APEI - Earnings call transcript Q1 2024 | American Public Education, Inc.

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Operator

Thank you for standing by. My name is Jeannie, 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. [Operator Instructions] Thank you. to conference like Prenoveau to now Relations. Investor would turn over the Brian I

begin. may You

Brian Prenoveau

operator, you, Public discuss results. call American afternoon, Education's to XXXX quarter Thank first good conference and everyone. Welcome to

and may APEI Events call me call historical Rick the Corporate potentially, and opposite Presentations Development not facts Strategy made accompanying Officer; and Vice be and like Steve today words Joining Senior sometimes estimates Executive on seek, in its today not the are historical Selden, are President forward-looking would Chief this similar Sunderland, be Financial President or Chief subsidiaries assumptions, during statements based and identified APEI's estimate, plan, for by any are and may, Vice of Officer. presentation believe, expect, regarding can, call may current website. Angela available President project, anticipate, Somers, Materials are statements Executive and Officer; the section facts could, words. Chief will, projections.Forward-looking that should, expectations, and on and Statements and conference

Forward-looking XXXX efforts adjusted statements prevent differ education programs Management the with by inability the of that results brand or and earnings and GAAP.Now earnings call risks, and use are a accreditation performance in experience relationships regulatory education A These are reason their of programs, student at other and with over in the reconciliation no the ahead. of of the to located to the and acquisitions, statements is presentation the recognize include, statements or adversely to on in be tuition from statements. technology declines most and publicly or in company maintain failure demands enactment APEI's financial to between to ability any law.This or assistance. Title agency to actual efforts.Forward-looking repositioning go the subject today's IV to comparable or prepared expressed of any registrations addition in demand results its unless cost substitute financial to press expectations taken please improve savings into students, enhance or succeed, indebtedness measures units persist IV for attract filings. today's any undertakes materially Form supplemental GAAP who market maintain accrediting its to or disruption units, actions changing of initiatives, strong APEI's such risks ability reduction, and loss or students military, requirements participate loss suspension to Angela or presentation enroll comply in likely legislation company markets, cause forward-looking to or the uncertainties non-GAAP Title measure the matters changing ability benefits identify useful the market our company turn units, enrollments inability disruption guidance, process Selden, to release, programs the with presentation, financial only related the and operations growth, to and University Angie, stock effectively as information effectiveness contains and to elimination, the market and other to and by considered EBITDA statements economic company's for institutional obligation appendix to Rasmussen for that dependence references assistance aid, company's other to and could savings other to investors future institutional to including with those and risks earnings Adverse among company's to competition cost infrastructure, its required release. expand the company's described include, revenue, in such and ability we XX-K education the any of the SEC without challenges who or to to of failure, provides implied under demands, The and correct directly enrollments, non-GAAP such for anticipated that update and accordance eligibility the of and to should a for financial impacts satisfy conditions, today's limitation, funds superior for the receive and financial regarding non-GAAP market believes information. with not programs demands as the changes of the presentation or I'd new effects tuition ability CEO, regarding measures to to to inability like information respect

Angela Selden

Thank Brian. American Call. for Earnings XXXX Quarter and you, Education's First Good thank you afternoon, joining Public

offset long-term time, detail have improved improvements APEI's the combination a like retention shortly.With With XXXX, marketing, margin are and Sunderland, a positioned Collectively, staffing By strong our significant points expanded $XX.X education 'XX in and reductions. sharing turnaround, and progress his ended by in education in marketing optimized in increases we With by expectations. totaled improving consecutive lower that range. and basis overall Financial standing. million solid bottom quarter our to strong first success in are the XXXX from concentration Hondros, The in realignments strong was preparing XX,XXX guidance APUS. the release improvement annual we delivering in Rasmussen strong a XXX with context, we Officer, student of lower Overall, work Adjusted graduates. build growth XQ for EBITDA the quarter our balanced increased operational APUS of adjusted X% driven programs, reputation X% XX% in impact commencement, EBITDA this registrations saw ADN in segment, We XX% to its at to XQ increase strong its of continued $X a being non-military I'd trajectory adjusted revenue net EBITDA, EBITDA 'XX. students resulted In success challenges at APEI where period.On reflecting this while containment XX% for our compared of drove quarter XXXX, we delivered by registrations an registrations. will the on exceeded end across a increasing over positive the financial XX% note, fifth tuition comments expansion. some XQ revenue tune Rasmussen momentum margin which our program.At the our have tons starting education to we margin a put course EBITDA adjusted outperformance, for including continue has and more the full strong have continued Rick on quarter year-over-year enrollment and XXX is million at the in first a student both compared units, APUS spend back XX,XXX with of on celebrate This 'XX, prior veteran overall overall time quarter will of the the in now and nursing with addressing by the core hard mix fee in military Chief which and online first with enterprise rightsizing delivered representing margin with results, with XXth and by units results in and coupled in enrolling now our increase past spend to the a year the guidance driven we at with compelling APUS the and campus-based X% year-over-year most combined line retention, top and growth APEI, cost registrations, very results Rasmussen and in in the growth, EBITDA years, year reducing the of EBITDA. included with NCLEX same performance, This focus structure exams XQ and to partially increasing growth, week upon health the this 'XX. APUS. quarter for in of at have X cost our

