Concentration

9 Months Ended

Sep. 30, 2023

The Company’s students utilize various payment sources and programs to finance their education expenses, including funds from: the U.S. Department of Defense, or DoD, tuition assistance programs, or TA; education benefit programs administered by the U.S. Department of Veterans Affairs, or VA; federal student aid from Title IV programs; and cash and other sources.

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	(Unaudited)		(Unaudited)
	2023	2022	2023	2022
DoD tuition assistance programs	46%	45%	47%	46%
VA education benefits	23%	22%	22%	21%
Title IV programs	18%	19%	17%	19%
Cash and other sources	13%	14%	14%	14%

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	(Unaudited)		(Unaudited)
	2023	2022	2023	2022
Title IV programs	76%	74%	75%	74%
Cash and other sources	22%	24%	23%	24%
VA education benefits	2%	2%	2%	2%

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	(Unaudited)		(Unaudited)
	2023	2022	2023	2022
Title IV programs	79%	80%	79%	80%
Cash and other sources	20%	18%	20%	18%
VA education benefits	1%	2%	1%	2%