APEI - Earnings call transcript Q3 2024 | American Public Education, Inc.

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Operator

Thank you for standing by. My name is Pam, and I will be your conference operator today. At this time, I would like to welcome everyone to the American Public Education, Inc.

Third Quarter 2024 Earnings Conference Call. [Operator Instructions] After the speakers remarks there will be question-and-answer session. would Prinovo, to Investor you. I over the Thank Brian to Relations. Instructions] now turn like conference [Operator

You may begin.

Brian Prinovo

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

and today Joining website. me today and APEI's regarding and Officer; Development call Strategy on Steve President of Materials made are Somers, section subsidiaries Presentations on and Events assumptions, Sunderland, and and Vice the may presentation the Financial President this Officer. current during accompanying Chief and that facts and estimates call based Selden, Executive projections. APEI Statements Chief are conference Rick Chief forward-looking historical in today Executive its Angela statements the be available expectations, are President call Officer; any Senior for Vice not and Corporate

subject actual cause or are that statements those results by to to such risks uncertainties expressed materially statements. from implied and could Forward-looking differ

believe, identified and Forward-looking estimate, similar statements would be words. may, sometimes or will, expect, may like opposite by seek, potentially, should, can, could, plan, project, anticipate, words

reconciliation Management provides information to, in the of considered a measures use operations earnings only presentation initiatives, the with be such efforts. ability demand changing for demands in A in the without not for and prepared that and GAAP. located superior performance earnings repositioning expectations measure adjusted of its appendix non-GAAP presentation non-GAAP future and results or This to growth, accordance of demands is statements in cost release. financial we today's presentation GAAP University regarding to and to information any investors and to between useful the company EBITDA financial respect enrollments, including information. financial savings satisfy to guidance, directly to and Forward-looking other statements for the as regarding earnings include, financial measures non-GAAP with and revenue, our limitation, other substitute should and registration competition Rasmussen addition and supplemental and comparable contains most market references believes

to Now CEO, turn Angela, APEI's I'd call ahead. please the to over Selden. like Angela go

Angela Selden

for we highlight. you, afternoon, Quarter call, important Thank Good American areas have today's XXXX thank Public Third four Call. Earnings joining On to and Education's Brian. you

end First, key met XXXX consecutive fourth of third increased guidance. metrics, at growth all within diluted our $X.XX Net the above EBITDA APEI, Adjusted beat million, guidance X.X% range. equaled our of million. high was range. guidance year-over-year on our have APEI was of share range to per or $XX.X $XXX,XXX we and Overall, our guidance $XXX and quarter the at year-over-year revenues at quarter income

third in total first Rasmussen quarter Second, APEI in enrollment its increase the University acquisition. the since year-over-year posted XXXX, of

to in million and XQ year, we and the compared of is million and X% very to when greater actual which XX% At Next, XXXX, because at positive is these is of within XX% strong. X% And Rasmussen full million, X% adjusted the $XXX these accomplishments XXXX. quarter it to fourth year quarterly we of expected year-over-year our earlier than total because consecutive our X% year fourth Both guidance are overall At signaled $XXX to range quarter total to than students. fourth greater to X% is enrollments and grow is this and course positive enrollment are schools. this second million outlook quarter student registrations our annual At provided approximately Hondros, $XX EBITDA 'XX. guidance progress, is increased that pleased guidance occurring. XXXX the to are X,XXX increased when quarter fourth compared of fourth X% APUS, $XX year. to finally, revenue last Hondros, XXXX total quarter enrollment quarter enrollment full 'XX growth. to student XXXX net And starts and year-over-year turn are overall Rasmussen,

the starting provide trajectory, detail Now to more like about first results and with I'd and Healthcare APEI's institutions. Nursing

previous of closings APEI's up effort the 'XX, in positive in as resource efforts X% foundation improvement enrollment growth. with year-over-year the Rasmussen are its when are the fourth acquisition. XQ strengthen discussed Notably, and increasing enrollment significant growth enrollment the have compared real even with this enrollment 'XX financial continued showing performance. and experienced growth calls, Wisconsin. enrollments impact has quarter Rasmussen's voluntary has Rasmussen, positive accelerated student quarter long-term since for campus invested now we last to trend year. As in to dividends occurred was These at outcomes, XQ that And of in first

