Educación Pública Americana, Inc. (APEI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la educación en línea, American Public Education, Inc. (APEI) surge como una fuerza transformadora, que puesta estratégicamente oportunidades educativas para el personal militar, los profesionales que trabajan y los cambiadores de carrera. Al aprovechar un modelo de negocio innovador que combina tecnologías de aprendizaje digital de vanguardia, diseño de programas flexibles y vías educativas específicas, APEI se ha posicionado como una institución pionera que reinventa la educación superior para el alumno moderno. Esta exploración de su lienzo de modelo de negocio revela un enfoque integral que aborda las complejas necesidades de diversos segmentos de estudiantes a través de un ecosistema educativo sofisticado y basado en la tecnología.

American Public Education, Inc. (APEI) - Modelo de negocios: asociaciones clave

Asociaciones de plataforma de cursos en línea con universidades y colegios

American Public Education, Inc. mantiene asociaciones con las siguientes instituciones académicas:

Institución	Tipo de asociación	Año establecido
Universidad de Florida	Colaboración en el curso en línea	2021
Campus de Penn State World	Programa de grado en línea	2019
Universidad Estatal de Arizona	Plataforma de aprendizaje digital	2020

Alianzas estratégicas con organizaciones de apoyo a la educación militar

Detalles de la asociación militar:

• Actividad de defensa para el apoyo a la educación no tradicional (Dantes)
• Programa de beneficios educativos de Asuntos de Veteranos (VA)
• Programa de asistencia de matrícula militar (TA)

Asociación militar	Inscripción anual de estudiantes	Contribución de ingresos
Asistencia de matrícula militar	4.237 estudiantes	$ 18.6 millones
Beneficios de la educación de VA	3.982 estudiantes	$ 16.2 millones

Proveedores de tecnología para sistemas de gestión de aprendizaje

Socios de tecnología clave:

• Pizarra aprender
• Lienzo lms por instructura
• Malhumorado

Proveedor de tecnología	Valor de contrato	Año de implementación
Pizarra aprender	$ 2.4 millones	2022
Lienzo LMS	$ 1.9 millones	2021

Capacitación corporativa y socios de desarrollo profesional

Red de asociación corporativa:

• Capacitación de Amazon Web Services (AWS)
• Academia de redes de Cisco
• Programas de certificación de CompTIA

Socio corporativo	Programas de capacitación	Inscripciones anuales
Entrenamiento de AWS	Certificación de computación en la nube	2,345 estudiantes
Redes de cisco	Certificaciones de redes	1.876 estudiantes

American Public Education, Inc. (APEI) - Modelo de negocios: actividades clave

Desarrollar y entregar programas educativos en línea

A partir del cuarto trimestre de 2023, APEI opera a través de dos instituciones educativas principales:

• Sistema Americano de Universidad Pública (APUS)
• Hondros College of Nursing

Métrico	Valor
Total de estudiantes en línea (2023)	44,653
Programas de grado en línea	123
Ofertas anuales de cursos en línea	2,400+

Crear un plan de estudios para estudiantes militares y civiles

El desarrollo del plan de estudios de APEI se centra en:

• Programas militares
• Pistas de grado alineadas en la fuerza laboral

Segmento de estudiantes	Porcentaje
Militar/veteranos	54%
Estudiantes civiles	46%

Proporcionar soporte técnico para plataformas de aprendizaje en línea

Inversión de infraestructura técnica para 2023:

Inversión tecnológica	Cantidad
Actualizaciones del sistema de gestión de aprendizaje	$ 3.2 millones
Mejoras de ciberseguridad	$ 1.7 millones

Comercializar y reclutar estudiantes para varios programas de grado

Gastos de marketing en 2023: $ 24.6 millones

Canal de marketing	Porcentaje de asignación
Marketing digital	68%
Divulgación directa	22%
Medios tradicionales	10%

Mejora de contenido continuo de curso y programa

Inversión anual de desarrollo de contenido: $ 5.4 millones

• Ciclos de revisión del plan de estudios: bianual
• Consultas de la Junta Asesora de la Industria: Trimestralmente

