American Public Education, Inc. (APEI): Business Model Canvas [Dec-2025 Updated]

As a former analyst who's seen a few market pivots, you'll want to see how American Public Education, Inc. (APEI) is sharpening its focus right now in late 2025, ditching complexity to double down on military education and healthcare-a smart move given the 19% Q3 growth in their nursing segment. We're talking about a business that banked $163.2 million in the third quarter and is guiding toward $640 million to $644 million for the full year by leaning hard on federal funding streams and institutional accreditation. Honestly, understanding this streamlined Business Model Canvas is key to seeing if their operational efficiency gains will actually hit that margin target, so dig into the details below to see the exact structure driving their near-term performance.

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

You're looking at the critical external relationships American Public Education, Inc. (APEI) relies on to deliver its education services, especially given its focus on military-affiliated and career-focused students. These partnerships are the lifeblood for revenue stability and program delivery.

Government and Military Funding Partnerships

The relationship with federal agencies is foundational, particularly for the American Public University System (APUS) segment. While specific FY 2025 revenue breakdowns for Tuition Assistance (TA) versus GI Bill are not explicitly published in the latest reports, the reliance on these funding streams is clear from the overall student base.

American Public Education, Inc. serves approximately 108,000 students across its institutions as of the third quarter of 2025. APUS, which is a leading educator to active-duty military and veteran students, serves approximately 88,000 of those learners worldwide.

Key government funding mechanisms involve:

• U.S. Department of Defense for Tuition Assistance (TA) funding.
• Department of Veterans Affairs (VA) for GI Bill benefits.

For context on the VA benefit structure relevant to APEI's private institutions, the Post-9/11 GI Bill coverage cap for private or foreign schools for the August 1, 2024, to July 31, 2025, academic year is $28,937.09 for tuition and fees.

Healthcare and Clinical Placement Partnerships

The Hondros College of Nursing segment depends on external healthcare systems for practical training. Hondros College of Nursing focuses on educating pre-licensure nursing students.

Enrollment and revenue context for this segment as of late 2025:

Corporate Alliances for Employee Education

Rasmussen University, a wholly owned subsidiary of American Public Education, Inc., actively pursues corporate alliances to drive enrollment in its career-focused programs.

The alliance with Hilton Grand Vacations (HGV) is a prime example:

• The partnership covers more than 22,000 HGV team members.
• Eligible HGV employees can receive up to 100% coverage of tuition and fees for select online Business, Technology, and Design programs.
• Alternatively, employees may receive up to a 20% tuition reduction via the Corporate Alliance Grant.

Rasmussen University's Q3 2025 revenue was $60.8 million, an increase of 16% year-over-year.

Institutional Accreditation Bodies

Maintaining accreditation is a non-negotiable partnership for institutional legitimacy and student eligibility for federal aid. American Public Education, Inc. relies on recognized accreditors for its core institutions.

Accreditation status includes:

• Higher Learning Commission (HLC): Accreditation for American Public University System and Rasmussen University.
• Accrediting Bureau of Health Education Schools (ABHES): Accreditation for Hondros College of Nursing.

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

You're focused on the core engine of American Public Education, Inc. (APEI) right now-the day-to-day work that keeps the lights on and drives growth. This is where the rubber meets the road, translating strategy into dollars and student outcomes.

Delivering online and campus-based postsecondary education

American Public Education, Inc. provides postsecondary education to approximately 108,000 students as of September 30, 2025. The delivery spans online and campus-based formats across its main institutions. Consolidated revenue for the third quarter of 2025 reached $163.2 million. This revenue base is built on growth across the segments, even after accounting for the sale of Graduate School USA (GSUSA) in July 2025.

Enrollment and registration performance in Q3 2025 showed clear momentum:

• American Public University System (APUS) net course registrations increased 8% year-over-year.
• Rasmussen University (RU) revenue increased 16% year-over-year.
• Hondros College of Nursing (HCN) revenue increased 19% year-over-year.
• HCN total enrollment increased 17.6% in Q3 2025.
• RU enrollment increased 10.4% year-over-year in Q3 2025.

Looking ahead to the fourth quarter of 2025, management projected specific enrollment figures:

If you exclude GSUSA from both Q3 2025 and the prior year quarter, consolidated revenue growth would have been 12% year-over-year. That's the real underlying strength you're looking for.

