UNITED STATESSECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 09, 2020 American Public Education, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware

001-33810

01-0724376

(State or other jurisdiction

of Incorporation) (CommissionFile Number)

(I.R.S. EmployerIdentification No.)

111 W. Congress StreetCharles Town, West Virginia

25414

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: 304-724-3700

N/A(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the followingprovisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registeredCommon Stock, $.01 par value APEI Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) orRule 12b-2 of the Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Section 2 – Financial InformationItem 2.02 Results of Operations and Financial Condition. On November 9, 2020, American Public Education, Inc. issued a press release reporting financial results for the three and nine months ended September 30, 2020. Acopy of American Public Education’s press release is attached to this report as Exhibit 99.1 and is incorporated in this report by reference. American PublicEducation has scheduled a conference call and webcast for 5:00 p.m. Eastern time on November 9, 2020 to discuss its financial results, and slides for that call areattached to this report as Exhibit 99.2 and are incorporated in this report by reference. A copy of an investor fact sheet with respect to these results that has beenposted to American Public Education’s website is attached to this report as Exhibit 99.3 and is incorporated in this report by reference. Section 9 – Financial Statements and ExhibitsItem 9.01 Financial Statements and Exhibits.

(d) Exhibits 99.1 American Public Education, Inc. press release dated November 09, 2020, reporting financial results for the three months ended September 30, 2020.

99.2 American Public Education, Inc. slides for November 09, 2020 conference call and webcast for the three months ended September 30, 2020.

99.3 American Public Education, Inc. fact sheet posted to its investor relations website on November 9, 2020.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereuntoduly authorized.

American Public Education, Inc.

Date: November 9, 2020 By: /s/ Richard W. Sunderland, Jr. Richard W. Sunderland, Jr., Executive Vice

President and Chief Financial Officer

 

Exhibit 99.1

American Public Education Reports Third Quarter 2020 Results

Student enrollment momentum continues for a fourth consecutive quarter as net course registrations by new students at APUS increase 25% and new studentenrollment at Hondros increases 88%

CHARLES TOWN, W.Va., Nov. 9, 2020 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) – parent company of online learning provider AmericanPublic University System (APUS) and on-ground pre-licensure Hondros College of Nursing (HCN) – announced financial results for the third quarter endedSeptember 30, 2020 that reflect continued momentum in enrollment growth across both institutions.

Third Quarter Highlights:

Net course registrations by new students at APUS increased 25% year-over-year and total net course registrations increased 18% year-over-year to 90,300.New student enrollment at HCN increased 88% year-over-year and total student enrollment increased 38% year-over-year to 1,950.Consolidated revenue increased 16.6% to $79.1 million, compared to the prior year period.Net income increased to $2.6 million, or $0.18 per share, from a loss in the prior year period.Adjusted EBITDA increased 49% to $10.8 million, compared to the prior year period.On October 28, 2020, APEI announced plans to acquire regionally accredited Rasmussen University, the largest educator of ADN nurses. Post-acquisition,APEI expects to have revenue of approximately $600 million on an annual pro forma basis1 and to become #1 educator of pre-licensure nurses (ADN/RN andPN/LPN) with over 10,000 nursing students. The pending acquisition is expected to close by the middle of the third quarter 2021.

Angela Selden, APEI's Chief Executive Officer said, "The continued strong enrollment growth at both APUS and Hondros drove 11% growth in revenue for the firstthree quarters of the year. Even with increased investment in technology to improve the student experience and additional marketing spend to support the APUSbrand, the strong enrollments at APUS combined with the turnaround at Hondros resulted in year-over-year margin expansion."

"Our results demonstrate that APEI's value proposition of Higher Education Return on Investment or 'HEROI™' is resonating with military professionals, veterans,and nurses," stated Selden. "We are well positioned to extend that message with the forthcoming acquisition of Rasmussen University, which shares a similarphilosophy. APEI is quickly evolving into a dynamic platform for adult learners, particularly for those in professions with significant job opportunities, such asnursing."

"We look forward to welcoming Rasmussen into the APEI family by the middle of the third quarter next year. We intend to pay careful attention to integrationplanning in order to unlock new revenue and cost synergies, and accelerating shared growth initiatives. At the same time, we remain focused on maintaining ourorganic enrollment momentum and delivering on our various initiatives to enhance our offerings and expand our operating margins," added Selden.

1 Annual Pro forma revenue determined as if the transaction were to close on January 1, 2021

Financial Results:

Total consolidated revenue for the third quarter of 2020 increased by 16.6% to $79.1 million, compared to total revenue of $67.9 million in the third quarter of 2019.The increase was driven by an $8.4 million, or 13.7%, increase in APEI Segment revenue and a $2.8 million, or 42.5%, increase in HCN Segment revenue resultingfrom increases in student enrollment.

