8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

August 8, 2018

(Date of earliest event reported)

American Public Education, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware	001-33810	01-0724376
(State or other jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

111 W. Congress Street Charles Town, West Virginia	25414	304-724-3700
(Address of principal executive offices)	(Zip Code)	(Registrant's telephone number including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Section 2 – Financial Information

Item 2.02     Results of Operations and Financial Condition.

On August 8, 2018, American Public Education, Inc. issued a press release reporting financial results for the three and six months ended June 30, 2018.  A copy of American Public Education’s press release is attached to this report as Exhibit 99.1 and is incorporated in this report by reference.  American Public Education has scheduled a conference call and webcast for 5:00 p.m. Eastern time on August 8, 2018 to discuss its financial results, and slides for that call are attached to this report as Exhibit 99.2 and are incorporated in this report by reference. A copy of the investor fact sheet is attached to this report as Exhibit 99.3 and is incorporated in this report by reference.

Section 9 – Financial Statements and Exhibits

Item 9.01     Financial Statements and Exhibits.

(d)	Exhibits
	99.1	American Public Education, Inc. press release dated August 8, 2018, reporting financial results for the three and six months ended June 30, 2018.
	99.2	American Public Education, Inc. slides for August 8, 2018 conference call and webcast for the three and six months ended June 30, 2018.
	99.3	American Public Education, Inc. fact sheet posted to its investor relations website on August 8, 2018.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		American Public Education, Inc.
Date:	August 8, 2018	By:	/s/ Richard W. Sunderland, Jr.
			Richard W. Sunderland, Jr., Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

American Public Education Reports Second Quarter 2018 Results

CHARLES TOWN, W.Va., Aug. 8, 2018 /PRNewswire/ -- American Public Education, Inc. (NASDAQ: APEI) – parent company of online learning provider American Public University System (APUS) and campus-based Hondros College of Nursing (HCN) – announced financial results for the quarter ended June 30, 2018.

Selected Financial Data:

• Second quarter 2018 consolidated revenue increased by 1% to $72.8 million, compared to $72.2 million in the same period of 2017.  
• Net income for the second quarter of 2018 increased to $6.5 million, or $0.39 per diluted share, compared to net income of $3.8 million, or $0.23 per diluted share, in the same period of 2017. 

Registrations and Enrollment:

• Net course registrations at APUS declined by less than 1% year-over-year in the second quarter of 2018. Net course registrations by returning students decreased by less than 1% year-over-year and net course registrations by new students decreased by approximately 1% year-over-year in the second quarter of 2018.¹
• APUS student enrollment decreased by 4% year-over-year to approximately 81,100 students as of June 30, 2018.²
• For the three months ended June 30, 2018, new student enrollment at HCN increased by approximately 5% year-over-year and total student enrollment increased by 17% year-over-year to approximately 2,020 students.³

Financial Results:

Total consolidated revenue for the second quarter of 2018 increased by 1% to $72.8 million, compared to total revenue of $72.2 million in the second quarter of 2017. Consolidated income from operations before interest income and income taxes in the second quarter of 2018 increased by 27% to $8.0 million, compared to consolidated income from operations before interest income and income taxes of $6.3 million in the second quarter of 2017. Net income for the second quarter of 2018 was $6.5 million, or $0.39 per diluted share, compared to net income of $3.8 million, or $0.23 per diluted share for the second quarter of 2017. The weighted average diluted shares outstanding for the second quarters of 2018 and 2017 were approximately 16.6 million and 16.4 million, respectively.

For the six months ended June 30, 2018, total consolidated revenue was approximately $147.8 million, compared to $147.9 million in the prior year period. Consolidated income from operations before interest income and income taxes for the six months ended June 30, 2018 was $14.2 million, compared to $14.6 million in the prior year period. Net income for the six months ended June 30, 2018 was $11.0 million, or $0.67 per diluted share, compared to net income of $8.3 million, or $0.51 per diluted share, in the prior year period. The weighted average diluted shares outstanding for the six months ended June 30, 2018 and 2017 were approximately 16.6 million and 16.3 million, respectively.