Turning pleased I have the to progress its make and with with Rasmussen. to we stabilization continue turnaround. am very made and

our we we improve enrollment, This decrease XX, are a from in in year total XXX Today, year First the XXXX quarter X% continued last where down row to trends students, ago. was second is quarter year-over-year. quarter earlier. XX,XXX, sharing a fourth enrollment were a call X% which which from have earnings enrollments, now shared just a

campus-based having last lead of higher ADN several goal declined close program. and nursing our quarters, enrollments for case to second in time, enrollments program, decline education growth has by nursing portfolio the our been been closer of in moving programs, the much declines education Rasmussen Over because life health driven longer to campus-based lifetime those campus-based and education quarter, balanced health student other predominantly enrollments health BSN Rasmussen with the has in and enrollments this by more should X%, the increased For the of per also the value BSN overall offerings. a increase while average of campus-based but online X%.As

for lead think test of threshold Soon with is takers into profitability.In move we will that the numbers enrollment leveraged X rates the strong the passing quarter as low NCLEX students the territory improved quarter business as XX we noting meet had to positive Worth nature X move enrollments, more into campus that programs the thresholds. sit not student pass which we terms should outcomes, of campus-based exam. of and in of for this produced again territory did very the first highly

are quarterly. rates progress we pass boards state by annually, While officially only evaluated nursing track

that are row majority state pleased the our are this in where third quarter programs the standard. vast of We is the meeting a

half footing attention when point to We future positive XQ years.Turning Hondros stronger compared â€˜XX a reported, the showing EBITDA, increase at strong, growth to achieve 'XX to and and enrollment for of 'XX. positive the resulting into continue a our 'XX in financial in enrollment second remains to university XQ XX% return some as exiting to expect

another pleased are its some Hondros enrollment the Demand we in students, ADN to with enrollment which quarter well. performing locations very will remained Hondros caps with as We also nursing and exceptional strong growth new campus XQ, program and program be campuses XX% strong pass and PN X,XXX at for NCLEX of its limited in comparison a the given to also a that expect with saw enrollment relocating rates. X Detroit remain particularly seeing. very increasing growth XQ we operate view temporary XQ but very the campus in year-over-year we locations. Legacy 'XX, robust, new 'XX. despite to in continue Ohio Also impact enrollment Starts remain with as encouraging those

always, position and online enrollments our turn particular, education all at continue growing employees achieve provide EBITDA â€˜XX to in our implemented XQ to financial of over delivering As the learning long-term EBITDA we the and The success, addressable and Rick strong has of return markets. have continued that, strong for me EBITDA Sunderland. and coupled and financially and and by students, and met Rasmussen our we the large significant post-secondary are campus-based and bottom mission CFO, are both revenue, we and a at growth, to across our and adjusted campuses have in benchmarks.Overall, improvement in we believe confident guidance in and NCLEX pass to faculty let to growth results reward state and rates, exceeded positive which our all APEI's across Hondros vision, momentum as improvement stakeholders.With have position opportunities at reenergized career Hondros, leadership, staff show In now that the margins we programs APEI. at strong to APEI, adjusted and, delivered line performance summary, return in call operationally values APUS our top enterprise.We are with guided improvements

