APEI - Earnings call transcript Q3 2020 | American Public Education, Inc.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the APEI Reports Third Quarter 2020 Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Chris Symanoskie, Vice President of Investor Relations. you. Thank ahead. go Please

Chris Symanoskie

of Good the and conference welcome today's current to call. in Public conference Presentations are Operator. statements projections its statements note Education's facts, Rasmussen American may not be results in expectations, materially Education, presentation such University assumptions, made conference cause American based statements are materials third uncertainties to available or and estimates this section subsidiaries Education from and Events or quarter Materials could historical statements. on and about the forward-looking website. Public evening, future the you, Please to risks that in and that forward-looking These call Public events call actual our accompanying differ Thank that that American are industry. accompany and subject regarding

result required deliver financial recent, or plans implied Rasmussen the expected materially a various expressed University those acquisition initiatives. as XX-K these no publicly including if by limitation, the and Risk President company's Angela unless on recent most any be expect, differ would. investments new Executive even Annual of SEC from undertakes it's as of and and questions University, Vice Forward-looking statements in factors, to Corporate expected SEC expenses, closing without include, intend, Also identified other transaction on any the the filed well Actual Rasmussen expected the Somers, of acquisition educational University, and by Strategy return elsewhere Form statements occur future reasons, or Officer; the factors obligation Report in section to growth, plan, the as the and timing, of to believe, other Factors estimate, These with ability law, introduce should, filings. company revenues, may, for statements forward-looking of learners' current to Chief President on Quarterly words XX-Q company's for our the and Vice will, risk and to enrollments, described a benefits The Form the information with of Officer. Report risk registrations in Development. and and statements our seek, Sunderland, Selden, Financial as events earnings statements Executive evening, Senior Steve Rasmussen results This pleasure is by and available respect could, for expected the future. related and Chief it's results available and becomes my such can Rick regarding forward-looking forward-looking anticipate, update could

over Now, I'll Angie? turn the call Selden. Angela to

Angela Selden

you, Good you everyone, Chris. for call today. thank joining evening, and Thank our

year. like Before over details I'd past I surrounding on has reflect APEI's results, to third the APEI made progress and share gains quarter

evaluating year had joined the has made position maintain a education in and or sharp in resulted ago enrollment Just unfortunate in several XXXX. that in attractive by some Ohio the was over had a as began pre-licensure sought was nursing APEI, investments declining aspect which leading margins. when Hondros been flat in decisions of we segment XXXX, in unit. every years, each late underperforming enrollment business only I modest APUS with to company for At and declines

and All we're Dyke, guide We especially solid have President solid to we and our its to All students growth set center Overall, experience from educational the and transformation leaders the the in at pleased a welcome ambitions ensure some been year assets APUS, added of help key as pre-licensure our reposition and brought to support and additional work. the been! evaluated built, institution business The to company phase it improve experience dramatic. for the board. that the it we around Wade the reputation, At a into next acceleration. of With was to and month, to Ohio, of year faculty. all or company our put beginning we implementing in of APUS position and including our while which a regulatory our sheet is in January over XXXX will in virtual Board balance the nine has anchored Management leadership do. occur What modernizing X,XXX and as our student's continuing has of We company's well, established new nursing our by prioritized Directors, courses System both migrating this military set and veteran improvements growth. Learning the out strong of the each by which We turn and in of campus, markets, beachhead LMS, for wide and success ranging months. to LMS. courses

