APEI

Image source: The Motley Fool. Monday, Aug. 10, 2026 at 5:00 p.m. ET Investor Relations - Jack Landry President and Chief Executive Officer of APEI and Chancellor of the American Public University System - Angela Selden Executive Vice President and Chief Financial Officer - Edward Codispoti Chief Strategy and Growth Officer - Gary Janson Operator: Thank you for standing by. My name is Jonathan, and I will be your conference operator today. At this time, I would like to welcome everyone to the APEI Second Quarter 2026 Earnings Call. [Operator Instructions] I would now like to turn the call over to Jack Landry, Investor Relations. Please go ahead. Jack Landry: Thank you, and good afternoon, everyone. Welcome to American Public Education's conference call to discuss Second Quarter 2026 Results. Joining me on the call today are Angela Selden, President and Chief Executive Officer of APEI and Chancellor of the American Public University System; Edward Codispoti, Executive Vice President and Chief Financial Officer; and Gary Janson, Chief Strategy and Growth Officer. Materials for today's call, which is being webcast and is open to the public, are available in the Events and Presentations section of APEI's website. Statements made during this call and in the accompanying presentation regarding APEI and subsidiaries that are not historical facts may be forward-looking statements that are based on management's current expectations, assumptions, estimates, and projections. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expressed or implied by such statements, including risks related to potential impacts from government shutdowns or changing federal or state government policies, laws, practices, and actions, including impacts on revenues or the timing of receivables and other factors identified in our Form 10-K and Form 10-Q under the heading Risk Factors and other SEC filings. Forward-looking statements may sometimes be identified by words like believe, estimate, expect, may, plan, potentially, project, target, outlook, path, position, on track, on base, should, will, would, and similar or opposite words. Forward-looking statements include, without limitation, statements regarding expected operational efficiencies, technology platform implementations, marketing efficiency initiatives, expectations regarding the resilience of our programs to market or technological disruption, expectations for registration and enrollments, revenue, earnings, adjusted EBITDA, adjusted EBITDA margin, and other earnings guidance, our foundation for growth and our current and future growth initiatives, strategic investments, capital allocation, and M&A opportunities, operational milestones and timelines, the completed combination of our institutions, governmental and regulatory actions, their impact, and our response to those actions, changing market demands, and our ability to satisfy such demands and other company initiatives. The call and the presentation contain references to non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA margin. A reconciliation between each non-GAAP financial measure we use and the most directly comparable GAAP measure is located in the appendix to today's presentation and in the earnings release. Management believes that the presentation of non-GAAP financial information provides useful supplemental information to investors regarding its results of operations, and should only be considered in addition to and not as a substitute for or superior to any measure of financial performance prepared in accordance with GAAP. I'd now like to turn the call over to APEI's President and CEO, Angela Selden. Angie, please go ahead. Angela Selden: Thank you, Jack. Good afternoon, and thank you very much for joining American Public Education's 2Q 2026 results call today. First, given the strength of our second quarter results and our visibility into the balance of the year, we are raising our full year 2026 guidance on both revenue and adjusted EBITDA. In addition, I am very pleased to share American Public Education's second quarter 2026 results. Total revenue grew 5.5% year-over-year to $171.7 million, at the high end of our guidance range for the quarter. If you were to exclude $3.4 million of Graduate School USA revenue in the prior year period, which, as a reminder, is the business that we sold in July of 2025, APEI's revenue would have grown 7.8%. We exceeded the high end of our guidance range on adjusted EBITDA, which grew 36.8% to $20.7 million, compared to $15.1 million in the prior year period. We exceeded the high end of our guidance range on net income available to common stockholders and diluted earnings per share. Net income available to common stockholders was $9.8 million or $0.52 per diluted share, compared to a loss of $0.03 -- excuse me, $3 million or $0.02 per diluted share in the prior year period. On August 4, 2026, we completed our institutional combination, combining American Public University System, Rasmussen University, and Hondros College of Nursing into the new American Public University System or the system, for short, to complete the final milestone in our multi-year simplification of our business. Today, we are announcing that we are underway building a new AI-enabled student lifecycle platform for the system with Salesforce, which we believe will begin delivering value in early 2027. With those headlines, I will now provide some additional detail on our 2 segments, our institutional combination, and our new AI student platform before I turn it over to Edward Codispoti, APEI's Chief Financial Officer. Let's start with Health+. Health+ revenue grew 11% to $86.2 million, driven by 7% enrollment growth to approximately 19,600 students and a modest price increase, demonstrating the continued durability of demand for pre-licensure nursing education. We continue to execute on our Fill the Back Row strategy to improve capacity utilization by adding students to available seats in existing programs and our on-ground healthcare campuses, which outpaced our total Health+ enrollment gains by delivering approximately 9% enrollment growth in the quarter. Our new Health+ Orlando campus welcomed its first class this quarter, where enrollment is outpacing our plan, and where we introduced our LPN program to the Orlando market. Our Detroit II campus is on track to begin enrolling students in 2026, keeping us on track with our Trailblazer initiative to open 2 new campuses each year. I'm also very pleased to announce that we have signed the lease for our first 2027 campus location in Fort Lauderdale, Florida, which is scheduled to begin enrolling students in Q4 2027. Finally, I want to share that Mark Arnold, President of the Health+ division, is leaving for personal reasons. We thank him for his service, and we wish him well. Duane Bertotto, who many of you met at APEI campus visits in Eagan and Tampa, as well as our November Investor Day in New York, will continue to run day-to-day operations for Health+, which includes our important Fill the Back Row and Leverage the Ladder initiatives. Now turning our attention to Military+. Military+ revenue grew 4.7% to $85.5 million on net course registration growth of 2% to approximately 98,300 students. Veterans' and military families' registrations continue to grow at a mid-teens rate and remain a key driver of overall growth. Our active duty channel has been challenged this year by the nature of the ongoing conflict in the Middle East, and in particular, the continued deployment of Navy, Air Force, and Marine service members. Even so, our Army enrollments, historically representing the largest percent of our armed service registrations, continues to show strength, and we continue to collect evidence that this is event-related rather than a structural demand issue. I would like to take a moment to honor 2 Military+ students who, while serving our country, lost their lives in the conflict. We want to honor Sergeant Michael Swinton, who was pursuing a degree in counterterrorism studies, and First Lieutenant Tyler J. Ceehan, who was pursuing a master's degree in business administration. Now let's turn to an update on our institutional combination. I'm very, very pleased to highlight that last week we crossed the finish line with our institutional combination. The Higher Learning Commission has approved the combination of all of our academic units under a single institutional accreditation, and the Department of Education has approved the combination for purposes of federal student financial aid programs. American Military University, American Public University, Rasmussen University, and Hondros College of Nursing now operate as one unified HLC-accredited institution with more than 290 degree programs, approximately 109,000 students, and over 250,000 alumni worldwide. Notably, the last growth restriction on Rasmussen's total enrollments that was imposed in 2021 by the Department of Education when APEI purchased Rasmussen, was also lifted as a result of the combination. We are also pleased to announce a new AI-powered student lifecycle platform, or what we call SLP, with Salesforce for the American Public University System, using their next-generation student information platform along with Data 360 and Agentforce. As an important note, we had already anticipated these costs in our original 4-year 2029 financials. Beyond the costs, however, we expect operating efficiencies and additional financial benefits, which were not included, and we will share more detail on a future call. Over time, we expect this to support a more connected, cost-effective view of our students across admissions, advising, and other student services, along with ensuring data protections are built in. We expect the rollout to begin with our Health+ division in the first quarter of 2027, starting with student support and admissions, and to expand across both Health+ and Military+ through 2027 and into the first half of 2028. This is one part of our broader measured approach to applying technology where we believe it can have an improvement in both efficiency and student experience over time. Turning our attention to our new university system overall, on our last earnings call, we shared that we have been experiencing some increases in cost per lead for our non-core segments, which has resulted in some lower enrollments in our non-core student segments. While we have not seen our core segments of active duty veterans, families, and campus nursing affected by this, we did initiate an end-to-end evaluation of marketing efficiency and effectiveness across all student segments and channels with a third party. Our early findings point to meaningful opportunities to lower cost per start and increase effectiveness, and we have already begun implementing changes to processes, practices, and organizational structure with improvements expected to begin to take hold in Q4 '26. In summary, we remain pleased with the continuing performance of our health-affiliated and military-affiliated enrollments. In particular, with our Fill the Back Row initiative continuing to perform as we have expected, this reinforces the moats we have built around our large revenue and margin segments. I want to reinforce the message I delivered last quarter with one new important addition. The foundation is built, the business is simplified, the balance sheet is strong, and now the institutional combination is complete. Quarter after quarter, we are doing what we said we would do. We remain very confident about the significant runway ahead of us. With that, I'll turn the call over to Ed to discuss our 2Q '26 financial results and our updated 2026 guidance in detail. Edward Codispoti: Thank