美国公共教育 2025年度报告

Dear Valued Stockholders, On behalf of the Board of Directors and the entire leadershipteam at American Public Education, Inc. (“APEI”), I extend oursincere appreciation to our faculty and staff for their steadfastdedication to our students—their expertise and commitmentare the cornerstone of our success. We are equally grateful toour approximately 109,000 students for choosing APEI to servetheir educational journey, and to you, our stockholders, for yourcontinued trust and support. As I reflect on 2025, I am proud of our financial results and the meaningful progress we made against ourcommitments. We believe we have established a stronger, more streamlined foundation for long-termgrowth and are better positioned than ever to deliver affordable, high-quality, relevant, and accessibleeducation that transforms lives, advances careers, and strengthens communities. With leading positionsin active-duty military, veteran, nursing, and healthcare education, we remain focused on executing ourstrategy and delivering sustained value to our stockholders. •Simplifying and Strengthening APEI:We continued to advance our mission and establish a very solidfoundation for future growth. We redeemed all of our preferred stock, sold certain of our corporatebuildings, and divested Graduate School USA. Significantly, we worked with the U.S. Department ofEducation to release the $23 million letter of credit and the growth restrictions that had preventedRasmussen University from opening new campuses and adding new programs since before ouracquisition. These actions meaningfully simplified our balance sheet, allowed us to refocus ourresources on our three core institutions, and enabled a pathway to accelerate Rasmussen’s growth. •Expanding Our Healthcare Platform and Enhancing Student Outcomes:At Rasmussen University andHondros College of Nursing (“HCN”), we continued to deliver enrollment growth and improve studentoutcomes. Rasmussen achieved its sixth consecutive quarter of year-over-year enrollment growth,ending the year with 15,900 students across 18 campuses in five states and online, while HCN grew to4,000 students across eight campuses. Rasmussen turned profitable in 2025, generating $4.1 million insegment income from operations in a swing of nearly $26 million. Rasmussen’s and HCN’s growth in2025 reflect the maturation of our strategy and demonstrate the earning power of these institutions.We continue to prioritize student outcomes that support achievement of career goals and deliveryof a positive return on our students’ educational investment. •Improving Financial Performance:For 2025, consolidated revenue increased 3.9% to $648.9 millionyear-over-year, with each of our three institutions delivering revenue growth. In addition, net incomeavailable to common stockholders increased 151.6% to $25.3 million, adjusted EBITDA increased18.6% to $85.7 million, and diluted earnings per share increased to $1.36 from $0.55. Cash flows fromoperations increased 26.8% to $62.0 million in 2025, and we ended the year with $176.5 million of cashon our balance sheet. Looking forward, I remain enthusiastic about our institutions and our significant opportunities as wecomplete our institutional combination and execute against our multi-year growth strategy. Each of ourinstitutions is purpose-built to educate service-minded students in fields that are in high demand andresilient to disruption. Our strategic priorities for 2026 include: •Complete Our Institutional Combination:On March 2, 2026, we completed the merger of the legalentities that own and operate American Public University System (“APUS”), Rasmussen University,and HCN. We are working with the Department of Education and the Higher Learning Commissionto complete the remaining step of the planned combination, which we expect to occur in thebeginning of the third quarter of 2026. After 2026, we will report results in two segments: APU Global,our online education platform serving military, veteran, and service-minded students; and RUHealth+, comprising Rasmussen and HCN. We believe this combination will allow us to leverage thestrengths of each institution, operate with greater efficiency, and facilitate more direct collaborationacross our campuses and online programs. •Expand Our Healthcare Education Platform:We expect RU Health+ to continue delivering enrollmentgrowth and improving profitability in 2026, while maintaining quality educational outcomes. Weare executing our “Fill the Back Row” strategy to drive high-margin growth from existing campuscapacity and our “Leverage the Ladder” strategy to promote advanced degree progression acrossnursing and allied health programs. We plan to open two campuses per year as part of our four-year growth strategy, addressing the large and enduring demand for nursing and healthcareprofessionals across the United States. Consistent with that plan, we are launching two newcampuses in 2026: a Rasmussen University campus in Orlando, which is al