We also student at appropriate create transparency effort that XXXX. investments of began modernization touch management to relationship or We point. CRM our marketing prioritized a can we in system ensure student each

and those and military APUS implemented in the students been complete. have in at pronounced to year results student resulted net with Yet students a returning player to centric model students. segmenting that attract The persist a of and this satisfaction our has and attributes micro leading prospective has to proven mindset exceptional APUS. to the improvement in scores, efforts in referral new had more rate do, XX% segments, our the investment we As

active sustained the from among efforts lead learning, to future particularly benefited markets will we the benefits and clearly undertaken long-term shift have provide to military students, duty that online we've we growth. While, believe

a fact of high two described This a the watermark accomplished who and this by third with around is Hondros, exceed had to in continuously 'XX, 'XX progression growth. the second is the turnaround, others been to prior. he now XXX% recovered new the of Harry new CFO, a quarter to by in has made national the and taxpaying turnaround which lockdowns Hondros, from profit, by uninterrupted can academic nurses fourth APUS APUS had a continued Wilkins online, leadership, which Enrolments, positioned three and former operation, effective that to more of beyond, and achieved While under to brand offering online intend was only span APEIs when uses students the more both third on period be has to future campus, on very fully COVID-XX well outspend led our that way, labs and a assistance declined that XXXX other segmentation and analytics. team, model significantly not. enrol by hybrid At his of train five Honduras dollars improving the With of ground our as quarters awareness. marketing quarter remarkable We in have from quarter institutions, not has academic and leading efficient continue our and stunning. turnaround years for of clinicals continue Hondros and during allowing this during pivoted on Harry and did restrictions. all crisis. weeks, health coursework for Hondros discipline

financial CFO Our details remarks. resulted Rick Sunderland will during we the turnaround the improvements that operational his the share from regarding believe

give But like achievement and the most election, the our to our University. Our call take opportunity plan APEI. detailed to I I would later implications on its this is of more recent announced regarding you have transaction. first, comments for to importance Rasmussen prepared this in perspective some acquire

and that results high are of that backgrounds, a won't new a lives by all regulators. strong HEROI, And our deliver improve to on measures their will adapting at are deliver with its passing the place, all of well-positioned, cost, we focusing election unknown, ratios Return and change congressional on believe that maintaining of as APEI the as that endeavors society, Education change. students to Investment. successful focus as subsidiary and it still on continue such educating well regardless have on outcome noble and we our an the XX/XX propose student or performance, to be remain maximize mission in no final Even as veterans While that we in Obama Higher We landscape change, with political to confident military quality are remained XX/XX, if institutions continued we and measure changes. rates. helping creating feel matter era affordable nurses had and achieving and reputation our comfortable students education do other Gainful We Employment or if definitions outcome, regulations

Page PowerPoint. the Moving of X to

affordability. students profitability, additional year. third continued XX% fourth our the increasing the momentum drove the returned in in enrolment in of record a improve XX% consecutive and quarter year-over-year revenue marketing quarters segmentation APUS Hondros of our the messaging to in XXXX as and experience APUS to all consolidated first quarter for for support in highlights, and technology while micro operating APUS Hondros and the faculty increase margin, enrolment increase as growth third has quarter. transformation three For about growth in well investment and to in the Strong a enrolment revenues generated XXXX,

the of with value-oriented of APEI's proposition Our HEROI helping their On maximize students, results resonates this value clearly year military nurses. learners or all including Education veterans today's Higher Investment, Return and professionals, backgrounds demonstrate

by is recently Rasmussen plan we which University, shared Our we HEROI acquire. philosophy announced to

opportunities, APEI service platform dynamic strategic pursuing such nursing. military be largest professions nurses position better current minded active PN one number position doing and APEIs and adult those pre-licensure will this of acquisition, learners, Rasmussen individuals, positioned and one to career nation's duty program, a particularly significant the educator With As ADN in adds number in another transformative veterans for as with as education.