you, Angie. I'll begin with our second quarter results, then review our balance sheet, share an update on our share repurchase program, and conclude with our updated outlook for the third quarter and full year 2026. Total revenue in the second quarter was $171.7 million, compared to $162.8 million in the prior year period, an increase of $8.9 million or 5.5%. Excluding $3.4 million of Graduate School USA revenue in the prior year period, revenue would have grown 7.8% year-over-year. We believe this comparable growth rate is a cleaner read on underlying top-line momentum. Now let's break down revenue by segment. At Military+, second quarter revenue was $85.5 million, compared to $81.7 million in the prior year period, representing 4.7% growth. Military+ segment income from operations was $23.7 million, compared with $21.4 million in the second quarter of 2025, an increase of 10.6%, reflecting a segment adjusted EBITDA margin expansion of 150 basis points to 29.4%. Net course registrations at Military+ for the quarter were approximately 98,300, compared to 96,400 in the second quarter of 2025. At Health+, second quarter revenue was $86.2 million, compared to $77.7 million in the prior year period, representing 11% growth. This segment delivered income from operations of $0.3 million, compared to a loss of $2.4 million in the prior year period, reflecting continued enrollment momentum and early benefits from our Fill the Back Row capacity utilization initiative, partially offset by investment in advertising and technology. Turning to profitability, overall, APEI's second quarter net income available to common stockholders was $9.8 million, or $0.52 per diluted share, compared to a loss of $0.3 million or $0.02 per diluted share in the prior year period. Second quarter adjusted EBITDA was $20.7 million, up $5.6 million or 36.8%, compared to $15.1 million in the prior year period. Adjusted EBITDA margin was 12% compared to 9.3% in the second quarter of 2025, representing 275 basis points of margin expansion year-over-year. Turning to our balance sheet, we ended the second quarter in a very strong balance sheet position. As of June 30, 2026, our cash equivalents, restricted cash, and short-term investments totaled $222.8 million, compared to $176.5 million at December 31, 2025, an increase of $46.3 million or 26.2%. Total debt was $88.9 million, and we had excess cash and equivalents in short-term investments over debt of $133.9 million. Year-to-date cash flows from operations were $75.4 million, up 45.6% year-over-year. In March, our board authorized a $50 million share repurchase program. We remained active during the second quarter and currently have $45 million remaining available under the authorization. I'd like to take a moment to share our perspective on what drives APEI's strong cash generation. Our Military+ segment carries attractive margins, requires very little incremental capital to grow, and converts strongly to cash flow as enrollment scales. Our Health+ segment focuses on our Fill the Back Row and Leverage the Ladder strategies that utilize existing capacity. Because the infrastructure and support organization is largely in place, incremental margins on those students approach 50%. Additionally, our Trailblazer Nursing campus expansion strategy is highly efficient. We have publicly stated that we expect to open 8 new campuses between 2026 and 2029. We plan for each new campus to require approximately $3.5 million of investment, reach breakeven in about 18 months, and generate approximately $12 million of annual revenue within 4 to 5 years. The combination of a high-margin, capital-light online business, along with incremental revenue and margin expansion from our existing campuses and a highly efficient campus expansion strategy, creates a powerful growth framework. Our model is designed to enable us to expand while simultaneously generating significant free cash flow. We believe the combination of a capital-light, high-margin Military+ platform, significant operating leverage within Health+, attractive new campus economics, and strong returns on invested capital differentiates APEI and positions us to create substantial long-term shareholder value. I'll now discuss our updated guidance. Based on our second quarter results and their visibility into the third quarter, we are raising our full-year 2026 outlook on revenue, net income, adjusted EBITDA, and diluted EPS, and we are initiating third quarter 2026 guidance. For the full year 2026, our updated guidance is as follows. Revenue of $690 million to $698 million, compared with our prior range of $686 million to $696 million. Net income available to common stockholders of $46.5 million to $52.5 million, compared with a prior range of $44.9 million to $51.6 million. Adjusted EBITDA of $96 million to $104 million, compared with our prior range of $93 million to $102 million. Diluted EPS of $2.48 per share to $2.79 per share, compared with our prior range of $2.33 per share to $2.68 per share. We are lowering capital expenditures to $25 million to $28 million, compared with our prior range of $28 million to $32 million. Our updated guidance reflects our confidence in the trajectory of the business, continued enrollment momentum at Health+, the timing and investment dynamics I just described at Military+, and notable progress on each element of the strategic framework we outlined at Investor Day, including the completion of our institutional combination. As we turn our attention to third quarter guidance, I would like to discuss an infrequent revenue timing shift related to our monthly starts. Because our Military+ revenue is recognized ratably over the period of enrollment, in Q3 2026, based on a September 7 start date, approximately $6 million of revenue and roughly $4 million of adjusted EBITDA associated with these enrollments is forecasted in Q4 rather than Q3. With that, third quarter 2026 guidance is as follows. Revenue of $164.5 million to $167 million. Net income available to common stockholders of $3.4 million to $5.4 million. Adjusted EBITDA of $14 million to $17 million. Diluted EPS of $0.18 per share to $0.29 per share. The adjusted EBITDA guide in Q3 2026 of $14 million to $17 million includes the Military+ revenue timing anomaly of approximately $4 million and non-recurring expenses related to marketing optimization in the second half of the year. We expect our margins next year to continue to expand in line with our 4-year plan. This assumes Military net registrations of 101,000 to 103,000, up 1% to 3% year-over-year, and health enrollment of approximately 19,100, up approximately 3% year-over-year, with campus enrollment growth of 7%. As we raise our full-year 2026 guidance on revenue, net income, adjusted EBITDA, and diluted EPS, we remain committed to continuing to execute on the long-term strategy we laid out at Investor Day. With that, I'll turn it back to Angie for closing remarks. Angela Selden: Thank you, Ed. In closing, the second quarter was another strong quarter and further proof that the simplification and strengthening work we completed in 2025 is translating into durable top-line growth and margin expansion. The core of our Health+ segment continues to demonstrate consistent enrollment and revenue growth, expanding margins, and the durability of demand for nursing and healthcare education. Our Military+ segment continues to deliver strong margins and growth, even as we work through the lingering active duty headwinds that we believe are event-related rather than structural. Notably, last week, we completed our institutional combination, the final milestone in the multi-year simplification of our business. At our November 2025 Investor Day, we laid out a multi-year framework with 9 value creation initiatives, 5 at Military+ and 4 at Health+, targeting an 8% to 12% revenue CAGR, organic and inorganic revenue of $890 million to $1 billion by 2029, and adjusted EBITDA margins of 20% to 21%. That framework is intact. Our Trailblazer new campus initiatives are on schedule. Our balance sheet remains very strong. There is meaningful runway ahead of us, and we are as optimistic today as we have ever been about APEI's long-term potential. Our organization is purpose-built to deliver affordable and accessible educational opportunities in fields that are in high demand and resilient to intelligent system disruption. Nursing education prioritizes in-person bedside care, and our military service members continue to be critical to the U.S. defense strategies. We continue to believe that our education supports careers that require human judgment and are AI resilient. We are also continuing to invest in technology, including the student lifecycle platform we announced today, in ways we believe can improve efficiency and the student experience over time. Our platform and sector tailwinds position APEI to accelerate growth and bring more educational opportunities to a greater audience. Before we move to questions, I want to thank our investors, analysts, and the APEI team for the dialogue and engagement we have had over the past quarter. In our ongoing effort to be transparent with our investor community, we remain committed to providing you with clear insights into our performance, our strategic initiatives, and the long-term value creation opportunities ahead of us. With that, I would now like to hand the call back to the operator to begin our question and answer session. Operator: [Operator Instructions] Your first question comes from the line of Griffin Boss from B. Riley Securities. Griffin Boss: First, just off the bat, regarding the combination, acknowledging that this was completed last week, I am just curious if there is any initial sentiment with regard to any changes in the synergies that you expect to unlock with that combination, particularly on the revenue side, or if there are any cost synergies that have arisen. Angela Selden: Yes, great question. We are really excited now, Griffin, to turn our attention to revenue synergies, which we have discussed in the past, namely bringing these Rasmussen programs that are both the RN to BSN and the post-licensure healthcare programs, along with the BSN programs to our Hondros campuses. So in the upcoming calls, we are going to put a number around that, what we believe is the growth opportunity now that we have line of sight to the fact that the combination is complete. Because of course, that had to be complete before we would be able to complete the necessary regulatory steps to accomplish that. And then as it relates to simplification and other cost synergies, certainly the first step is bringing Rasmussen and Hondros together, and then looking at the 3 institutions combined. We look forward to sharing with you some of those findings and results and guidance in the next call. Griffin Boss: Okay. Well, Yes, look forward to hearing about that. Then for my follow-up, one thing that we have been following of late is the Senate and House authorization bills, and specifically the possible increase for tuition assistance benefits from $250 to $350 per credit hour. Obviously, I assume this is something that you are following as well, and this is a longer-term possible event that could happen. But I am curious just if you have any commentary about how APEI is thinking about that, what it would intend to do with its tuition rate if that increase passes, and then more specifically, too, and related, if there is any detail you could provide about the military students that currently use TA-funded credits and to what degree that is in terms of credits per year. If there is any more color you could provide, that would be helpful. Angela Selden: Yes. Great