enrollment encouraged We strength in further momentum. by the underlying are

Beyond enrollments, the on half be are EBITDA signaled that on we of deliver second positive and XXXX, we Rasmussen to would that that affirm we in promise. track

state Rasmussen produced student XX meeting In required outcomes, where strong NCLEX of thresholds. again terms are of the pass XX programs rates, year-to-date,

trend, and growth. Minnesota very continue year-over-year positive rebounding and accreditation received of Commission instructional programs, to strong or at and campuses consecutive the and bottom improvement for both reported, and PN Hondros, line optimistic Hondros with XQ that ACEN, marks quarter strong for XXXX XX% the in enrollment Overland quarter XXth initial Demand of how Park, remains Aurora, received in and increasing to the Naperville, XXXX. Education Moorhead, ADN Rasmussen Illinois, Nursing, at year-over-year beyond. growth posted X-year the results, importantly, applications. strength remains than Additionally, in enrollment welcome as versus quarter and accreditation. following positioned received nursing more for our the Accreditation accreditation remain student in news Hondros is along campuses. students. XX% campus, previously third we Fourth Rockford This we At trends enrollment sites continued XXXX Tinley 'XX its X,XXX this both about enrollments financial its several and underlying regarding with From where Rasmussen Mokena off-campus news in outcomes reviews from and Romeoville continuing performance in received And Kansas, our Park

Michigan benchmark. Detroit, above have in overall several accreditation in affirmed improved we July. Our the Ohio was XX% campus And retention campuses,

along of that Rasmussen both nursing will APEI's with efforts results and healthcare educational growth. to Hondros, simplify our results positive we and meaningfully to that contribute these belief the future healthcare overall With continued reflect programs underscore our platform, our

As we estimated country. previously have needed shared, nursing It there this XXX,XXX over is practitioners that nurses in healthcare and in demand. high are every year remain

as approximately per we need. XX,XXX so significant Our gap nurses to colleges the continue we unmet educate in expect the close growth year, market

military and like at APUS. growth both I'd to to higher revenue the average approximately Now last higher nation's turn and attention In due was well implemented to per overall segment, serving registrations to increases as X% APEI's modest 'XX, online revenue fee in the year. veterans university due tuition APUS our as registration XQ

and last online As to EBITDA infrastructure curriculum, based XXXX registrations IT and already at XQ marketing versus strengthen the increases in work align on mentioned X% to 'XX. we registrations are spend. X% APUS grow margins declined 'XX this expect experiencing quarter, invested we APUS In fourth its at as its has modestly company better in to the quarter, XQ

expansion positions. has Military and growth, the at seen registrations grow their the to using for in APEI, significantly our some nationwide for nursing chronic year Additionally, to Hondros grow future. for and market American in shortage strengthen the to nurses our or overstretched expansion is extended military margin Overall, #X foreseeable impact strategy other each the education clinical University, by demand roles and GI expected coming higher delivering Rasmussen continue is success, student out our footprint to healthcare where graduating distinctive revenue we market. us in allow provider system. thousands AMU, nursing veterans our nursing we demand benefits. families been of on our Overall, the early have tackle States carved will addressing named and family of for choice with large returns new both Hondros in Both campus Rasmussen top of bill the United the years nurses the to and have military

turn proposition leverage and investment employment return education in at lifelong our fundamentally of range students. reputation education fields to healthcare APUS on of educational With We our deliver to a and experience will of diverse continue rate can our educational on steady lives, government investment. expect affordability grow believe where veterans I value and that, employees. vision strong to that strong educating higher with APEI's in provide that return the our proud service-minded to key on and Each and enables the CFO, of students those subjects. the call our can and as of we over programs careers a Sunderland. focus With learn-to-earn one vision to value in their now and we're improve purpose-built a were advance accessible advancement, factors communities. Rick education And military, across training and transform affordable We education and higher to attracting students, offering by units

