APEI Q4 revenue up 7.4%, Adjusted EBITDA beats guidance; FY2025 outlook provided

AMERICAN PUBLIC EDUCATION INC

Q4 revenue $164.1M, up 7.4% YoY; net income $11.5M ($0.63 diluted EPS), flat YoY.
Adjusted EBITDA $31.4M, up from $25.7M in Q4 2023, above guidance top end.
FY 2025 guidance: revenue $650-660M, Adjusted EBITDA $75-85M.
APUS net course registrations +7.1%, Rasmussen enrollment +3.5%, HCN +19.3% YoY.
CEO outlines plans to simplify military/healthcare divisions, close underperforming campuses.

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