question, Griffin. Thank you for asking that. As you may have followed in the press, the NDAA bill did pass the House, which is a step that has not happened for this particular matter in the past. What is in the House version of the bill is a 40% increase in the per credit hour tuition assistance reimbursement rate. There are some additional process steps that this has to complete, which is getting the bill passed in the Senate, and then the Department of Defense has to essentially approve the increase and the appropriations bill, which is what funds the entire Department of Defense, not just this small program, but the entire defense budget also has to be passed, which typically happens here before October 1. Those are several process steps that have to be completed. If that were to come to pass, then it does really create an opportunity for the Military+ division to reevaluate the price per credit hour for our active duty military. The primary reason is because we have, for over 20 years, committed to not requiring active duty military to pay out of pocket to get an undergraduate education. For 23 years, we have been able to drive efficiency and optimization in our business to be able to create the margin profile that we continue to deliver, and at the same time, honor that commitment to our active duty service members for that zero out-of-pocket cost. It is an important development. We are paying careful attention to it, and we certainly will update all of you if we have further developments on that. Operator: Your next question comes from the line of Tom White at D.A. Davidson. Wyatt Swanson: This is Wyatt on for Tom. With the conflict in the Middle East not resolved yet, could you maybe talk about what is contemplated in your guidance and how you are thinking about the active duty headwinds relative to last quarter? Angela Selden: You bet. So I believe on our last earnings call, maybe even the one prior to that, we described that the headwinds for Navy, Air Force, and Marines have been included in our guidance for the rest of the year. All right? We did not want to anticipate the war would be over by the end of 2026, since it began after we had initiated guidance. So, we have assumed that the headwinds will remain as is for the remainder of 2026. Wyatt Swanson: Got it. That is helpful. With continued progress, mid-teens growth and adding non-active duty military to Military+, how should we think about the opportunity and the contribution to overall growth in that segment in the coming quarters? Angela Selden: Yes. Go ahead, Ed, if you want to. Edward Codispoti: Well, I would just say that, yes, on the veterans and military families, those are growing in the double digits. When you think about the full year guidance, what it implies is a 14% to 15% adjusted EBITDA margin. Despite those low single-digit military growth rates, as Angie mentioned, it does include the headwinds from the deployment. It still suggests an 8% revenue growth if you adjust for Graduate School USA. Operator: Your next question comes from the line of Luke Horton from Northland Capital Markets. Lucas John Horton: Congrats on a nice quarter. Just wanted to touch on the Health+ business. Just with the enrollment for 3Q, it looks like it's decelerating a little bit to that 2.5% starts growth. Was just wondering if you guys are seeing, since several competitors have kind of called this out this earnings cycle with the increasing usage of AI to search for schools, causing some enrollment disruptions. Are you guys seeing any of that on the healthcare side? I know the military side is more referral-based. But just any details you could provide there. Angela Selden: Sure. I'll start and then I'll have Gary Janson add to the comments. What we see both at Military+, Luke, and also with our healthcare business is that the nature of our core businesses, which is our active duty military veterans and families, those are driven primarily by referrals. It is much more driven by brand marketing and other brand awareness than it is what you would consider traditional search. There's a very small part of the Military+ business, what we call our civilian business, which likely is being modestly affected by that. But it's an incredibly small part of the Military+ division. On the Health+ side, our campuses for all of our nursing programs, same as the core of our Military+ division. We are relying on brand awareness and really, as we've talked in the past, very local market-driven marketing strategies, bus wraps, billboards, radio campaigns, et cetera, which allows our local market students to be aware of our campus-based, both nursing and other healthcare programs. As you recall from Investor Day, we do have 2 online program categories at Health+, and one is the health related, and the other is our what we call Plus or the non-health related. As we mentioned in our last call, in that non-health online program, we were seeing cost per lead, cost per enrollment going up. We have, in this past quarter, engaged a third party not just to look at that small slice of Health+, but look at the entire end-to-end marketing strategy, capabilities, organization, processes, practices, et cetera, to be sure that we are not being negatively affected and can position ourselves in this new environment. That work is underway. We expect to see fourth quarter results in a positive manner. Again, for the Health+, which is what your question was, we believe that cost per lead increasing is something we are tackling right away in order to be able to get our online non-healthcare enrollments back in line with what we had expected. Lucas John Horton: Okay. Got it. That is super helpful. Then just last bit from me, just the cash position, obviously, you grew cash $46 million to over $220 million. You've got $45 million remaining on the buyback. I guess, how do you guys think of the pace of repurchases versus other capital deployment options, or specifically kind of M&A and the appetite there? Edward Codispoti: Luke, this is Ed. First, of course, as we have said in the past, we invest in our organic business first and foremost. Of course, as part of our Trailblazer plan, we are opening up 2 campuses per year, but we always have the option to open up more as we begin to ramp up and get the cadence going. We are always actively looking at acquisitions. There is nothing on the table right now, but we are actively looking at acquisitions. Our priority is to invest in growth at the end of the day and to increase shareholder value. We are going to take that cash and use it as wisely as possible to get the highest return possible. Operator: Your next question comes from the line of Jasper Bibb at Truist Securities. Jasper Bibb: just following up on Luke's question within Health+, I guess I'm curious how much of the 3Q versus 2Q deceleration in enrollment growth is driven by online. I think you had ground enrollment plus 9% in the second quarter in the deck. So just curious if you're seeing a similar trend there in your third quarter guidance. Gary Janson: Yes. This is Gary. Jasper, the Fill the Back Row, which is our campus-based portion of that, which is the area we're really focused on from a capacity utilization standpoint, went from 9% growth, which we're very happy, to 7%, which is well within line with what we're expecting. To answer your question, the vast majority was due to our online segment, and that's where we're really focused on, as Angie pointed out, of making sure that we optimize. As Angie said, we're comfortable with the referral rates in the military, and we're very comfortable with how the campus-based programs are progressing. We're just trying to make sure that we optimize to grow the other little slivers of the business that are important, but not as significant for a long-term strategy. Jasper Bibb: I think you mentioned some opportunities, you are analyzing the cost per lead and some things you could do to improve that with your advisors. I guess just any more detail on what some of those opportunities might be or changes that you are planning to implement based on what you have learned through that process? Angela Selden: Yes, I will start. Certainly, the first thing we need to do is create a much more agile environment. So when I mention organizational changes, we are really focusing on how we are implementing the latest thinking around agile strategies for our marketing organization. We are also looking at various places where we perhaps have spent beyond the optimal level in order to get the next lead and reinvest those dollars in places that have more opportunity. So it is really what I would call tweaking what we already have in place, really for optimization purposes and being able to move more quickly to respond to what we are seeing are signs and trends of developing patterns. So, very excited to share with you more about those details in an upcoming call. Operator: Your next question comes from the line of Eric Wold at Texas Capital Bank. Eric Wold: Two questions. I want to go back to the Military+ segment, obviously, the impact of the deployments. You mentioned that obviously U.S. Army enrollment continues to be strong or that is not impacted. Anything you have seen or any kind of data around those students that may have delayed the start or paused their programs to be deployed, coming back and restarting to kind of get a sense of just, it really is nice to pause and you are going to have data that is going to show that for those impacted segments? Gary Janson: Yes. I think while we see students that have actively asked for waivers for deployment, and obviously that spiked up during that time period, what we have really seen is just a trend of stopouts. Our students do not have to tell us that they are stopping out for a period of time because they are in the military and they are more of a part-time student. We allow them to have grace periods. We would not see it immediately through actively asking for waivers. What we did see is a change in the enrollment patterns in those 3 branches that certainly is related to the deployments. That gave us a pretty good sense of what was going on, specifically in the U.S. Air Force, the United States Navy, and the U.S. Marine Corps. We have seen a little bit of improvement in new students in one of those branches, but the good news we said makes us feel like there is nothing structural, is we continue to see very strong numbers in U.S. Army, consistent with our long-range growth trajectory. We will have to see how the deployment rolls out. I know it changes. Every few weeks we hear new news. We are hopeful that things come to a good resolution, and we can get back to a normal state of operating. Eric Wold: Perfect. Then, with the growth restrictions now removed from Rasmussen with the combination, maybe talk about how you expect to benefit from that and how quickly you could start seeing any incremental growth on that segment. Angela Selden: Sure. So, as a reminder, there were 3 types of growth restrictions that the Department of Ed imposed on us when we completed the transaction in 2021. The first was the ability to add new campuses. The second was adding new programs, and both of those were lifted last year. Consequently, it is just this year that we are able to open new campuses, which you heard Ed talking about, the fact that we now have 2 opening this year and one already the lease signed for the first one for next year already. So we're taking advantage of those already. This growth restriction was on the total number of students at Rasmussen who could engage or basically take financial aid from the department. So, this was an important year for that to be lifted, because we certainly