Concentration

APUS students utilize various payment sources and programs to finance their educational expenses, including funds from: Department of Defense, or DoD, tuition assistance programs; federal student aid from Title IV programs; and education benefit programs administered by the U.S. Department of Veterans Affairs, or VA, education benefit programs; as well as cash and other sources. Reductions in or changes to DoD tuition assistance, Title IV programs, VA education benefits, and other payment sources could have a significant impact on the Company’s operations. As of September 30, 2019, approximately 57% of APUS students self-reported that they served in the military on active duty at the time of initial enrollment. Active duty military students generally take fewer courses per year on average than non-military students.

A summary of APEI Segment revenue derived from students by primary funding source for the three and nine month periods ended September 30, 2019 and 2018 is included in the table below (unaudited):



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
DoD tuition assistance programs	35%	37%	38%	37%
Title IV programs	26%	26%	25%	26%
VA education benefits	24%	23%	23%	23%
Cash and other sources	15%	14%	14%	14%

A summary of HCN Segment revenue derived from students by primary funding source for the three and nine month periods ended September 30, 2019 and 2018 is included in the table below (unaudited):



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
Title IV programs	83%	82%	81%	83%
Cash and other sources	14%	16%	17%	15%
VA education benefits	3%	2%	2%	2%