Funded by the H-1B visa program, the U.S. Department of Labor (DOL) American Apprenticeship Initiative (AAI) provided funding to 46 grantees across the country to expand registered apprenticeship into new sectors, such as healthcare, and to populations underrepresented in apprenticeships. DOL commissioned an evaluation of the AAI grants to build evidence about the effectiveness of registered apprenticeship for apprentices and employers. This report presents findings of the employer return-on-investment (ROI) sub-study. The primary data source is an Employer Survey administered to 68 employers that hired apprentices supported by an AAI grant. Each employer was asked to describe one of their apprenticeship programs in detail; all together, these programs represented 2,854 apprentices. The survey was deployed between March 2020 and October 2020, towards the end of the 5-year AAI grant period. The report documents the costs, benefits, net benefits, and ROI estimates that AAI employers experienced by investing in apprenticeship programs. The report includes information on costs and benefits during the apprenticeship program period, as well as projections of benefits for up to 5 years after apprentices completed their apprenticeship.