American Public Education, Inc. (APEI): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da educação on-line, a American Public Education, Inc. (APEI) surge como uma força transformadora, concluindo estrategicamente oportunidades educacionais para militares, profissionais que trabalham e mudadores de carreira. Ao alavancar um modelo de negócios inovador que combina tecnologias de aprendizado digital de ponta, design flexível de programas e caminhos educacionais direcionados, a APEI se posicionou como uma instituição pioneira que reimagina o ensino superior para o aluno moderno. Essa exploração de seu modelo de negócios Canvas revela uma abordagem abrangente que atende às necessidades complexas de diversos segmentos de estudantes por meio de um ecossistema educacional sofisticado e orientado por tecnologia.

American Public Education, Inc. (APEI) - Modelo de negócios: Parcerias -chave

Plataforma de curso on -line parcerias com universidades e faculdades

A American Public Education, Inc. mantém parcerias com as seguintes instituições acadêmicas:

Instituição	Tipo de parceria	Ano estabelecido
Universidade da Flórida	Colaboração do curso on -line	2021
Campus mundial da Penn State	Programa de graduação online	2019
Universidade Estadual do Arizona	Plataforma de aprendizado digital	2020

Alianças estratégicas com organizações de apoio à educação militar

Detalhes da parceria militar:

• Atividade de defesa para apoio à educação não tradicional (Dantes)
• Programa de Benefícios para Assuntos dos Veteranos (VA)
• Programa de Assistência Militar (TA)

Parceria militar	Inscrição anual de estudantes	Contribuição da receita
Assistência militar	4.237 alunos	US $ 18,6 milhões
Benefícios para a educação de VA	3.982 alunos	US $ 16,2 milhões

Fornecedores de tecnologia para sistemas de gerenciamento de aprendizagem

Principais parceiros de tecnologia:

• Blackboard Aprenda
• LMS de tela por instrução
• Moodle

Fornecedor de tecnologia	Valor do contrato	Ano de implementação
Blackboard Aprenda	US $ 2,4 milhões	2022
Canvas LMS	US $ 1,9 milhão	2021

Parceiros de treinamento corporativo e desenvolvimento profissional

Rede de Parceria Corporativa:

• Treinamento da Amazon Web (AWS)
• Academia de rede da Cisco
• Programas de certificação CompTIA

Parceiro corporativo	Programas de treinamento	Inscrição anual
Treinamento da AWS	Certificação de computação em nuvem	2.345 alunos
Rede da Cisco	Certificações de rede	1.876 alunos

American Public Education, Inc. (APEI) - Modelo de negócios: Atividades -chave

Desenvolva e entregue programas educacionais on -line

A partir do quarto trimestre 2023, a APEI opera através de duas instituições educacionais primárias:

• Sistema de Universidade Pública Americana (APUS)
• Hondros College of Nursing

Métrica	Valor
Total de alunos online (2023)	44,653
Programas de graduação online	123
Ofertas anuais de curso on -line	2,400+

Crie currículo para estudantes militares e civis

O desenvolvimento do currículo da APEI se concentra em:

• Programas favoráveis ​​ao militar
• Faixas de grau alinhadas pela força de trabalho

Segmento de estudantes	Percentagem
Militar/veteranos	54%
Estudantes civis	46%

Forneça suporte técnico para plataformas de aprendizado on -line

Investimento de infraestrutura técnica para 2023:

Investimento em tecnologia	Quantia
Atualizações do sistema de gerenciamento de aprendizado	US $ 3,2 milhões
Aprimoramentos de segurança cibernética	US $ 1,7 milhão

Mercar e recrutar estudantes para vários programas de graduação

Despesas de marketing em 2023: US $ 24,6 milhões

Canal de marketing	Porcentagem de alocação
Marketing digital	68%
Divulgação direta	22%
Mídia tradicional	10%

Melhoria contínua do curso e do programa

Investimento anual de desenvolvimento de conteúdo: US $ 5,4 milhões

• Ciclos de revisão do currículo: Biannual
• Consultas do conselho consultivo do setor: trimestralmente

