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 March 31, 2020, approximately 58% 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 month period ended March 31, 2020 and 2019 is included in the table below (unaudited):



	Three Months Ended March 31,
	2020	2019
DoD tuition assistance programs	41%	39%
Title IV programs	23%	24%
VA education benefits	23%	23%
Cash and other sources	13%	14%

A summary of HCN Segment revenue derived from students by primary funding source for the three month period ended March 31, 2020 and 2019 is included in the table below (unaudited):



	Three Months Ended March 31,
	2020	2019
Title IV programs	81%	80%
Cash and other sources	17%	18%
VA education benefits	2%	2%