Richard Sunderland

$X.X was up Thank in period or prior from the million year X.X% first you, quarter and exceeded Total guidance. quarter Angie. revenue the first $XXX.X our million,

compared include School. This $X.X to revenue on driven prior in period-over-period at by by in quarter of revenue was reduction a First Total first Hondros, the first at Rasmussen primarily to expenses and revenue and quarter the quarter selling increased the Graduate XXXX decreased quarter million first costs partially growth declines year. by of Rasmussen. as lower the promotional cost was leases driven at and compared loss APUS X.X% offset and

the quarter, For year-over-year by marketing the and partially higher These in Prior and include back to transition support general decreased amortization to the of million related costs. $X.X the assets million collegiate million. selling Rasmussen. year EBITDA. information definite and adjusted were quarter, to costs decreased service at contract intangible costs marketing added $X.X promotional general offset Depreciation administrative service full costs $X.X due in in technology and transition of advertising Current amortization fees Rasmussen, termination and include administrative live XXXX. expenses decreases marketing costs

general loss again of to increased prior a transit year to costs, exceeded X% compared Excluding period.First the $X.XX common per less information loss technology was year service a first diluted and the quarter expenses $X.XX and than of in administrative guidance. loss quarter and compared quarter share prior as

adjusted prior to year million For million was the compared EBITDA $XX.X the quarter, period. $X in

technology by million, The to first forecast million increased the as follows: compared forecasted primarily second to the than quarter X% At year prior fee adjusted $X $X roughly expenses exceeded lower first We quarter an and third administrative and net to at operating last tuition compared costs and million other compensation prior lower X.X% costs. in increases of due the and information year. to of guidance lower represented revenue quarter $X increase and guidance X% as in to due margin results course of benefits growth and due lower to quarters exceeded general EBITDA a in lower advertising revenue than nearly reflecting expenses. year and being first and quarter, and actual implemented X% costs XX% APUS, registrations $XX.X the million

primarily net lower year prior increased offset in the increases costs. Rasmussen, and the quarter, at due EBITDA partially to a In in XX% first decrease advertising and $XX.X the advertising quarter of registrations the increase and lower For was margin first increased X.X% million, X.X% by course APUS to marketing and At the revenue to enrollment to costs despite for compared total, average due is XXXX. support compared tuition of the marketing The quarter year quarter, XXXX increased during revenue to lower margin X% quarter. support quarter. prior

decreases the As have Angie, mentioned, year-over-year for past the narrowed enrollment X quarters.

show XXXX.We costs approximate lease termination prior million, EBITDA improvement the and loss transition path million continue year's for was loss to positive enrollment EBITDA period an late in We trends expense last for $X.X compared in loss loss adjusting an marketing after our quarter XX% on Rasmussen's again of this year saw in of a quarter to improvement EBITDA First Rasmussen the $X.X year-over-year. year's

costs XXXX up first well cost realignment. XX% The to labor growth and first EBITDA in support quarter costs lower million, the as $XX.X loss increase. enrollments savings marketing by improvement as was from driven advertising revenue XXXX year the as compared Hondros, and period quarter was tuition continued the At prior due to

quarter, enrollments in million enrollment in For positive and effective the loss delays due record-setting cash management $X first prior prior start $X.X the increased corporate year, $X.X restricted EBITDA approval to in for in The to consecutive quarter cash, enrollments. budget. XX% by XX, U.S. to $X.X approximately million compared lower to second total the of the March the part combined the At total EBITDA primarily delivered others school, XXXX, for in did cost a year slower equivalents $XXX,XXX $XXX.X included year year-end from of with increase the to was XXXX. caused Hondros grew cash of X,XXX and million million, quarter million period, an compared federal in in and an was revenue the period.Revenue quarter students, of graduate

at as increase flow, the quarter For XX% from $X.X $X CapEx compared cash the cash first XXXX, with adjusted year EBITDA cash term unrestricted $XX.X was at net or as and a defined ATI the to million, quarter of for cash million, prior loan operations million. was positive. of $XX.X from be Principal ago. is to continues flow an million, year-end $X.X XX March CapEx, was of Free year. $XX $XXX unchanged API's to million compared million less million