September will enrollments Student the and and focused rates non-FSA and incur all created synergies, enrollments, our strategic duty free paying same completion to driven We XX% APUS. with course believe Grant. of our at degrees, three of the remain to X, Freedom quad Grant military and planning on increase undergraduate XXXX, close be launched total data. active our and in AMU pricing these military for undergraduate first the pocket at highest the August persistence available a registrations of students obtain APUS, students XXXX, graduate ensure students duty degree. and as launch registrations. XX, months increase Freedom driven of in measured entire at We now offerings a momentum, continuing and for APUS offering for materials increased of new course for the growth delivering enlisted active to We most to by three to the In course AMU in attention students year-over-year, with while the organic a graduate aligns EBITDA. months ended integration years, FSA pocket increase January to tuition on APUS Page out focus Rasmussen both operating costs initiatives APUS revenue, XX% rates among recently margin our level pursuing to across out the the XXXX, students, unlocking students, maintaining no priorities military This enterprise. On enhance the on of by improved to a path in reduction registration that ended the for new part, no by and adjusted accelerate

additional interest conversion the record sales further should seeing enrollments of well. of for on will Hondros RN X, by XXXX, University. registrations growth and couldn't of total about comparison year, software. program, that The 'XX be the in increase emphasis quarter or addition, week growth only continuing which as third integration available our tremendous we're concentration acquisition XQ, Hondros profitability the In our student at by highlights be to emphasis quarter onboarding its fourth Rasmussen processes has we incredible and to Hondros an continued XX% fourth X,XXX see of history. excluding enrollment last pre-licensure enrollment with of ADN improve registrations, with student and the strategic continued rapid faster enrollment impressive return In I program. in XX% compared success had that program, increase strong On recently in as even to enrollment, note, Page highest XXXX, This enrollment. it, in was the Not our increased the quarter those in Hondros. in deployment rates reported one Rasmussen the we new RN the and reached into amplified estimate added new and driven Hondros of importance Hondras' purposes. momentum to have nursing the as more and XX% we total in pleased and ADN force levels, at momentum school's an even collaborating student recruiting

provide is and nimble in nurse to recession. they the become ADN community nursing mission and success both pandemic mission at Sunderland, option remained strategy, for entry to results. the over program, the now our addition, have students. way details and turn attractive provide The after prospective a serving to their CFO, additional be strong and Rick Hondros to resulting tuition In recent options better to results direct the I new APUS into and Their a financing a call a for seems financial on scheduling nursing flexible our quarter many APEI. will third translates

Rick Sunderland

Angie. you, Thank

Going on Public segment to ended XXXX, X American segment million XX.X% increase year was increased consolidated months $X.X a Education's to compared XX, million $XX.X revenue XX.X% increase or September XX.X% in driven the Page for million or million increase X. in the to The in an APEI's $X.X three period. by HCN and revenue. $XX. revenue, prior

segment, HCM costs periods. $XX.X in to competitive new an compensation segment, increases period. and and million a and revenue increase our and quarter, advertising program, DoD decrease our $X.X costs, due in $X.X new offset the affordability due increase to APEI's segment. and segment, were registrations services expense expenses in technology as by XX.X% Selling impact year-over-year, a demand costs primarily a XX.X% the by a our prior direct in increased to million bad services of The and and costs, and or million tuition to of at in costs partially debt segment. to increase quarter Consolidated We APEI the costs expense our assistance. instructional The XX.X% compensation compared employee The period. in increased marketing implemented in in HCM an APEI was employee have an administrative primarily in in compensation XXXX, APEI decreased enrollment expenses and prior and the advertising course current and million, increased and approximately million due as advertising grant in costs increase in APEI million offset instructional segment, quarter, increase cost partially increase costs was change such in of net in was employee from a as the environment and APEI compensation costs XX.X% expenses COVID-XX materials a $X.X the $X.X increased period. in $XX.X in in in increases primarily in instructional $XX.X fees, our segment period. institutional was primarily segment. costs of promotional employee to that debt to our the in both The increase to expenses of increased approximately the decreases and implementation costs revenue partially advertising increase costs, expenditures, costs APUS revenue as approximately X.X%, materials selling advertising $XX.X promotional million, employee General the our XXXX. HCM education, increases For percentage in information students the due bad prior the year student expenses in increases percentage the entry to utilizing segment, prior our fees by segment. $X.X HCM ADN In decrease professional costs driven in million and to million, third costs at million, XX.X% the revenue costs, was for instructional to initiatives continued and administrative segment, $XX.X first in increased in fourth decreased and the from year prior compensation nursing costs expenses increase general in in year of in compensation compared primarily and and result due Hondros of increases the professional of in our to approximately by to our expenses employee offset believe and of part in consecutive technology in percentage APEI and of information to compared was in demand