American Public Education, Inc. (APEI) - Modelo de negocios: recursos clave

Infraestructura avanzada de tecnología de aprendizaje en línea

A partir de 2024, APEI mantiene una plataforma de aprendizaje digital integral con las siguientes especificaciones:

Recurso tecnológico	Especificación
Sistema de gestión de aprendizaje	Plataforma de lona LMS
Infraestructura en la nube	Servicios web de Amazon (AWS)
Inversión anual de infraestructura de TI	$ 4.3 millones
Capacidad de servidor	99.99% de tiempo de actividad

Equipos experimentados de desarrollo de facultades y académicos

Composición de la facultad APEI a partir de 2024:

• Facultad total: 1.287 educadores
• Facultad de tiempo completo: 387
• Facultad a tiempo parcial: 900
• Calificación promedio de la facultad: maestría o superior

Acreditación y certificaciones educativas

Cuerpo de acreditación	Estado	Período de validez
Comisión de aprendizaje superior	Totalmente acreditado	2021-2026
Comisión de acreditación de educación a distancia	Autorizado	2022-2027

Contenido de aprendizaje digital y materiales del curso

Recursos de contenido digital de APEI:

• Total de cursos en línea: 1.672
• Presupuesto de desarrollo del curso: $ 2.1 millones anualmente
• Frecuencia de actualización de contenido: trimestralmente
• Recursos de aprendizaje multimedia: más de 12,500 activos digitales

Sistema de apoyo para estudiantes y sistemas administrativos

Servicio de apoyo	Asignación de recursos
Personal de apoyo para estudiantes	342 profesionales
Presupuesto anual de apoyo para estudiantes	$ 5.6 millones
Soporte técnico 24/7	Implementado
Plataforma de éxito estudiantil	Sistema de alerta temprana de Starfish

American Public Education, Inc. (APEI) - Modelo de negocios: propuestas de valor

Educación en línea flexible para profesionales que trabajan

A partir del cuarto trimestre de 2023, American Public Education, Inc. ofreció programas de grado 100% en línea con:

Tipo de programa	Número de programas	Tiempo de finalización promedio
Títulos asociados	35	2 años
Títulos de licenciatura	45	3-4 años
Títulos de maestría	22	18-24 meses

Programas de títulos y certificados asequibles

Tasas de matrícula para 2023-2024 Año académico:

• Pregrado por hora de crédito: $ 285
• Graduado por hora de crédito: $ 370
• Programas de certificado: $ 2,100 Costo total

Vías educativas especializadas centradas en militares

Ofertas educativas específicas militares en 2024:

Categoría de programa	Número de programas	Inscripción militar
Títulos militares	18	3.456 estudiantes militares activos
Programas de apoyo a los veteranos	7	2,189 estudiantes veteranos

Educación superior accesible para diversas poblaciones estudiantiles

Desglose demográfico del estudiante para 2023:

• Inscripción total de estudiantes: 37,200
• Porcentaje de estudiantes minoritarios: 52%
• Estudiantes universitarios de primera generación: 43%

Plan de estudios orientado a la carrera alineado con las necesidades de la industria

Estadísticas del programa alineada en la industria:

Categoría de programa	Número de programas	Tasa de asociación de la industria
Programas de negocios	22	89% de alineación de la industria
Programas tecnológicos	15	92% de alineación de la industria
Programas de atención médica	11	87% de alineación de la industria

American Public Education, Inc. (APEI) - Modelo de negocios: relaciones con los clientes

Servicios de apoyo para estudiantes personalizados

American Public Education, Inc. brinda apoyo estudiantil dedicado a través de múltiples canales:

Canal de soporte	Volumen de contacto anual	Tiempo de respuesta promedio
Soporte telefónico	87,456 interacciones estudiantiles	23 minutos
Soporte por correo electrónico	62,310 correos electrónicos de estudiantes	12 horas
Chat en vivo	45,230 sesiones de chat	7 minutos

