Investor Presentaiton
1Q22
Education Unit Overview - Operating Income to EBITDA Reconciliation
American Public
AMU University System APU
($ in millions)
Revenue
Operating Income (1)
(+) D&A
EBITDA
2Q22
3Q22
4Q22
1Q23
2Q23
73.1
69.9
68.7
73.4
74.0
73.6
13.2
13.6
12.5
19.1
17.1
18.9
1.7
1.6
1.6
1.5
1.4
1.3
14.9
15.2
14.1
20.6
18.5
20.2
EBITDA Margin
20.4%
21.8%
20.5%
28.1%
25.0%
27.5%
Revenue
67.1
63.9
61.5
60.7
57.5
52.0
Operating Income
(1)
0.9
(146.6)
(7.9)
(13.0)
(12.9)
(77.3)
(+) D&A
6.1
6.2
6.0
6.0
5.9
6.2
RASMUSSEN
UNIVERSITY
(+) Impairment / Other
144.9
2.0
64.0
EBITDA
7.0
4.5
(1.9)
(5.0)
(6.9)
(7.1)
EBITDA Margin
10.4%
7.1%
-3.1%
-8.3%
-12.1%
-13.6%
Revenue
11.5
11.5
11.4
12.6
13.1
14.3
h
HONDROS
Operating Income (1)
(1.0)
(0.6)
(1.4)
(1.0)
(1.3)
(0.2)
(+) D&A
0.2
0.2
0.2
0.3
0.3
0.3
COLLEGE OF NURSING
EBITDA
(0.8)
(0.4)
(1.1)
(0.7)
(1.0)
0.1
EBITDA Margin
-6.7%
-3.3%
-10.0%
-5.8%
-7.7%
0.6%
Revenue
3.0
4.3
7.8
5.7
5.1
7.4
Corporate +
Operating Income (1)
(7.9)
(7.7)
(4.3)
(5.4)
(8.3)
(6.7)
(+) D&A
0.1
0.2
0.1
0.1
0.1
0.1
Graduate School USA
EBITDA
(7.7)
(7.6)
(4.1)
(5.2)
(8.1)
(6.6)
Revenue
154.7
149.6
149.5
152.4
149.7
147.2
Operating Income
(1)
5.2
(141.3)
(1.0)
(0.3)
(5.4)
(65.3)
(+) D&A
8.1
8.1
8.0
7.9
7.8
8.0
(+) Impairment / Other
144.9
2.0
64.0
EBITDA
13.3
11.8
7.0
9.6
2.4
6.7
apei
AMERICAN PUBLIC
EDUCATION, INC.
EBITDA Margin
8.6%
7.9%
4.7%
6.3%
1.6%
4.5%
(+) Adjustments
4.0
2.8
2.5
5.8
4.6
2.1
-
Adjusted EBITDA
Adjusted EBITDA Margin
(1) See note 9 to the financial statements in the 2Q23 10Q. Reflects income (loss) from operations before interest, income taxes, and gain/(loss) from acquisition.
17.3
14.5
9.5
15.4
7.0
8.8
11.2%
9.7%
6.3%
10.1%
4.7%
6.0%
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