American Public Education, Inc. (APEI): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'éducation en ligne, American Public Education, Inc. (APEI) apparaît comme une force transformatrice, en levant stratégiquement les possibilités éducatives pour le personnel militaire, les professionnels et les changements de carrière. En tirant parti d'un modèle commercial innovant qui combine des technologies d'apprentissage numérique de pointe, une conception de programmes flexible et des voies éducatives ciblées, APEI s'est positionné comme une institution pionnière qui réinvente l'enseignement supérieur pour l'apprenant moderne. Cette exploration de leur toile de modèle commercial révèle une approche globale qui répond aux besoins complexes de divers segments d'étudiants grâce à un écosystème éducatif sophistiqué et axé sur la technologie.

American Public Education, Inc. (APEI) - Modèle commercial: partenariats clés

Partenariats de plate-forme de cours en ligne avec les universités et les collèges

American Public Education, Inc. maintient des partenariats avec les établissements universitaires suivants:

Institution	Type de partenariat	Année établie
Université de Floride	Collaboration de cours en ligne	2021
Campus mondial de Penn State	Programme d'études en ligne	2019
Université d'État de l'Arizona	Plateforme d'apprentissage numérique	2020

Alliances stratégiques avec les organisations de soutien à l'éducation militaire

Détails du partenariat militaire:

• Activité de défense pour le soutien à l'éducation non traditionnelle (Dantes)
• Programme d'éducation des anciens combattants (VA)
• Programme d'aide aux frais de scolarité militaire (TA)

Partenariat militaire	Inscription annuelle des étudiants	Contribution des revenus
Assistance aux frais de scolarité militaire	4 237 étudiants	18,6 millions de dollars
Avantages éducatifs VA	3 982 étudiants	16,2 millions de dollars

Vendeurs technologiques pour l'apprentissage des systèmes de gestion

Partenaires technologiques clés:

• Blackboard Learn
• Toile LMS par instructure
• Moodle

Fournisseur de technologie	Valeur du contrat	Année de mise en œuvre
Blackboard Learn	2,4 millions de dollars	2022
Toile LMS	1,9 million de dollars	2021

Formation d'entreprise et partenaires de développement professionnel

Réseau de partenariat d'entreprise:

• Formation Amazon Web Services (AWS)
• Cisco Networking Academy
• Programmes de certification comptia

Partenaire	Programmes de formation	Inscriptions annuelles
Formation AWS	Certification de cloud computing	2 345 étudiants
Cisco Réseautage	Certifications de réseautage informatique	1 876 étudiants

American Public Education, Inc. (APEI) - Modèle d'entreprise: activités clés

Développer et offrir des programmes éducatifs en ligne

Depuis le quatrième trimestre 2023, APEI opère dans deux établissements d'enseignement primaires:

• Système universitaire public américain (APUS)
• Hondros College of Nursing

Métrique	Valeur
Étudiants totaux en ligne (2023)	44,653
Programmes d'études en ligne	123
Offres de cours en ligne annuelles	2,400+

Créer un programme d'études pour les étudiants militaires et civils

Le développement du curriculum d'APEI se concentre sur:

• Programmes adaptés aux militaires
• Tracks de diplôme aligné par la main-d'œuvre

Segment des étudiants	Pourcentage
Militaires / anciens combattants	54%
Étudiants civils	46%

Fournir un support technique pour les plateformes d'apprentissage en ligne

Investissement d'infrastructure technique pour 2023:

Investissement technologique	Montant
Mises à niveau du système de gestion de l'apprentissage	3,2 millions de dollars
Améliorations de la cybersécurité	1,7 million de dollars

Market et recruter des étudiants pour divers programmes d'études

Dépenses de marketing en 2023: 24,6 millions de dollars

Canal de marketing	Pourcentage d'allocation
Marketing numérique	68%
Sensibilisation directe	22%
Médias traditionnels	10%

Amélioration continue du contenu des cours et du programme

Investissement annuel sur le développement de contenu: 5,4 millions de dollars

• Cycles de revue des programmes: Biannuel
• Consultations du conseil consultatif de l'industrie: trimestriel