Asesoramiento académico en línea

Los servicios de asesoramiento académico en línea de APEI incluyen:

• 1: 1 sesiones de asesoramiento virtual
• Consejeros académicos dedicados
• Planificación de vías de grado personalizado

Aconía	Datos anuales
Sesiones totales de asesoramiento académico	24,567 sesiones
Duración de la sesión promedio	37 minutos

Portales de estudiantes de autoservicio

Plataformas digitales que ofrecen recursos integrales de los estudiantes:

• Registro del curso
• Gestión de transcripciones
• Seguimiento de ayuda financiera

Métrico de uso del portal	Datos anuales
Usuarios totales del portal	38,900 estudiantes
Usuarios activos mensuales	28,345 estudiantes

Plataformas de la comunidad de estudiantes digitales

Plataformas de compromiso digital de APEI:

Plataforma	Totales miembros	Usuarios activos mensuales
Red de ex alumnos de LinkedIn	17.890 miembros	6.540 usuarios activos
Foros de discusión interna	22,340 usuarios registrados	9,210 participantes activos

Compromiso continuo a través de recursos profesionales

Servicios y recursos de apoyo profesional:

Recurso profesional	Utilización anual
Sesiones de asesoramiento profesional	3,456 sesiones individuales
Asistencia de colocación laboral	2,340 estudiantes asistieron
Servicios de revisión de currículums	1.890 currículums revisados

American Public Education, Inc. (APEI) - Modelo de negocios: canales

Sitio web de la empresa y portal de inscripción en línea

American Public Education, Inc. opera las siguientes plataformas de inscripción digital:

Plataforma	Visitas anuales de usuario	Tasa de conversión
Sitio web principal de APEI	1,247,000	3.7%
Portal de inscripción en línea	892,500	2.9%

Campañas de marketing digital

Gastos de marketing digital y métricas de rendimiento:

Canal	Gasto anual	Generación de leads
Ads de Google	$3,420,000	47,300 cables
Publicidad de LinkedIn	$1,850,000	22,600 cables

Asesoramiento educativo de base militar

• Ubicaciones totales de asesoramiento de la base militar: 127
• Inscripción anual de estudiantes militares: 18.750
• Tasa de retención de estudiantes militares: 68.3%

Sesiones de información en línea

Tipo de sesión	Sesiones anuales	Asistencia promedio
Webinarios en vivo	436	87 participantes
Sesiones grabadas	2,100	213 vistas

Plataformas de reclutamiento de redes sociales

Plataforma	Seguidores	Tasa de compromiso
Facebook	92,400	4.2%
LinkedIn	67,300	3.9%
Instagram	45,200	2.7%

American Public Education, Inc. (APEI) - Modelo de negocios: segmentos de clientes

Personal militar activo y veterano

A partir de 2024, APEI atiende a aproximadamente 42,000 estudiantes afiliados a los militares a través de la American Military University (AMU). La inscripción total de estudiantes militares representa el 53% de la población estudiantil de la institución.

Categoría de estudiantes militares	Porcentaje	Número estimado
Militar de servicio activo	35%	14,700
Veteranos	18%	7,560
Dependientes militares	7%	2,940

Aprendedores de adultos que trabajan

APEI se dirige a profesionales que trabajan de 25 a 45 años, con el 78% de los estudiantes empleados a tiempo completo durante su viaje académico.

• Edad promedio de los alumnos para adultos que trabajan: 32 años
• Ingresos anuales promedio: $ 62,500
• Industrias primarias representadas: atención médica, tecnología, servicios comerciales

Profesionales que cambian su carrera

En 2024, aproximadamente el 22% de los estudiantes de APEI buscan programas de grado para la transición profesional.

Sector de transición profesional	Porcentaje
Tecnología	34%
Cuidado de la salud	28%
Gestión empresarial	22%
Educación	16%

Participantes de capacitación corporativa

APEI se asocia con 127 entidades corporativas para programas de desarrollo profesional, que atiende a aproximadamente 8,500 participantes de capacitación corporativa anualmente.