Richard Sunderland

Thank you, from $XXX.X Total up or period. quarter prior in Angie. third X.X% million, revenue the the million $X.X was year

at in Third adjusted compared $X.X $X.X information the increased and of third revenue Included to transition are quarter-over-quarter in services was to is cost Revenue partially costs, quarter increase Hondros technology in at Rasmussen, the or quarter offset back driven quarter of APUS, range. which the increased X.X% the in million quarter third revenue million school. XXXX. costs a added guidance EBITDA. revenue was Total graduate growth by within by expenses decline for our

information to excludes common quarter, including higher the share transition year income loss third cost per costs, adjusted on expenses primarily services technology million $X.XX compensation increased quarter, prior an comp equity by fees. income Excluding $X.X and costs, million variable compared and investments. $X.XX per X.X%, $X.X In diluted total the driven a which was of diluted in share or professional

increased and registrations $XX.X EBITDA was increase $XX to compared APUS, the range third net the of Third of driven XXXX. veterans quarter course an and the adjusted to benefits in second increase margin end is of as the an in X.X% guidance a quarter quarter increases in represented by tuition registrations affiliated X.X% adjusted by EBITDA which revenue due utilizing prior military above and students X.X%. to million million, top fee year At

is X% effective XXXX compared It first margin note, in growth third of year enrollment the was EBITDA third to the loss to important quarter, year. an half XX% due $X.X $X.X year in to prior increases and the increase the period. of EBITDA prior Rasmussen's the EBITDA stabilized programs. of In XXXX year. of a enrollment quarter, the to prior million loss second At in compared will was select in for to Rasmussen Rasmussen, prior quarter total million to improved compared to compared tuition XX% the report revenue the of as in XXXX million, and $XX.X an For quarter

third Hondros, XX.X% At second As previously expect growth. due at as the million year to Rasmussen half $XX.X to positive. revenue compared we was prior enrollment EBITDA quarter up stated, continued XXXX be period to to

the X,XXX the Hondros XX.X% total and Hondros, $X.X the to both For XXXX. quarter, in students. approximately EBITDA million was loss third enrollment quarter grew of XXXX At

enrollment school included We into to continued to in expect improved financial in growth million million was corporate Hondros XXXX. graduate year the $X.X $X will compared performance in period. the other at Revenue prior lead and

quarter, million graduate year. $X.X of $X.X EBITDA cash was total and equivalents year-end the school For was million XX, $XX.X prior in million XXXX. an million, EBITDA to $XXX.X At increase cash, XXXX, of cash September the restricted from compared

million, X ended flow and the $XX.X months million CapEx, flow adjusted the operations million ago. unrestricted to $XX.X CapEx for Principal September XX be X defined was continues to X months $XX EBITDA APEI the cash prior was year September cash year. at the months, compared $XX.X million, $XX.X to million loan free was XXXX, million $XX.X was on with a less net $XXX cash in million for compared term cash from APEI's For positive. XX, of as

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

net these quarter students. the Rasmussen compared X,XXX now total enrollment while total to a registrations APEI's approximately X,XXX XX,XXX increased approximately to starts last year-over-year students. positive total to X% increase quarter consecutive student fourth fourth students quarterly registrations, and of Rasmussen, quarter XXXX At total per fourth $XX fourth students, Rasmussen. At representing EBITDA second $XX quarter enrollment increased is and $XX fourth X% between increase to XX,XXX net diluted when expects be schools. online outlook. student share. fourth At overall be $X.XX to and fourth XX% at are X% be X% between company XXXX of million to and the at for The enrollments Hondros, expected expected Hondros, and is million enrollment income are year. enrollment of to million of or $XXX $X decreased million the enrollment represents million. to This aggregate common a our the In to an consolidated the $XXX between to because Adjusted be compared quarter on-ground course when XXXX. approximately XX,XXX to of shareholders actual is quarter year-over-year between to between expected $X.XX quarter Turning XXXX, to in approximately X% growth million revenue of and quarter X,XXX

guidance We are updating year a million. XXXX in with full range consolidated of year anticipated million to revenue $XXX full $XXX

$XX in at We be expectations translates our between and fourth least and including adjusted in to after to million Angie which to expect I year million. Seasonally, increase as our to fourth offer free the quarter. to question-and-answer between $XX some cash back $XX Rasmussen the flow $XX the we begin it pass EBITDA million. adjusted see continues session. to to expenditures quarter closing improve be full of notable will remarks, a now for will tends million This EBITDA,

Angela Selden

Thank you, Rick.