American Public Education, Inc. (APEI) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie d'apprentissage en ligne avancée

En 2024, APEI maintient une plate-forme d'apprentissage numérique complète avec les spécifications suivantes:

Ressource technologique	Spécification
Système de gestion de l'apprentissage	Plateforme LMS Canvas
Infrastructure cloud	Amazon Web Services (AWS)
Investissement annuel d'infrastructure informatique	4,3 millions de dollars
Capacité du serveur	99,99% de disponibilité

Des équipes de développement académique expérimentées

Composition de la faculté APEI en 2024:

• Total des professeurs: 1 287 éducateurs
• Faculté à temps plein: 387
• Faculté à temps partiel: 900
• Qualification moyenne du corps professoral: maîtrise ou plus

Certifications d'accréditation et d'éducation

Corps d'accréditation	Statut	Période de validité
Commission d'enseignement supérieur	Entièrement accrédité	2021-2026
Commission d'accréditation à distance	Accrédité	2022-2027

Contenu d'apprentissage numérique et matériel de cours

Ressources de contenu numérique d'Anei:

• Total des cours en ligne: 1 672
• Budget de développement de cours: 2,1 millions de dollars par an
• Fréquence de mise à jour du contenu: trimestriel
• Ressources d'apprentissage multimédia: 12 500+ actifs numériques

Support des étudiants et systèmes administratifs

Service d'assistance	Allocation des ressources
Personnel de soutien aux étudiants	342 professionnels
Budget annuel de soutien aux étudiants	5,6 millions de dollars
Assistance technique 24/7	Mis en œuvre
Plateforme de réussite des étudiants	Système d'alerte précoce des étoiles de mer

American Public Education, Inc. (APEI) - Modèle d'entreprise: propositions de valeur

Éducation en ligne flexible pour les professionnels

Au quatrième trimestre 2023, American Public Education, Inc. a offert 100% de programmes d'études en ligne avec:

Type de programme	Nombre de programmes	Temps d'achèvement moyen
Diplômes associés	35	2 ans
Baccalauréat	45	3-4 ans
Diplômes de maîtrise	22	18-24 mois

Programmes de diplôme et de certificat abordables

Taux de scolarité pour l'année académique 2023-2024:

• Hour de premier cycle par crédit: 285 $
• Diplômé par heure de crédit: 370 $
• Programmes de certificat: 2100 $ Coût total

Des voies éducatives spécialisées axées sur les militaires

Offres éducatives spécifiques aux militaires en 2024:

Catégorie de programme	Nombre de programmes	Inscription militaire
Diplômes militaires	18	3 456 étudiants militaires actifs
Programmes de soutien aux anciens combattants	7	2 189 étudiants vétérans

Enseignement supérieur accessible pour diverses populations d'étudiants

Déchange démographique des étudiants pour 2023:

• Inscription totale des étudiants: 37 200
• Pourcentage d'étudiant minoritaire: 52%
• Étudiants de première génération: 43%

Programme d'études axé sur la carrière alignée sur les besoins de l'industrie

Statistiques du programme aligné sur l'industrie:

Catégorie de programme	Nombre de programmes	Taux de partenariat de l'industrie
Programmes commerciaux	22	89% d'alignement de l'industrie
Programmes technologiques	15	Alignement de l'industrie à 92%
Programmes de soins de santé	11	87% d'alignement de l'industrie

American Public Education, Inc. (APEI) - Modèle d'entreprise: relations clients

Services de soutien aux étudiants personnalisés

American Public Education, Inc. fournit un soutien dédié aux étudiants via plusieurs canaux:

Canal de support	Volume de contact annuel	Temps de réponse moyen
Support téléphonique	87 456 interactions étudiants	23 minutes
Assistance par e-mail	62 310 e-mails étudiants	12 heures
Chat en direct	45 230 séances de chat	7 minutes

Conseil académique en ligne

Les services de conseil académique en ligne d'APEI comprennent:

