Investor Presentaiton
Education Unit EBITDA and Margin Profile
EBITDA
($ in millions)
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
APUS
14.9
15.2
14.1
20.6
18.5
20.2
Margin
20%
22%
21%
28%
25%
28%
1
Rasmussen
7.0
4.5
(1.9)
(5.0)
(6.9)
(7.1)
Margin
10%
7%
-3%
-8%
-12%
-14%
Hondros
(0.8)
(0.4)
(1.1)
(0.7)
(1.0)
0.1
Margin
-7%
-3%
-10%
-6%
-8%
1%
2
Graduate School
(1.4)
(1.6)
1.8
0.1
(1.3)
0.8
Margin
-46%
-36%
22%
2%
-24%
11%
2
Corporate
(6.3)
(6.0)
(5.9)
(5.4)
(6.9)
(7.4)
Consolidated EBITDA
13.3
11.8
7.0
9.6
2.4
6.7
(+) Adjustments
4.0
2.8
2.5
5.8
4.6
2.1
Consolidated Adj. EBITDA
Margin
17.3
14.6
9.5
15.4
7.0
8.8
11%
10%
6%
10%
5%
6%
h
apei
AMERICAN PUBLIC
EDUCATION, INC.
American Public
AMU University System APU
600 basis point improvement in
margin driven by higher
enrollments, select price increases,
lower marketing costs and lower
G&A expenses
RASMUSSEN
UNIVERSITY
EBITDA decline and margin
contraction driven by impact of
lower enrollments, especially
nursing, on RU's fixed operating
cost structure
HONDROS
COLLEGE OF NURSING
Increased scale and improved cost
control delivering positive EBITDA
and margin in 2Q23
Graduate School USA
Higher enrollments and contract
business driving margin expansion
over its large fixed cost base
Note: See note 9 to the financial statements included in the 2Q23 10Q. Reflects income (loss) from operations before interest, income taxes, gain (loss) from acquisitions, + depreciation & amortization
Please refer to slide 15 and appendix for GAAP to non-GAAP reconciliation
1 Rasmussen excludes a non-cash impairment of $144.9M in 2Q22 and $64M in 2Q23.
2Graduate School and Corporate combined comprise the Corporate & Other segment, as discussed in footnote 9 within the 2Q23 10Q disclosure.
11View entire presentation