Adjusted net income for the six months ended June 30, 2018 was $12.3 million, or $0.74 per diluted share. Adjusted net income for the six months ended June 30, 2018 excludes approximately $1.7 million in pre-tax expenses associated with the voluntary reduction in force program announced on March 12, 2018 as well as the applicable tax effect of the adjustment. The workforce reduction was substantially completed on April 1, 2018. For additional information regarding adjusted net income (a non-GAAP measure), please refer to "GAAP to Adjusted Net Income Reconciliation" in the financial tables that follow.

Total cash and cash equivalents as of June 30, 2018 were approximately $193.6 million, compared to $179.2 million as of December 31, 2017. Capital expenditures were approximately $3.0 million for the six months ended June 30, 2018, compared to $3.8 million in the prior year period. Depreciation and amortization was $8.9 million for the six months ended June 30, 2018, compared to $9.5 million in the prior year period.

Registrations and Enrollment:

American Public University System1
For the three months ended June 30,	2018	2017	% Change
Net Course Registrations by New Students	9,500	9,600	-1%
Net Course Registrations	76,800	77,000	0%
American Public University System1
For the six months ended June 30,	2018	2017	% Change
Net Course Registrations by New Students	18,900	20,100	-6%
Net Course Registrations	160,200	163,700	-2%
As of June 30,
APUS Student Enrollment2	81,100	84,300	-4%
Hondros College of Nursing3
For the three months ended June 30,	2018	2017	% Change
New Student Enrollment	485	460	5%
Total Student Enrollment	2,020	1,720	17%

¹APUS Net Course Registrations represent the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty.

²APUS StudentEnrollment represents the number of unique active students, including those who take an approved leave of absence for up to two years, who have reached the eighth day of their first course or who have completed at least one course within the last 12 months for which a grade was received.

³HCNStudent Enrollment represents the total number of students enrolled in a course after the date by which students may drop a course without financial penalty.   

Third Quarter 2018 Outlook:

The following statements are based on American Public Education's current expectations. These statements are forward-looking and actual results may differ materially. The Company undertakes no obligation to update publicly any forward-looking statements for any reason unless required by law.

American Public Education anticipates a decrease in third quarter 2018 consolidated revenues of between 3% and 0% year-over-year. The Company expects consolidated net income of between $0.28 and $0.33 per diluted share in the third quarter of 2018.

American Public Education also expects the following results from its subsidiaries in the third quarter of 2018:

• At APUS, net course registrations by new students are expected to decrease between 13% and 8% year-over-year and total net course registrations are expected to decrease between 6% and 2% year-over-year. ¹
• At HCN, new student enrollment decreased by approximately 3% year-over-year and total student enrollment increased by approximately 11% year-over-year for the three months ended September 30, 2018 (Summer 2018).³

Non-GAAP Financial Measure ("Adjusted Net Income"):

This press release contains the non-GAAP financial measure of adjusted net income for the six months ended June 30, 2018, which excludes certain pre-tax expenses associated with the voluntary reduction in force program announced on March 12, 2018 as well as the applicable tax effect of the adjustment. American Public Education believes that the use of adjusted net income is useful because it allows investors to better compare results to prior year periods.

This non-GAAP measure 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 adjusted net income is that it excludes 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.

American Public Education is presenting adjusted net income in connection with its GAAP results and urges investors to review the reconciliation of adjusted net income to the comparable GAAP financial measures that is included in the tables following this press release (under the caption "GAAP to Adjusted Net Income Reconciliation") and not to rely on any single financial measure to evaluate its business.

Webcast:

A live webcast of the Company's second quarter 2018 earnings conference call will be broadcast today at 5:00 p.m. Eastern time. This call will be open to listeners who log in through the Company's investor relations website, www.apei.com.

A replay of the live webcast will also be available starting approximately one hour after the conclusion of the live conference call. The replay will be archived and available to listeners for one year.