• Duración promedio del programa de capacitación corporativa: 6 meses
• Ingresos de capacitación corporativa: $ 14.3 millones en 2023
• Los mejores sectores de capacitación corporativa: tecnología, atención médica, finanzas

Estudiantes internacionales que buscan educación en línea

La inscripción internacional para estudiantes en APEI representa el 5% de la población estudiantil total, con estudiantes de 67 países.

Región	Porcentaje de estudiantes internacionales	Número de estudiantes
Asia-Pacífico	42%	1,785
Oriente Medio	28%	1,190
Europa	18%	765
América Latina	12%	510

American Public Education, Inc. (APEI) - Modelo de negocios: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos anuales de infraestructura tecnológica para APEI en 2023: $ 12.4 millones

Componente tecnológico	Costo anual
Servicios de computación en la nube	$ 4.2 millones
Sistema de gestión de aprendizaje	$ 3.6 millones
Infraestructura de ciberseguridad	$ 2.8 millones
Mantenimiento de la red y el hardware	$ 1.8 millones

Compensación de la facultad y el personal

Compensación total de la facultad y el personal para 2023: $ 87.3 millones

• Salarios de la facultad a tiempo completo: $ 52.1 millones
• Compensación de la facultad a tiempo parcial: $ 22.6 millones
• Salarios del personal administrativo: $ 12.6 millones

Gastos de marketing y adquisición de estudiantes

Gastos de marketing total en 2023: $ 24.7 millones

Canal de marketing	Gastos
Publicidad digital	$ 11.3 millones
Marketing de motores de búsqueda	$ 6.2 millones
Campañas de redes sociales	$ 4.5 millones
Publicidad de medios tradicional	$ 2.7 millones

Desarrollo del curso y creación de contenido

Costos de desarrollo anual del curso: $ 16.9 millones

• Diseño del plan de estudios: $ 7.4 millones
• Creación de contenido y actualizaciones: $ 5.6 millones
• Diseño de instrucción: $ 3.9 millones

Sobrecarga administrativa y operativa

Sobrecoss administrativos totales para 2023: $ 35.6 millones

Categoría de gastos operativos	Costo
Gastos de oficina e instalaciones	$ 8.3 millones
Legal y cumplimiento	$ 6.7 millones
Recursos humanos	$ 5.2 millones
Costos administrativos generales	$ 15.4 millones

American Public Education, Inc. (APEI) - Modelo de negocios: flujos de ingresos

Matrícula de programas de grado en línea

Para el año fiscal 2022, American Public Education, Inc. reportó ingresos netos totales de $ 147.5 millones, con la matrícula del programa en línea que representa una porción significativa.

Nivel de programa	Ingresos anuales de matrícula	Porcentaje de ingresos totales
Programas de pregrado en línea	$ 85.3 millones	57.8%
Programas en línea de posgrado	$ 42.6 millones	28.9%

Reembolsos de beneficios de educación militar

En 2022, los ingresos educativos relacionados con el ejército totalizaron $ 36.2 millones, lo que representa el 24.5% de los ingresos netos totales.

• Programa de asistencia de matrícula del Departamento de Defensa: $ 22.7 millones
• Beneficios de Asuntos de Veteranos (VA): $ 13.5 millones

Contratos de capacitación corporativa

La capacitación corporativa y los ingresos por asociación para 2022 alcanzaron los $ 8.7 millones.

Tipo de socio corporativo	Valor anual del contrato
Fortune 500 Companies	$ 5.4 millones
Empresas pequeñas a medianas	$ 3.3 millones

Tarifas del programa de certificados

Los ingresos del programa de certificado en 2022 ascendieron a $ 6.9 millones.

• Programas de certificación profesional: $ 4.2 millones
• Certificaciones de habilidades técnicas: $ 2.7 millones

Ingresos del curso de educación continua

Los ingresos del curso de educación continua para 2022 fueron de $ 4.1 millones.

Categoría de curso	Ingresos anuales
Cursos de desarrollo profesional	$ 2.6 millones
Cursos de mejora de habilidades	$ 1.5 millones

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.