American Public Education, Inc. (APEI): Business Model Canvas

In der dynamischen Landschaft der Online-Bildung erweist sich American Public Education, Inc. (APEI) als transformative Kraft, die strategisch Bildungschancen für Militärangehörige, Berufstätige und Berufseinsteiger verbindet. Durch die Nutzung eines innovativen Geschäftsmodells, das modernste digitale Lerntechnologien, flexible Programmgestaltung und gezielte Bildungswege kombiniert, hat sich APEI als bahnbrechende Institution positioniert, die die Hochschulbildung für den modernen Lernenden neu gestaltet. Diese Untersuchung ihres Business Model Canvas zeigt einen umfassenden Ansatz, der die komplexen Bedürfnisse verschiedener Studentensegmente durch ein ausgeklügeltes, technologiegesteuertes Bildungsökosystem berücksichtigt.

American Public Education, Inc. (APEI) – Geschäftsmodell: Wichtige Partnerschaften

Online-Kursplattform-Partnerschaften mit Universitäten und Hochschulen

American Public Education, Inc. unterhält Partnerschaften mit folgenden akademischen Institutionen:

Institution	Partnerschaftstyp	Gründungsjahr
Universität von Florida	Online-Kurszusammenarbeit	2021
Penn State World Campus	Online-Studiengang	2019
Arizona State University	Digitale Lernplattform	2020

Strategische Allianzen mit Organisationen zur Unterstützung der militärischen Ausbildung

Details zur Militärpartnerschaft:

• Verteidigungsaktivität zur Unterstützung nicht-traditioneller Bildung (DANTES)
• Bildungsleistungsprogramm der Veterans Affairs (VA).
• Programm zur Unterstützung militärischer Studiengebühren (TA).

Militärische Partnerschaft	Jährliche Studenteneinschreibung	Umsatzbeitrag
Unterstützung beim Militärunterricht	4.237 Studierende	18,6 Millionen US-Dollar
Vorteile der VA-Ausbildung	3.982 Studierende	16,2 Millionen US-Dollar

Technologieanbieter für Lernmanagementsysteme

Wichtige Technologiepartner:

• Tafel lernen
• Canvas LMS von Instructure
• Moodle

Technologieanbieter	Vertragswert	Umsetzungsjahr
Tafel lernen	2,4 Millionen US-Dollar	2022
Canvas LMS	1,9 Millionen US-Dollar	2021

Partner für Unternehmensschulung und berufliche Weiterentwicklung

Unternehmenspartnerschaftsnetzwerk:

• Schulung zu Amazon Web Services (AWS).
• Cisco Networking Academy
• CompTIA-Zertifizierungsprogramme

Unternehmenspartner	Schulungsprogramme	Jährliche Einschreibungen
AWS-Schulung	Cloud-Computing-Zertifizierung	2.345 Studierende
Cisco-Netzwerk	Zertifizierungen für IT-Netzwerke	1.876 Studierende

American Public Education, Inc. (APEI) – Geschäftsmodell: Hauptaktivitäten

Entwickeln und Bereitstellen von Online-Bildungsprogrammen

Ab dem vierten Quartal 2023 ist APEI über zwei Grundschuleinrichtungen tätig:

• Amerikanisches öffentliches Universitätssystem (APUS)
• Hondros College of Nursing

Metrisch	Wert
Gesamtzahl der Online-Studierenden (2023)	44,653
Online-Studiengänge	123
Jährliche Online-Kursangebote	2,400+

Erstellen Sie einen Lehrplan für Militär- und Zivilstudenten

Die Lehrplanentwicklung von APEI konzentriert sich auf:

• Militärfreundliche Programme
• Auf die Belegschaft abgestimmte Studiengänge

Studentensegment	Prozentsatz
Militär/Veteranen	54%
Zivile Studenten	46%

Bieten Sie technischen Support für Online-Lernplattformen

Investitionen in die technische Infrastruktur für 2023:

Technologieinvestitionen	Betrag
Upgrades des Lernmanagementsystems	3,2 Millionen US-Dollar
Verbesserungen der Cybersicherheit	1,7 Millionen US-Dollar

Vermarkten und rekrutieren Sie Studierende für verschiedene Studiengänge

Marketingausgaben im Jahr 2023: 24,6 Millionen US-Dollar

Marketingkanal	Zuteilungsprozentsatz
Digitales Marketing	68%
Direkte Kontaktaufnahme	22%
Traditionelle Medien	10%

Kontinuierliche Verbesserung der Kurs- und Programminhalte

Jährliche Investition in die Inhaltsentwicklung: 5,4 Millionen US-Dollar

• Überprüfungszyklen des Lehrplans: Halbjährlich
• Konsultationen des Branchenbeirats: Vierteljährlich