About American Public Education
American Public Education, Inc. (NASDAQ: APEI) is a leading provider of higher learning dedicated to preparing students all over the world for excellence in service, leadership and achievement. The Company offers respected, innovative and affordable academic programs and services to students, universities and partner organizations through wholly owned subsidiaries: American Public University System and National Education Seminars Inc., which we refer to in this press release as Hondros College of Nursing. Together, these institutions serve more than 80,000 adult learners worldwide and offer more than 200 degree and certificate programs in fields ranging from homeland security, military studies, intelligence, and criminal justice to technology, business administration, public health, nursing and liberal arts. For additional information, please visit www.apei.com.

Forward Looking Statements
Statements made in this press release regarding American Public Education, Inc., or its subsidiaries, that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about American Public Education, Inc. and the industry. These forward-looking statements are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Forward-looking statements can be identified by words such as "anticipate," "believe," "seek," "could," "estimate," "expect," "intend," "may," "should," "will" and "would." These forward-looking statements include, without limitation, statements regarding expected growth, expected registration and enrollments, expected revenues, and expected earnings. Actual results could differ materially from those expressed or implied by these forward-looking statements as a result of various factors, including the various risks described in the "Risk Factors" section and elsewhere in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, Quarterly Report on Form 10-Q for the period ended June 30, 2018, and other filings with the SEC. The Company 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.

American Public Education, Inc.
Consolidated Statement of Income
(In thousands, except per share data)
	Three Months Ended
	June 30,
	2018		2017
	(Unaudited)
Revenues	$	72,798	$	72,196
Costs and expenses:
Instructional costs and services		28,967		29,834
Selling and promotional		13,284		14,008
General and administrative		17,594		16,632
Loss on disposals of long-lived assets		558		678
Depreciation and amortization		4,347		4,726
Total costs and expenses		64,750		65,878
Income from operations before
interest income and income taxes		8,048		6,318
Interest income, net		661		15
Income before income taxes		8,709		6,333
Income tax expense		2,280		2,525
Equity investment income		29		21
Net income	$	6,458	$	3,829
Net income per common share:
Basic	$	0.39	$	0.24
Diluted	$	0.39	$	0.23
Weighted average number of
common shares:
Basic		16,408		16,241
Diluted		16,646		16,360
	Three Months Ended
Segment Information:	June 30,
	2018		2017
Revenues:
American Public Education, Inc.	$	63,692	$	64,304
Hondros College of Nursing	$	9,106	$	7,892
Income from operations before
interest income and income taxes:
American Public Education, Inc.	$	7,169	$	5,663
Hondros College of Nursing	$	879	$	655
	Six Months Ended
	June 30,
	2018		2017
	(Unaudited)
Revenues	$	147,765	$	147,884
Costs and expenses:
Instructional costs and services		58,653		58,790
Selling and promotional		28,865		29,443
General and administrative		36,482		34,388
Loss on disposals of long-lived assets		686		1,168
Depreciation and amortization		8,869		9,470
Total costs and expenses		133,555		133,259
Income from operations before
interest income and income taxes		14,210		14,625
Interest income, net		1,154		26
Income before income taxes		15,364		14,651
Income tax expense		4,145		6,374
Equity investment income (loss)		(172)		61
Net income	$	11,047	$	8,338
Net income per common share:
Basic	$	0.67	$	0.51
Diluted	$	0.67	$	0.51
Weighted average number of
common shares:
Basic		16,384		16,214
Diluted		16,611		16,340
	Six Months Ended
Segment Information:	June 30,
	2018		2017
Revenues:
American Public Education, Inc.	$	129,360	$	132,433
Hondros College of Nursing	$	18,405	$	15,451
Income from operations before
interest income and income taxes:
American Public Education, Inc.	$	12,299	$	13,590
Hondros College of Nursing	$	1,911	$	1,035

GAAP to Adjusted Net Income Reconciliation:
The following table sets forth the reconciliation of the Company's reported GAAP net income to the calculation of adjusted net income for the six  months ended June 30, 2018 and 2017:
(In thousands, except per share data)
	Six Months Ended June 30,
	2018				2017
	$		Per Share		$		Per Share
	(Unaudited)
Net income:	$	11,047	$	0.67	$	8,338	$	0.51
Add adjustments:
Voluntary reduction in force expenses		1,714		0.10		—		—
Tax effect of non-GAAP adjustment		(447)		(0.03)		—		—
Adjusted net income:	$	12,314	$	0.74	$	8,338	$	0.51
Weighted average number of diluted
common shares outstanding:	16,611				16,340