Consolidated income from operations before interest income and income taxes in the third quarter of 2020 increased to $3.3 million, compared to a $2.9 million lossin the prior year period. APEI Segment income from operations before interest income and income taxes increased to $2.8 million, compared to $0.2 million in theprior year period. APEI Segment income includes a $2.1 million increase in pretax advertising costs as compared to the prior year period, as well as $1.9 million inprofessional fees associated with strategic growth opportunities including the Rasmussen University acquisition, and $1.5 million in pretax costs related to APEI'sinformation technology transformation project. HCN Segment income from operations before interest income and income taxes was $0.5 million during the threemonths ended September 30, 2020, compared to a loss of $3.2 million in the same period in 2019.

Operating results for the prior year period include $2.8 million in employee compensation costs for post-employment benefits payable to the APUS President uponretirement and a $1.5 million non-cash impairment of goodwill.

Net income for the three months ended September 30, 2020 was $2.6 million, or $0.18 per diluted share, compared to net loss of $1.6 million, or $0.10 per dilutedshare, in the same period of 2019. Adjusted EBITDA for the three months ended September 30, 2020 was $10.8 million, compared to $7.3 million in the prior yearperiod. The weighted average diluted shares outstanding for the third quarter of 2020 and 2019 were approximately 15.0 million and 16.1 million, respectively.

For the nine months ended September 30, 2020, total consolidated revenue increased by 11.3% to $235.9 million, compared to total revenue of $211.9 million in theprior year period. The increase was driven by a $19.9 million, or 10.4%, increase in APEI Segment revenue and a $4.1 million, or 19.0%, increase in HCN Segmentrevenue, both resulting from increases in student enrollment.

Consolidated income from operations before interest income and income taxes for the nine months ended September 30, 2020 was $15.0 million, compared to $4.1million in the prior year period. This increase was primarily driven by a $9.8 million decrease in HCN Segment loss from operations before interest income andincome taxes. APEI Segment income from operations before interest income and income taxes increased $1.1 million, or 7.9%, compared to the prior year.

Operating results for the prior year period include $2.8 million in employee compensation costs for post-employment benefits related to the former APUS President'sretirement and a $7.3 million non-cash impairment of goodwill.

Net income for the nine months ended September 30, 2020 was $11.8 million, or $0.78 per diluted share, compared to net income of $4.3 million, or $0.26 per dilutedshare, in the prior year period. Adjusted EBITDA for the nine months ended September 30, 2020 was $34.9 million, compared to $33.0 million in the prior yearperiod. The weighted average diluted shares outstanding for the nine months ended September 30, 2020 and 2019 were approximately 15.0 million and 16.5 million,

respectively.

Total cash and cash equivalents as of September 30, 2020 were approximately $228.0 million, compared to $202.7 million as of December 31, 2019. Capitalexpenditures were approximately $4.2 million for the nine months ended September 30, 2020 and 2019. Depreciation and amortization expense was $10.0 million forthe nine months ended September 30, 2020, compared to $11.8 million in the prior year period.

Registrations and Enrollment:

American Public University System1

For the three months ended September 30, 2020 2019 % Change Net Course Registrations by New Students 13,500 10,800 25% Net Course Registrations 90,300 76,700 18%

For the nine months ended September 30, Net Course Registrations by New Students 35,800 30,300 18% Net Course Registrations 264,700 236,900 12%

As of September 30, APUS Student Enrollment2 86,300 80,700 7%

Hondros College of Nursing3

For the three months ended September 30, 2020 2019 % Change New Student Enrollment 649 345 88% Total Student Enrollment 1,950 1,410 38%

1APUS Net Course Registrations represents the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty.2APUS Student Enrollment represents the number of unique active students, including those who are currently on an approved leave of absence, who are currently in class or have completed a course within the past 12 months. Excludes students in doctoral programs. 3HCN Student Enrollment represents the approximate number of students enrolled in a course after the date by which students may drop a course without financial penalty.

Fourth Quarter 2020 Outlook:

The following statements are based on APEI's current expectations. These statements are forward-looking and actual results may differ materially. APEI undertakesno obligation to update publicly any forward-looking statements for any reason unless required by law.

APEI anticipates fourth quarter 2020 consolidated revenue to increase between 10% and 14%, compared to the prior year period. APEI expects diluted earnings pershare to be between $0.41 and $0.46 in the fourth quarter of 2020.

American Public Education expects the following results from its subsidiaries in the fourth quarter of 2020:

At APUS, net course registrations by new students are expected to increase between 11% and 15% year-over-year and net course registrations are expected toincrease between 6% and 10% year-over-year.At HCN, new and total student enrollment increased approximately 34% year-over-year for the three months ended December 31, 2020.

Non-GAAP Financial Measures:

This press release contains the non-GAAP financial measures of EBITDA (earnings before interest, taxes, depreciation and amortization) and Adjusted EBITDA(EBITDA less non-cash expenses such as stock compensation and non-recurring expenses). APEI believes that the use of these measures is useful because it allowsinvestors to better evaluate APEI's cash generation capabilities.

For the three and nine months ended September 30, 2019 and 2020, adjusted EBITDA excludes non-cash compensation expense, loss on disposals of long-livedassets, goodwill impairment, compensation expense adjustment, and M&A-related professional fees.

