Concentration

12 Months Ended

Dec. 31, 2022

Our students utilize various payment sources and programs to finance their education expenses, including funds from: Department of Defense, or DoD, tuition assistance programs, or TA, education benefit programs administered by the U.S. Department of Veteran’s Affairs, or VA, and federal student aid from Title IV programs, as well as cash and other sources. As of December 31, 2022, approximately 65% 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 APUS Segment revenue derived from students by primary funding source is as follows:


	Year Ended December 31,
	2020	2021	2022
DoD tuition assistance programs	43%	45%	47%
VA education benefits	22%	21%	21%
Title IV programs	21%	20%	18%
Cash and other sources	14%	14%	13%

A summary of RU Segment revenue derived from students by primary funding source is as follows:


	Year Ended December 31,
	2020	2021	2022
Title IV programs	77%	76%	74%
Cash and other sources	21%	22%	24%
VA education benefits	2%	2%	2%

A summary of HCN Segment revenue derived from students by primary funding source is as follows:


	Year Ended December 31,
	2020	2021	2022
Title IV programs	82%	81%	80%
Cash and other sources	16%	17%	18%
VA education benefits	2%	2%	2%

Reductions in or changes to TA, VA education benefits, Title IV programs and other payment sources could have a significant impact on the Company’s operations and financial condition.