American Public Education, Inc. (APEI) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Infrastruktur für Online-Lerntechnologie

Ab 2024 unterhält APEI eine umfassende digitale Lernplattform mit folgenden Spezifikationen:

Technologieressource	Spezifikation
Lernmanagementsystem	Canvas LMS-Plattform
Cloud-Infrastruktur	Amazon Web Services (AWS)
Jährliche Investition in die IT-Infrastruktur	4,3 Millionen US-Dollar
Serverkapazität	99,99 % Verfügbarkeit

Erfahrene Fakultäts- und akademische Entwicklungsteams

Zusammensetzung der APEI-Fakultät ab 2024:

• Gesamtfakultät: 1.287 Pädagogen
• Vollzeitfakultät: 387
• Teilzeitfakultät: 900
• Durchschnittliche Fakultätsqualifikation: Master-Abschluss oder höher

Akkreditierung und Bildungszertifizierungen

Akkreditierungsstelle	Status	Gültigkeitsdauer
Kommission für höhere Bildung	Vollständig akkreditiert	2021-2026
Akkreditierungskommission für Fernunterricht	Akkreditiert	2022-2027

Digitale Lerninhalte und Kursmaterialien

Die digitalen Inhaltsressourcen von APEI:

• Gesamtzahl der Online-Kurse: 1.672
• Budget für die Kursentwicklung: 2,1 Millionen US-Dollar pro Jahr
• Häufigkeit der Inhaltsaktualisierung: Vierteljährlich
• Multimediale Lernressourcen: Über 12.500 digitale Assets

Studentenunterstützung und Verwaltungssysteme

Support-Service	Ressourcenzuteilung
Mitarbeiter der Studierendenbetreuung	342 Fachkräfte
Jährliches Budget für die Studentenunterstützung	5,6 Millionen US-Dollar
Technischer Support rund um die Uhr	Umgesetzt
Plattform für den Erfolg von Studenten	Seestern-Frühwarnsystem

American Public Education, Inc. (APEI) – Geschäftsmodell: Wertversprechen

Flexible Online-Ausbildung für Berufstätige

Ab dem vierten Quartal 2023 bot American Public Education, Inc. 100 % Online-Studiengänge an mit:

Programmtyp	Anzahl der Programme	Durchschnittliche Fertigstellungszeit
Associate Degrees	35	2 Jahre
Bachelor-Abschlüsse	45	3-4 Jahre
Master-Abschlüsse	22	18-24 Monate

Erschwingliche Studien- und Zertifikatsprogramme

Studiengebühren für das Studienjahr 2023-2024:

• Bachelor pro Kreditstunde: 285 $
• Absolvent pro Kreditstunde: 370 $
• Zertifikatsprogramme: Gesamtkosten 2.100 $

Spezialisierte, auf das Militär ausgerichtete Bildungswege

Militärspezifische Bildungsangebote im Jahr 2024:

Programmkategorie	Anzahl der Programme	Militärische Einschreibung
Militärfreundliche Abschlüsse	18	3.456 aktive Militärstudenten
Veteranen-Unterstützungsprogramme	7	2.189 erfahrene Studenten

Zugängliche Hochschulbildung für unterschiedliche Studentengruppen

Aufschlüsselung der Studentendemografie für 2023:

• Gesamtzahl der eingeschriebenen Studenten: 37.200
• Anteil der Minderheitsstudenten: 52 %
• College-Studenten der ersten Generation: 43 %

Berufsorientierter Lehrplan, abgestimmt auf die Bedürfnisse der Branche

Branchenspezifische Programmstatistiken:

Programmkategorie	Anzahl der Programme	Branchenpartnerschaftsrate
Business-Programme	22	89 % Branchenorientierung
Technologieprogramme	15	92 % Branchenorientierung
Gesundheitsprogramme	11	87 % Branchenorientierung

American Public Education, Inc. (APEI) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Studentenunterstützungsdienste

American Public Education, Inc. bietet engagierte Studentenunterstützung über mehrere Kanäle:

Support-Kanal	Jährliches Kontaktvolumen	Durchschnittliche Reaktionszeit
Telefonsupport	87.456 Schülerinteraktionen	23 Minuten
E-Mail-Support	62.310 Studenten-E-Mails	12 Stunden
Live-Chat	45.230 Chat-Sitzungen	7 Minuten

Online-Studienberatung

Zu den Online-Studienberatungsdiensten von APEI gehören:

• 1:1 virtuelle Beratungsgespräche
• Engagierte akademische Berater
• Personalisierte Studienverlaufsplanung

Beratungsmetrik	Jährliche Daten
Gesamtzahl der Studienberatungssitzungen	24.567 Sitzungen
Durchschnittliche Sitzungsdauer	37 Minuten

Self-Service-Studentenportale

Digitale Plattformen mit umfassenden Ressourcen für Studierende:

• Kursanmeldung
• Transkriptverwaltung
• Verfolgung von Finanzhilfen

Metrik zur Portalnutzung	Jährliche Daten
Gesamtzahl der Portalbenutzer	38.900 Studierende
Monatlich aktive Benutzer	28.345 Studierende

Digitale Community-Plattformen für Studierende

Die digitalen Engagement-Plattformen von APEI:

Plattform	Gesamtzahl der Mitglieder	Monatlich aktive Benutzer
LinkedIn Alumni-Netzwerk	17.890 Mitglieder	6.540 aktive Benutzer
Interne Diskussionsforen	22.340 registrierte Benutzer	9.210 aktive Teilnehmer

Kontinuierliches Engagement durch Karriereressourcen

Dienste und Ressourcen zur Karriereunterstützung:

Karriereressource	Jährliche Nutzung
Karriereberatungssitzungen	3.456 Einzelsitzungen
Unterstützung bei der Arbeitsvermittlung	2.340 Studierende haben mitgeholfen
Dienste zur Lebenslaufüberprüfung	1.890 Lebensläufe überprüft

American Public Education, Inc. (APEI) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Online-Anmeldeportal

American Public Education, Inc. betreibt die folgenden digitalen Anmeldeplattformen:

Plattform	Jährliche Benutzerbesuche	Conversion-Rate
APEI-Hauptwebsite	1,247,000	3.7%
Online-Anmeldeportal	892,500	2.9%

Digitale Marketingkampagnen

Ausgaben- und Leistungskennzahlen für digitales Marketing:

Kanal	Jährliche Ausgaben	Lead-Generierung
Google-Anzeigen	$3,420,000	47.300 Leads
LinkedIn-Werbung	$1,850,000	22.600 Leads

Bildungsberatung für Militärstützpunkte

• Gesamtzahl der Beratungsstandorte der Militärstützpunkte: 127
• Jährliche Einschreibung von Militärstudenten: 18.750
• Verbleibquote der Militärstudenten: 68,3 %

Online-Informationsveranstaltungen

Sitzungstyp	Jährliche Sitzungen	Durchschnittliche Anwesenheit
Live-Webinare	436	87 Teilnehmer
Aufgezeichnete Sitzungen	2,100	213 Aufrufe

Rekrutierungsplattformen für soziale Medien

Plattform	Anhänger	Engagement-Rate
Facebook	92,400	4.2%
LinkedIn	67,300	3.9%
Instagram	45,200	2.7%

American Public Education, Inc. (APEI) – Geschäftsmodell: Kundensegmente

Aktives und erfahrenes Militärpersonal

Ab 2024 betreut APEI über die American Military University (AMU) etwa 42.000 Militärstudenten. Die Gesamtzahl der eingeschriebenen Militärstudenten macht 53 % der Studentenschaft der Einrichtung aus.

Kategorie Militärstudent	Prozentsatz	Geschätzte Anzahl
Militär im aktiven Dienst	35%	14,700
Veteranen	18%	7,560
Militärangehörige	7%	2,940

Berufstätige erwachsene Lernende

APEI richtet sich an Berufstätige im Alter von 25 bis 45 Jahren, wobei 78 % der Studierenden während ihrer akademischen Laufbahn einer Vollzeitbeschäftigung nachgehen.

• Durchschnittsalter berufstätiger erwachsener Lernender: 32 Jahre
• Mittleres Jahreseinkommen: 62.500 $
• Vertretene Hauptbranchen: Gesundheitswesen, Technologie, Unternehmensdienstleistungen

Berufsverändernde Fachkräfte

Im Jahr 2024 absolvieren etwa 22 % der APEI-Studierenden Studiengänge für den beruflichen Übergang.

Berufsübergangssektor	Prozentsatz
Technologie	34%
Gesundheitswesen	28%
Unternehmensführung	22%
Bildung	16%

Teilnehmer an Unternehmensschulungen

APEI arbeitet mit 127 Unternehmenseinheiten für Programme zur beruflichen Weiterentwicklung zusammen und betreut jährlich etwa 8.500 Unternehmensschulungsteilnehmer.

• Durchschnittliche Dauer des Unternehmensschulungsprogramms: 6 Monate
• Einnahmen aus Unternehmensschulungen: 14,3 Millionen US-Dollar im Jahr 2023
• Top-Unternehmensschulungssektoren: Technologie, Gesundheitswesen, Finanzen

Internationale Studierende, die Online-Bildung suchen

An der APEI sind 5 % aller Studierenden aus 67 Ländern eingeschrieben.

