Concentration

6 Months Ended

Jun. 30, 2020

APUS students utilize various payment sources and programs to finance their educational expenses, including funds from: Department of Defense, or DoD, tuition assistance programs; education benefit programs administered by the U.S. Department of Veterans Affairs, or VA; and federal student aid from Title IV programs; as well as cash and other sources. Reductions in or changes to DoD tuition assistance, VA education benefits, Title IV programs, and other payment sources could have a significant impact on the Company’s operations. As of June 30, 2020, approximately 59% 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 six month periods ended June 30, 2020 and 2019 is included in the table below (unaudited):


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
DoD tuition assistance programs	44%	40%	43%	40%
VA education benefits	21%	23%	22%	22%
Title IV programs	20%	24%	21%	24%
Cash and other sources	15%	13%	14%	14%

A summary of HCN Segment revenue derived from students by primary funding source for the three and six month periods ended June 30, 2020 and 2019 is included in the table below (unaudited):


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Title IV programs	83%	80%	82%	80%
Cash and other sources	15%	18%	16%	18%
VA education benefits	2%	2%	2%	2%