These non-GAAP measures should not be considered in isolation or as an alternative to measures determined in accordance with generally accepted accountingprinciples in the United States (GAAP). The principal limitation of adjusted EBITDA is that it excludes expenses that are required by GAAP to be recorded. Inaddition, non-GAAP measures are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses are excluded.

APEI is presenting EBITDA and adjusted EBITDA in connection with its GAAP results and urges investors to review the reconciliation of EBITDA and adjustedEBITDA to the comparable GAAP financial measures that is included in the tables following this press release (under the caption "GAAP Net Income to AdjustedEBITDA") and not to rely on any single financial measure to evaluate its business.

Webcast:

A live webcast of the APEI's third quarter 2020 earnings conference call will be held today at 5:00 p.m. Eastern time. This webcast will be open to listeners who login through the APEI's investor relations website, www.apei.com.

A replay of the live webcast will also be available starting approximately one hour after the conclusion of the live conference call. The replay will be archived andavailable to listeners for one year.

About American Public Education

American Public Education, Inc. (Nasdaq: APEI) is a leading provider of higher learning dedicated to preparing students all over the world for excellence in service,leadership and achievement. APEI offers respected, innovative and affordable academic programs and services to students, universities and partner organizationsthrough wholly owned subsidiaries: American Public University System and National Education Seminars Inc., which we refer to in this press release as Hondros

College of Nursing. Together, these institutions serve more than 88,000 adult learners worldwide and offer more than 220 degree and certificate programs in fieldsranging from homeland security, military studies, intelligence, and criminal justice to technology, business administration, public health, nursing and liberal arts. Foradditional information, please visit www.apei.com.

Forward Looking Statements

Statements made in this press release regarding APEI or its subsidiaries that are not historical facts are forward-looking statements based on current expectations,assumptions, estimates and projections about APEI and the industry. Forward-looking statements can be identified by words such as "anticipate," "believe," "seek,""could," "estimate," "expect," "intend," "may," "plan," "should," "will" and "would." These forward-looking statements include, without limitation, statementsregarding benefits of the acquisition of Rasmussen University, the timing of the closing of the transaction, expected growth, expected registration and enrollments,expected revenues, earnings and expenses, expected financial results for Rasmussen University, the ability to deliver a return on learners' educational investment, andplans with respect to recent, current and future initiatives.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by suchstatements. Such risks and uncertainties include, among others, risks related to: the satisfaction of closing conditions, including the failure or delay in obtainingrequired regulatory and accreditor approvals; APEI's ability to obtain financing to fund the transaction; the significant transaction and integration costs APEI hasincurred and expects to incur in connection with the acquisition; the integration of Rasmussen's business and APEI's ability to realize the expected benefits of theacquisition; that Rasmussen may have liabilities that are not known to APEI; other events that could impact the transaction and its closing; APEI's dependence on theeffectiveness of its ability to attract students who persist in its institutions' programs; impacts of the COVID-19 pandemic; APEI's ability to effectively market itsinstitutions' programs; adverse effects of changes APEI makes to improve the student experience and enhance the ability to identify and enroll students who are likelyto succeed; APEI's ability to maintain strong relationships with the military and maintain enrollments from military students; APEI's ability to comply with regulatoryand accrediting agency requirements and to maintain institutional accreditation; APEI's reliance on Department of Defense tuition assistance, Title IV programs, andother sources of financial aid; APEI's dependence on its technology infrastructure; strong competition in the postsecondary education market and from non-traditionalofferings; and the various risks described in the "Risk Factors" section and elsewhere in APEI's Annual Report on Form 10-K for the year ended December 31, 2019,Quarterly Report on Form 10-Q for the period ended September 30, 2020, and other filings with the SEC. You should not place undue reliance on any forward-looking statements. APEI undertakes no obligation to update publicly any forward-looking statements for any reason, unless required by law, even if new informationbecomes available or other events occur in the future.

Contacts:

Richard W. Sunderland, Jr., CPA Executive Vice President and Chief Financial Officer 304.885.5371

Christopher L. Symanoskie, IRC Vice President, Investor Relations 703.334.3880

American Public Education, Inc.Consolidated Statement of Income(In thousands, except per share data)

Three Months EndedSeptember 30,

2020 2019(unaudited)

Revenues $ 79,133 $ 67,888

Costs and expenses: Instructional costs and services 31,084 27,268 Selling and promotional 18,523 15,873 General and administrative 22,574 22,021 Loss on disposals of long-lived assets 418 394 Impairment of goodwill — 1,481 Depreciation and amortization 3,226 3,764

Total costs and expenses 75,825 70,801

Income (loss) from operations beforeinterest income and income taxes 3,308 (2,913) Interest income, net 121 1,019

Income (loss) before income taxes 3,429 (1,894)

Income tax expense (benefit) 785 (239) Equity investment (loss) income (2) 17Net income (loss) $ 2,642 $ (1,638)

Net income (loss) per common share: Basic $ 0.18 $ (0.10)

Diluted $ 0.18 $ (0.10)

Weighted average number of common shares:

Basic 14,797 15,967

Diluted 15,011 16,121

Three Months EndedSegment Information: September 30,

2020 2019Revenues: American Public Education, Inc. $ 69,610 $ 61,217 Hondros College of Nursing $ 9,541 $ 6,696 Intersegment Elimination1 $ (18) $ (25)Income (loss) from operations beforeinterest income and income taxes: American Public Education, Inc. $ 2,840 $ 247 Hondros College of Nursing $ 466 $ (3,158) Intersegment Elimination1 $ 2 $ (2)

Nine Months EndedSeptember 30,

2020 2019(unaudited)

Revenues $ 235,876 $ 211,889

Costs and expenses: Instructional costs and services 91,058 83,908 Selling and promotional 53,765 45,007 General and administrative 65,314 59,209 Loss on disposals of long-lived assets 742 524 Impairment of Goodwill — 7,336 Depreciation and amortization 9,955 11,758

Total costs and expenses 220,834 207,742

Income from operations beforeinterest income and income taxes 15,042 4,147 Interest income, net 1,002 3,207

Income before income taxes 16,044 7,354

Income tax expense 4,291 1,596 Equity investment (loss) (2) (1,464)Net income $ 11,751 $ 4,294

Net income per common share: Basic $ 0.79 $ 0.26

Diluted $ 0.78 $ 0.26

Weighted average number of common shares:

Basic 14,870 16,335

Diluted 15,021 16,487

Nine Months EndedSegment Information: September 30,

2020 2019Revenues: American Public Education, Inc. $ 210,251 $ 190,386 Hondros College of Nursing $ 25,682 $ 21,584 Intersegment Elimination1 $ (57) $ (81)

Income (loss) from operations beforeinterest income and income taxes: American Public Education, Inc. $ 15,495 $ 14,358 Hondros College of Nursing $ (455) $ (10,214) Intersegment Elimination1 $ 2 $ 3

1. The APEI Segment charges the HCN Segment for the value of courses taken by HCN Segment employees at APUS. The intersegment elimination represents the elimination of this intersegment revenue in consolidation.

GAAP Net Income to Adjusted EBITDA:The following table sets forth the reconciliation of the Company's reported GAAP net income to the calculation of adjusted EBITDA for the three and nine months ended September 30, 2020 and 2019:

Three Months Ended September 30,

Nine Months Ended September 30,

(in thousands, except per share data) 2020 2019 2020 2019Net income (loss) $ 2,642 $ (1,638) $ 11,751 $ 4,294Income tax (benefit) 785 (239) 4,291 1,596Interest income (121) (1,019) (1,002) (3,207)Equity investment loss (income) 2 (17) 2 1,464Depreciation and amortization 3,226 3,764 9,955 11,758

EBITDA 6,534 851 24,997 15,905

Stock Compensation 1,942 1,712 5,265 5,031Loss on disposals of long-lived assets 418 394 742 524Goodwill impairment - 1,481 - 7,336Compensation expense adjustment - 2,814 - 2,814M&A- related professional fees 1,937 6 3,889 1,356Adjusted EBITDA $ 10,831 $ 7,258 $ 34,893 $ 32,966

PRESENTED BY Angela Selden President and CEO Richard Sunderland, CPA Executive VP and CFO American Public Education, Inc. Third Quarter 2020 Results Exhibit 99.2

Safe Harbor Statement Statements made in this presentation regarding American Public Education, Inc. (“APEI”), or its subsidiaries, that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about APEI and the industry. Forward-looking statements can be identified by words such as “anticipate,” “believe,” “seek,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “should,” “will” and “would.” These forward-looking statements include, without limitation, statements regarding benefits of the acquisition of Rasmussen University, the timing of the closing of the transaction, expected growth, expected pro forma results, expected registration and enrollments, expected revenues, earnings and expenses, expected financial results for Rasmussen University, and plans with respect to recent, current and future initiatives. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, among others, risks related to: the satisfaction of closing conditions, including the failure or delay in obtaining required regulatory and accreditor approvals; APEI's ability to obtain financing to fund the transaction; the significant transaction and integration costs APEI has incurred and expects to incur in connection with the acquisition; the integration of Rasmussen's business and APEI's ability to realize the expected benefits of the acquisition; incorrect assumptions used for pro forma modeling; that Rasmussen may have liabilities that are not known to APEI; other events that could impact the transaction and its closing; APEI's dependence on the effectiveness of its ability to attract students who persist in its institutions' programs; impacts of the COVID-19 pandemic; APEI's ability to effectively market its institutions' programs; adverse effects of changes APEI makes to improve the student experience and enhance the ability to identify and enroll students who are likely to succeed; APEI’s ability to maintain strong relationships with the military and maintain enrollments from military students;APEI’s ability to comply with regulatory and accrediting agency requirements and to maintain institutional accreditation; APEI’s reliance on Department of Defense tuition assistance, Title IV programs, and other sources of financial aid; APEI’s dependence on its technology infrastructure; strong competition in the postsecondary education market and from non-traditional offerings; and the various risks described in the “Risk Factors” section and elsewhere in APEI’s Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Report on Form 10-Q for the period ended September 30, 2020, and other filings with the SEC. You should not place undue reliance on any forward-looking statements. The Company undertakes no obligation to update publicly any forward-looking statements for any reason, unless required by law, even if new information becomes available or other events occur in the future.