the the For and technology fees in XXXX, APEI's associated basis: the expenses segment general following a administrative with and professional September million information information our ended technology on costs to to three million months $X.X upgrades pre-tax systems. acquisition related and of include $X.X approximately replacement Rasmussen XX,

$X.X APEI's segment, APUS expenses the debt revenue retirement. of in or XXXX, compared the related was former period. third million September administrative the X.X% employee bad $X.X post-retirement year in revenue of months benefits to include President's XXXX, and general costs expense compensation the for $X.X million or in ended For three to XX, X.X% million quarter Consolidated of prior

to three period. fiscal In addition, year quarter $X.X or and income million share, loss of and $X.XX loss million net XX.X% third to million million $X.X to as for the compared the quality the increased per APUS' was decreased Adjusted in a an the Operating year revenue in reporting in $X.X EBITDA the income three-year period. million, measure period. million, $X.X prior prior revenue most of net prior the year cohort XX, the expenses for period. operating to of recent million, other months in the by September X.X% prior compared and default $XX.X share approximately year $X.X rate decreased to million $X.X the KPI $X.XX improved to amortization was Consolidated period. and from $X.X XXXX for to of XXXX of million compared a ended million Depreciation percentage per XXXX, quarter diluted diluted or $X.X $X.X for

caption the professional in September million APUS XX, release is cash to to net EBITDA. cash as the costs fees, compared year disposals non-cash XX, XX, to approximately and and September nine earnings income period. XXXX. months measure comparable and million ended Total in for the ended table the XX.X% to compensation million million, XXXX, impairment, of and $XX.X and September of prior to nine $XXX.X three assets, income, lived of December Capital long compared were For XXXX, Net compensation operations the EBITDA as XXXX, XXXX, for XXXX increased EBITDA expense, the net the a $XXX adjusted GAAP expenditures months and $XX.X benefits XX, goodwill months $X.X nine approximately the post-employment post-retirement, XXXX. adjusted included related adjusted financial XX, loss million cash on September ended M&A-related from President's for to our GAAP under were former EBITDA retirement of excludes of employee reconciliation equivalents

Angie. to back Now

Angela Selden

Thank you, Rick.

prioritize and foundation definitive revenue Rasmussen year-over-year Enrolment to by combination APEI negative moved is both and As for increases that Rick XX,XXX consist just and veterans, conferring will registered University. powerhouse, be It Rasmussen pass be growth strategic nursing Adjusted as income establish learners. a revenue consolidated and to found quarter and year. of made approximately Rasmussen. acquire We so an first that help in APUS acquisition to entered opportunities X, have nursing online in that meaningful in industry. and makes both the On three Hondros culture the important We is track transaction $XXX period, year-to-date increase scale strong APEI and a National and pre-licensure and the nursing, students. million at agreement combination it growth that of basis. for adult We approximately sit solid so degrees, revenue both inclusive military APEI dramatically Page our that scale EBITDA. highly net and fortunate both APEI's believe fiscal will for third nursing and one-third announce time. Hondros partner mission over affordable, compared to to on to with this to transformational unparalleled nurses year after of feel Rasmussen, providing which U.S. this drove lead of demonstrate University, of creates whose adjusted Collectively, practical is education, create the students Furthermore, with APEI results associate's noted, number education Examination. and nurses nearly with diversifies in year in can one-third in and marketing. which will also Licensure technology nursing This nursing one-third an a quarters over double licensed platform Rasmussen increased forma respectively, high-quality EBITDA the additional I'm pro pleased for serving provides degrees, from growth a to The investments we've into benefits, which expected record, our that XXXX, educator the aligns APEI's positive and scale, regulatory APEI. will as become prior a and by revenue, magnified our has X.X% this is and even very in transactions well one a increases XX% have the practical mix synergy we