Region	Prozentsatz internationaler Studierender	Anzahl der Studierenden
Asien-Pazifik	42%	1,785
Naher Osten	28%	1,190
Europa	18%	765
Lateinamerika	12%	510

American Public Education, Inc. (APEI) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Jährliche Kosten für die Technologieinfrastruktur für APEI im Jahr 2023: 12,4 Millionen US-Dollar

Technologiekomponente	Jährliche Kosten
Cloud-Computing-Dienste	4,2 Millionen US-Dollar
Lernmanagementsystem	3,6 Millionen US-Dollar
Cybersicherheitsinfrastruktur	2,8 Millionen US-Dollar
Netzwerk- und Hardwarewartung	1,8 Millionen US-Dollar

Vergütung der Fakultät und des Personals

Gesamtvergütung der Fakultät und des Personals für 2023: 87,3 Millionen US-Dollar

• Gehälter für Vollzeitdozenten: 52,1 Millionen US-Dollar
• Teilzeitvergütung für Lehrkräfte: 22,6 Millionen US-Dollar
• Gehälter des Verwaltungspersonals: 12,6 Millionen US-Dollar

Ausgaben für Marketing und Studentenakquise

Gesamte Marketingausgaben im Jahr 2023: 24,7 Millionen US-Dollar

Marketingkanal	Kosten
Digitale Werbung	11,3 Millionen US-Dollar
Suchmaschinenmarketing	6,2 Millionen US-Dollar
Social-Media-Kampagnen	4,5 Millionen US-Dollar
Traditionelle Medienwerbung	2,7 Millionen US-Dollar

Kursentwicklung und Inhaltserstellung

Jährliche Kursentwicklungskosten: 16,9 Millionen US-Dollar

• Lehrplangestaltung: 7,4 Millionen US-Dollar
• Erstellung und Aktualisierung von Inhalten: 5,6 Millionen US-Dollar
• Unterrichtsdesign: 3,9 Millionen US-Dollar

Verwaltungs- und Betriebsaufwand

Gesamter Verwaltungsaufwand für 2023: 35,6 Millionen US-Dollar

Kategorie „Betriebliche Ausgaben“.	Kosten
Büro- und Einrichtungskosten	8,3 Millionen US-Dollar
Recht und Compliance	6,7 Millionen US-Dollar
Personalwesen	5,2 Millionen US-Dollar
Allgemeine Verwaltungskosten	15,4 Millionen US-Dollar

American Public Education, Inc. (APEI) – Geschäftsmodell: Einnahmequellen

Unterricht aus Online-Studiengängen

Für das Geschäftsjahr 2022 meldete American Public Education, Inc. einen Gesamtnettoumsatz von 147,5 Millionen US-Dollar, wobei Online-Studiengänge einen erheblichen Anteil ausmachten.

Programmebene	Jährliche Einnahmen aus Studiengebühren	Prozentsatz des Gesamtumsatzes
Online-Studiengänge für Studenten	85,3 Millionen US-Dollar	57.8%
Online-Graduiertenprogramme	42,6 Millionen US-Dollar	28.9%

Rückerstattung von Leistungen für die militärische Ausbildung

Im Jahr 2022 beliefen sich die Einnahmen aus militärbezogener Bildung auf insgesamt 36,2 Millionen US-Dollar, was 24,5 % der gesamten Nettoeinnahmen ausmacht.

• Programm zur Unterstützung von Studiengebühren des Verteidigungsministeriums: 22,7 Millionen US-Dollar
• Vorteile für Veterans Affairs (VA): 13,5 Millionen US-Dollar

Firmenschulungsverträge

Die Einnahmen aus Unternehmensschulungen und Partnerschaften erreichten im Jahr 2022 8,7 Millionen US-Dollar.

Unternehmenspartnertyp	Jährlicher Vertragswert
Fortune-500-Unternehmen	5,4 Millionen US-Dollar
Kleine bis mittlere Unternehmen	3,3 Millionen US-Dollar

Gebühren für das Zertifikatsprogramm

Die Einnahmen aus dem Zertifikatsprogramm beliefen sich im Jahr 2022 auf 6,9 Millionen US-Dollar.

• Professionelle Zertifizierungsprogramme: 4,2 Millionen US-Dollar
• Zertifizierungen technischer Fähigkeiten: 2,7 Millionen US-Dollar

Einnahmen aus Weiterbildungskursen

Die Einnahmen aus Weiterbildungskursen beliefen sich im Jahr 2022 auf 4,1 Millionen US-Dollar.

Kurskategorie	Jahresumsatz
Kurse zur beruflichen Weiterentwicklung	2,6 Millionen US-Dollar
Kurse zur Kompetenzverbesserung	1,5 Millionen Dollar

American Public Education, Inc. (APEI) - Canvas Business Model: Value Propositions

You're looking at the core reasons students choose American Public Education, Inc. (APEI) institutions, which are clearly mapped out in their Value Propositions block of the Business Model Canvas.

Accessible, affordable education with low student loan debt for APUS students.

