgrounds A leading provider of higher education for adult learners, American Public Education Inc. (APEI) offers affordable, accessible, relevant and quality academic programs and services to students, universities and partner organizations through its wholly owned subsidiaries American Public University System (APUS) and National Education Seminars Inc., which we refer to as Hondros College of Nursing (HCN). On October 28, 2020, APEI announced transformational deal to acquire Rasmussen University, the nation’s largest educator of ADN nurses.1 APEI will become #1 educator of pre-licensure nurses (ADN/RN and PN/LPN), serving over 10,000 nursing students 97% APUS ALUMNI SURVEYED Respondents indicated that APUS programs met their overall expectations.2 110K+ APUS ALUMNI 6K+ HCN ALUMNI 45+ HCN RELATIONSHIPS with healthcare employers 30% OF APUS STUDENTS returned for a second degree3 Revenue (in thousands) 2016 $313,139 2017 $299,248 2018 $297,687 2019 $286,270 Net Income Attributable to Common Stockholders (in thousands) 2016 $32,414 2017 $24,155 2018 $21,121 2019 $25,639 Total Assets (in thousands) 2016 $315,620 2017 $399,038 2018 $370,958 2019 $359,395 Net Cash Provided by Operating Activities (in thousands) 2016 $56,014 2017 $47,938 2018 $44,179 2019 $38,370 Chris Symanoskie, IRC, Vice President, Investor Relations 703-334-3880 or csymanoskie@apei.com NOTE: Past performance is not indicative of future results. Additional information, including important details about risk factors, can be found in APEI’s filings with the U.S. Securities and Exchange Commission, www.sec.gov. 1. Integrated Postsecondary Education Data System and APEI analysis. 2. APUS, 2017 End of Program Survey 3. APUS undergraduate students who completed an associate or bachelor’s degree in 2019.
American Public University System1 An online institution of higher learning serving the needs of military, public service and civilian communities through American Military University (AMU) and American Public University (APU).AMU APU At-A-Glance5 88% of Students Are Working Adults Avg. Age of Students: 32 years Avg. Undergraduate Class Size: 19 students Avg. Graduate Class Size: 10 students Gender Diversity: 61% male / 34% female / 5% unreported Over 220 Degree and Certificate Programs 1,800 Faculty Members 117,000 conferred degrees and certificates Return on Investment for Learners APUS programs rank #93 nationally, or in the top 2%, for return on student investment.6 72% of AMU and APU alumni have graduated with no APUS-incurred student loan debt.3 Student Satisfaction 50% of APUS students were referred by others7 1. APUS Net Course Registrations represent the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty. 2. APUS Student Enrollment represents the number of unique active students, including those who are currently on an approved leave of absence, who are currently in class or have completed a course within the past 12 months. Excludes students in doctoral programs. 3. Includes alumni who graduated with an Associate’s, Bachelor’s or Master’s degree from APUS as of December 31, 2019. Student loan debt is defined as student loans and private education loans and considers tuition, fees, living expenses, and book costs associated with courses taken at APUS. 4. HCN Student Enrollment represents the total number of students enrolled in a course after the date by which students may drop a course without financial penalty. 5. As of September 30, 2020. 6. Georgetown University Center on Education and Workforce, A First Try at ROI: Ranking 4,500 Colleges, 2019. 7. Students starting in 2020. Enrollment and Registrations1 For the three months ended September 30, 2020 2019 % Change Net Course Registrations by New Students 13,500 10,800 25% Net Course Registrations 90,300 76,700 18% For the nine months ended September 30, Net Course Registrations by New Students 35,800 30,300 18% Net Course Registrations 264,700 236,900 12% As of September 30, 2020 2019 % Change APUS Student Enrollment2 86,300 80,700 7% Registrations by Primary Funding Source For the three months ended June 30, 2020 VA 22% TA 41% FSA 22% Other 15% Enrollment by Degree Level5 Master’s 16% Associate’s 17% All Others 9%Bachelor’s 58% Enrollment by School5 Health Science 13% Science, Technology, Engineering & Math 16% Education 2% Arts & Humanities 22% Security & Global Sudies 23% Business 24%
Hondros College of Nursing Serving the needs of nurses and the healthcare community online and through campus locations in Cincinnati, Cleveland, Columbus, Dayton, Toledo, and Indianapolis. HONDROS COLLEGE OF NURSING Student Enrollment1 For the three months ended September 30, 2020 2019 % Change New Student Enrollment 649 345 88% Total Student Enrollment 1,950 1,410 38% Approximate Cost (Tuition & Fees) of Degree Completion Practical Nursing $19,700 Associate Degree in Nursing $28,500 Alumni tuition is $24,5222 Enrollment by Program3 For the full year ended June 30, 2020. Associate’s Degree in Nursing 45% Licensed Practical Nurse 55% At-A-Glance3 Avg. Age of Students: 30 years Gender Ratio: 93% female / 7% male Avg. Class Size: 15 students Graduates3 6,000+ alumni Transformational Acquisition of Rasmussen University With the pending transaction scheduled to close in the middle of the third quarter of 2021, APEI will become the largest educator of ADN nurses, serving over 10,000 students. Rasmussen University offers degree programs to adult learners through 24 campuses in six states. The addition of Rasmussen is expected to double APEI’s revenue to nearly $600 million4.1. HCN Student Enrollment represents the total number of students enrolled in a course after the date by which students may drop a course without financial penalty. 2. Tuition for alumni of HCN’s Practical Nursing program is $23,790. 3. For the twelve months ended June 30 2020. 4. On an annual pro forma basis, assuming the transaction had closed as of January 1, 2021.