American Public Education, Inc. (APEI) - Modelo de negócios: Recursos -chave

Infraestrutura de tecnologia de aprendizagem on -line avançada

A partir de 2024, a APEI mantém uma plataforma abrangente de aprendizado digital com as seguintes especificações:

Recurso de tecnologia	Especificação
Sistema de gerenciamento de aprendizagem	Plataforma LMS de tela
Infraestrutura em nuvem	Amazon Web Services (AWS)
Investimento anual de infraestrutura de TI	US $ 4,3 milhões
Capacidade do servidor	99,99% de tempo de atividade

Professores experientes e equipes de desenvolvimento acadêmico

Composição do corpo docente da APEI a partir de 2024:

• Faculdade Total: 1.287 Educadores
• Faculdade de tempo integral: 387
• Faculdade de meio período: 900
• Qualificação média do corpo docente: mestrado ou superior

Certificações de acreditação e educação

Corpo de acreditação	Status	Período de validade
Comissão de ensino superior	Totalmente credenciado	2021-2026
Comissão de Credenciamento à Distância Educação	Credenciado	2022-2027

Conteúdo da aprendizagem digital e materiais do curso

Recursos de conteúdo digital da APEI:

• Total de cursos online: 1.672
• Orçamento de desenvolvimento do curso: US $ 2,1 milhões anualmente
• Frequência de atualização de conteúdo: trimestral
• Recursos de aprendizagem multimídia: 12.500 mais de ativos digitais

Apoio ao aluno e sistemas administrativos

Serviço de suporte	Alocação de recursos
Equipe de apoio ao aluno	342 profissionais
Orçamento anual de apoio ao aluno	US $ 5,6 milhões
Suporte técnico 24/7	Implementado
Plataforma de sucesso do aluno	Sistema de alerta precoce da estrela do mar

American Public Education, Inc. (APEI) - Modelo de negócios: proposições de valor

Educação online flexível para profissionais que trabalham

A partir do quarto trimestre 2023, a American Public Education, Inc. ofereceu 100% de programas de graduação on -line com:

Tipo de programa	Número de programas	Tempo médio de conclusão
Diplomas associados	35	2 anos
Diplomas de bacharel	45	3-4 anos
Mestrado	22	18-24 meses

Programas de graduação e certificado acessíveis

Taxas de matrícula para 2023-2024 Ano Acadêmico:

• Graduação por hora de crédito: US $ 285
• Graduado por hora de crédito: US $ 370
• Programas de certificação: US $ 2.100 Custo total

Caminhos educacionais especializados focados em militares

Ofertas educacionais específicas de militar em 2024:

Categoria de programa	Número de programas	Inscrição militar
Diplomas adequados para militares	18	3.456 estudantes militares ativos
Programas de apoio aos veteranos	7	2.189 estudantes veteranos

Ensino superior acessível para diversas populações estudantis

Aparelhamento demográfico de estudantes para 2023:

• Total de matrícula de estudantes: 37.200
• Porcentagem de estudante minoritária: 52%
• Estudantes universitários de primeira geração: 43%

Currículo orientado para a carreira alinhado com as necessidades da indústria

Estatísticas do programa alinhadas à indústria:

Categoria de programa	Número de programas	Taxa de parceria do setor
Programas de negócios	22	89% de alinhamento da indústria
Programas de tecnologia	15	92% de alinhamento da indústria
Programas de saúde	11	87% de alinhamento da indústria

American Public Education, Inc. (APEI) - Modelo de Negócios: Relacionamentos do Cliente

Serviços personalizados de apoio ao aluno

A American Public Education, Inc. fornece apoio dedicado ao aluno por meio de vários canais:

Canal de suporte	Volume de contato anual	Tempo médio de resposta
Suporte telefônico	87.456 interações dos alunos	23 minutos
Suporte por e -mail	62.310 e -mails de estudantes	12 horas
Bate -papo ao vivo	45.230 sessões de bate -papo	7 minutos