were approaching that limit. So, we're very pleased to say that we no longer have that restriction. It would've required us to have to potentially redirect students to other types of payment plans, et cetera. Consequently, students can engage with the department as in the normal course and be able to take financial aid without any kind of limit that we had on the total number of students with financial aid. Operator: Your next question comes from the line of Elle Niebuhr from Lake Street Capital Markets. Elle Niebuhr: With CapEx now in the range of $25 million to $28 million versus about $16 million last year, just wondering how much of that increase is related to campus expansion strategy, and what level of return are you targeting on these investments? Edward Codispoti: Hi, this is Ed. Yes. When you think about that CapEx number, about $7 million is related to CapEx expansion. Our cadence has us at about $3.5 million per campus, so about $7 million of that combined since we're on that 2 campus per year pace. Elle Niebuhr: As you look towards 2027, which of the current growth initiatives gives you the most confidence that APEI can sustain that above-market revenue growth while continuing the EBITDA margins? Angela Selden: Elle, thanks for the question. I would start by saying we continue to have tremendous enthusiasm about Fill the Back Row. That is working. We do not see the marketing being affected by any kind of LLM or Google search. We are very excited about Fill the Back Row and believe that there is a lot of potential there. Second is our Leverage the Ladder, and we talked a little bit about that a few minutes ago, which is the ability for us to bring the Rasmussen programs that are not already offered at Hondros campuses to those students, either as alums or as new students, considering which program they want to engage in. That has a few regulatory thresholds we need to tackle. But the road is clear now for us to be able to do that now that we are finished with the combination. We are excited to lay out the timeline for those specific growth levers, and we will share that in our next call. On the APUS side, we are very excited about our military and veterans growth strategy, also continuing with our families. We have the opportunity to invest more behind our active duty now as a result of the combination. That will allow us to redirect some of our marketing dollars we have been spending in other cash pay categories and really focus on what is our core in that division, which is our active duty military and our veterans segment. We expect to see that will grow at a faster rate in the future than what we have seen, and certainly also then muted by the deployments as well. Operator: Your next question comes from the line of Stephen Sheldon at William Blair. Stephen Sheldon: Nice work here. Angie, can you talk some more about the AI student life cycle platform that you're building with Salesforce? I think you mentioned some cost benefits that you're planning to quantify at some point. On the latter part, I think, how should we think about the way it could impact and boost the overall student experience? Are there any early insights that you can share on how that might add stuff to the business? Angela Selden: Yes. We're excited about this, Stephen, so thank you for asking this question. I think as you may recall, we talked last year about some experiments that we had been doing in and around the idea of using AI across different processes. We've really moved from experimentation now to actually embedding AI in every single process and practice that we're doing in conjunction with our students. We believe we've evolved, as we've learned more, and frankly we've built an AI first team, led by our former board member, now our Chief Innovation and Technology Officer, James Kenigsberg. He has built a team that is really accelerating this strategy. So we're very excited about that. To answer your question about the cost benefits and the revenue benefits or the student satisfaction, student success, and retention, which is really a big part of what we believe this will do for us. First, on the cost side, we certainly expect that the benefit will be more about throughput, right. We want to make sure that we can increase speed to service for our students, that we are their first choice, and that, as a result, we can deploy the people that we have working today to serve more and more students, maybe students who have complex problems. We really are excited about the ability to drive efficiency and effectiveness with our teams, especially at the first part of the pipe. As you described, retention is a critical part of what intelligence systems can do and identify where students are perhaps demonstrating early warning signals. It's very difficult, certainly in particular at APUS or on the Rasmussen Online side, to necessarily sense those things early on. You can have a better sense of that with our campus-based programs and seeing students struggling. So using these for our online students to be able to understand more quickly where they may be struggling or stepping away will increase retention, which we all know increases revenue, and also reduces the cost to serve per student because we're not having to go out and spend marketing dollars on replacing that student with someone new. So, we're going to give you some quantification of that in an upcoming call, because we've just launched this initiative in the last 2 quarters, and we look very forward to going live with this in early 2027. But I do want to reiterate, as I said in my comments, that when we met you all last year in New York, we had anticipated the move to this platform. So the costs are baked in already to our 4-year plan. It's just the upside benefits in terms of retention, better student service, et cetera, that we look forward to sharing with you in an upcoming call. Stephen Sheldon: Great to hear. Look forward to learning more about that. Then just as a follow-up, gross margin trends here have been really strong, especially over the last year or so. So can you talk some about the levers driving this degree of year-over-year expansion. How much Fill the Back Row and just general improving campus utilization may be playing into that. How you're thinking about the trajectory over the back half and into early 2027. Are there still levers to pull to keep providing year-over-year expansion? Gary Janson: Yes, I'll start, and Edward can chime in, too. So definitely where we've seen the most improvement has been actually in our Military+, where the team over there is constantly, because of the fixed price of $250 per credit hour, constantly had a practice of trying to find operating efficiencies in the business. I believe if you ask that team, they believe they could continue to find those improvements in gross margin, especially in gross margin over the next few years. That's one area. But then certainly in Health+, just the flow through because of the fixed cost nature of our campuses, we expect that to be equally as strong in the business model. Both of those are contributing and I feel like that we have opportunity to expand the gross margin at both businesses now. Operator: There are no further questions at this time. This concludes the Q&A session. I will now turn the call back to Angela Selden for closing remarks. Angela Selden: Thank you, Jonathan, and thanks to all of you who joined our call today. We look forward to sharing with you continued updates about the developments in our business. Thank you again for joining us this evening. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in American Public Education, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and American Public Education wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $421,511!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,381,960!* Now, it’s worth noting Stock Advisor’s total average return is 981% — a market-crushing outperformance compared to 216% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 17, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. APEI Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved 7.8% comparable revenue growth, excluding the impact of the Graduate School USA sale, driven by strong enrollment momentum in core segments. Completed the multi-year institutional combination of APUS, Rasmussen, and Hondros, simplifying the corporate structure into a single unified HLC-accredited institution. Health+ revenue grew 11% as the 'Fill the Back Row' strategy successfully improved capacity utilization, with on-ground campus enrollment outpacing total segment growth at 9%. Military+ margins expanded by 150 basis points to 29.4% through continued operational efficiencies despite active duty deployment headwinds in the Navy, Air Force, and Marines. Attributed active duty enrollment challenges to specific event-related Middle East deployments rather than structural demand shifts, supported by continued strength in Army registrations. Initiated a comprehensive third-party marketing optimization review to address rising cost-per-lead in non-core online segments, with structural changes expected to yield results by Q4 2026. Raised full-year 2026 guidance for revenue and adjusted EBITDA based on strong visibility into Health+ enrollment and Military+ margin resilience. Announced a new AI-enabled Student Lifecycle Platform (SLP) with Salesforce, scheduled for a Q1 2027 rollout to enhance student retention and service throughput. Maintained the 'Trailblazer' initiative target of opening two new nursing campuses annually, with the first 2027 location already secured in Fort Lauderdale. Anticipated Q3 2026 revenue and EBITDA will be impacted by a $6 million timing shift due to a September 7 start date, with those funds moving into Q4. Reaffirmed 2029 strategic targets including a revenue CAGR of 8% to 12% and adjusted EBITDA margins of 20% to 21%. The Department of Education lifted the final growth restriction on Rasmussen's total enrollments following the successful institutional combination. Mark Arnold, President of Health+, is departing for personal reasons; day-to-day operations will continue under Duane Bertotto. Lowered 2026 capital expenditure guidance to $25 million to $28 million, reflecting disciplined investment in campus expansion and technology. Acknowledged the potential impact of the NDAA bill, which could increase military tuition assistance by 40%, providing a future opportunity to reevaluate pricing. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management plans to unlock revenue synergies by introducing Rasmussen's post-licensure healthcare and BSN programs to existing Hondros campuses. Specific quantification of these growth opportunities and further cost simplification findings will be shared in the next quarterly call. If the NDAA passes with the proposed 40% increase to $350 per credit hour, APEI will reevaluate its active duty pricing for the first time in over 20 years. The company remains committed to its 'zero out-of-pocket' promise for undergraduate active duty service members. Management noted that core nursing and military segments are largely resilient to AI search disruption due to their heavy reliance on local brand awareness and referrals. Marketing optimization efforts are specifically targeting the 'non-core' online segments where cost-per-lead has recently increased. The platform is designed to identify early warning signals for struggling online students to improve retention and reduce the cost of student replacement. Implementation costs were already factored into the long-term plan, meaning any retention improvements represent pure upside to the 2029 financial targets.