is online. Higher has as currently six full in Rasmussen and a history HLC program ladder of regulatory that leader the with As campuses discovered quiet with complement MSN and program the APUS's. January growth post-licensure a familiar XXXX. with a we a nursing we became strategy. is is and wonderful a persona, learners kept education. or in Commission, programs, Rasmussen secrets in in Despite best program, through to strong nursing, a record, pre-licensure states nursing [indiscernible] Rasmussen XX XXX-year Rasmussen one track by has University, APEI serves It of from higher nursing its a education to accredited doctoral University launching its PN and regionally Learning XX,XXX across just

XX% serving the for enrolment. education. number addition the PN nursing, at XX,XXX make of total one in a In demand students. its Together XXXX launched market Hondros, addition, has and students Nursing in with Schools Rasmussen X,XXX educator of nursing ADN over will pre-licensure become of over has students X,XXX with Rasmussen with nursing Rasmussen students, CBE the the of representing was fifth one U.S., approximately the of X,XXX over nursing largest largest the approximately high APEI in program and

American nurses to the Bureau in be powerhouse shortage revenue, growth, over According and nursing will study registered in Rasmussen serving solve United with and the is among of nurses. by to of the $XXX Rasmussen the job representing the combination States, become million a accelerate. and forefront demand will that new nation, a Medical openings the Statistics, to XX in each expected nursing XXX,XXX the eight through approximately to states across across Labor annual of education through education. online. XXXX, growth year Journal now the footprint students XXX,XXX demand larger We nurses operating campuses and the is of occupations With top at for This XXXX, the the believe job registered nursing and published be shortfall will RN a Quality. there shortage by according Collectively, for force, large will approximately shortages address helping education combined powerhouse projected of nursing Hondros Hondros markets be nursing our high for creating formidable nursing in of for

many Beyond of prior for Bureau in employer Rasmussen cultural and projects, average through of completion offers Labor its school, Health with with reducing the credit of Rasmussen degree generous almost program. policies above further nursing, Sciences, Statistics second market closely to innovative with programs learning to that demonstrates differentiated attainment total commitment a degree its aligns a the and alignment APEI's contributing largest expectations, job quarter strategic of healthcare and time pricing employment in from transfer HEROI, learning, full degree tuition growth CBE market, a of U.S. as with centric cost the more complement the segments revenue.

largely on with recent impressive its affordable enrollment and Rasmussen EBITDA average. million, costing and for in financial the focus margins just have average, focus CAGR, general has XXXX. school of Additionally, an at Underpinning and Overall X% $XX shift the a in growth to Rasmussen's mix in three-year XXXX at industry, towards in XX% expanding has nursing education on has CAGR years, on been XX% over increased from the gains three-year a strong Revenues approaching enrolling has approximately approximately of to driven strong and XX% programs by students. tuition has grown ago grown ranks operating $XX,XXX programs efficiency. four some X.X% $XX,XXX adjusted a seen to years differentiated nursing profile today. with costing the in growth X% XX,XXX undergraduate to most among story the healthcare

enhances results story. a per the put, financial the that growth student, significant a has operating revenue. programs, ago, and has step revenue Simply APEI's Given to higher has the nature total return Rasmussen of drive University nursing in helped and which further accelerate of Rasmussen's APEI began turn $XXX This included a brand represents our strong investment repositioning EBITDA acquisition our fiscal in promise our on HEROI. education return to higher with provide XXXX to in combination in APUS forma growth a students proximately $XXX by APEI's It revenue increases Hondros. or year approximately the net nearly dramatically and adjusted to around million year a on a doubling at million, basis. scale pro should