THIRD QUARTER 2020 AND RECENT HIGHLIGHTS Strength of APEI Platform Reflected by Fourth Consecutive Quarter of Enrollment Growth at APUS & HCN* Announced Transformational Acquisition to acquire Rasmussen University. Largest educator of ADN nurses. APEI will become #1 educator of pre-licensure nurses (RN and PN) with over 10,000 nursing students. APUS Net Course Registrations. New student registrations at APUS increased 25% yr/yr. Total net course registrations increased 18% yr/yr. Operating Margin. APEI Segment operating margin increased to 4.1%, vs. 0.4% in the prior year period. Record Enrollment at Hondros. New student enrollment increased 88% and total enrollment increased 38% yr/yr. In the fourth quarter of 2020, total enrollment increased 34% to 2,139, the highest in school history. Hondros Returns to Profitability. Hondros Segment operating margin increased to 4.9%, compared to a loss in the prior year period. *New and total net course registrations at APUS between 4Q19 and 3Q20 and new student enrollment at HCN between 1Q20 and 4Q20.

APUS REGISTRATION GROWTH Four Straight Quarters of Year-Over-Year New Start Growth Driven by Military and Veteran Students 3Q20 Enrollment Highlights Registration growth driven by Military/Veteran students New registrations increased 25% to 13,500 One additional week in 3Q20 vs. 3Q19 added ~1,000 new registrations. Normalized growth rate was 16% 3Q20 Total course registrations increased 18% to 90,300 4Q20 Enrollment Outlook Continued Momentum Expected New Registrations expected to increase 11% to 15% Total Registrations expected to increase 5% to 9% Key 2020 Initiatives: Created Freedom Grant® to help eliminate out-of-pocket expenses for active duty military in graduate programs Increased investment in marketing, especially in micro-segments where HEROITM resonates Technology transformation to improve student experience, and drive increased referral rates 0% 30% 13% * * Based on mid-point of APEI’s fourth quarter outlook. -1% 2% 15% 14% 25% * APUS Net Course Registrations by New Students in millions

HONDROS DELIVERED RECORD ENROLLMENT Strength in PN and ADN Programs Driving Consistent Growth 3Q20 Enrollment Highlights Fourth consecutive quarters of start growth New Starts +88% to 649 Total Enrollment +39% to 1,954 Highest PN starts in Hondros history RN Starts returning to near peak levels from 2018 4Q20 Enrollment Outlook Continued strong demand for nursing education New Starts +34% to 710 – highest in HCN history Total Enrollment +34% to 2,139 Attractive options in high demand markets: Nimble and flexible in adapting to current environment Campuses open with virtual course/learning capabilities Flexible schedules Direct entry ADN program Improved onboarding processes: Improved conversion driven by Salesforce integration 31% 57% 88% 34% -22% -3% 21% 43% in millions

16.6% Consolidated Revenue $79.1M $4.2M Net Income Increase $2.6M 40.1% Cash Flow from Operations $44.7M Consolidated revenue increased by 16.6% to $79.1 million, compared to $67.9 million in the same period of 2019. The increase was primarily driven by increases in enrollment at both APUS and HCN. Net income of $2.6 million, or $0.18 per diluted share, compared to a net loss of $1.6 million, or $0.10 per diluted share, in the prior year period. Cash flow from operations increased 40.1% to $44.7 million for the nine months ended September 30, 2020. Total cash and cash equivalents as of September 30, 2020 were approximately $228.0 million, compared to $202.7 million as of December 31, 2019. APEI THIRD QUARTER 2020 FINANCIAL SUMMARY $25.3M Cash and Equivalents $228.0M

Third Quarter & YTD 2020 Results APEI Delivered Yr/Yr Revenue and Adjusted EBITDA growth 1Q’19 2Q’19 3Q’19 4Q’19 1Q’20 2Q’20 3Q’20 YTD’19 YTD’20 Revenue $73.4 $70.6 $67.9 $74.4 $74.6 $82.1 $79.1 $211.9 $235.9 Y/Y Growth -2.0% -3.1% -7.0% -3.3% 1.6% 16.4% 16.6% -4.0 11.3% Adj. EBITDA1 $14.4 $11.3 $7.3 $13.4 $8.6 $15.5 $10.8 $33.0 $34.9 Margin 20% 16% 11% 18% 12% 19% 14% 16% 15% 11% 17% 49% 6% APUS & HCN enrollment growth drove 11% increase in consolidated revenue for the first three quarters of 2020. Despite higher technology and marketing spend, adjusted EBITDA increased year-over-year in both the third quarter and YTD 2020. 1. Adjusted EBITDA is a non-GAAP financial measure. See Appendix for reconciliation to GAAP. 0

