Concentration

APUS students utilize various payment sources and programs to finance their education 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 Veteran’s Affairs, or VA, education benefit programs; as well as cash and other sources. Reductions in or changes to DoD tuition assistance, VA education benefits, Title IV programs and other payments sources could have a significant impact on the Company’s operations. As of December 31, 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 years ended December 31, 2017, 2018 and 2019 is as follows:



	Year Ended December 31,
	2017	2018	2019
DoD tuition assistance programs	37%	37%	39%
Title IV programs	27%	26%	25%
VA education benefits	23%	23%	23%
Cash and other sources	13%	14%	13%

A summary of HCN Segment revenue derived from students by primary funding source for the years ended December 31, 2017, 2018 and 2019 is as follows:



	Year Ended December 31,
	2017	2018	2019
Title IV programs	83%	82%	80%
Cash and other sources	14%	16%	18%
VA education benefits	3%	2%	2%

A reduction in, or change to, any of these programs could have a significant impact on the Company’s operations and financial condition.