APEI emphasizes affordability as a key pillar, aiming to boost access by keeping tuition rates low. While national data shows the average student borrows over $30,000 to pursue a bachelor's degree, American Public University System (APUS) is positioned to offer a more accessible path for its learners. The company serves approximately 108,000 students across all its education units as of Q3 2025.

Career-focused programs in high-demand fields like nursing and technology.

The strategic focus on high-demand fields is evident in the growth of the healthcare segments. Hondros College of Nursing (HCN) and Rasmussen University (RU) are central to this value proposition. HCN revenue saw a year-over-year increase of 19% in the third quarter of 2025. Similarly, RU revenue grew by 16% in the same period. This focus on career outcomes is what drives enrollment in these specialized areas.

Flexible online and hybrid learning formats for working adults.

Flexibility is crucial for the working adult segment, which makes up a large part of the customer base. APUS, which includes American Military University and American Public University, serves approximately 89,000 adult learners worldwide via fully online education. Rasmussen University saw a 12% increase in on-ground enrollment and an 11% increase in online enrollment in Q3 2025, showing strength across both formats. The company offers 64.60 degree, certificate, and diploma programs in total.

Rapidly scalable nursing education platform (HCN revenue up 19% in Q3 2025).

The nursing platform is a clear growth engine, validating the scalability of the model. The 19% revenue increase at HCN in Q3 2025 is a hard number showing this scalability in action. This rapid growth is supported by an 18% year-over-year enrollment increase at HCN reported earlier in 2025.

Here's a quick look at the Q3 2025 segment performance driving these value propositions:

Segment	Q3 2025 Revenue Growth (YoY)	Q3 2025 Revenue (Millions USD)	Q3 2025 EBITDA (Millions USD)
Hondros College of Nursing (HCN)	19%	$18.4 million	Not explicitly stated as positive
Rasmussen University (RU)	16%	$60.8 million	$0.825 million
American Public University System (APUS)	8%	$83.1 million	$26.2 million

Specialized support for the military and veteran community.

APEI's roots are deeply tied to serving those in uniform. APUS is explicitly noted as the leading educator to active-duty military and veteran students. As of Q1 2025, military-affiliated students made up 47% of total APUS enrollment, attracted by dedicated military tuition rates and support for VA benefits. The company has 5.60 campuses nationwide to support its various student needs.

The value propositions are supported by operational metrics:

• Total consolidated revenue for Q3 2025 was $163.2 million.
• Adjusted EBITDA for Q3 2025 was $20.7 million, a 60% increase year-over-year.
• Cash flows from operations increased 56% to $73.5 million in Q3 2025.
• Total cash, cash equivalents, and restricted cash stood at $193.1 million at September 30, 2025.

Finance: draft 13-week cash view by Friday.

American Public Education, Inc. (APEI) - Canvas Business Model: Customer Relationships

You're looking at how American Public Education, Inc. (APEI) keeps its diverse student body engaged and moving toward graduation, which is key since their total student base is approximately 108,000 as of the third quarter of 2025. The relationship strategy is segmented, matching the distinct needs of military-affiliated learners versus civilian working adults.

High-touch academic advising and student support services

The commitment to personalized guidance is a stated driver of success; for instance, a proactive student advising model improved persistence rates by 8% in 2024. This high-touch element is crucial for the pragmatic adult learner, where 92% are driven by career advancement or change. Support is layered, especially for the online American Public University System (APUS) segment, which serves approximately 89,000 adult learners worldwide.

• APUS students have access to TalkCampus, a free online peer-support network.
• The overall student base includes approximately 108,000 learners across APUS, Rasmussen University (RU), and Hondros College of Nursing (HCN) as of Q3 2025.
• RU serves approximately 15,900 total students.
• HCN serves approximately 4,000 total students.

Dedicated military and veteran student support teams

Military-affiliated students remain a core group, comprising 47% of total APUS enrollment as of the first quarter of 2025. These students expect seamless integration of their benefits and prior learning. The relationship here is built on specialized knowledge of the GI Bill and Tuition Assistance programs. The APUS segment, which primarily serves military personnel and veterans, saw its net course registrations increase 8% year-over-year in the third quarter of 2025.

Metric	Value/Rate (as of late 2025 data)	Context
Military-Affiliated Enrollment Share (APUS)	47%	Percentage of total APUS enrollment as of Q1 2025
APUS Q3 2025 Net Course Registration Growth	8%	Year-over-year increase
Civilian New Enrollment Share (2024)	Over 50%	Percentage of new enrollments from civilian working adults in 2024

Self-service online portals for course registration and financial aid

For the majority of the student body, who are working adults, flexibility is paramount, relying heavily on digital infrastructure. The online delivery model is key to serving this demographic. While specific portal usage statistics aren't public, the operational efficiency suggests high adoption of digital tools. The company is focused on streamlining operations, which includes the planned combination of APUS, RU, and HCN into one consolidated institution.