ENROLLMENT PROFILE PROFILE 120 Year History – Founded in 1900 as a business skills school for women #1 provider of RN programs Accredited by The Higher Learning Commission (HLC) Nursing programs accredited by ACEN and CCNE Strong regulatory track record: 76.4% 90/10 ratio 9.4% Cohort Default Rate (CDR) NURSING PROGRAMMATIC SUITE Practicing license Licensure DNP (Jan. ‘21) MSN RN to BSN (BSN) Accelerated BSN (A-BSN) Associate Degree Nurse (ADN) Practical Nursing Diploma (PN) RN LPN Post- Licensure Pre- Licensure RASMUSSEN OVERVIEW Leader in Nursing with a Strong Regulatory Track Record and Attractive Financial Profile 18,200 student enrollment 7 Schools: Nursing, Health Sciences, Business, Education, Design, Technology and Justice Studies 45% Nursing, 55% non-Nursing 24 Campuses in six states + online 5th Largest incompetency-based education (CBE) ~2,000 students across 17 programs FINANCIAL PROFILE (FYE 9/30/20) 8

#1 EDUCATOR OF PRE-LICENSURE NURSES (ADN/PN) IN A GROWING MARKET Rasmussen‘s ADN (RN) is its largest degree program and has shown strong historical growth 1 Bureau of Labor Statistics’ Employment Projections 2019-2029. RN job vacancies expected in the US, including increasing demand and expected retirements 175,000 annually Critical Need: Nursing RN’s RN is a Top Growing Job Through 2029 APEI will educate 10,000+ Nurses with Rasmussen and Hondros. APEI will be the #1 Educator in pre-licensure nursing education (ADN/RN and PN/LPN) Rasmussen 4300 1700 5300 2100 6200 2100 6900 1600 8200 2100 10,000+ Hondros Addressing the Need 9

COMBINED ~$165 MILLION IN NURSING REVENUE CREATES POWERHOUSE Enhances competitive market position across several markets with large projected nursing shortages Rasmussen will add 24 Campuses Across Seven States and Online, Including Blended Learning and Competency-Based Education (CBE) Campuses Nursing Revenue 2020 6 $36M 24 $129M 30 ~$165M Enrollment Growth 2020 34% 19% 22% = Powerhouse Nursing Platform + Hondros Rasmussen Future Rasmussen Campus Current Campuses 10

SIGNIFICANT GROWTH OPPORTUNITIES IN NON-NURSING CBE and Differentiated Pricing Address Changing Market Demands, Supports HEROI™ Rasmussen University’s Total Enrollment by Program: 18,000+ Learners (as of 4Q2020) Growth Opportunities: Grow clinical-based health-sciences programs by leveraging Rasmussen’s 26 campus platform Reduce time to degree completion through generous transfer policies and credit for prior learning Expand CBE Learning – Rasmussen is 5th Largest CBE Provider 17 programs, 2000 students Accelerate employer-centric program/curricular development Enabled through: Lower annual tuition for fully online, general education undergraduate programs approx. $11,000 on average Competitive annual tuition for differentiated, healthcare-focused undergraduate programs approx. $17,000 on average Low-cost course materials ($15/course) vs. national average of $200 per course1 11 1. U.S. PIRG, Fixing The Broken Textbook Market, June 2020

Rasmussen financials driven largely by market demand for nursing and focus on operating efficiency 8.0% 3-Yr CAGR 5.5% 3-Yr CAGR Adjusted EBITDA is a non-GAAP financial measure. See Appendix for reconciliation to GAAP. $203 $228 $242 $256 Total Revenues In millions In millions Total Enrollment 18,197 17,196 16,603 15,488 Net Income/Adjusted EBITDA a strong financial record for growth & profitability Financial results are FYE 9/30/20 12

RASMUSSEN UNIVERSITY ACCELERATES APEI’S VALUE CREATION STRATEGY Acquisition of Nursing Platform Amplifies Our Mission in Helping Learners Maximize HEROI TM Rasmussen + Hondros = $165M Powerhouse in Nursing Education Business in a Growing Market APEI Resulting Mix will be: One-Third Military/Vets One-Third Nursing/Health One-Third Online Positions APEI Profile to Growth, Scale and HEROITM #1 in Educator in ADN/RN and PN/LPN Nursing #1 in Military and Veterans Offers Programmatic, CBE and Shared Services Expansion Opportunities to APUS Offers Post-Licensure Programmatic Expansion to Hondros Students Adds 24 On-Ground Locations which can be Leveraged to Accelerate Other Offerings

Focus on integration of Rasmussen Implement shared services at Hondros and leverage new shared services through Rasmussen Unlock $5M-$10M in potential synergies in each of the first three years Facilitate best practices across the enterprise to drive student outcomes Focus on high return allocation of capital, both organically and inorganically Expand new programs to existing campuses Geographic expansion Focus on CBE Target non-nursing enrollment growth Opportunity to restore ADN(RN) enrollment New campuses Improve margins through scale and efficiency Continue Technology Initiatives and improve student experience Leverage strength in military Improve student retention ENTERPRISE INITIATIVES Synergies and New Capabilities Poised to Amplify APEI Mission of HEROITM 14

APEI OUTLOOK Fourth Quarter 2020 Approximate Y/Y Change APUS Net course registrations1 by new students +11% to +15% APUS Net course registrations1 +6% to +10% HCN New student enrollment2 +34% HCN Student enrollment2 +34% APEI Consolidated revenue +10% to +14% APEI Consolidated net income per share* $0.41 to $0.46 These statements are based on current expectations. These statements are forward-looking and actual results may differ materially. APUS Net course registrations represent the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty. HCN Student enrollment represents the total number of students enrolled in a course after the date by which students may drop a course without financial penalty.