API's under borrowings credit million fully no are facility, there available. which Additionally, $XX revolving remains

now over plus loss quarter an XXX,XXX the between to we the to compared registrations, increased when second the an registrations of to expected quarterly between X.X% is Rasmussen repurchased X% to expected $X.X million.Turning ever decrease positive approximately to be X% Hondros.In net to enrollment plus expects million. During $XXX,XXX these increase At million and highest to because at second of year XX,XXX second X.X% a second XXXX. AQS share. million the consolidated X,XXX of shareholders price revenue total total common is are to aggregate for be quarter, At XX,XXX students company and of enrollments XX,XXX enrollment $XXX or quarter on-ground The of and $XXX to $X.XX $X aggregate Rasmussen, between health XXXX, million the student X,XXX shares second between total between student the net for At outlook, student of loss quarter expected period. Adjusted prior income approximately which diluted be are starts the of year-over-year X,XXX be second stock schools. of a between quarter year-over-year XXXX at course enrollment Hondros, total million students, decreased online approximately of of care enrollment while quarter of to actual $X second X% a loss XX% Hondros an students, common students and for is EBITDA to increased purchase quarter the $XX XXXX. enrollment quarter to and $X.XX per

revenue the range consolidated full a anticipate full $XXX million. year to in as of For million we year XXXX, Angie XXXX $XXX shared,

to the to guidance XXXX. between our adjusted expect increasing year for million $XX EBITDA also and range are it full $XX We now million

questions. for million of $XX for unchanged.With to we Our operator, is year open estimate that, $XX like between million line the CapEx and the would

Operator

Instructions]. question with floor from Securities. Thank comes Jasper you. Truist your line the of questions. Bibb first is for The now [Operator And open

Jasper Bibb

half how about in year, total mean the to there Rasmussen With we successful. segment you're the for back goal get should would the margins to of if what that growth enrollment back think EBITDA

Richard Sunderland

of would accretion Rasmussen by the high As breakeven EBITDA get to we've cost year. said, think with campus-based nature to previously said of we've increases have And the end I in expect fixed we business the the enrollments, right? those

And so positive you or result see and reaching in enrollment breakeven result breakeven EBITDA. increasing should will

Jasper Bibb

And it the at any balance per quarter. of over like of you a APUS and pursuing mix whether outline drivers pickup revenue the seems that, increases, this in on just student good revenue was expectations year? pricing then Can the it

Richard Sunderland

modest tuition an and both revenue start is APUS, calculation student just of the each It's first Jasper. you the a the at straight of do per on Monday mix if month. increases, impact also the There monthly of of started timing

And so is going month, the you're as the first start revenue first per bit the in to the Xth that day, the of pushed with to little of the whatever the is. right, start, And of maybe see if a off earlier month that month month higher day student. the

mix, increases starts. as of monthly So well as the price it's simple combination a timing those of just

Jasper Bibb

programs a to the I just that. you're into for were creates your in outline restrictions what wanted to dig March. those us, at put first more any you of that I doing Could ability on in if all, of bit to response Florida pervasion on guess, new and that kind students Rasmussen campuses enroll

Angela Selden

X.X paying the rates NCLEX from campuses Florida that for exclude years careful through know you our is of all each significantly campuses interesting rates of were frankly, attention so those about we've all of and of our is pass. the 'XX quarter-over-quarter you X Florida that XXXX, would QX during we true What's of calculation XQ if to improvement. last in around XQ, our campuses show quarterly pass want And because been over to

the curriculum. significant under not would taking because those And is the about the exam takers does pointing that's why this of so exam calculation. what we because concerns NCLEX how hadn't that a were folks But while And in I'm a the next-gen 'XX reason the number been test state saw educated modeling, XQ there laggard out we bring. recognize next-gen

point nor we significant QX in QX. QX we one finer QX a for X.X%. benchmark of And the on And see continuing 'XX so test-takers than X not campuses, Ocala by do Fort XX-day Myers missed saw less and through actually Florida that of results of X those to And benchmarks missed year 'XX. number of the put a particular, just the beyond the in in in by points

those the So on enroll we limits full are in improvements ability our bullish rates and have year any And that about programs. do XXXX our quit we Florida. we not in very continued pass to expect students in

Operator

comes with question next of from your And Barrington. Alex Instructions]. line the [Operator Paris

Alexander Paris

bit on Congratulations investments raise. I thought I little beat maybe the for a planned critical into would XXXX. and dig

that, be would the telegraphed of that case. sort You've

expectation for or You institution, coming they review have the year. just the are Rasmussen, what or they front-end us full loaded investments a how are the Hondros along? are if for evenly higher loaded or can relative, wondering CapEx I'm APUS, back-end what you And spread? and are per