• The civilian student acquisition cost was noted at $1,450, suggesting a digital-first, self-service funnel for this segment.
• The Rasmussen segment showed strong digital adoption with online enrollment increasing 10.8% in Q3 2025 at RU.

Direct engagement with employers for career placement services

The relationship extends beyond graduation, driven by the fact that 92% of the target market seeks career advancement. This focus is most evident in the growth of the healthcare-focused institutions. The career relevance of the programs directly supports the relationship by delivering the promised return on investment (ROI). The nursing segment is a prime example of this direct market alignment.

Institution	Enrollment Growth Driver	Enrollment Growth Rate (Latest Reported)
Hondros College of Nursing (HCN)	National nursing shortage fueling demand	17.6% year-over-year in Q3 2025
Rasmussen University (RU)	Demand for career-focused degrees	10.4% aggregate enrollment increase in Q3 2025

Automated, personalized communication for retention and completion

Retention efforts are supported by technology, as evidenced by the 8% persistence rate improvement in 2024 attributed to the advising model. The company uses a centralized CRM to segment customer demographics by life stage for personalized nurtures. This automation supports the high-margin online segment; APUS delivered an EBITDA margin of 30% in Q1 2025. The overall focus on operational discipline and scale is what allows resources to be directed toward these retention-focused communications.

The financial results reflect the success of these relationship-driven operational improvements. For Q3 2025, Adjusted EBITDA increased 60% year-over-year to $20.7 million, with the margin expanding by 424 basis points. Finance: draft 13-week cash view by Friday.

American Public Education, Inc. (APEI) - Canvas Business Model: Channels

You're looking at how American Public Education, Inc. (APEI) gets its education offerings to its students, which is a mix of digital reach and physical presence across its three main institutions: American Public University System (APUS), Rasmussen University, and Hondros College of Nursing (HCN).

Direct-to-consumer online advertising and digital marketing

The digital acquisition engine is a major channel, especially for the civilian working adult segment. For the 2024 fiscal year, American Public Education, Inc. allocated over 65% of its budget to channels like SEM and social media advertising to drive customer acquisition. The reported civilian student acquisition cost for 2024 was $1,450. This investment is reflected in the marketing spend for the third quarter of 2025, which totaled $36.1 million, marking an 8.0% increase compared to the prior year period. As a percentage of revenue, selling and promotional expenses rose to 22.1% in Q3 2025, up from 21.9% in Q3 2024.

Military education portals and base education centers

Serving military-affiliated students remains a core channel focus, primarily through the American Public University System (APUS). APUS is the leading educator to active-duty military and veteran students. As of Q1 2025, military-affiliated students comprised 47% of total APUS enrollment. The Q3 2025 results show APUS revenue increased 8% year-over-year, driven by an 8% increase in net course registrations.

28 physical campus locations for Rasmussen and Hondros

The campus-based channel is critical for Rasmussen University and Hondros College of Nursing, focusing heavily on healthcare education pathways. The total number of physical locations across these two institutions is 28. Rasmussen University operates 20 campuses across six states, serving approximately 15,900 students as of November 2025. Hondros College of Nursing operates eight campuses, located across Ohio (six), Indiana (one), and Michigan (one), serving approximately 4,000 total students. The on-ground enrollment channel at Rasmussen contributed to a 12% increase in on-ground enrollment in Q3 2025.

Here are the key enrollment and physical footprint numbers as of late 2025:

Institution/Metric	Student Count (Approximate)	Campus Count (Physical)
Total Students (All Units)	108,000	N/A
APUS Students (Adult Learners)	89,000	N/A (Fully Online)
Rasmussen University Students	15,900	20
Hondros College of Nursing Students	4,000	8

Corporate and government tuition reimbursement programs

While specific dollar amounts for government or corporate tuition reimbursement are not broken out as a distinct channel revenue line, the focus on serving those who serve and career advancement implies strong utilization of these third-party payment mechanisms. The strategy is explicitly tied to career mobility for working adults and military service members, who frequently use Tuition Assistance (TA) or employer reimbursement. The Q3 2025 revenue increase of 16% at Rasmussen University and 19% at Hondros College of Nursing suggests these career-aligned programs are effectively accessing corporate and government funding streams.

Direct sales and admissions teams for enrollment

Direct sales and admissions teams drive enrollment across the portfolio, particularly for the campus-based and high-growth healthcare programs. The effectiveness of these teams is evident in the segment growth figures reported for Q3 2025. Rasmussen University saw its revenue increase by 16% year-over-year, supported by an 11% increase in its online enrollment. Hondros College of Nursing revenue grew 19% year-over-year. The total student count across all education units was 108,000 as of November 10, 2025, showing the scale these teams manage.