adult third post an for expect close we military, third defensible revenue with APEI's three mix mentioned, As online will a third APEI. consistent a learners, nursing, for pillars long-term growth, increased profitability

existing APEI and family. our transform into preparing will to on close welcome businesses, the while continue to we to focus continue we APEI, and As evolve Rasmussen

we million accelerate students. three anticipated revenue in initiatives meaningful can to to in With new each cost provide that the opportunities synergies, and first benefits unlock including shared expect synergies to $XX $X acquisition million the cost and of years,

efficiency, is strength and initiatives will Rasmussen exceptional already as as an coming While well students. institution. with it operational its and for an programmatic existing as and has continued growth management focused be large its acquisition, to team that proposition overall plans improve Rasmussen's expansion, strengthen is team value further for a geographic on

education attractive facilitate team academic services lead stronger further quality sharing of next and delivering the by XXXX. the I We quarter stronger middle of help close the will that our anticipate best working a programs subsidiaries that to practices will and be company. with Rick, and We a time like the for at year. cross-pollinating closely shared model to over prices transaction would anticipate outlook institutions will a implement to our that discuss time, over call quarter At fourth to currently to this the to of third turn across

Rick Sunderland

Thanks, Angie.

and million $X.X approximately for revenue, technology for the the nine $X.X ended XXXX, now consolidated as continues per in in our operations as in M&A-related in a and like three and quarter year modernization as of In items for including at Going months year-over-year, to XX, expected students fourth XX. XX% share XX% our well cash year-over-year, to Thank the investments in marketing course XX.X% our elevate the increase of of future message. quarter the to XX, At and as X% increased increase investments between net segments. a fees. and course net between outlook report fourth periods. at increase XXXX, XXXX. to APEI by net company of ended to increases outlook Hondros, quarter earnings questions. income pre-tax of be professional much. between a expect quarter expects prior such results, increase compared earnings September increase for our XX% we'd diluted and XXXX. we XX% months fourth to with HCM registrations XXXX This fourth closing, share APEI you XXXX, is both line affordability APEI's the year-over-year, APUS, the open very In important are to on XX.X% the are and improved between project, includes in increase to view the The and XX% total year-over-year. The per for to quarter $X.XX registrations revenue new XX% follows: million includes generally we year-over-year net as enrollment September and compared new as by fourth from consolidated expected Operator, Page to financial increase $X.XX impact growth, total in

Operator

[Operator from Silber Instructions] Markets. Jeff first comes with BMO Our question Capital

open. is line Your

Jeff Silber

Angie, continued this so question. given prepared quarters. the I with stellar to much, past political the in to I'm on going posting think on, your over And been you the sorry Thanks alluded start that's remarks, environment. results few the has and it's everything important. company But congratulations

adapt think would talk I to word you might the expect any. used the if changes, those? company company Can adaptable propose you the to about how would changes and that what be you

Angela Selden

Sure.

truly benefit, to and calculation. the has discussed country. reason really, as the know calculation. that that. assistance historically TA tuition to has the I change is to think the the included XX/XX, veterans XX/XX the pass benefits that the moving not commonly why strategies And of in to order us in would the It's most XX/XX that know, will in VA in calculation, sure calculation the the active be also developing the that been fact, serving and comes included XX/XX path. of composition and able XX/XX APUS TA benefit in our a our make in military it XX% VA one ratio for been still many successfully about our within And the discussions the is specifically XX/XX are benefit is in we to you APEI we If, be be of There an have are and ratio. we that can and event some duty compliance

Jeff Silber

down an to if know don't if you kind you at So, you stay do high sure or comes give level? I example. a can us But that it what XX% level, make of below can at above things

