Investor Presentaiton

APEI's 3Q23 Outlook These statements are based on current expectations. These statements are forward-looking and actual results may differ materially. apei AMERICAN PUBLIC EDUCATION, INC. APUS Net course registrations¹ HCN Student enrollment 2 RU Student enrollment - Nursing - Non-Nursing ($ in millions except EPS) 2 APEI Consolidated revenue APEI Net loss available to common stockholders APEI Adjusted EBITDA³ 3 APEI Diluted EPS Third Quarter 2023 Guidance (Approximate) (% Yr/Yr Change) 90,500 to 92,500 6% to 8% 2,800 17% 13,500 -10% 5,700 -25% 7,700 5% $148.3 to $150.3 -1% to +1% -$5.7 to -$4.3 n.m. $8.4 to $10.4 -11% to 10% -$0.32 to -$0.24 n.m. (1) APUS Net course registrations represent the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty. (2) HCN and Rasmussen student enrollment represents the total number of students enrolled in a course after the date by which students may drop a course without financial penalty. (3) Please refer to Appendix for GAAP to Non-GAAP reconciliation 13

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