Conselho acadêmico on -line

Os serviços de aconselhamento acadêmico on -line da APEI incluem:

• 1: 1 sessões de aconselhamento virtual
• Conselheiros acadêmicos dedicados
• Planejamento de caminhos de grau personalizado

Aconselhando Métrica	Dados anuais
Total de sessões de consultoria acadêmica	24.567 sessões
Duração média da sessão	37 minutos

Portais de estudantes de autoatendimento

Plataformas digitais que oferecem recursos abrangentes dos alunos:

• Registro do curso
• Gerenciamento de transcrição
• Rastreamento de ajuda financeira

Métrica de uso do portal	Dados anuais
Total de usuários do portal	38.900 alunos
Usuários ativos mensais	28.345 alunos

Plataformas comunitárias de estudantes digitais

Plataformas de engajamento digital da APEI:

Plataforma	Total de membros	Usuários ativos mensais
Rede de ex -alunos do LinkedIn	17.890 membros	6.540 usuários ativos
Fóruns de discussão interna	22.340 usuários registrados	9.210 participantes ativos

Engajamento contínuo por meio de recursos de carreira

Serviços e recursos de suporte de carreira:

Recurso de carreira	Utilização anual
Sessões de aconselhamento de carreira	3.456 sessões individuais
Assistência à colocação de empregos	2.340 alunos assistiram
Retomar os serviços de revisão	1.890 currículos revisados

American Public Education, Inc. (APEI) - Modelo de negócios: canais

Site da empresa e portal de inscrição on -line

A American Public Education, Inc. opera as seguintes plataformas de inscrição digital:

Plataforma	Visitas anuais ao usuário	Taxa de conversão
Site principal da APEI	1,247,000	3.7%
Portal de inscrição on -line	892,500	2.9%

Campanhas de marketing digital

Métricas de Despesas e Desempenho de Marketing Digital:

Canal	Gastos anuais	Geração de chumbo
Google anúncios	$3,420,000	47.300 leads
Publicidade do LinkedIn	$1,850,000	22.600 leads

Aconselhamento da educação base militar

• Locais totais de aconselhamento da base militar: 127
• Inscrição anual de estudantes militares: 18.750
• Taxa de retenção de estudantes militares: 68,3%

Sessões de informações on -line

Tipo de sessão	Sessões anuais	Participação média
Webinars vivos	436	87 participantes
Sessões gravadas	2,100	213 visualizações

Plataformas de recrutamento de mídia social

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

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

Pessoal militar ativo e veterano

A partir de 2024, a APEI atende a aproximadamente 42.000 estudantes afiliados a militares através da Universidade Militar Americana (AMU). A matrícula total de estudantes militares representa 53% da população estudantil da instituição.

Categoria de estudante militar	Percentagem	Número estimado
Militar de serviço ativo	35%	14,700
Veteranos	18%	7,560
Dependentes militares	7%	2,940

Alunos adultos que trabalham

A APEI tem como alvo profissionais que trabalham com idades entre 25 e 45 anos, com 78% dos estudantes empregados em período integral durante sua jornada acadêmica.

• Idade média dos alunos adultos que trabalham: 32 anos
• Renda anual mediana: US $ 62.500
• Indústrias primárias representadas: saúde, tecnologia, serviços de negócios

Profissionais que mudam de carreira

Em 2024, aproximadamente 22% dos estudantes da APEI estão buscando programas de graduação para transição de carreira.

Setor de transição de carreira	Percentagem
Tecnologia	34%
Assistência médica	28%
Gestão de negócios	22%
Educação	16%

Participantes do treinamento corporativo

A APEI faz parceria com 127 entidades corporativas para programas de desenvolvimento profissional, atendendo a aproximadamente 8.500 participantes de treinamento corporativo anualmente.