• Sessions de conseil virtuelle 1: 1
• Conseillers universitaires dévoués
• Planification des voies de diplôme personnalisées

Conseiller la métrique	Données annuelles
Sessions de conseil scolaire total	24 567 séances
Durée moyenne de la session	37 minutes

Portails étudiants en libre-service

Plateformes numériques offrant des ressources étudiantes complètes:

• Inscription au cours
• Gestion des transcrits
• Suivi de l'aide financière

Métrique d'utilisation du portail	Données annuelles
Total des utilisateurs de portail	38 900 étudiants
Utilisateurs actifs mensuels	28 345 étudiants

Plateformes de la communauté des étudiants numériques

Plateformes d'engagement numérique d'APEI:

Plate-forme	Total des membres	Utilisateurs actifs mensuels
Réseau des anciens de LinkedIn	17 890 membres	6 540 utilisateurs actifs
Forums de discussion interne	22 340 utilisateurs enregistrés	9 210 participants actifs

Engagement continu à travers les ressources de carrière

Services et ressources de soutien à la carrière:

Ressource de carrière	Utilisation annuelle
Séances de conseil en carrière	3 456 séances individuelles
Aide au placement	2 340 étudiants aidés
Services de révision de CV	1 890 CV examinés

American Public Education, Inc. (APEI) - Modèle commercial: canaux

Site Web de l'entreprise et portail d'inscription en ligne

American Public Education, Inc. exploite les plateformes d'inscription numériques suivantes:

Plate-forme	Visites des utilisateurs annuels	Taux de conversion
Site Web principal APEI	1,247,000	3.7%
Portail d'inscription en ligne	892,500	2.9%

Campagnes de marketing numérique

Dépenses de marketing numérique et métriques de performance:

Canal	Dépenses annuelles	Génération de leads
Publicités Google	$3,420,000	47 300 pistes
Publicité LinkedIn	$1,850,000	22 600 pistes

Conseil d'éducation de la base militaire

• Lieu de counseling de base militaire: 127
• Inscription annuelle des étudiants militaires: 18 750
• Taux de rétention des étudiants militaires: 68,3%

Séances d'information en ligne

Type de session	Sessions annuelles	Fréquentation moyenne
Webinaires en direct	436	87 participants
Sessions enregistrées	2,100	213 vues

Plateformes de recrutement des médias sociaux

Plate-forme	Abonnés	Taux d'engagement
Facebook	92,400	4.2%
Liendin	67,300	3.9%
Instagram	45,200	2.7%

American Public Education, Inc. (APEI) - Modèle d'entreprise: segments de clientèle

Personnel militaire actif et vétéran

En 2024, APEI dessert environ 42 000 étudiants affiliés aux militaires par le biais de l'American Military University (AMU). L'inscription totale des étudiants militaires représente 53% de la population étudiante de l'établissement.

Catégorie d'étudiants militaires	Pourcentage	Nombre estimé
Militaires en service actif	35%	14,700
Vétérans	18%	7,560
Personnes à charge militaire	7%	2,940

Apprenants adultes qui travaillent

APEI cible les professionnels du travail âgés de 25 à 45 ans, avec 78% des étudiants employés à temps plein pendant leur parcours académique.

• Âge moyen des apprenants adultes qui travaillent: 32 ans
• Revenu annuel médian: 62 500 $
• Industries primaires représentées: soins de santé, technologie, services commerciaux

Professionnels qui changent de carrière

En 2024, environ 22% des étudiants APEI poursuivent des programmes d'études pour la transition de carrière.

Secteur de transition de carrière	Pourcentage
Technologie	34%
Soins de santé	28%
Gestion des affaires	22%
Éducation	16%

Participants à la formation d'entreprise

APEI s'associe à 127 entités d'entreprise pour des programmes de développement professionnel, desservant environ 8 500 participants à la formation d'entreprise chaque année.