CONTACT: Richard W. Sunderland, Jr., CPA, Executive Vice President and Chief Financial Officer, 304.885.5371; Christopher L. Symanoskie, IRC, Vice President, Investor Relations, 703.334.3880

EX-99.2

Exhibit 99.2

Education that makes a difference SECOND QUARTER 2018 RESULTS | AUGUST 8, 2018 PRESENTED BY DR. WALLACE BOSTON - PRESIDENT AND CEO MR. RICHARD SUNDERLAND, CPA – EXECUTIVE VP AND CFO MR. CHRISTOPHER SYMANOSKIE, IRC – VICE PRESIDENT OF INVESTOR REL ATIONS

PAGE SAFE HARBOR STATEMENT 1 Statements made in this presentation regarding American Public Education, Inc . , or its subsidiaries, that are not historical facts are forward - looking statements based on current expectations, assumptions, estimates and projections about American Public Education, Inc . and the industry . These forward - looking statements are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements . Forward - looking statements can be identified by words such as “anticipate,” “believe,” “seek,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would . ” These forward - looking statements include, without limitation, statements regarding expected growth, expected registration and enrollments, expected revenues, and expected earnings . Actual results could differ materially from those expressed or implied by these forward - looking statements as a result of various factors, including the various risks described in the “Risk Factors” section and elsewhere in the Company’s Annual Report on Form 10 - K for the year ended December 31 , 2017 , Quarterly Report on Form 10 - Q for the period ended June 30 , 2018 and other filings with the SEC . The Company 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 .

PAGE RECENT RESULTS AND HIGHLIGHTS 2 • For the three months ended June 30, 2018, APUS net course registrations declined by less than 1% and net course registrations by new students decreased 1 %, compared to the prior year period. • Enrollment stabilization at APUS is supported in part by: • Increased gross - to - net student conversion rates resulting from improved student services and onboarding processes • Higher student persistence rates • Net income per diluted share was above the company’s second quarter 2018 outlook as a result of lower - than - expected compensation and bad debt expenses. • Total student enrollment at HCN increased 17% and new student enrollment increased 5 % y/y (Summer 2018). % Change (Y/Y) FSA - 3.1% TA +0.4% VA +2.8% Cash/Other - 1.2% Total - 0.2% APUS NET COURSE REGISTRATIONS BY PRIMARY FUNDING SOURCE Three months ending June 30, 2018 ███ 36.4% TA ███ 25.7% FSA ███ 23.8% VA ███ 14.1% Other APUS NET COURSE REGISTRATIONS BY PRIMARY FUNDING SOURCE Three months ending June 30, 2018 - 10.1% - 9.4% - 6.2% - 4.2% - 3.2% - 3.9% - 0.2% -12% -9% -6% -3% 0% 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 Y/Y Change in Net Course Registrations by APUS Students

PAGE AFFORDABLE TUITION PLUS ACADEMIC QUALITY EQUALS HIGH SOCIAL VALUE 3 APUS - Long - Established Reputation for Affordable Access & Quality in Higher Education Embraces Low Tuition: • APUS undergraduate costs are 23% below the average published tuition and fee price paid by full - time in - state students at public four - year institutions. 1 Reduces The Cost of Course Materials: • Since 2002, APUS has awarded over $134 million in textbook and course material grants to undergraduate students. Recognizes The Value of Prior Learning: • Since 2010, APUS has awarded more than 2 million transfer credit hours to students, representing approximately $500 million in applied value to our graduates. • Undergraduates receive an average of 44 transfer credits toward their degree at APUS - an average of approximately $11,000 in savings to these graduates. AMU #1 Serving Active Duty Military 3 1 Trends in College Pricing, College Board, 2018 2 Military Times Reboot Camp, 2018 3 Military Times Top 50 Colleges for Tuition Assistance, 2018 AMU #4 Serving Veteran Community 2