Executing the strategic consolidation of APUS, Rasmussen, and HCN

A major activity involves executing the planned combination of American Public University System, Rasmussen University, and Hondros College of Nursing into one consolidated institution. This was targeted for completion in the third calendar quarter of 2025, pending regulatory approvals. The operational integration costs show up in the financial statements. For the three months ended September 30, 2025, costs included $0.8 million in professional fees related to this planned combination.

Managing regulatory compliance, especially the 90/10 Rule

Compliance management is non-negotiable, particularly concerning the Department of Education's 90/10 Rule, which limits the percentage of revenue from federal student financial aid programs for for-profit institutions. You need to know the buffer size. For the fiscal year ended December 31, 2024, APUS reported its relevant percentage under the 90/10 Rule was 89%. Management noted that the narrow buffer in APUS's 90/10 federal funding ratio remains a critical risk. As of January 28, 2025, each institution estimated compliance with the 90/10 Rule for calendar year 2024 based on preliminary, unaudited results.

Driving enrollment growth, particularly in high-demand nursing programs

Driving enrollment is central, especially in healthcare fields. The nursing segment performance has been strong, evidenced by the revenue growth figures in Q3 2025.

• HCN revenue grew 19% in Q3 2025.
• RU revenue grew 16% in Q3 2025.
• The Department of Education released Rasmussen University from temporary growth restrictions in May 2025.

This growth is translating directly to the bottom line, though military enrollments at APUS were muted in Q3 2025 due to a government shutdown affecting Tuition Assistance (TA) timing.

Optimizing operational efficiency to expand Adjusted EBITDA margin

Operational efficiency efforts are clearly showing up in profitability metrics. Adjusted EBITDA for Q3 2025 increased 60% to $20.7 million, up from $12.9 million in Q3 2024. This was driven by increased revenue and a margin expansion of 424 bps. The resulting Adjusted EBITDA margin for Q3 2025 was 13%, a significant jump from 8% in the prior year period. Cash flow from operations also improved substantially, increasing 56% to $73.5 million for the nine months ended September 30, 2025.

The company's full-year 2025 outlook reflects this focus on margin expansion, even with near-term headwinds:

The full year 2025 Adjusted EBITDA guidance is projected between $75 million and $79 million. For the fourth quarter of 2025 specifically, Adjusted EBITDA is expected to be between $18.5 million and $22 million. Honestly, seeing that Q3 margin expansion is a strong signal that efficiency work is taking hold.

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

You're looking at the core assets American Public Education, Inc. (APEI) relies on to deliver its education services. These aren't just line items; they are the engines of the business.

The balance sheet strength provides immediate operational flexibility. American Public Education, Inc. reported a strong cash position of $193.1 million as of September 30, 2025. This compares favorably to the $158.9 million reported at December 31, 2024.

A critical resource is the institutional backing for its core entities. Both American Public University System (APUS) and Rasmussen University maintain institutional accreditation from the Higher Learning Commission (HLC), an agency recognized by the U.S. Department of Education. Hondros College of Nursing holds accreditation from the Accrediting Bureau of Health Education Schools (ABHES).

Here's a quick look at the scale of the student base supported by these resources as of late 2025:

The technology stack is another non-negotiable asset. American Public Education, Inc. uses its proprietary online learning management system and technology platform to serve the majority of its student body. For instance, APUS is integrating advanced content, such as courses powered by MIT Computer Science and Artificial Intelligence Lab (CSAIL) content on AI.

The human capital, specifically the faculty, is central to the value proposition. The practitioner faculty bring real-world, career-relevant experience directly into the curriculum delivery. This is a key differentiator for career-focused education.

Physical infrastructure supports the campus-based operations. This includes the physical campus infrastructure necessary for Rasmussen University and Hondros College of Nursing to conduct their health sciences and nursing programs. Rasmussen University operates across approximately 20 campuses in six states.

You can also count on these operational strengths:

• Cash, cash equivalents, and restricted cash totaled $193.1 million on September 30, 2025.
• Cash flows from operations for the third quarter of 2025 reached $73.5 million, a 56% increase year-over-year.
• Rasmussen University enrollment grew 16% year-over-year in Q3 2025.
• Hondros College of Nursing revenue increased 19% year-over-year in Q3 2025.

Finance: draft 13-week cash view by Friday.

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:

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.

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.

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:

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:

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:

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:

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.