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

May 7, 2019

(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. ¨

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Ticker symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	APEI	Nasdaq Global Select Market

Section 2 – Financial Information

Item 2.02     Results of Operations and Financial Condition.

On May 7, 2019, American Public Education, Inc. issued a press release reporting financial results for the three months ended March 31, 2019.  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 May 7, 2019 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 May 7, 2019, reporting financial results for the three months ended March 31, 2019.
	99.2	American Public Education, Inc. slides for May 7, 2019 conference call and webcast for the three months ended March 31, 2019.
	99.3	American Public Education, Inc. fact sheet posted to its investor relations website on May 7, 2019.

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:	May 7, 2019	By:	/s/ Richard W. Sunderland, Jr.
			Richard W. Sunderland, Jr., Executive Vice President and Chief Financial Officer

EX-99.1

American Public Education Reports First Quarter 2019 Results

Announces $35 Million Share Repurchase Program

CHARLES TOWN, W.Va., May 7, 2019 /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 three months ended March 31, 2019.

Selected Financial Data:

• First quarter 2019 consolidated revenue decreased 2% to $73.4 million, compared to $75.0 million in the same period of 2018. 

• GAAP net income for the first quarter of 2019 decreased to $1.0 million, or $0.06 per diluted share, compared to net income of $4.6 million, or $0.28 per diluted share, in the same period of 2018. 

• Adjusted net income for the first quarter of 2019 was $5.3 million, or $0.32 per diluted share.  Adjusted net income for the first quarter of 2019 excludes a non-cash expense of $5.9 million associated with a reduction in the carrying value of goodwill for the Company's HCN Segment, as well as the applicable tax effect of the adjustment. 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.

• APEI Segment revenue was $65.7 million or approximately flat compared to the first quarter of 2018.  APEI Segment income from operations before interest income and income taxes increased 47% to $7.5 million, compared to $5.1 million in the first quarter of 2018.

• American Public Education's Board of Directors has authorized a program to repurchase up to $35 million of the Company's common stock.

Registrations and Enrollment:

• Net course registrations at APUS increased 1% year-over-year in the first quarter of 2019. Net course registrations by new students increased by approximately 8% year-over-year in the first quarter of 2019.¹

• As of March 31, 2019, APUS student enrollment decreased 2% to 81,200 students, compared to the prior year. ²

• For the three months ended March 31, 2019, total student enrollment at HCN declined by 15% year-over-year and new student enrollment decreased by approximately 32% year-over-year.³

Financial Results:

Total consolidated revenue for the first quarter of 2019 decreased by 2% to $73.4 million, compared to total revenue of $75.0 million in the first quarter of 2018. Consolidated income from operations before interest income and income taxes in the first quarter of 2019 decreased to $1.4 million, compared to consolidated income from operations before interest income and income taxes of $6.2 million in the first quarter of 2018.

Consolidated income from operations before interest income and income taxes in the three months ended March 31, 2019 includes approximately $1.3 million in pre-tax professional fees associated with the evaluation of an acquisition and the prior year period includes $1.7 million in pre-tax expenses associated with the voluntary reduction in force program announced on March 12, 2018.

Income from operations before interest income and income taxes in our APEI Segment increased 47% to $7.5 million, compared to $5.1 million in the first quarter of 2018. The loss from operations before interest income and income taxes in our HCN Segment was $6.1 million during the three months ended March 31, 2019, compared to income of $1.0 million in the same period of 2018, primarily as a result of the goodwill impairment and a decrease in revenue due to lower enrollment during the three months ended March 31, 2019.

GAAP net income for the first quarter of 2019 decreased to $1.0 million, or $0.06 per diluted share, compared to net income of $4.6 million, or $0.28 per diluted share, in the same period of 2018. The weighted average diluted shares outstanding for the first quarters of 2019 and 2018 were approximately 16.7 million and 16.5 million, respectively.

Adjusted net income for the first quarter of 2019 was $5.3 million, or $0.32 per diluted share. Adjusted net income for the first quarter of 2019 excludes a non-cash expense of $5.9 million associated with a reduction in the carrying value of goodwill for the Company's HCN Segment as well as the applicable tax effect of the adjustment. 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 March 31, 2019 were approximately $215.9 million, compared to $212.1 million as of December 31, 2018. Capital expenditures were approximately $1.6 million for the three months ended March 31, 2019, compared to $1.7 million in the prior year period. Depreciation and amortization was $4.1 million for the three months ended March 31, 2019, compared to $4.5 million in the prior year period.