at we and the fundamentals to veterans with we those education demand position higher benefits performance During like encouraged growth. numbers, positioned at at X Market active-duty focus further quarter, Hondros. as nursing, significant high-demand execute the to increase our stabilize are on market sectors and outcomes by profitability to to Rasmussen our increasing to performance online With enrollment #X at grow institutions our financial well a military APUS the government on this continue enrollment student continue initiatives on veterans. and increase. and We're business education in strategy education for the support capitalize and in continued markets, and military,

our the key our operator strengthened to their and session. that now Operator? execute years We that like and value stakeholders the its I'd call foundation to hand deliver of that, a to we milestones, have believe for begin continue come. to against can I communities to to With students, business the back question-and-answer

Operator

Instructions] from Securities. Raj your first question Riley [Operator And of comes B. Sharma

Rajiv Sharma

there's $XX the million I other than earlier. business Congratulations X $XXX so had of quarters, question EBITDA. is a have on APUS the rest talked APUS, all then million, million about higher you improvements a the that divisions. loss on is of on the had of EBITDA. $XX profitability the $XXX of you Last million significantly on And of about about

And though profitability? fundamentally of ever different they Just want a something to understand, get again, I've closer rest revenue run the And your would question. is be of there a APUS are got the just even then the businesses? $XXX in at thoughts on businesses, the follow-on can Just that they great. rate million, to can

Richard Sunderland

Thanks Rick. question. the it's Raj, for

unallocated in includes in I'll You all, me other add. others referenced, start, let see and and corporate the then million $XX segment first reporting. Let of right, that Well, corporate, you that right? can the

our talk businesses, and operating consolidated about the the reflect total, to element looking margin have that APUS those do corporate the that When you're doesn't, right. other reporting. at at in different than profit so other other we are And the a fact models, businesses you

the model expect in Ras. the other see, have current businesses. online campus-based And versus the You could campus-based past at and operations we think about the not what the fully talked blended we from only we've at direction I also but momentum the those and Hondros

margins. at we the you in year what through to think back, were of right. previously described with I look end were noted line market, we've of going as referring you having we're which this is see the when Rasmussen, the we a had to improved is period that year, So what performing demonstrated fact challenge the you and to, And

and quarter. the improved good improved seeing fourth see We that in XXXX. you'll off jumping think margins point for are a margins, represents We

So or with answer. add stop that, my Angie Steve I'll to and either let

Steven Somers

Raj, this is Steve.

point as I highlighting there's meaningful kind and the think is expense. shared other the important EBITDA that differences services the you're a of corporate in

an element. that's So

as are sort units other as as described. negative you not the So of

I point part just So out. to want that

Rajiv Sharma

on they million seem rate just year. $XX corporate I the a related -- the got about And that run costs, Yes. to is

significantly last Am looking for gone have Now up from reason year. they correctly? increase? about the I you at this seem the talk Could to

Richard Sunderland

increase. on So touched Raj, the the we reasons for

transition Of costs, have service we technology add we the which course, back.

looking which I the segment you're the don't be if add-backs. know reporting, at before So would

that, upon $X.X variable mostly at find can million. So comp, there costs, variable touched change It's the is increase. in XX-Q. -- I was an level, And substantial the said element corporate We X then year-over-year in upon the of touched the that's in I increase right. In to my remarks, that cost noting in Note compensation comp you year-over-year a right.

investing we Right. so people. are And in our

Raj, I number. me the it parse and here can our when later. And look expectations. in seems you we can I I against are that the But but reporting, go high. to at about Raj, that on so out. can't fly USA back, the your to well have We reported the check connect segment, million, that have think, you want performing, I Graduate to or segment after $XX School do the you call last thing, do

think will, can amongst and looks all to to units. split, what the PowerPoint you you go that there's the when get I the number EBITDA you of a if like

between costs EBITDA there And the of the can revenue the graduate a are so get what you school. and related in sense to

that mention earlier. didn't I Sorry

Rajiv Sharma

going And is the Great. QX? margin QX? EBITDA estimate in margin overall to for that is positive. Rasmussen of one be the just commented Rasmussen then you've know was question what EBITDA, there on last I Out the on an EBITDA on it

Richard Sunderland

look this me at let way. Well, it

will second the half EBITDA just what positive, was of that QX. margin the in the know You EBITDA and it year, right. for said be the we And

as Ras which the just moving be Raj, year, I half Raj, on we the specific out when percentage, operating guidance number than know I'm number the second said earlier that quarter in of give has but And turned the I state typically math, third specific particularly to the from done, I'm a you've right? don't you the specific positive. Coast have units. loss, think, talked favorable we're related this So EBITDA sure, to to the right, quarter corner West to we simple for output greater given have I EBITDA the an loss about profit to we don't number fourth and going a to the year, haven't about

Operator

Your next Jasper from with Bibb comes Truist question Securities.