• APUS Net Course Registrations increased 8% in Q3 2025 compared to the prior year period.
• Rasmussen University saw a 12% increase in on-ground enrollment in Q3 2025.
• Hondros College of Nursing enrollment grew 13.5% in Q2 2025.

American Public Education, Inc. (APEI) - Canvas Business Model: Customer Segments

You're looking at the core of American Public Education, Inc.'s (APEI) strategy, which is all about serving specific, mission-aligned adult learners. The customer segments aren't just labels; they represent distinct revenue streams across APUS, Rasmussen University (RU), and Hondros College of Nursing (HCN). The company is educating approximately 108,000 students across its three main institutions as of the third quarter of 2025.

The foundation remains the military community, but the growth engine is clearly shifting toward civilian upskilling. Here's how the key groups break down based on the latest operational data.

Active-duty Military and Veterans (APUS)

This segment, served primarily by the American Public University System (APUS), is the historical cornerstone. As of the data available, APUS serves approximately 89,000 adult learners worldwide. This group values the accessibility and the dedicated military tuition rates, which remain a key attraction. For Q1 2025, APUS saw a 3.5% increase in net course registrations compared to the prior year, generating $83.9 million in revenue for that quarter alone, with an EBITDA margin of 30%.

To be fair, while this group is core, the company is actively diversifying. Still, the military-affiliated population is a massive, reliable base. In Q1 2025, this group represented 47% of total APUS enrollment.

Military-Affiliated Families Seeking Flexible Education

This group overlaps heavily with the active-duty segment but extends to spouses and dependents who require the same level of flexibility APUS offers. They are part of the overall APUS enrollment base, which is designed around the unpredictable schedules of military life. The appeal here is the online, asynchronous nature of the education, which allows for continuity regardless of Permanent Change of Station (PCS) moves. This segment is deeply integrated into the APUS value proposition of accessible and affordable higher education.

New and Existing Nurses/Health Professionals (RU, HCN)

This is where American Public Education, Inc. is seeing significant, high-value growth, driven by national workforce needs. Rasmussen University (RU) and Hondros College of Nursing (HCN) target this market. HCN, which focuses on pre-licensure nursing students across eight campuses, served approximately 4,000 total students in the fourth quarter of 2025, showing a year-over-year enrollment increase of 9% for that quarter. RU, which serves nursing and health sciences, reported an aggregate enrollment of approximately 15,900 students for the fourth quarter of 2025, with both on-ground enrollment up 13% and online enrollment up 6%.

Here's a quick look at the recent segment performance driving this customer group:

Segment	Q3 2025 Revenue Increase (YoY)	Q3 2025 Revenue Growth Rate	Approximate Q4 2025 Enrollment
Rasmussen University (RU)	$6.5 million (Q2 2025) / $8.2 million (Q3 2025)	16%	15,900 students
Hondros College of Nursing (HCN)	$1.7 million (Q2 2025) / $2.9 million (Q3 2025)	19%	4,000 students

Working Adult Learners Seeking Career Advancement or Reskilling

This segment is the primary growth driver outside of the traditional military base. These are civilian learners, aged 25 to 50, with a median household income around $65,000. A significant 78% of them are employed full-time while pursuing their studies. An internal survey from 2024 showed that an overwhelming 92% of these learners are driven by the need for career advancement or change. This group is heavily targeted by Rasmussen University, which saw its civilian program growth rates exceed 15% annually since 2022.

The needs of this customer base dictate the focus on flexibility and career relevance across the portfolio. You're looking at pragmatic adults who need a direct return on their educational investment. The civilian adult learner market represents over 50% of new enrollments in 2024.

Traditional College-Age Students in Campus-Based Nursing Programs

While the overall focus is on working adults, the campus-based programs, especially at Rasmussen University, still attract younger students, particularly those entering pre-licensure nursing. These students are a subset of the RU enrollment figures. The appeal for this group is the structure and hands-on experience that campus settings provide, which is critical for certain healthcare tracks. The overall student acquisition cost for the civilian segment was reported at $1,450 in 2024.

Key characteristics defining the adult learner focus across APEI include:

• Career Transformation: 92% driven by career goals.
• Employment Status: 78% employed full-time while studying.
• APUS Working Adults: 90% of APUS students are working adults.
• Geographic Concentration: Key military/veteran markets are Texas, California, Florida, and Virginia, accounting for over 35% of total enrollment.
• Cash Position: Total unrestricted cash and cash equivalents reached $191.3 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

American Public Education, Inc. (APEI) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive American Public Education, Inc.'s operations for the third quarter of 2025. This is where the revenue goes, plain and simple.