• Durée du programme de formation en entreprise moyen: 6 mois
• Revenus de formation d'entreprise: 14,3 millions de dollars en 2023
• Les meilleurs secteurs de formation d'entreprise: technologie, soins de santé, financement

Étudiants internationaux à la recherche d'éducation en ligne

Les inscriptions aux étudiants internationaux à l'APEI représentent 5% de la population étudiante totale, avec des étudiants de 67 pays.

Région	Pourcentage d'étudiants internationaux	Nombre d'étudiants
Asie-Pacifique	42%	1,785
Moyen-Orient	28%	1,190
Europe	18%	765
l'Amérique latine	12%	510

American Public Education, Inc. (APEI) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coût des infrastructures technologiques annuelles pour APEI en 2023: 12,4 millions de dollars

Composant technologique	Coût annuel
Services de cloud computing	4,2 millions de dollars
Système de gestion de l'apprentissage	3,6 millions de dollars
Infrastructure de cybersécurité	2,8 millions de dollars
Maintenance du réseau et du matériel	1,8 million de dollars

Compense des professeurs et du personnel

Indemnisation totale des professeurs et du personnel pour 2023: 87,3 millions de dollars

• Salaires des professeurs à temps plein: 52,1 millions de dollars
• Compensation du corps professoral à temps partiel: 22,6 millions de dollars
• Salaires du personnel administratif: 12,6 millions de dollars

Frais de marketing et d'acquisition des étudiants

Total des dépenses de marketing en 2023: 24,7 millions de dollars

Canal de marketing	Frais
Publicité numérique	11,3 millions de dollars
Marketing des moteurs de recherche	6,2 millions de dollars
Campagnes de médias sociaux	4,5 millions de dollars
Publicité médiatique traditionnelle	2,7 millions de dollars

Développement de cours et création de contenu

Coûts de développement des cours annuels: 16,9 millions de dollars

• Conception du curriculum: 7,4 millions de dollars
• Création et mises à jour du contenu: 5,6 millions de dollars
• Conception pédagogique: 3,9 millions de dollars

Surfaçon administratives et opérationnelles

Total administratif total pour 2023: 35,6 millions de dollars

Catégorie de dépenses opérationnelles	Coût
Frais de bureau et d'installation	8,3 millions de dollars
Juridique et conformité	6,7 millions de dollars
Ressources humaines	5,2 millions de dollars
Coûts administratifs généraux	15,4 millions de dollars

American Public Education, Inc. (APEI) - Modèle d'entreprise: Strots de revenus

Frais de scolarité des programmes d'études en ligne

Pour l'exercice 2022, American Public Education, Inc. a déclaré des revenus nets totaux de 147,5 millions de dollars, les frais de scolarité du programme de diplôme en ligne représentant une partie importante.

Niveau de programme	Revenus annuels des frais de scolarité	Pourcentage du total des revenus
Programmes de premier cycle en ligne	85,3 millions de dollars	57.8%
Programmes en ligne diplômés	42,6 millions de dollars	28.9%

Remboursements de bénéfice de l'éducation militaire

En 2022, les revenus d'éducation liés à l'armée ont totalisé 36,2 millions de dollars, ce qui représente 24,5% des revenus nets totaux.

• Programme d'aide aux frais de scolarité du ministère de la Défense: 22,7 millions de dollars
• Avantages pour les anciens combattants (VA): 13,5 millions de dollars

Contrats de formation d'entreprise

La formation en entreprise et les revenus de partenariat pour 2022 ont atteint 8,7 millions de dollars.

Type de partenaire d'entreprise	Valeur du contrat annuel
Fortune 500 Companies	5,4 millions de dollars
Petites et moyennes entreprises	3,3 millions de dollars

Frais de programme de certificat

Les revenus du programme de certificat en 2022 s'élevaient à 6,9 millions de dollars.

• Programmes de certification professionnelle: 4,2 millions de dollars
• Certifications de compétences techniques: 2,7 millions de dollars

Revenus de cours de formation continue

Les revenus de cours de formation continue pour 2022 étaient de 4,1 millions de dollars.

Catégorie de cours	Revenus annuels
Cours de développement professionnel	2,6 millions de dollars
Cours d'amélioration des compétences	1,5 million de dollars

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.