Angela Selden

happening Hondros with start some there. are because Letâ€™s things there important

to leases opportunity payments to more Hondros. previous lease expiring, we finding a lower mentioned comments, premium with are my of are Hondros of we great lease at and and third Those costs. along ago, I ourselves quarter Those came we purchase moves the owner in with Hondros in at 'XX. favorable are happening As some over years beginning leases with XX critical. XX-year bought the locations, locate to have X presented the campus When

the we may notable of XXXX, a margin So move. the enrollment that of disruption or enrollment most We've seen expansion improvement expenditure see really of in some a meaningful overlap in improvement for while from modest in where at as see very already campuses meaningful campus. we being other short-term moves Hondros, result in and

time, in QX, our Hondros We've and next to there have call more the The that that investments and focus second modernizing is about MA to upcoming launching program as throughout a we programs signaled to is the in forward rest we had of APUS, in at and curriculum. investing thing and invest look we talked content are results in same more curriculum the the APUS. program in prior attention some we digital program. in our on both that forward in into that core about refreshing sharing the quarter.Turning and this in is XXXX continue ways that Ohio the content around quarters, of this quarter will the we're looking at prior incorporate for a to There the focus

attract So APUS future student Rick, Those areas I've very us primary how to that into would about missed segments want help in different really quarters. for we're excited being, anything are that unless time will the you investment the share.

Richard Sunderland

would in Alex, disproportionate in I Yes, Angie completed more see just the of a weighted to CapEx it's the say with investment going described. the of than quarter, of moves early terms XH timing, as is just we're the campus XH. investments to lot A level the XH. being And in third in

The operations other in being see about the IT then We're are collegiate being parts the made information can past, in infrastructure. be and in the the outsourced. moves talked various and related queue are various we've large to technology, IT investment of is to you that going in-sourcing

that's the investment to phases on significant that related infrastructure project. is with there of technology So various associated going the

So than XH. more heavily Alex, weighted to XH,

Alexander Paris

And another is expect of Or year? going this a forward? you level do CapEx similar peaking sort question

Richard Sunderland

going Well, certainly, moving every with to the campuses, be we're not year. campuses

of year, up moderation the a technology Hondros. on going financial little normal because of that. you're how Rasmussen lower than to and similarly, you Last year-over-year. â€˜XX performance both it's And I see, a can and because the of was probably you think see then probably commented bit So, side, probably simply

investments. which some this So our really in important. ways, on in catching we is some year of we're capital up back We're new probably campuses, pulled investing

see as So say moderation I you some off would of this go number year's you'd forward.

Angela Selden

XXXX of one look Rasmussen for additional acceptance growth is will restrictions. upon to and longer 'XX, no subject thing APEI, the financial we The that into I end share results the into be would is of â€˜XX

invest And so so Ras. to consequently, to a opportunity at we opening and where will look in could that and into future campuses programs place Rasmussen, at we be have growth investing the at decide

Alexander Paris

the And that's obviously, then on. there, going and the the little FSA, the last just delays guess kits mess dogs. of big I

have don't traditional XX You to XX the year-old.

your do the I there there. don't the semesters be you might have exposure traditional to Except You What usually. think exceptions FSA? is delay. mean

Richard Sunderland

a a hasn't really any monthly traditional to To really, at your Alex, a kind Hondros and this at much quarterly at been those with There's headwind, of more APIs starts. been hasn't have, schools. Rasmussen, a probably of of in point, date significant their it minimal point, particularly cadence. it which matter But impact

Operator

the comes line Raj next question Riley. Your Sharma with B. of from

Rajiv Sharma

as in Again, beat really certain Rasmussen changes upon touch raise. there management were and were control characterize that I were in Rasmussen? on into integrated the an could and then in to results enrollments issue. operations of give good you a some was Would the congratulations you control color for There wanted new of again Rasmussen put under and was cost terms kind And enrollments? at place. that the