The largest single cost component is Instructional costs and services expenses, which represented exactly 45.8% of the Q3 2025 consolidated revenue of $163.2 million. That dollar amount translated to $74.7 million for the three months ended September 30, 2025. That figure was actually a slight decrease year-over-year, coming in at $0.7 million less than the prior year period. That's a key efficiency point, especially considering revenue grew. It's a tight ship when it comes to the core teaching costs.

Next up, you see significant investment in reaching potential students. Selling and promotional expenses totaled exactly $36.1 million for Q3 2025. This represented 22.1% of revenue for the quarter. Honestly, a big driver here was advertising costs, which were up $2.5 million compared to the third quarter of 2024 as the company invested to secure enrollments.

The overhead bucket, General and administrative expenses, was reported at $34.7 million for the quarter. That was a slight decrease, down $0.3 million, or 1.0%, compared to the same period last year.

When you add those three major buckets together-Instructional, Selling & Promotional, and General & Administrative-you get $145.5 million. Since total consolidated costs and expenses for Q3 2025 were $153.5 million, that leaves a remaining expense category of about $8.0 million to account for other operational costs, including the specific components you asked about.

Here's a breakdown of the key reported costs for the third quarter of 2025:

Cost Category	Q3 2025 Amount (Millions)	Percentage of Revenue
Instructional Costs and Services Expenses	$74.7	45.8%
Selling and Promotional Expenses	$36.1	22.1%
General and Administrative Expenses	$34.7	(Calculated: $34.7M / $163.2M = 21.3%)
Other Operating Expenses (Implied Remainder)	$8.0 (Approximate)	(Implied: 4.9%)
Total Costs and Expenses	$153.5	(Implied: 94.0%)

You're definitely seeing pressure points in the operating expenses, even with margin expansion elsewhere. Here are the specific cost areas you need to track:

• Faculty and staff compensation, including benefits: This is embedded within the Instructional Costs ($74.7 million) and potentially the residual Other Operating Expenses. For context, Q1 2025 saw increases in overall employee compensation costs driving expense growth.
• Technology infrastructure and platform maintenance costs: This is also part of the overall expense structure. In Q1 2025, information technology costs actually decreased, providing some offset to rising compensation.
• Regulatory compliance costs: These are absorbed within General and Administrative expenses ($34.7 million).

The company is actively managing these areas; for instance, the sale of Graduate School USA in July 2025 eliminated associated liabilities and is expected to boost annual pre-tax cash flow by about $10 million.

Finance: draft 13-week cash view by Friday.

American Public Education, Inc. (APEI) - Canvas Business Model: Revenue Streams

You're looking at how American Public Education, Inc. (APEI) actually brings in the money to keep the lights on and the classes running. Honestly, it boils down to a few core buckets, primarily student payments and government support, which is pretty standard for this sector. The latest numbers show they're navigating some external pressures, like that government shutdown, but still seeing growth in key areas.

The biggest chunk of revenue comes from the direct cost of education-that's tuition and fees from students enrolled across their institutions, which now primarily include American Public University System (APUS), Rasmussen University (RU), and Hondros College of Nursing (HCN) after selling Graduate School USA in July 2025. It's helpful to see where that enrollment strength is coming from. For instance, in the third quarter of 2025, revenue growth was strong:

• Hondros College of Nursing ('HCN') saw a revenue increase of 19% year-over-year.
• Rasmussen University ('RU') Segment revenue increased by 16% year-over-year.
• American Public University System ('APUS') Segment revenue increased by 8% year-over-year.

If you look at the core business without the divested Graduate School USA ('GSUSA'), the aggregate revenue growth for Q3 2025 was actually 12% year-over-year. That's a solid indicator of demand in their remaining focus areas.

Next up are the government funding streams, which are critical, especially for APUS. This includes Federal student financial aid, commonly known as Title IV funding, which supports many of their online students. Then you have the direct military funding, which is a mix of Military Tuition Assistance (TA) and Veterans Administration (VA) benefits. This area faced a near-term headwind; the government shutdown in late 2025 temporarily suspended the Department of Defense TA program. APUS estimated that this resulted in approximately 12,700 course registrations being dropped for non-payment on October 11, 2025, leading to an estimated revenue shortfall of approximately $9.6 million for October 2025 alone. Management suggested the total estimated impact to full-year 2025 revenue from the shutdown was between $20 million and $24 million.

Here's a quick view of the key financial targets for the full year 2025, which gives you the top-line expectation you need for modeling:

Metric	Financial Number/Range
Full-Year 2025 Consolidated Revenue Guidance	$640 million to $644 million
Q3 2025 Consolidated Revenue	$163.2 million

So, you see the $163.2 million Q3 result was strong enough that they revised the full-year guidance down slightly to the $640 million to $644 million range, largely to account for that military funding disruption, but they still beat their initial expectations before the shutdown impact. Finance: draft 13-week cash view by Friday.