Jasper Bibb

in $XXX your a pricing going rate this note in the for margin credit about implications the Masters earlier increases to back the APUS that for was the that per in programs. I have hour there? year? And APUS 'XX comp could XX-Q change or put hoping to revenue saw speak does the military at I you as in you change student place any tuition just were

Richard Sunderland

Yes. Rick. it's Jasper,

Let me start that. with

graduate So small students distribution segment level course, carries degrees when the segment, you is which And across a at look APUS. is military, largest at but institution, at the the single bachelor's that the are the predominance of level. of student very to then,

really be core we needed is to utilizing felt core complete like tuition population. And small with really keep and DNA and said, attend that, Military would And had that looked who to know no that you students should costs. so military American it that that Go no be thought at what, our back was and able for that our We that believe acceptable. to the out-of-pocket we graduate-level price Jim out-of-pocket our military we year, relatively increased costs. as April, a value. it's was I founded it and in assistance earlier University, population back Eder, we

either specific Consolidated we your on down, it doesn't pricing APUS So question, per or to effect a that To up answer for right. have returned revenue student. big level.

that. a you So fluctuation With pause to that, of if see see I'll and won't Angie anything. wants because significant add

Angela Selden

add anything to I Rick what with I agree wouldn't that. to has say.

Operator

next question Sheldon with Stephen William And Blair. Instructions] the [Operator comes from

Matthew Filek

on You have Sheldon. Matt Stephen Filek for

the skewed compared at you growth be do roughly an to at enrollment more secondly, online balanced between on expect for one? some more to can enrollment Looking you Rasmussen detail margins perhaps an And enrollments EBITDA Rasmussen? or into in-person XXXX, online enrollment provide in-person toward and

Angela Selden

Thanks, Matt. It's Angie.

online signaled Let have start. not that calls and momentum past And that the me we positive has few at enrollment in are earnings business, we Rasmussen seeing changed.

to in will we see growth online positive enrollments XXXX. to So expect in continue

prospects We of the we there. pleased And that NCLEX improvements nursing is have in the a our offer do the very scores the seen tied we portion education occurring believe them. We're and confidence to in and enrollments have rebound. with campus that can that that improvements our are students

in I'll to over we turn And a XXXX. in at campus-based or growth confidence so the enrollment have Rick of the lot to second Steve. Rasmussen question

Richard Sunderland

margin Steve, we you how between might look comment do two businesses? at the on want to

Steven Somers

Yes.

on-ground rebound I would Matt. expect in cost that is right, that, see think the given structure, fixed a heavily to we

XX% I the move enrollments years, think that period slightly at X moving would we've pivot point the on we're X over the negative of next overall to over And a positive. from see to to talked margins Rasmussen range to kind we time. that at X% of on-ground

expect would already in time, the we that we're of situation see over margin with component positive it. online a so whereas And accelerate to

it's So seeing in I on-ground. normalization more think the about a

improvement in And faster the scale. see our you so we the on-ground as in grow short-term, might

the that general, two populations. anticipating wide variances don't so in I And between -- think we're but

Angela Selden

the of EBITDA businesses. both the the I difference as contribution enrollment hit in campus-based between in the is showing just the inflection And QX and the add enrollment point acceleration that online that and business would and growing has QX the in our is

Matthew Filek

strategy I super on APUS. it. with increasing on about at growth. And I just you there Got marketing if you further Yes, elaborate had curious that's Last spend And that revised spur was quarter, to then APUS. context. helpful progress marketing one could talked enrollment

Angela Selden

fourth can year. that of was And up careful last here in going and net registrations, anticipate to others the marketing kind course that, dollars team We we Sure. things local as our our between to we leveled to I'm did increasing that attention really the we yield. X% marketing of our and spending where are team grow quarter, taking our marketing are start X%. hold pay we And APUS one strategy, and our signaled see and join. happy leadership market

really those effect take are with the So we marketing as hold, seeing fourth quarter. the APUS improvements corresponding in now