This article first appeared on GuruFocus. Total Revenue: $171.7 million, up 5.5% year-over-year; grew 7.8% excluding $3.4 million of divested Graduate School USA revenue. Adjusted EBITDA: $20.7 million, up 36.8% from $15.1 million in the prior year period; margin expanded 275 basis points to 12%. Net Income: $9.8 million, or $0.52 per diluted share, compared to a loss of $0.3 million, or $0.02 per diluted share, in the prior year period. Military+ Revenue: $85.5 million, up 4.7% year-over-year. Military+ Segment Income from Operations: $23.7 million, up 10.6% year-over-year; segment adjusted EBITDA margin expanded 150 basis points to 29.4%. Military+ Net Course Registrations: Approximately 98,300, up 2% from 96,400 in the prior year period. Health+ Revenue: $86.2 million, up 11% year-over-year. Health+ Segment Income from Operations: $0.3 million, compared to a loss of $2.4 million in the prior year period. Health+ Enrollment: Approximately 19,600 students, up 7% year-over-year; on-ground healthcare campus enrollment grew approximately 9%. Cash and Investments: $222.8 million in cash equivalents, restricted cash, and short-term investments as of June 30, 2026, up 26.2% from $176.5 million at December 31, 2025. Total Debt: $88.9 million; excess cash over debt of $133.9 million. Cash Flows from Operations: $75.4 million year-to-date, up 45.6% year-over-year. Share Repurchase Program: $45 million remaining under the $50 million authorization. Full Year 2026 Guidance: Revenue of $690 million to $698 million; net income of $46.5 million to $52.5 million; adjusted EBITDA of $96 million to $104 million; diluted EPS of $2.48 to $2.79; capital expenditures lowered to $25 million to $28 million. Third Quarter 2026 Guidance: Revenue of $164.5 million to $167 million; net income of $3.4 million to $5.4 million; adjusted EBITDA of $14 million to $17 million; diluted EPS of $0.18 to $0.29. Warning! GuruFocus has detected 3 Warning Sign with APEI. Is APEI fairly valued? Test your thesis with our free DCF calculator. Release Date: August 10, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Total revenue grew 5.5% year-over-year to $171.7 million, at the high end of guidance, with adjusted EBITDA up 36.8% to $20.7 million. Health+ segment revenue grew 11% with 7% enrollment growth, driven by strong demand for pre-licensure nursing education and successful fill-the-back-row strategy. Completed the institutional combination of American Public University System, Rasmussen University, and Hondros College of Nursing, lifting the last growth restriction on Rasmussen's total enrollment. Strong balance sheet with cash and short-term investments of $222.8 million, up 26.2% year-to-date, and year-to-date cash flows from operations up 45.6%. Raised full-year 2026 guidance for revenue, net income, adjusted EBITDA, and diluted EPS, reflecting confidence in the business trajectory. New AI-enabled student lifecycle platform with Salesforce expected to deliver operational efficiencies and financial benefits, with costs already included in the four-year plan. Military+ segment delivered 4.7% revenue growth and 150 basis points of adjusted EBITDA margin expansion, with veterans and military families registrations growing at mid-teens rates. New campus expansion strategy on track, with Orlando campus outpacing enrollment plans and Fort Lauderdale campus lease signed for 2027. Strong cash generation model with incremental margins on fill-the-back-row students approaching 50% and efficient campus expansion economics. Active share repurchase program with $45 million remaining under authorization, demonstrating commitment to returning capital to shareholders. Active duty channel challenged by ongoing Middle East conflict, with continued deployment of Navy, Air Force, and Marine service members impacting enrollments. Non-core student segments experiencing increased cost per lead, leading to lower enrollments in those segments. Third-quarter guidance includes a revenue timing shift of approximately $6 million in revenue and $4 million in adjusted EBITDA due to a September 7 start date. Health+ enrollment growth decelerating to 2.5% in Q3, primarily due to online non-healthcare programs facing higher marketing costs. Non-recurring expenses related to marketing optimization in the second half of the year will impact Q3 adjusted EBITDA. Mark Arnold, President of the Health+ Division, is leaving for personal reasons, creating leadership transition uncertainty. Military+ full-year guidance assumes continued headwinds from deployments, with only 1% to 3% growth in military registrations. Capital expenditures lowered to $25-$28 million, reflecting a more conservative investment approach despite growth plans. The company is still evaluating marketing efficiency with a third-party, with improvements not expected until Q4 2026. Potential increase in tuition assistance benefits from $250 to $350 per credit hour is still pending Senate and appropriations approval, creating uncertainty. Q: With the institutional combination now complete, are there any changes to the synergies you expect to unlock, particularly on the revenue side?A: Angela Selden, President and CEO, stated that the company is now turning its attention to revenue synergies, specifically bringing Rasmussen's RN to BSN and post-licensure healthcare programs, along with BSN programs, to Hondros campuses. They plan to quantify this growth opportunity on upcoming calls now that the combination is complete. They will also share findings on simplification and cost synergies from bringing the three institutions together. Q: Can you provide commentary on the possible increase in tuition assistance benefits from $250 to $350 per credit hour and how APEI would respond if it passes?A: Angela Selden noted that the NDAA bill passed the House, which is a new step. The bill includes a 40% increase in the per-credit-hour tuition assistance reimbursement rate, but still requires Senate passage and Department of Defense approval. If passed, it would create an opportunity for the Military Plus division to reevaluate its price per credit hour for active-duty military, as the company has maintained a 23-year commitment to zero out-of-pocket costs for active-duty undergraduate education. Q: With the Middle East conflict ongoing, what is contemplated in your guidance regarding active-duty headwinds?A: Angela Selden confirmed that the headwinds for Navy, Air Force, and Marines have been included in the guidance for the remainder of 2026. The company assumed the conflict would not be resolved by the end of the year and has factored the continued deployment impact into its projections. Q: Are you seeing enrollment disruptions from the increasing use of AI for school searches, and how is this affecting the Health+ business?A: Angela Selden explained that core businesses (active-duty military, veterans, families, and campus-based nursing) are driven primarily by referrals and local market strategies, not traditional search. However, the small online non-health segment at Health+ has seen rising cost per lead. The company has engaged a third party for an end-to-end marketing evaluation and expects improvements to take hold in Q4 2026. Q: How much of the Q3 versus Q2 deceleration in Health+ enrollment growth is driven by the online segment?A: Gary Janson, Chief Strategy and Growth Officer, clarified that campus-based "fill the back row" growth went from 9% to 7%, which is in line with expectations. The vast majority of the deceleration was due to the online segment, which is the area of focus for optimization efforts. Q: What are some of the specific opportunities or changes you plan to implement based on the marketing cost-per-lead analysis?A: Angela Selden stated the first step is creating a more agile marketing environment, including organizational changes and implementing agile strategies. The company is also identifying areas where spending may be beyond optimal levels and reallocating those dollars to higher-opportunity areas, allowing for quicker responses to developing trends. Q: Have you seen data on students who delayed or paused programs due to deployments, and are they returning?A: Gary Janson noted that while some students actively requested deployment waivers, the company primarily saw a trend of stop-outs. They observed changes in enrollment patterns in the Air Force, Navy, and Marines related to deployments. There has been slight improvement in new students in one branch, but the strong Army numbers continue to indicate the issue is event-related rather than structural. Q: With the growth restrictions removed from Rasmussen, how quickly could you see incremental growth in that segment?A: Angela Selden explained that two of the three restrictions (new campuses and new programs) were lifted last year, allowing for the current campus expansion. The final restriction on total student enrollment with federal financial aid has now been lifted, meaning Rasmussen students can engage with the Department of Education without limits, avoiding the need to redirect students to alternative payment plans. Q: How much of the increased CapEx is related to campus expansion, and what returns are you targeting?A: Edward Codispoti, CFO, stated that approximately $7 million of the CapEx is related to campus expansion, consistent with the two-campus-per-year pace at roughly $3.5 million per campus. Each new campus is expected to reach break-even in about 18 months and generate approximately $12 million in annual revenue within four to five years. Q: Which current growth initiatives give you the most confidence for sustaining above-market revenue growth and EBITDA margin expansion into 2027?A: Angela Selden highlighted "fill the back row" as a top priority, given its success and immunity to AI/search disruptions. She also cited the "leverage the ladder" initiative to bring Rasmussen programs to Hondros campuses, now possible with the combination complete. Additionally, the company plans to redirect marketing dollars toward its core active-duty and veterans segments, which are expected to grow faster in the future. Q: Can you talk more about the AI student lifecycle platform with Salesforce and how it will impact the student experience and costs?A: Angela Selden explained that the company has moved from experimentation to embedding AI in every student-facing process. The platform is expected to increase throughput and speed to service, allowing current staff to serve more students. It will also improve retention by identifying early warning signals for online students, which increases revenue and reduces the cost to serve. The costs are already baked into the four-year plan, with upside benefits expected to be quantified on a future call. Q: What levers are driving the strong gross margin expansion, and is there room for continued improvement?A: Gary Janson noted that Military Plus has shown the most improvement due to its constant focus on operating efficiencies given the fixed $250 per credit hour price. The team believes there are continued opportunities for gross margin improvements over the next few years. In Health+, the fixed-cost nature of campuses provides strong flow-through benefits, and both businesses have opportunities to expand gross margins. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

