What is the revenue and EPS growth rate for American Public Education year over year?

What factors drove the changes in American Public Education's revenue and profit?

What is American Public Education's latest dividend and current dividend yield?

What does American Public Education do and what are its main business segments?

Did American Public Education beat or miss consensus estimates last quarter?

What guidance did American Public Education's management provide for the next earnings period?

What is the market's earnings forecast for American Public Education next quarter?

What is American Public Education's gross profit margin?

- **Revenue Beats Expectations**: Q3 revenue up 7% YoY to $163.2M, driven by nursing and military education growth. 
- **Enrollment Resilience**: Rasmussen on-ground enrollment +13% YoY, APUS registrations recover to 30% of prior year levels in November. 
- **Profit Improvement**: Net income +7x YoY to $5.6M; EBITDA +60% to $20.7M. 
- **Government Shutdown Mitigation**: Using $100M OBBB funds,30% of October registrations processed in November. 
- **Strategic Restructuring**: $28M annual savings from Graduate School USA sale; $6M from preferred stock redemption. 
- **Nursing Growth Engine**: Rasmussen ADN/BSN programs +18% YoY, targeting 2026 combination to scale margins. 
- **Cash Flow Strength**: Free cash flow +56% YoY to $45.2M; unrestricted cash $193.1M.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue for Q3 2025 was $163.2 million, a 7% year-over-year increase. Excluding the sold Graduate School USA, revenue growth was 5% (12% when including the school). 
- **Enrollment Momentum**: Rasmussen saw 10% enrollment growth (5th consecutive quarter of YoY growth), while Hondros College of Nursing grew 18%. APUS net course registrations increased 8% YoY. 
- **Strategic Actions**: Sold Graduate School USA in July 2025, reducing lease liabilities by $28 million annually. Completed HLC approval for institution combination, targeting Q3 2026 implementation. 
- **Government Shutdown Impact**: APUS registrations declined in October (-88% YoY) but improved in November (30% of prior year levels). December registrations are expected to recover as the CR is nearing passage. 
- **Balance Sheet Strength**: Unrestricted cash and equivalents totaled $193.1 million as of Q3 end. 

**【CFO Financial Commentary】**
- **Profitability**: Q3 net income available to common shareholders was $5.6 million ($0.30 EPS), up 7x YoY. Adjusted EBITDA rose 60% to $20.7 million. 
- **Segment Performance**: APUS EBITDA grew 19% YoY to $26.2 million. Rasmussen turned from a $4.5 million loss to $825,000 EBITDA. 
- **Free Cash Flow**: 9M 2025 free cash flow (adjusted EBITDA - CapEx) was $45.2 million. 
- **Guidance Update**: Full-year 2025 revenue now expected at $640-644 million (down $20-24 million due to shutdown). 

**【Q&A Highlights】**
- **TA Recovery**: 30% of October registrations were processed in November using $100M OBBB funds. December registrations could approach pre-shutdown levels if CR passes. 
- **Cost Savings**: $6M annual savings from preferred stock redemption; $4M from lease liability reduction. 
- **Nursing Growth**: Rasmussen on-ground enrollment +13% YoY, driven by ADN/BSN programs. 
- **Integration Progress**: Combination process delay resolved; 2026 implementation on track. 
- **Margin Expansion**: Rasmussen operating leverage from filling campus capacity. 
- **APUS 90/10 Ratio**: Cash payers (grad military) offset TA shortfall, supporting compliance. 
- **Investor Day Preview**: November 20 event to detail multi-year nursing growth plans.

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