PAGE 4 • Consolidated revenues increased 1% to $ 72.8 million, compared to $72.2 million in the same period of 2017. • Costs and Expenses: • Instructional costs and services expenses decreased as a percentage of revenues to 39.8%, compared to 41.3% in the prior year period. • Selling and promotional expenses decreased as a percentage of revenues to 18.2%, compared to 19.4% in the prior year period. • General and administrative expenses increased as a percentage of revenues to 24.2%, compared to 23.1% in the prior year period. • Net income increased to $6.5 million, or $ 0.39 per diluted share, compared to $3.8 million , or $ 0.23 per diluted share, in the prior year period . • Cash and cash equivalents increased to $193.6 million , compared to $179.2 million as of December 31, 2017. FINANCIAL RESULTS SUMMARY SECOND QUARTER 2018 2Q2018 Revenues $72.8M EPS (diluted) $0.39/share Cash & Equiv. $193.6M

PAGE APEI OUTLOOK THIRD QUARTER 2018 The following statements are based on current expectations. These statements are forward - looking and actual results may differ materially. 1 APUS Net Course Registrations represent the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty. 2 HCN Student Enrollment represents the total number of students enrolled in a course after the date by which students may drop a course without financial penalty. Third Quarter 2018 Approx. Y/Y Change APUS Net course registrations 1 by new students - 13% to - 8% APUS Net course registrations 1 - 6% to - 2% HCN New student enrollment 2 Approx. - 3% HCN Student enrollment 2 Approx. 11% APEI Consolidated revenue - 3% to 0% APEI Consolidated net income per share $0.28 to $0.33 5

PAGE EMPOWERED TO CHANGE THE WORLD Potential catalysts for value creation: • Strong & growing market demand in key areas • Reengineering enrollment management processes • Brand building & targeting program investment • Attractive new workforce focused programs & degrees • Expanding strategic relationships COMPETITIVE STRENGTH IN AFFORDABLE, ASSESSABLE PROGRAMS DIVERSE, HIGH - DEMAND AND HIGHLY RELEVANT CURRICULUM FOCUSED ON WORKFORCE SKILLS DEVELOPMENT STRONG BALANCE SHEET AND NET CASH FROM OPERATING ACTIVITIES LARGE SATISFIED STUDENT AND ALUMNI POPULATIONS STRONG AND EXPANDING EMPLOYER RELATIONSHIPS UNYIELDING DEDICATION TO ACADEMIC QUALITY 6

EX-99.3

Exhibit 99.3

 

JUNE 2018 TICKER: APEI EXCHANGE: NASDAQAMERICAN PUBLIC EDUCATION, INC. (NASDAQ: APEI) is a leading provider of higher learning dedicated to preparing students all over the world for excellence in service, leadership and achievement. The Company offers respected, innovative and affordable academic programs and services to students, universities and partner organizations through wholly owned subsidiaries: American Public University System and National Education Seminars Inc., which we refer to as Hondros College of Nursing.American Public University System (APUS), which is accredited by the Higher Learning Commission (HLC), offers online degree and certificate programs through American Military University (AMU) and American Public University (APU). Hondros College of Nursing (HCN) educates nurses at five Ohio campuses in Cincinnati/West Chester, Cleveland/Independence, Columbus/Westerville, Dayton/Fairborn and Toledo/Maumee. Together, these institutions serve more than 80,000 adult learners worldwide and offer more than 200 degree and certificate programs in fields ranging from homeland security, military studies, intelligence, and criminal justice to technology, business administration, public health, nursing and liberal arts. For additional information, please visit www.apei.com.97%APUS ALUMNI SURVEYEDRespondents indicated that APUS programs met their overall expectations.193%APUS ALUMNI SURVEYRespondents would recommend AMU/APU to a friend or colleague.230+HCON RELATIONSHIPSwith healthcare employers82K+APUS ALUMNI6K+HCON ALUMNINET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERSTOTAL ASSETSNET CASH PROVIDED BY OPERATING ACTIVITIESREVENUE$350,020$61,030$42,034$339,038$40,877$59,414$329,479$327,910$57,211$315,620$56,014$313,139$299,427$297,904$299,248$271,655$47,938$32,414$24,155$21,121‘13‘14‘15‘16‘17‘13‘14‘15‘16‘17‘13‘14‘15‘16‘17‘13‘14‘15‘16‘17Contact: Chris Symanoskie, IRC, Vice President, Investor Relations 703-334-3880 or csymanoskie@apei.comNOTE: Past performance is not indicative of future results. Additional information, including important details about risk factors, can be found in APEI’s filings with the U.S. Securities and Exchange Commission, www.sec.gov.1. APUS, 2017 End of Program Survey2. APUS, 2017 1-year Alumni Survey