American Public Education (APEI) came out with quarterly earnings of $0.52 per share, beating the Zacks Consensus Estimate of $0.36 per share. This compares to a loss of $0.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +44.44%. A quarter ago, it was expected that this for-profit education company would post earnings of $0.61 per share when it actually produced earnings of $0.94, delivering a surprise of +54.1%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. American Public Education, which belongs to the Zacks Schools industry, posted revenues of $171.73 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.55%. This compares to year-ago revenues of $162.77 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. American Public Education shares have added about 35.6% since the beginning of the year versus the S&P 500's gain of 13.3%. While American Public Education has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for American Public Education was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.46 on $169.84 million in revenues for the coming quarter and $2.59 on $691.28 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Schools is currently in the top 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Afya (AFYA), another stock in the same industry, has yet to report results for the quarter ended June 2026. This medical education company is expected to post quarterly earnings of $0.47 per share in its upcoming report, which represents a year-over-year change of +17.5%. The consensus EPS estimate for the quarter has been revised 2.4% lower over the last 30 days to the current level. Afya's revenues are expected to be $197.32 million, up 21.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report American Public Education, Inc. (APEI) : Free Stock Analysis Report Afya Limited (AFYA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in American Public Education, Inc.? Here are five stocks we like better. APEI raised its full-year 2026 outlook after Q2 revenue rose 5.5% to $171.7 million and adjusted EBITDA jumped 36.8% to $20.7 million. New guidance calls for $690 million–$698 million in revenue and $96 million–$104 million in adjusted EBITDA. Health+ was the primary growth driver, with revenue up 11% and enrollment up 7%; the segment returned to operating profitability as campus utilization improved. Military+ also grew, although active-duty enrollment faced temporary pressure from Middle East-related deployments. The company completed the combination of its education units under one accredited institution, potentially unlocking revenue synergies, and plans to deploy an AI-enabled Salesforce student platform beginning in 2027 to improve retention, student support and operating efficiency. American Public Education (NASDAQ:APEI) raised its full-year 2026 outlook after reporting second-quarter revenue and adjusted EBITDA that exceeded the high end of its guidance ranges. The company also completed the institutional combination of its education units and announced plans to implement an AI-enabled student lifecycle platform with Salesforce. Total second-quarter revenue rose 5.5% year over year to $171.7 million. Excluding $3.4 million in prior-year revenue from Graduate School USA, a business APEI sold in July 2025, revenue growth would have been 7.8%, President and Chief Executive Officer Angela Selden said. → MarketBeat Week in Review – 08/03 - 08/07 Adjusted EBITDA increased 36.8% to $20.7 million from $15.1 million a year earlier, while adjusted EBITDA margin expanded to 12% from 9.3%. Net income available to common stockholders was $9.8 million, or $0.52 per diluted share, compared with a loss of $0.3 million, or $0.02 per diluted share, in the prior-year period. APEI’s Health+ segment generated $86.2 million in revenue, up 11% from the prior year, supported by 7% enrollment growth to roughly 19,600 students and a modest price increase. The company said its on-ground healthcare campuses delivered approximately 9% enrollment growth as it continued its “Fill the Back Row” strategy, which focuses on adding students to available seats in existing programs and campuses. → Quantum Earnings Week: Winners and Losers Are Finally Emerging The company’s Orlando Health+ campus welcomed its first class during the quarter, with enrollment running ahead of plan, according to Selden. The campus also introduced a licensed practical nurse program in the Orlando market. APEI said its Detroit II campus remains on track to begin enrolling students in 2026, while it signed a lease for a Fort Lauderdale, Florida, location expected to begin enrollment in the fourth quarter of 2027. Health+ recorded income from operations of $0.3 million, compared with an operating loss of $2.4 million a year earlier. Chief Financial Officer Edward Codispoti said enrollment momentum and early benefits from capacity utilization efforts were partially offset by advertising and technology investments. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War Selden also said Mark Arnold, president of the Health+ division, is leaving for personal reasons. Duane Bertotto will continue to lead day-to-day Health+ operations, including the Fill the Back Row and “Leverage the Ladder” initiatives. Military+ revenue increased 4.7% to $85.5 million, while net course registrations rose 2% to approximately 98,300 students. Segment income from operations increased 10.6% to $23.7 million, and segment adjusted EBITDA margin expanded 150 basis points to 29.4%. Selden said registrations from veterans and military families continued to grow at a mid-teens rate. However, active-duty enrollment has faced pressure from continuing deployments of Navy, Air Force and Marine service members tied to the conflict in the Middle East. Management said Army enrollment remained strong and described the headwinds as event-related rather than evidence of a structural change in demand. The company’s guidance assumes the active-duty deployment effects continue through the remainder of 2026. During the call, Selden also discussed potential legislation that could raise military tuition-assistance reimbursement from $250 to $350 per credit hour. The House passed a version of the National Defense Authorization Act containing the proposed increase, she said, though Senate approval, Department of Defense action and appropriations steps would still be required. If enacted, the change could allow the Military+ division to reevaluate active-duty pricing while maintaining its commitment not to require active-duty undergraduate students to pay out of pocket. On Aug. 4, APEI completed the combination of American Public University System, Rasmussen University and Hondros College of Nursing into a single American Public University System institution. The Higher Learning Commission approved the combination under one institutional accreditation, and the Department of Education approved the arrangement for federal student financial-aid programs. The unified institution includes more than 290 degree programs, about 109,000 students and more than 250,000 alumni worldwide, Selden said. The transaction also removed a Department of Education restriction imposed in 2021 that limited the total number of Rasmussen students who could access federal financial aid. Management said the completed combination clears the way to pursue revenue synergies, including expanding Rasmussen RN-to-BSN, post-licensure healthcare and bachelor of science in nursing programs to Hondros campuses. The company said it expects to provide more detail on those opportunities in a future call. APEI is building an AI-enabled student lifecycle platform with Salesforce, using Salesforce’s next-generation student information platform, Data 360 and Agentforce. The rollout is scheduled to begin with Health+ admissions and student-support functions in the first quarter of 2027, then expand across Health+ and Military+ through 2027 and the first half of 2028. Selden said the costs of the platform were already included in the company’s four-year financial plan. Management expects the initiative to improve service speed, support student retention, identify potential early-warning signs among online students and create operating efficiencies, though it has not yet quantified the expected benefits. The company also launched a third-party review of marketing efficiency after seeing higher cost per lead in non-core online student segments. Management said early findings identified opportunities to lower cost per start and improve effectiveness. Process, organizational and spending changes are already being implemented, with improvements expected to begin appearing in the fourth quarter. APEI increased its full-year 2026 guidance to: Revenue: $690 million to $698 million, up from $686 million to $696 million. Net income available to common stockholders: $46.5 million to $52.5 million, up from $44.9 million to $51.6 million. Adjusted EBITDA: $96 million to $104 million, up from $93 million to $102 million. Diluted EPS: $2.48 to $2.79, up from $2.33 to $2.68. Capital expenditures: $25 million to $28 million, reduced from $28 million to $32 million. For the third quarter, APEI forecast revenue of $164.5 million to $167 million and adjusted EBITDA of $14 million to $17 million. Codispoti said approximately $6 million in Military+ revenue and roughly $4 million in adjusted EBITDA associated with a Sept. 7 start date are expected to shift from the third quarter into the fourth quarter because revenue is recognized ratably over the enrollment period. As of June 30, the company reported $222.8 million in cash equivalents, restricted cash and short-term investments, versus total debt of $88.9 million. Year-to-date operating cash flow increased 45.6% from a year earlier to $75.4 million. APEI had $45 million remaining under its $50 million share-repurchase authorization after activity during the second quarter. American Public Education, Inc operates as a provider of online postsecondary education, offering degree and certificate programs through its wholly owned subsidiary, American Public University System (APUS). The company designs and delivers a broad range of undergraduate and graduate programs in fields such as business administration, information technology, criminal justice, homeland security, health sciences, and education. Its curriculum is developed to meet the needs of working adults, military personnel, veterans and civilian students seeking flexible, career-relevant learning opportunities. APUS is regionally accredited by the Middle States Commission on Higher Education and employs a proprietary online learning platform that supports asynchronous instruction, digital course materials and interactive learning tools. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "American Public Education Q2 Earnings Call Highlights" was originally published by MarketBeat. 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~ Completed Institutional Combination Subsequent to Quarter End, Creating a Single HLC-Accredited Institution ~ Raises Full Year 2026 Revenue, Net Income and Adjusted EBITDA Guidance CHARLES TOWN, W.Va., Aug. 10, 2026 /PRNewswire/ -- American Public Education, Inc. (the "Company") (Nasdaq: APEI), a company that transforms lives, advances careers and improves communities by providing online and campus-based postsecondary education to approximately 109,000 students, has reported financial and operational results for the second quarter ended June 30, 2026. "I am pleased with the strong financial results we delivered in the second quarter, reflecting continued demand across our businesses and disciplined execution against our strategic priorities, including the opening of Health+'s new Orlando campus, part of our 'Trailblazer' campus opening strategy. Following the end of the quarter, I am very pleased to announce that we completed the combination of American Public University System, Rasmussen University, and Hondros College of Nursing into one Higher Learning Commission-accredited institution named American Public University System," said Angela Selden, President and Chief Executive Officer. Selden concluded, "As we raise revenue, net income and adjusted EBITDA guidance for 2026, we remain focused on disciplined execution and building on the momentum established in the first half of the year." Key Second Quarter 2026 Highlights (as Compared to Second Quarter 2025) Consolidated revenue of $171.7 million, a 5.5% year-over-year increase, compared to $162.8 million. Net income available to common stockholders increased to $9.8 million, compared to a loss of ($0.3) million. Adjusted EBITDA increased 36.8% to $20.7 million, compared to $15.1 million. Net income per diluted common share increased to $0.52, compared to a loss of ($0.02). Cash flows from operations were $12.1 million, compared to $14.8 million. Balance Sheet and Liquidity Total cash, cash equivalents, restricted cash and short-term investments were $222.8 million at June 30, 2026, compared to $176.5 million at December 31, 2025, representing an increase of $46.3 million, or 26.2%. Repurchase Program As previously announced, on March 10, 2026, the Board approved a common stock repurchase program of up to $50 million in the aggregate, replacing our prior repurchase authorizations. During the three and six months ended June 30, 2026, the Company repurchased 70,365 and 88,205 shares of common stock, respectively. As of June 30, 2026, there remains $45.0 million available under our share repurchase authorization. Registrations and Enrollment Third Quarter and Full Year 2026 Outlook The following statements are based on APEI's current expectations. These statements are forward-looking and actual results may differ materially. APEI undertakes no obligation to update publicly any forward-looking statements for any reason unless required by law. Refer to APEI's earnings conference call and presentation for further details. Second Quarter 2026 Earnings Call The Company will hold a conference call on Monday, August 10, 2026, at 5:00 PM Eastern Time to discuss its financial results for the second quarter ended June 30, 2026. Date: Monday, August 10, 2026Time: 5:00 PM Eastern Time (2:00 PM Pacific Time)USA – Toll-Free Dial-in: (833) 461-5787Conference ID: 397456726Webcast: 2Q26 Webcast Link The Company will also provide a link on its website at https://www.apei.com/overview/default.aspx for those who wish to stream the call via webcast. If dialing in, please call the conference telephone number 5 to10 minutes prior to the start time. A replay of the conference call will also be available through the Company's website through August 24, 2026. Non-GAAP Financial Measures This press release contains the non-GAAP financial measures of EBITDA (earnings before interest, taxes, depreciation, and amortization), adjusted EBITDA (EBITDA less non-cash expenses such as stock compensation and non-recurring expenses), adjusted EBITDA margin, segment EBITDA, and segment EBITDA margin. APEI believes that the use of these measures is useful because they allow investors to better evaluate APEI's operating profit and cash generation capabilities. Adjusted EBITDA for the three months ended June 30, 2026, and 2025, excludes stock compensation, loss on disposals of long-lived assets, other professional fees, and in the three months ended June 30, 2025, loss on sale of subsidiary. These non-GAAP measures should not be considered in isolation or as an alternative to measures determined in accordance with generally accepted accounting principles in the United States (GAAP). The principal limitation of our non-GAAP measures is that they exclude expenses that are required by GAAP to be recorded. In addition, non-GAAP measures are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses are excluded. APEI is presenting EBITDA and adjusted EBITDA in connection with its GAAP results and urges investors to review the reconciliation of EBITDA and adjusted EBITDA to the comparable GAAP financial measures that are included in the tables following this press release (under the captions "GAAP Net Income to Adjusted EBITDA" "GAAP Outlook Net Income to Outlook Adjusted EBITDA" and "Education Unit Profile – Segment Summary") and not to rely on any single financial measure to evaluate its business. About American Public Education American Public Education, Inc. (Nasdaq: APEI), through its two segments, Military+ and Health+, provides education that transforms lives, advances careers, and improves communities. Military+ provides online postsecondary education to approximately 89,400 adult learners, directed primarily at the needs of military, veterans, extended military and veteran families, and other public service and service-minded communities through American Public University System, which includes: American Military University and American Public University. Health+ provides nursing- and health sciences-focused postsecondary education to approximately 19,600 students at 27 campuses in eight states and online through Rasmussen University and Hondros College of Nursing. American Public University System, which includes American Military University, American Public University, Rasmussen University, and Hondros College of Nursing, is a consolidated institution institutionally accredited by the Higher Learning Commission (HLC), an institutional accreditation agency recognized by the U.S. Department of Education. Forward Looking Statements Statements made in this press release regarding American Public Education, Inc. ("APEI" or the "Company") that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about APEI and the industry. Forward-looking statements include, without limitation, statements regarding expectations for growth, registration, enrollments, demand, revenues, net income, earnings per share, EBITDA, adjusted EBITDA, adjusted EBITDA margin, the growth and profitability of APEI, and related growth strategies, and plans with respect to and future impacts of recent, current and future initiatives, including the recently completed combination of American Public University System, Rasmussen University and Hondros College of Nursing into one consolidated institution and the expected benefits and future impacts thereof. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, among others, risks related to: APEI's failure to comply with, or adverse actions relating to, regulatory and accrediting agency requirements, including the "90/10 Rule", and to maintain institutional accreditation and the impacts of any actions APEI may take to prevent or correct such failure; changes in the post-secondary education regulatory environment as a result of U.S. federal elections, including any changes by or as a result of actions of the current administration to the operations of the Department of Education or changes to or the elimination or implementation of laws, regulations, standards, policies, and practices; potential or actual government shutdowns and uncertainties in the estimated impacts of any such shutdowns on APEI and Military+ and its prospective and current students, and APEI's inability to mitigate these impacts; government budget and federal workforce uncertainty; the combination of American Public University System, Rasmussen University, and Hondros College of Nursing into one consolidated institution; APEI's dependence on the effectiveness of its ability to attract students who persist in its institutions' programs; changing market demands; declines in enrollments at APEI's subsidiaries; APEI's inability to effectively market its institutions' programs; APEI's inability to maintain strong relationships with the military and maintain course registrations and enrollments from military students; the loss or disruption of APEI's ability to receive funds under Title IV or TA programs or the reduction, elimination, or suspension of federal funds; adverse effects of changes APEI makes to improve the student experience and enhance the ability to identify and enroll students who are likely to succeed; APEI's need to successfully adjust to future market demands by updating existing programs and developing new programs; APEI's loss of eligibility to participate in Title IV programs or ability to process Title IV financial aid; economic and market conditions and changes in interest rates; difficulties involving acquisitions; APEI's indebtedness, including the refinancing thereof; APEI's dependence on and the need to continue to invest in its technology infrastructure, including with respect to third-party vendors; the inability to recognize the intended benefits of APEI's cost savings and reduction and revenue generating efforts; APEI's ability to manage and limit its exposure to bad debt; and the various risks described in the "Risk Factors" section and elsewhere in APEI's Annual Report on Form 10-K for the year ended December 31, 2025, and in other filings with the SEC. You should not place undue reliance on any forward-looking statements. APEI undertakes no obligation to update publicly any forward-looking statements for any reason, unless required by law, even if new information becomes available or other events occur in the future. Company ContactFrank TutaloDirector, Public RelationsAmerican Public Education, [email protected] Investor RelationsShannon DevineMZ North AmericaDirect: [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/american-public-education-reports-second-quarter-2026-financial-results-302847415.html