Angela Selden

year. So yes, the a management for team has now place been in

of marketing making all both reweight clarity are campuses. programs and grow the on the our growing so mix nursing the investments that campus-based program non-nursing campus the we're for and we foremost, to First around is combinations and there and that

team, enrollments. and improvement, you in online a continued the we've continued been significant key as on off that paying seen several has certainly online positive and that enrollment see improvement we've last for for the Certainly, seen campus-based results management So and that the has focus trend are could this the for quarters. trends got has that quarter, the

areas, been partnership management the marketing in our amount is So team growth the API work Rasmussen the a has and aligned team. with that between now and of significant marketing

the there. that we've made with are both so pleased And progress

particularly year being in amount structure, the of provided to as costs, to of in both was there Rasmussen. services, the rightsizing significant quarter were relates fourth that some well at Rasmussen as a marketing at APEI in of it As related cost of and last the IT to and third

One outsourcer relationship notable relationship, is the of with third-party the the the IT collegiate. most

Richard, its the to of infrastructure the that for APEI And of you certainly, that entire see of and in IT to a the the from providers. that benefit something got in XXXX. for XXXX. margin are significant And that share? you've want fourth migrating the stages quarter will lead third-party we'll We final of to expansion Rasmussen beginning year

Richard Sunderland

Yes.

million, S&P million Just to at $X things, total RAS. $X.X a that add of is down is few almost

You advertising, almost $X marketing repeat you didn't have are the another see $X.X million. support down million. but Clearly, marketing that costs,

So we consider have to the just cost good board, to trends entire control the on point, thank across while favorable by for Rasmussen. enrollment the we marketing Angie's team management delivering what And at team. optimizing

and terms focus. also but that So that we year, trim cost some of the applaud is continuing favorite And the area probably done rightsizing leveraging of investing. one that labor, while particularly off was of my in of last

in admission So staff, to they like important are actually the which areas enrollment trend. investing is drive

where all So that expect investing and results seeing it's to to be later reducing. we year deliver the sense beyond. It's not it makes this also about about

Angela Selden

between those to you the don't as to improvement, I'll shout retention second-term them that term team you the student allow source do with X graduate persist enrollment students and There's on admissions the have one keep that has been focused have and team on a retention. revenue, for you and and know, to if that teams. in in you economic everybody significant And partnership new who a just backfill been out particular, first to wins.

in retention there's result. has that a so meaningful been significant effort at improvement And been Rasmussen and

Rajiv Sharma

enrollment the improving. I see on Rasmussen, side, then And on really

Would can you bottom? even women close a are trends. the see improving we in You say to

Angela Selden

trends in signaled have do half we see back quarters, the of that we few Raj, 'XX, a we believe positive. turn As now for will, enrollment

Rajiv Sharma

we all are current side, respect Army? kind of to collection AR the on with then the And

Richard Sunderland

remains in I'll that hung and GoArmy is up the what call amount an Raj, transition. there

not It's significant So amount that's of quite all. money. a

that relevant up. continue work parties We Army to the directly with to with clean the

days to functioning the as at which XX that collecting is So The there XX effectiveness is from measure collection an billing let's monthly. monthly, start, call a that, how it, side. amount we system point, is from total days, our beyond compared this is designed small

And so, just dollars it's associated really with tail the that.

Angela Selden

those are 'XX amounts right? And 'XX. generated They're amounts now, not from and getting

Richard Sunderland

amounts. army diligently of collect still those current They're clean to which working, directly still No, up no. We're with to collecting on some that working cleanup but the do, with is the the is we're there the engaged right? relevant parties army, older reflective those system billings, that and

Rajiv Sharma

reduction year-on-year grad just on on-- it's margins color. know lastly, just of were or worse sort smaller some due Any of business. slightly much I And to color. the revenues. Any school, sort color a great in That's plans a

Angela Selden

I resolution the the So continuing has pause to use the agencies last grad their passed fact of many the training. been not in their by our call, as been had reported, that earnings we training school, and government's affected or think, dollars budget had funding for government who

now getting is individual team Now on out well that that from by from renewed training individual as underneath that both there workers scheduled. focus federal group as that, is registrations a we're

the a what to year. to for revenue in is significant to that graduate there the end in do and do team And of are we API the push gap the close school can now the year. the that remainder between So gap of leaning both entire and close

Rajiv Sharma

Again, congratulations on raise. raising and and the the guidance beat

Operator

There are you, your for no This everyone, conference further participation. today's concludes questions at Thank call. this time.

may You now disconnect.

American Public Education (APEI) 7 May 242024 Q1 Earnings call transcript