And have we last of we that balance so strengthened that about the we lead and our in Then done those processes. found have quarters are strategies the and at two APUS very thing in terms enrollment is the confident generation. believe second also admissions

added make We have we we have to sufficient and well to to sure be our to coming processes asking. high-quality leads sure talent to have that be And each that to of the specific tackle our to trained sure able each make questions do prospects in. additional are in the way a our workforce that all able be looked at folks are our and are that policies answer of

X% additional and additional get workforce don't seeing we that's to registration in a the believe the able to higher we after And quality that and that anticipate believe leads have that, subside. fourth X% growth so that's the of we're to with and that, training we in part we that been quarter, way also going

Richard Sunderland

And Matt, add a that to thing the pretty on only comp. is X% challenging X% to is

of go think registration to year, at you I APUS fourth right. was growth if the X%, quarter last

and coming in not an really easy up we're QX. we're putting a off solid comp, So number

Operator

Bibb Your comes Truist question next Securities. again from Jasper of

Jasper Bibb

outlined bringing segment that target doing that margin enrollment The do margin kind you to about about an profitable impressive. up Like the term the wanted you've period, growth mid-teens perspective? maybe for how enrollment really Rasmussen been think has segment. to of over a from there Hondros given you're what ask or longer Just

Angela Selden

Great were tackled needed Jasper. namely attention of a on are leases and move. we to few to. There pay careful its life and this getting year, few something Thanks, their that of question a Hondros locations certainly things end

So order there able to to were more needed move be favorable made locations. in some investments to that to be

are talked as favorable the leases to XX-year seeing a we moving of more new those enrollment XX% positive about locations. result what were growth that We year-over-year

thing that we on second is programs. adding focus to are both The continuing

XXXX, about at the Hondros the new program student the And the earlier across success. for attention in profitability MA locations is campuses. for potential and campuses. talked the sure turn new as the the at we programs of quarter looking of to campus making Hondros launch paying some to careful we focus So some also, Overall, our other Ohio are that area we of attention we're key

we being in -- so And retention about that, lot talked several the particular, at XX% means have complete, retention NCLEX that campuses our because ensures associated certainly progress graduate, quarter pass corresponding each rate short-form program they costs students all the comments the above that And replace or the is exam. persist in like an short-form like a and And they me, a that it. we spending and dollars Ohio excuse the LPN they benchmark. revenue of course in don't to by marketing with my program

certainly in expect focused on and we we So Hondros at XXXX. EBITDA expect those are we've improvement at some of the that -- been Hondros, key things

Jasper Bibb

mentioned existing perspective room do how before Hondros, maximum Last to more on any at program the existing enrollment campus expansions. have an potential one within on Hondros there or now some grow footprint? the program expansions? footprint for way me. from much Also to expansions you where the frame planned Like versus campus you're capacity you in layering Is

Angela Selden

we've It's that footprint. a good we're an campus in way that -- these And have which make been so configured build the the looking question. we've purpose the been sure profitable to moved locations, of building to and space right the mix optimal optimize as a really is we footprint, we've

we new full we to we each moves And see that we effect that we campuses, those fully the campus locations. effect those new there. to of open playbook intend locations And as expect see XXXX in take that expect at so apply to as improved of profitability our

Operator

questions. now closing turn will are to Angela back I more Selden remarks. There conference over the for no

Angela Selden

call. to Thank you thanks today joining our and you, operator, of for all

reiterate appreciative value and student students very all and our want communities. in to hard our they delivering the across have enrollment, growth institutions our faculty our a to I'm students, to trends I helped conclude, testament our to performance driving our and of dedication stakeholders we outcomes the and work of As to staff. to financial commitment achieve. our outcomes that The positive of are and

We look on progress Thank forward our joining are strategic next opportunities updating our today. and us the your ahead, to you continued and you and support for for confident in call. all XXXX direction outlook we on and our our

Operator

and today's Ladies you Thank your participation. does that gentlemen, conference for call. conclude

may disconnect. You you. Thank

American Public Education (APEI) 12 Nov 242024 Q3 Earnings call transcript