Perdoceo Education (PRDO) came out with quarterly earnings of $0.8 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.67 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this for-profit education company would post earnings of $0.84 per share when it actually produced earnings of $0.9, delivering a surprise of +7.14%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Perdoceo Education, which belongs to the Zacks Schools industry, posted revenues of $213 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.24%. This compares to year-ago revenues of $209.58 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Perdoceo Education shares have added about 12.6% since the beginning of the year versus the S&P 500's gain of 12.8%. While Perdoceo Education has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Perdoceo Education was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.74 on $216.56 million in revenues for the coming quarter and $3.11 on $866.01 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Schools is currently in the top 44% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. American Public Education (APEI), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10. This for-profit education company is expected to post quarterly earnings of $0.36 per share in its upcoming report, which represents a year-over-year change of +1900%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. American Public Education's revenues are expected to be $170.79 million, up 4.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Perdoceo Education Corporation (PRDO) : Free Stock Analysis Report American Public Education, Inc. (APEI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

CHARLES TOWN, W.Va., July 23, 2026 /PRNewswire/ -- American Public Education, Inc. (the "Company") (Nasdaq: APEI), a company that transforms lives, advances careers and improves communities by providing online and campus-based postsecondary education to approximately 109,000 students, will host a conference call on Monday, August 10, 2026 at 5:00 PM Eastern Time to discuss its financial results for the second quarter ended June 30, 2026. Financial results will be issued in a press release prior to the call. Date: Monday, August 10, 2026Time: 5:00 PM Eastern Time (2:00 PM Pacific Time)US Toll Free: 1 833-461-5787Meeting ID: 397 456 726Webcast: 2Q26 Webcast Link The Company will also provide a link at https://www.apei.com/overview/default.aspx for those who wish to stream the call via webcast. Please call the conference telephone number 5-10 minutes prior to the start time. A replay of the conference call will also be available through August 24, 2026. About American Public Education American Public Education, Inc. (Nasdaq: APEI), through its two segments, Military+ and Health+, provides education that transforms lives, advances careers, and improves communities. Military+ provides online postsecondary education to approximately 89,500 adult learners, directed primarily at the needs of military, veterans, extended military and veteran families, and other public service and service-minded communities through American Public University System, which includes: American Military University and American Public University. Health+ provides nursing- and health sciences-focused postsecondary education to approximately 19,400 students at 27 campuses in eight states and online through Rasmussen University and Hondros College of Nursing. Both American Public University System and Rasmussen University are institutionally accredited by the Higher Learning Commission (HLC), an institutional accreditation agency recognized by the U.S. Department of Education. Hondros College of Nursing is accredited by the Accrediting Bureau of Health Education Schools (ABHES). Company ContactFrank TutaloAssociate Vice President, Public RelationsAmerican Public Education, [email protected] Investor RelationsShannon DevineMZ North AmericaDirect: [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/american-public-education-inc-schedules-second-quarter-2026-earnings-call-monday-august-10-2026-at-500-pm-et-302833234.html

A month has gone by since the last earnings report for American Public Education (APEI). Shares have lost about 1.1% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is American Public Education due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for American Public Education, Inc. before we dive into how investors and analysts have reacted as of late. American Public Education reported better-than-expected first-quarter 2026 results, with adjusted earnings and total revenues beating the Zacks Consensus Estimate. Both the metrics grew year over year. The quarter’s performance was supported by higher Military+ course activity and continued Health+ enrollment gains, helping lift profitability across key metrics. APEI reported adjusted earnings per share (EPS) of 94 cents, up 129.3% year over year, and surpassed the Zacks Consensus Estimate of 61 cents by 55.1%.Total revenues increased 6.2% year over year to $174.7 million and edged past the consensus estimate of $174 million by 0.5%. Performance was supported by higher Military+ course activity and continued Health+ enrollment gains, helping lift profitability across key metrics. Profitability expanded meaningfully in the quarter as operating performance outpaced cost growth. Adjusted EBITDA increased 37.5% year over year to $29.2 million from $21.2 million. Adjusted EBITDA margin expanded to 17% from 13%, reflecting stronger operating leverage on higher revenues. Total costs and expenses in the first quarter of 2026 were $153.1 million, up 0.5% year over year. Instructional costs and services edged down to $74.6 million from $74.9 million, while selling and promotional expenses increased to $37.9 million from $35.2 million. Performance was supported by growth across both operating segments. Military+ revenues increased 6.5% year over year to $89.4 million, driven by higher registration activity. Segment EBITDA rose to $31.8 million from $25.2 million a year ago, with EBITDA margin expanding to 36% from 30%.Health+ revenues advanced 11% year over year to $85.4 million, reflecting higher enrollment and pricing actions implemented in the second half of 2025. Segment EBITDA improved to $3.2 million from $1.9 million in the year-ago quarter, and EBITDA margin increased to 4% from 2%. Military+ posted approximately 106,600 net course registrations in the quarter, up from roughly 102,500 a year earlier. Management noted the residual impact of the government shutdown remained limited to the U.S. Coast Guard and was resolved late in April, helping keep disruption contained.Health+ total student enrollment increased to about 19,400 from 18,000 in the prior-year quarter. During the period, the company opened a new Rasmussen University campus in Orlando, FL, bringing its Practical Nursing Diploma program to the Orlando market. APEI ended the quarter with total cash, cash equivalents and restricted cash of $221 million, up from $176.5 million at the end of 2025. Cash flows from operations improved sharply, with net cash provided by operating activities increasing 71.1% year over year to $63.3 million.The company also moved to optimize its capital structure and shareholder returns. In March, APEI refinanced its debt, cutting its borrowing rate by 375 basis points at then-current leverage levels and targeting about $3.7 million in annual interest savings excluding debt cost amortization. The board authorized a new share repurchase program of up to $50 million, and the company repurchased 17,840 shares through the end of the first quarter. Following the quarter’s execution, management raised its full-year 2026 guidance for revenues and adjusted EBITDA. The company now expects revenues of $686-$696 million, compared with its prior outlook of $685-$695 million and up from $648.9 million reported in 2025. Adjusted EBITDA is projected in the range of $93-$102 million versus the earlier expectation of $91.5-$100.5 million, reflecting growth from $85.7 million in 2025. Management also increased its EPS guidance to $2.33-$2.68 from the previous range of $2.15-$2.47. The updated outlook implies significant improvement from the earnings of $1.36 per share reported in 2025. Meanwhile, capital expenditures are still expected between $28 million and $32 million, higher than the $15.9 million invested in 2025.For the second quarter of 2026, revenues are expected to be $170-$172 million, with net income available to common stockholders projected at $6.5-$7.5 million. The company also anticipates diluted earnings per share of 34-39 cents, alongside Military+ net registrations of 98,300-100,300 and Health+ enrollment of about 19,600. Adjusted EBITDA is expected to be in the band of $16.5-$18.0 million. It turns out, estimates review have trended downward during the past month. Currently, American Public Education has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Following the exact same course, the stock has a score of B on the value side, putting it in the top 40% for value investors. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, American Public Education has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. American Public Education is part of the Zacks Schools industry. Over the past month, Universal Technical Institute (UTI), a stock from the same industry, has gained 4.3%. The company reported its results for the quarter ended March 2026 more than a month ago. Universal Technical reported revenues of $221.4 million in the last reported quarter, representing a year-over-year change of +6.7%. EPS of $0.01 for the same period compares with $0.21 a year ago. Universal Technical is expected to post earnings of $0.01 per share for the current quarter, representing a year-over-year change of -94.7%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Universal Technical. Also, the stock has a VGM Score of C. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report American Public Education, Inc. (APEI) : Free Stock Analysis Report Universal Technical Institute Inc (UTI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research