Thank You

Three Months Ended September 30, 2020 2019 COSTS AND EXPENSES Instructional costs and services 39.3% 40.2% Selling and promotional 23.4% 23.4% General and administrative 28.5% 32.4% Loss on disposals of long-lived assets 0.5% 0.6% Impairment of goodwill — 2.2% Depreciation and amortization 4.1% 5.4% Total costs and expenses 95.8% 104.3% APPENDIX

Transaction Structure APEI acquires 100% ownership of Rasmussen University Purchase price is $329 million - consisting of $300 million in cash plus $29 million in preferred shares APEI may substitute cash for preferred shares at the time of closing Consideration $175 million of committed financing $125 million of cash on hand, excluding transaction costs $29 million non-voting, redeemable preferred shares Tax Benefits Estimated Present Value of Expected Cash Tax Benefits: $29MM Year 1 Cash tax benefit of approximately $6MM Represents a 7.5x multiple to Rasmussen’s FY20 Adjusted EBITDA of $40 million Valuation Accretion Expected to be accretive to earnings per share in FY2022; earnings per share accretion in FY2021 dependent on timing of transaction close Annual synergies expected to be approximately $5 million in the first year after closing and to grow to more than $10 million in each of the following 2 years Synergies Management Rasmussen University will continue to operate as separate institution Leverage APEI’s shared services model 18 APPENDIX: ABOUT THE TRANSACTION

APPENDIX: DISCLOSURES American Public Education is presenting adjusted EBITDA in connection with its GAAP results and urges investors to review the reconciliation of adjusted net income to the comparable GAAP financial measures that is included in the table below (under the caption “GAAP to Adjusted EBITDA”) and not to rely on any single financial measure to evaluate its business. Forward looking revenue statements are presented on an annual pro forma basis, assuming that the acquisition was effective as of January 1, 2021 Nursing market data based on IPEDS and APEI Analysis 19

APPENDIX: DISCLOSURES (Continued) American Public Education is presenting adjusted EBITDA in connection with its GAAP results and urges investors to review the reconciliation of adjusted net income to the comparable GAAP financial measures that is included in the table below (under the caption “GAAP to Adjusted EBITDA”) and not to rely on any single financial measure to evaluate its business. (in Millions, unaudited) Rasmussen University (1) Reconcilliation from Net Income to Adjusted EBITDA: 9/30/2017 9/30/2018 9/30/2019 9/30/2020 12/31/2021 (2) Net Income 10 $ 18 $ 12 $ 19 $ 7 $ Income Taxes 2 $ Interest expense - - 3 4 15 Depreciation and amortization 6 6 13 20 20 EBITDA 16 24 28 43 44 Pro Forma Adjustments 1 4 - (3) Adjusted EBITDA 17 $ 28 $ 28 $ 40 $ 44 $ (1) The attached table provides a reconciliation from Net income to Adjusted EBITDA for Rasmussen University. The Pro-Forma adjustments are a combination of non-cash expenses, transaction expenses and expenses that will not continue after the change in ownership. (2) This represents the pro forma financial results of the Rasmussen University assuming that the transaction was completed on January 1, 2021. There are many assumptions embedded in this calculation with respect to the underlying financial performance, the purchase accounting, the appropriate depreciation and amortization methods, the effective tax rate, future interest rates, etc. For Twelve Months Ending 20

APPENDIX: DISCLOSURES (Continued) American Public Education is presenting adjusted EBITDA in connection with its GAAP results and urges investors to review the reconciliation of adjusted net income to the comparable GAAP financial measures that is included in the table below (under the caption “GAAP to Adjusted EBITDA”) and not to rely on any single financial measure to evaluate its business. 21