 

ENROLLMENT BY DEGREE LEVEL5APUSAMERICAN PUBLIC UNIVERSITY SYSTEM1An online institution of higher learning serving the needs of military, public service and civilian communities through American Military University (AMU) and American Public University (APU).ENROLLMENT AND REGISTRATIONSFor the three months ended June 30,20182017% ChangeNet Course Registrations by New Students 9,500 9,600-1%Net Course Registrations76,80077,000 0%For the six months ended June 30,20182017% ChangeNet Course Registrations by New Students18,90020,100-6%Net Course Registrations160,200163,700-2%As of June 30,20182017% ChangeAPUS Student Enrollment281,10084,300-4%¦59%Bachelor’s¦16%Associate¦16%Master’s¦9%Certificate/otherENROLLMENT BY SCHOOL5¦25%Security & Global Studies¦23%Business¦22%Arts & Humanities¦16%Science, Technology, Engineering & Math¦11%Health Sciences¦ 3%Education AT-A-GLANCE5– 87% of Students are Working Adults– Avg. Age of Students: 33 years– Avg. Undergraduate Class Size: 19 students– Avg. Graduate Class Size: 9 students– Gender Ratio: 65% male / 35% female– 49%+ of APUS Students Referred by Others– Over 200 Degree and Certificate Programs– 2,000+ Globally Located Faculty MembersAMU & APU GRADUATES– 82,000+ Alumni– Nearly 40 graduate students and alumni honored as Presidential Management Fellowship finalists, one of the nation’s most prestigious programs for leadership and public service.REGISTRATIONS BY PRIMARY FUNDING SOURCE For the three months ended June 30, 2018¦36.6%Department of Defense Tuition Assistance (TA)¦25.7%Federal Student Aid (Title IV)¦23.7%Veterans Benefits (VA)¦14.0%Cash & Other SourcesTUITIONAPUS undergraduate costs (tuition, books and fees) are 23% below the average published tuition and fee price paid by full-time in-state students at public four-year institutions.3 HONDROS COLLEGE OF NURSING4Serving the needs of nurses and the healthcare community through campus locations in Cincinnati, Cleveland, Columbus, Dayton, and Toledo, Ohio.STUDENT ENROLLMENTFor the three months ended June 30, 20182017% ChangeNew Student Enrollment4854605%Total Student Enrollment2,0201,720 17%ENROLLMENT BY PROGRAMFor the full year ended December 31, 2017.¦53%Licensed Practical Nurse¦42%Associate Degree in Nursing¦4%RN-Bachelor of Science in NursingAT-A-GLANCE– Avg. Age of Students: 30 years– Gender Ratio: 92% female / 8% male– Avg. Class Size: 15 studentsGRADUATES– 6,000+ alumniApproximate Cost (Tuition & Fees) of Degree CompletionLicensed Practical Nurse$17,040Associate Degree in Nursing$25,010 Alumni tuition is $23,790Bachelor of Science in Nursing$20,880Alumni tuition is $19,4881. APUS Net Course Registrations represent the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty.2. APUS Student Enrollment represents the number of unique active students, including those who take an approved leave of absence for up to two years, who have reached the eighth day of their first course or who have completed at least one course within the last 12 months for which a grade was received.3. The College Board’s Trends in College Pricing 2018.4. HCN Student Enrollment represents the total number of students enrolled in a course after the date by which students may drop a course without financial penalty.5. For the twelve months ended December 31, 2017.