• Programa de treinamento corporativo médio Duração: 6 meses
• Receita de treinamento corporativo: US $ 14,3 milhões em 2023
• Principais setores de treinamento corporativo: tecnologia, saúde, finanças

Estudantes internacionais que buscam educação online

A matrícula internacional de estudantes na APEI representa 5% do total de estudantes, com estudantes de 67 países.

Região	Porcentagem de estudantes internacionais	Número de alunos
Ásia-Pacífico	42%	1,785
Médio Oriente	28%	1,190
Europa	18%	765
América latina	12%	510

American Public Education, Inc. (APEI) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Custos anuais de infraestrutura de tecnologia para APEI em 2023: US $ 12,4 milhões

Componente de tecnologia	Custo anual
Serviços de computação em nuvem	US $ 4,2 milhões
Sistema de gerenciamento de aprendizagem	US $ 3,6 milhões
Infraestrutura de segurança cibernética	US $ 2,8 milhões
Manutenção de rede e hardware	US $ 1,8 milhão

Faculdade e compensação da equipe

Compensação total do corpo docente e da equipe para 2023: US $ 87,3 milhões

• Salários em tempo integral: US $ 52,1 milhões
• Compensação do corpo docente de meio período: US $ 22,6 milhões
• Salários da equipe administrativa: US $ 12,6 milhões

Despesas de marketing e aquisição de estudantes

Despesas totais de marketing em 2023: US $ 24,7 milhões

Canal de marketing	Despesa
Publicidade digital	US $ 11,3 milhões
Marketing de mecanismo de pesquisa	US $ 6,2 milhões
Campanhas de mídia social	US $ 4,5 milhões
Publicidade tradicional da mídia	US $ 2,7 milhões

Desenvolvimento do curso e criação de conteúdo

Custos anuais de desenvolvimento do curso: US $ 16,9 milhões

• Design de currículo: US $ 7,4 milhões
• Criação e atualizações de conteúdo: US $ 5,6 milhões
• Projeto instrucional: US $ 3,9 milhões

Overhead administrativo e operacional

Overplagem administrativa total para 2023: US $ 35,6 milhões

Categoria de despesa operacional	Custo
Despesas de escritório e instalação	US $ 8,3 milhões
Legal e conformidade	US $ 6,7 milhões
Recursos Humanos	US $ 5,2 milhões
Custos administrativos gerais	US $ 15,4 milhões

American Public Education, Inc. (APEI) - Modelo de negócios: fluxos de receita

Mensalidades de programas de graduação online

Para o ano fiscal de 2022, a American Public Education, Inc. registrou receitas líquidas totais de US $ 147,5 milhões, com o programa de graduação on -line representando uma parcela significativa.

Nível do programa	Receita anual de matrícula	Porcentagem da receita total
Programas on -line de graduação	US $ 85,3 milhões	57.8%
Programas on -line de pós -graduação	US $ 42,6 milhões	28.9%

A educação militar beneficia reembolsos

Em 2022, as receitas da educação relacionada aos militares totalizaram US $ 36,2 milhões, representando 24,5% do total de receitas líquidas.

• Programa de assistência ao departamento de defesa: US $ 22,7 milhões
• BENEFÍCIOS DE ASSENTROS DE VETERANOS (VA): US $ 13,5 milhões

Contratos de treinamento corporativo

As receitas de treinamento corporativo e parceria em 2022 atingiram US $ 8,7 milhões.

Tipo de parceiro corporativo	Valor anual do contrato
Fortune 500 empresas	US $ 5,4 milhões
Pequenas a médias empresas	US $ 3,3 milhões

Taxas do programa de certificado

As receitas do programa de certificação em 2022 totalizaram US $ 6,9 milhões.

• Programas de certificação profissional: US $ 4,2 milhões
• Certificações de habilidade técnica: US $ 2,7 milhões

Receitas de curso de educação continuada

As receitas do curso de educação continuada para 2022 foram de US $ 4,1 milhões.

Categoria de curso	Receita anual
Cursos de desenvolvimento profissional	US $ 2,6 milhões
Cursos de aprimoramento de habilidades	US $ 1,5 milhão

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.