Registrations and Enrollment:

American Public University System1
For the three months ended March 31,	2019	2018	% Change
Net Course Registrations by New Students	10,120	9,370	8%
Net Course Registrations	84,300	83,300	1%
As of March 31,
APUS Student Enrollment2	81,200	82,700	-2%
Hondros College of Nursing3
For the three months ended March 31,	2019	2018	% Change
New Student Enrollment	340	500	-32%
Total Student Enrollment	1,700	2,000	-15%
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.

Share Repurchase Program:

American Public Education's Board of Directors has authorized a program to repurchase up to $35 million of shares of the Company's common stock.

The share repurchase is subject to market conditions, applicable legal requirements and other factors. The repurchases may be made in open market transactions or privately negotiated transactions. The authorization does not obligate the Company to acquire any shares, and purchases may be commenced or suspended at any time based on market conditions and other factors that the Company deems appropriate.

Second Quarter 2019 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 second quarter 2019 consolidated revenues to decline between 6% and 2% year-over-year. The Company expects consolidated net income of between $0.25 and $0.30 per diluted share in the second quarter of 2019.

American Public Education also expects the following results from its subsidiaries in the second quarter of 2019:

• At APUS, the change in total net course registrations is expected to be between a 3% decrease and a 2% increase year-over-year and the change net course registrations by new students is expected to be between a 4% decrease and a 1% increase year-over-year. ¹

• At HCN, total student enrollment decreased approximately 24% year-over-year and new student enrollment decreased by approximately 35% year-over-year for the three months ended June 30, 2019.³ 

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

This press release contains the non-GAAP financial measure of adjusted net income for the three months ended March 31, 2019 that excludes a pretax, non-cash expense of $5.9 million associated with a reduction in the carrying value of goodwill for the Company's HCN Segment 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 first quarter 2019 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, expected earnings, and plans with respect to recent, current and future initiatives, investments and partnerships. 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, 2018, Quarterly Report on Form 10-Q for the period ended March 31, 2019, 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
	March 31,
	2019		2018
	(Unaudited)
Revenues	$	73,441	$	74,967
Costs and expenses:
Instructional costs and services		27,915		29,686
Selling and promotional		15,047		15,581
General and administrative		19,065		18,888
Loss on disposals of long-lived assets		126		128
Impairment of goodwill		5,855		—
Depreciation and amortization		4,051		4,522
Total costs and expenses		72,059		68,805
Income from operations before
interest income and income taxes		1,382		6,162
Interest income, net		1,053		493
Income before income taxes		2,435		6,655
Income tax expense (benefit)		(63)		1,865
Equity investment loss		(1,487)		(201)
Net income	$	1,011	$	4,589
Net income per common share:
Basic	$	0.06	$	0.28
Diluted	$	0.06	$	0.28
Weighted average number of
common shares:
Basic		16,533		16,360
Diluted		16,662		16,534
	Three Months Ended
Segment Information:	March 31,
	2019		2018
Revenues:
American Public Education, Inc.	$	65,721	$	65,668
Hondros College of Nursing	$	7,747	$	9,299
Intersegment Elimination1	$	(27)	$	—
Income from operations before
interest income (loss) and income taxes:
American Public Education, Inc.	$	7,522	$	5,130
Hondros College of Nursing	$	(6,146)	$	1,032
Intersegment Elimination1	$	6	$	—
1Effective January 1, 2019, the APEI Segment began charging the HCN Segment for the value of courses taken by HCN Segment employees at American Public University System. The intersegment revenue elimination is the elimination of this intersegment revenue in consolidation.

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 three months ended March 31, 2019 and 2018:
(In thousands, except per share data)
	Three Months Ended March 31,
	2019				2018
	$		Per Share		$		Per Share
Net income:	$	1,011	$	0.06	$	4,589	$	0.28
Add adjustments:
Impairment of goodwill		5,855		0.35		—		—
Tax effect of the non-GAAP adjustment		(1,615)		(0.10)		—		—
Adjusted net income:	$	5,251	$	0.32	$	4,589	$	0.28
Weighted average number of diluted
common shares outstanding:	16,662				16,534

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

First Quarter 201 9 Results May 7 , 2019 Presented by Dr. Wallace Boston President and CEO Mr. Richard Sunderland, CPA Executive VP and CFO H i g h er e d u c a t i on that makes a d i f f e r e n c e .