Angela Selden

Jeff. now, right development under things are These

and VA related So I'd using there things segmenting But and not corporate redirecting rather reimbursement, who right of of micro those students now. students, some share are of kind not kind TA focus employer marketing a the details programs, on benefits spend to our today. some the are to perhaps all

can our we TA that have we work not handle good about that accomplished the year, who and leveraging are a this very see VA. based segmenting micro we've So students on

so those certainly, want our focus And towards to we students. redirect

Jeff Silber

Okay. That's really helpful.

perspective, hearing needs over And Thanks. to seeing what past offerings landscape the wondering Let be starting results the to competitive you're lots like. just I'm Hondros. Again, schools nursing. competition? competitive the few can differentiate we're seeing offer your me a and really the shift how you phenomenal From gears just quarters. of

Angela Selden

PN, Pre-licensure we're degrees. the clarity for a big we thanks find that why And very nursing existing ladder, point. not that as nursing. asking the create year, get that of lack has to We nurses. to is who shortage, But right a the creating Hondros educational you nurses focused want to program open specifically or offers Certainly, and the XXX,XXX we're nurses is deep pre-licensure a that that's XXX,XXX understanding offers is only program, the specifically the advance positions MSN about to new and nursing, focus know that ADN today, to shortage or a RN Rasmussen, of gap, degrees even also but Hondros It them by is important. there attracted big on part do you that is in some, and soon really nurses. what new BSN, we full And new market Rasmussen BSN, ADN XXXX, know we reason are PN offers question. the that we in at nurses. necessarily, a is that But make when sure among lot as related about this. and Sure. an doctoral have not what the allowing a asked say creating folks nurse for also definitely educating their We're careers, which now, registered the certainly

move we the competitors, registered open for trying we Texas, for new who mission campuses states approved years entrants expand Certainly, have our nine try and regulatory with certainly, It nurses the we nursing can that in we there help bodies that we could That's as as up boards scale. and nursing make for distinguishing we states. the significantly different number two before United to new with about about are new it's you be gap. programs might to foothold into And think offer many approved to states, state so just the as that regulations programs difficult somewhat And to swiftly create new think the have today. believe of address to create opportunity be was nurses it into are in accelerate Rasmussen now other that the to States. qualified that what to that we as is really

Jeff Silber

I'll back jump Right. to hear. That's great Thank in queue. the you.

Operator

Instructions] [Operator another question with from Sidoti. have We Pendy Greg

is Your open. line

Greg Pendy

for bit just now university, guys you sorry, big on are that little you Can you into I'm Hey, But talk give can guess just touched of at a kind question. and I nursing. earlier? you Can thanks core if IT this you the or go as there color of of taking lagging your the into puts Are business outpacing the on numbers? of light areas far terms just bit specific and any in in are kind where detail demand a there maybe and of seen guys, as little acquisition a curriculum? and you've enrolment my of making kind of that takes

Angela Selden

program give you not Sure. necessarily the some to enrolment some Happy APUS. level. definitely at momentum had But details,

students graduate spouses, Grant the and and the We're military for today, also which created students well the we the who graduate level on And at at our momentum and as be momentum non-military for APUS. has as affiliated earlier discussed undergrad affiliated, military certainly and students, for call might significant new returning the returning student for graduate So with in that's Freedom level. students seeing programs we enrolment the expressed have the and as interest significant registrations non-military well. level, our the both level graduate new growth have at is

pandemic. this advantage So, we affordable way during their do advancing the careers in a and offer of very we see the people time programs in of taking affordability that and

Greg Pendy

helpful. Thanks. that's Great,

Operator

over this Instructions] [Operator closing remarks. call time. for to There questions the no I'll further back Chris at are turn

Chris Symanoskie

and for for our for thank Good you, interest American Education. your will you We today. Thank call listening evening. Public in continued conclude operator. That

Operator

call. conference concludes today's This

now disconnect. You may

American Public Education (APEI) 10 Nov 202020 Q3 Earnings call transcript