Exhibit 99.3

apei AMERICAN PUBLIC EDUCATION, INC. NOVEMBER 2020 TICKER: APEI EXCHANGE: NASDAQ HEROI Providing a Higher Education Return on Investment (HEROI) to Learners of All Backgrounds A leading provider of higher education for adult learners, American Public Education Inc. (APEI) offers affordable, accessible, relevant and quality academic programs and services to students, universities and partner organizations through its wholly owned subsidiaries American Public University System (APUS) and National Education Seminars Inc., which we refer to as Hondros College of Nursing (HCN). On October 28, 2020, APEI announced transformational deal to acquire Rasmussen University, the nation’s largest educator of ADN nurses.1 APEI will become #1 educator of pre-licensure nurses (ADN/RN and PN/LPN), serving over 10,000 nursing students 97% APUS ALUMNI SURVEYED Respondents indicated that APUS programs met their overall expectations.2 110K+ APUS ALUMNI 6K+ HCN ALUMNI 45+ HCN RELATIONSHIPS with healthcare employers 30% OF APUS STUDENTS returned for a second degree3 Revenue (in thousands) 2016 $313,139 2017 $299,248 2018 $297,687 2019 $286,270 Net Income Attributable to Common Stockholders (in thousands) 2016 $32,414 2017 $24,155 2018 $21,121 2019 $25,639 Total Assets (in thousands) 2016 $315,620 2017 $399,038 2018 $370,958 2019 $359,395 Net Cash Provided by Operating Activities (in thousands) 2016 $56,014 2017 $47,938 2018 $44,179 2019 $38,370 Chris Symanoskie, IRC, Vice President, Investor Relations 703-334-3880 or csymanoskie@apei.com NOTE: Past performance is not indicative of future results. Additional information, including important details about risk factors, can be found in APEI’s filings with the U.S. Securities and Exchange Commission, www.sec.gov. 1. Integrated Postsecondary Education Data System and APEI analysis. 2. APUS, 2017 End of Program Survey 3. APUS undergraduate students who completed an associate or bachelor’s degree in 2019.

American Public University System1 An online institution of higher learning serving the needs of military, public service and civilian communities through American Military University (AMU) and American Public University (APU).AMU APU At-A-Glance5 88% of Students Are Working Adults Avg. Age of Students: 32 years Avg. Undergraduate Class Size: 19 students Avg. Graduate Class Size: 10 students Gender Diversity: 61% male / 34% female / 5% unreported Over 220 Degree and Certificate Programs 1,800 Faculty Members 117,000 conferred degrees and certificates Return on Investment for Learners APUS programs rank #93 nationally, or in the top 2%, for return on student investment.6 72% of AMU and APU alumni have graduated with no APUS-incurred student loan debt.3 Student Satisfaction 50% of APUS students were referred by others7 1. APUS Net Course Registrations represent the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty. 2. APUS Student Enrollment represents the number of unique active students, including those who are currently on an approved leave of absence, who are currently in class or have completed a course within the past 12 months. Excludes students in doctoral programs. 3. Includes alumni who graduated with an Associate’s, Bachelor’s or Master’s degree from APUS as of December 31, 2019. Student loan debt is defined as student loans and private education loans and considers tuition, fees, living expenses, and book costs associated with courses taken at APUS. 4. HCN Student Enrollment represents the total number of students enrolled in a course after the date by which students may drop a course without financial penalty. 5. As of September 30, 2020. 6. Georgetown University Center on Education and Workforce, A First Try at ROI: Ranking 4,500 Colleges, 2019. 7. Students starting in 2020. Enrollment and Registrations1 For the three months ended September 30, 2020 2019 % Change Net Course Registrations by New Students 13,500 10,800 25% Net Course Registrations 90,300 76,700 18% For thenine months ended September 30, Net Course Registrations by New Students 35,800 30,300 18% Net Course Registrations 264,700 236,900 12% As of September 30, 2020 2019 % Change APUS Student Enrollment2 86,300 80,700 7% Registrations by Primary Funding Source For the three months ended June 30, 2020 VA 22% TA 41% FSA 22% Other 15% Enrollment by Degree Level5 Master’s 16% Associate’s 17% All Others 9%Bachelor’s 58% Enrollment by School5 Health Science 13% Science, Technology, Engineering & Math 16% Education 2% Arts & Humanities 22% Security & Global Sudies 23% Business 24%

Hondros College of Nursing Serving the needs of nurses and the healthcare community online and through campus locations in Cincinnati, Cleveland, Columbus, Dayton, Toledo, and Indianapolis. HONDROS COLLEGE OF NURSING Student Enrollment1 For the three months ended September 30, 2020 2019 % Change New Student Enrollment 649 345 88% Total Student Enrollment 1,950 1,410 38% Approximate Cost (Tuition & Fees) of Degree Completion Practical Nursing $19,700 Associate Degree in Nursing $28,500 Alumni tuition is $24,5222 Enrollment by Program3 For the full year ended June 30, 2020. Associate’s Degree in Nursing 45% Licensed Practical Nurse 55% At-A-Glance3 Avg. Age of Students: 30 years Gender Ratio: 93% female / 7% male Avg. Class Size: 15 students Graduates3 6,000+ alumni Transformational Acquisition of Rasmussen University With the pending transaction scheduled to close in the middle of the third quarter of 2021, APEI will become the largest educator of ADN nurses, serving over 10,000 students. Rasmussen University offers degree programs to adult learners through 24 campuses in six states. The addition of Rasmussen is expected to double APEI’s revenue to nearly $600 million4.1. HCN Student Enrollment represents the total number of students enrolled in a course after the date by which students may drop a course without financial penalty. 2. Tuition for alumni of HCN’s Practical Nursing program is $23,790. 3. For the twelve months ended June 30 2020. 4. On an annual pro forma basis, assuming the transaction had closed as of January 1, 2021.