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, expected earnings and plans with respect to recent, current and future initiatives, investments and partnerships. 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, 2018 , Quarterly Report on Form 10 - Q, 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. Safe Harbor Statement 1 First Quarter 20 19 Results | May 7 , 2019

Recent Results & Developments • For the three months ended March 31, 201 9 , APUS net course registra tions by new students increased by 8% and net course registrations in creased 1%, compared to the prior year period. — Although net course registrations by new students utilizing Federal Student Aid (FSA) declined year - over - year, net course registrations by new students utilizing DoD Tuition Assistance (TA) increased 26 % year - over - year. • APEI Segment income from operations before interest income and income taxes increased 47% to $7.5 million or 11.4% of revenues, compared to $5.1 million or 7.8% of revenues in the first quarter of 2018. • HCN total student enrollment declined 15% and new student enrollment decreased by approximately 32%, compared to the prior year period . • APEI’s Board of Directors authorized a program to repurchase up to $35 million of the Company’s common stock. APUS NET COURSE REGISTRATIONS BY PRIMARY FUNDING SOURCE THREE MONTHS ENDING MARCH 31, 201 9 % Change (Y/Y) TA 8.6 % Cash/Other - 2.1 % VA - 2 . 6 % FSA - 4.2 Total 1.2% First Quarter 201 9 Results | May 7 , 2019 2 39.4% TA 24.4% FSA 22.7% VA 13.5% Other

Financial Results Summary FIRST QUARTER 2019 • Consolidated revenues decreased by 2 % to $ 7 3.4 million, compared to $ 7 5.0 million in the same period of 201 8 . APEI Segment revenue was $65.7 million or approximately flat compared to the first quarter of 2018. • Costs and Expenses: — Instructional costs & services expenses de creased as a percentage of revenues to 38.0 %, compared to 39.6 % in the prior year period. — Selling & promotional expenses decreased as a percentage of revenues to 20.5 %, compared to 20.8 % in the prior year period. — General & administrative expenses increased as a percentage of revenues to 2 6.0 %, compared to 2 5.2 % in the prior year period. • The year - over - year operating margin improvement in our APEI Segment was primarily driven by lower compensation costs from the voluntary reduction in force during the first quarter of 2018, lower textbook and course materials costs, and lower bad debt expense. • GAAP n et income de creased to $ 1.0 million, or $ 0. 06 per diluted share, compared to $ 4.6 million, or $ 0. 28 per diluted share , in the prior year period . • Adjusted net income for the first quarter of 2019 was $5.3 million, or $0.32 per diluted share. Adjusted net income excludes a non - cash expense of $5.9 million associated with a reduction in the carrying value of goodwill for the Company’s HCN Segment as well as the applicable tax effect of the adjustment. For additional information regarding adjusted net income (a non - GAAP measure), please refer to “GAAP to Adjusted Net Income Reconciliation” in the appendix or the earnings release. $ 7 3.4 M Revenues $ 0. 32 /share Adjusted EPS (diluted) $ 21 5 . 9 M Cash & Equivalents 3 First Quarter 201 9 Results | May 7 , 2019 $ 0. 06 /share GAAP EPS (diluted)

APEI Outlook SECOND QUARTER 2019 Second Quarter 2019 Approximate Y/Y Change APUS Net course registrations 1 by new students - 4 % to +1% APUS Net course registrations 1 - 3 % to +2% HCN Student enrollment 2 - 24 % HCN N e w s t udent enro ll men t 2 - 3 5 % APEI Consolidated revenue - 6 % to - 2 % APEI Consolidated net income per share* $0.25 to $0.30 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. 4 First Quarter 201 9 Results | May 7 , 2019 These statements are based on current expectations. These statements are forward - looking and actual results may differ materially.

We Change Lives Through Higher Education C o n t a c t Chris Symanoskie, IRC Vice President, Investor Relations c s y ma nos ki e @ a pe i . c o m

Appendix GAAP to Adjusted Net Income Per Share 6 First Quarter 201 9 Results | May 7 , 2019 GAAP to Adjusted Net Income Reconciliation:                                     Net income: $ 1,011 $ 0.06  $ 4,589 $ 0.28 Add adjustments: Impairment of goodwill 5,855 0.35 — — Tax effect of the non-GAAP adjustment (1,615) (0.10) — — Adjusted net income: $ 5,251 $ 0.32  $ 4,589 $ 0.28 Weighted average number of diluted           common shares outstanding:   16,662 16,534 The following table sets forth the reconciliation of the Company’s reported GAAP net income to the calculation of adjusted net income for the three months ended March 31, 2019 and 2018: (In thousands, except per share data) Three Months Ended March 31, 2019 2018 $ Per Share $ Per Share

EX-99.3

MARCH 2019 TICKER: APEI EXCHANGE: NASDAQ 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.

84K+ APUS ALUMNI

6K+ HCON ALUMNI

93% APUS ALUMNI SURVEY

Respondents would recommend AMU/APU to a friend or colleague.2 97% APUS ALUMNI SURVEYED Respondents indicated that APUS programs met their overall expectations.1 30+ HCON RELATIONSHIPS with healthcare employers Total Assets (in thousands) Revenue (in thousands) Net Income Attributable to Common Stockholders (in thousands) Net Cash Provided by Operating Activities (in thousands) $297,687 $25,639 $44,179 $370,958 2018 2018 2018 2018 $21,121 $47,938 $339,038 $299,248 2017 2017 2017 2017 $56,014 $315,620 $24,155 $313,139 2016 2016 2016 2016 $57,211 $32,414 $299,427 $327,910 20152015 2015 2015 $350,020 $61,030 $297,904 $40,877 20142014 2014 2014 Chris Symanoskie, IRC, Vice President, Investor Relations 703-334-3880 or csymanoskie@apei.com 1. APUS, 2017 End of Program Survey 2. APUS, 2017 1-year Alumni Survey NOTE: 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.

American Public University System1 An 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 Registrations For the three months ended March 31, 2019 2018 % Change Net Course Registrations by New Students1 10,120 9,370 8% Net Course Registrations 84,300 83,300 1% As of March 31, 2019 2018 % Change APUS Student Enrollment2 81,200 82,700 -2% At-A-Glance5 87% of Students Are Working Adults Avg. Age of Students: 33 years Avg. Undergraduate Class Size: 18 students Avg. Graduate Class Size: 9 students Gender Ratio: 64% male / 36% female 51%+ of APUS Students Referred by Others Over 200 Degree and Certificate Programs 1,800 Globally-Located Faculty Members AMU & APU Graduates 92,500 Conferred Degrees 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 March 31, 2019 39.4% Department of Defense Tuition Assistance (TA) 24.4% Federal Student Aid (FSA) 22.7% Veterans Benefits (VA) 13.5% Cash & Other Sources Tuition APUS undergraduate costs (tuition, books and fees) are 28% below the average published tuition and fee price paid by full-time in-state students at public four-year institutions.3 Enrollment by Degree Level5 59% Bachelor’s 16% Associate 16% Master’s 9% Certificate/other Enrollment by School5 24% Security & Global Studies 24% Business 22% Arts & Humanities 16% Science, Technology, Engineering & Math 12% Health Sciences 2% Education Hondros College of Nursing4 Serving the needs of nurses and the healthcare community through campus locations in Cincinnati, Cleveland, Columbus, Dayton, and Toledo, Ohio. Student Enrollment For the three months ended March 31, 2019 2018 % Change New Student Enrollment 340 500 -32% Total Student Enrollment 1,700 2,000 -15% Enrollment by Program For the full year ended December 31, 2018. 54% Licensed Practical Nurse 44% Associate Degree in Nursing < 2% RN—Bachelor of Science in Nursing (Discontinued) 0% Medical Laboratory Technology (Launched 2019) At-A-Glance Avg. Age of Students: 30 years Gender Ratio: 92% female / 8% male Avg. Class Size: 15 students Graduates 6,000+ alumni 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. 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, 2018. 6. Tuition for alumni of HCN’s Practical Nursing program is $23,790.