2015 Q1 Form 10-Q Financial Statement
#000115752315001731 Filed on May 11, 2015
Income Statement
| Concept | 2015 Q1 | 2014 Q1 |
|---|---|---|
| Revenue | $85.44M | $88.55M |
| YoY Change | -3.51% | 5.62% |
| Cost Of Revenue | $30.26M | $31.35M |
| YoY Change | -3.48% | 10.35% |
| Gross Profit | $55.18M | $57.21M |
| YoY Change | -3.55% | 3.19% |
| Gross Profit Margin | 64.58% | 64.61% |
| Selling, General & Admin | $36.12M | $36.59M |
| YoY Change | -1.28% | 7.56% |
| % of Gross Profit | 65.47% | 63.96% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $4.590M | $3.890M |
| YoY Change | 17.99% | 21.18% |
| % of Gross Profit | 8.32% | 6.8% |
| Operating Expenses | $36.12M | $36.59M |
| YoY Change | -1.28% | 7.56% |
| Operating Profit | $14.47M | $16.73M |
| YoY Change | -13.48% | -8.15% |
| Interest Expense | $10.00K | $81.00K |
| YoY Change | -87.65% | 26.56% |
| % of Operating Profit | 0.07% | 0.48% |
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | $14.48M | $16.81M |
| YoY Change | -13.83% | -8.03% |
| Income Tax | $5.650M | $6.327M |
| % Of Pretax Income | 39.02% | 37.65% |
| Net Earnings | $8.793M | $10.44M |
| YoY Change | -15.74% | -8.26% |
| Net Earnings / Revenue | 10.29% | 11.79% |
| Basic Earnings Per Share | $0.51 | $0.59 |
| Diluted Earnings Per Share | $0.51 | $0.59 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 17.18M shares | 17.60M shares |
| Diluted Shares Outstanding | 17.35M shares | 17.81M shares |
Balance Sheet
| Concept | 2015 Q1 | 2014 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $112.3M | $99.70M |
| YoY Change | 12.64% | -17.33% |
| Cash & Equivalents | $112.3M | $99.68M |
| Short-Term Investments | ||
| Other Short-Term Assets | $13.00M | $12.80M |
| YoY Change | 1.56% | 25.49% |
| Inventory | ||
| Prepaid Expenses | $6.954M | $6.627M |
| Receivables | $9.241M | $13.35M |
| Other Receivables | $2.000M | $0.00 |
| Total Short-Term Assets | $136.5M | $125.8M |
| YoY Change | 8.46% | -12.19% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $104.3M | $91.83M |
| YoY Change | 13.56% | 7.27% |
| Goodwill | $38.63M | $38.15M |
| YoY Change | 1.27% | |
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $12.01M | $10.67M |
| YoY Change | 12.54% | 0.55% |
| Other Assets | $9.094M | $9.385M |
| YoY Change | -3.1% | 681.43% |
| Total Long-Term Assets | $164.0M | $156.4M |
| YoY Change | 4.86% | 51.24% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $136.5M | $125.8M |
| Total Long-Term Assets | $164.0M | $156.4M |
| Total Assets | $300.5M | $282.3M |
| YoY Change | 6.47% | 14.39% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $6.251M | $12.41M |
| YoY Change | -49.63% | -18.6% |
| Accrued Expenses | $15.02M | $11.53M |
| YoY Change | 30.29% | -1.12% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $45.01M | $52.34M |
| YoY Change | -14.01% | -6.49% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | $0.00 | $0.00 |
| YoY Change | ||
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $45.01M | $52.34M |
| Total Long-Term Liabilities | $0.00 | $0.00 |
| Total Liabilities | $61.04M | $65.93M |
| YoY Change | -7.42% | -3.17% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $70.02M | $51.01M |
| YoY Change | 37.27% | 156.15% |
| Common Stock | $169.5M | $165.3M |
| YoY Change | 2.5% | 4.15% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $239.5M | $216.3M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $300.5M | $282.3M |
| YoY Change | 6.47% | 14.39% |
Cashflow Statement
| Concept | 2015 Q1 | 2014 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $8.793M | $10.44M |
| YoY Change | -15.74% | -8.26% |
| Depreciation, Depletion And Amortization | $4.590M | $3.890M |
| YoY Change | 17.99% | 21.18% |
| Cash From Operating Activities | $7.150M | $12.45M |
| YoY Change | -42.57% | -39.57% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $5.288M | $4.612M |
| YoY Change | 14.66% | -22.45% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $138.0K | $128.0K |
| YoY Change | 7.81% | 45.45% |
| Cash From Investing Activities | -$5.430M | -$5.240M |
| YoY Change | 3.63% | -47.78% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $4.668M | $2.647M |
| YoY Change | 76.35% | -54.12% |
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -5.020M | -2.350M |
| YoY Change | 113.62% | -52.23% |
| NET CHANGE | ||
| Cash From Operating Activities | 7.150M | 12.45M |
| Cash From Investing Activities | -5.430M | -5.240M |
| Cash From Financing Activities | -5.020M | -2.350M |
| Net Change In Cash | -3.300M | 4.860M |
| YoY Change | -167.9% | -13.97% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $7.150M | $12.45M |
| Capital Expenditures | $5.288M | $4.612M |
| Free Cash Flow | $1.862M | $7.838M |
| YoY Change | -76.24% | -46.52% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2015Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
17146418 | shares |
| CY2014Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
99680000 | |
| CY2014Q1 | us-gaap |
Assets
Assets
|
282257000 | |
| CY2015Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
17146000 | shares |
| CY2015Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
17146000 | shares |
| CY2015Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2015Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
29.95 | |
| CY2015Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
428329 | shares |
| CY2015Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
29.95 | |
| CY2015Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2015Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2015Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2015Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2015Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2015Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
428329 | shares |
| CY2015Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2015Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
45009000 | |
| CY2015Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
171000 | |
| CY2015Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2015Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
6251000 | |
| CY2015Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
70017000 | |
| CY2015Q1 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
16031000 | |
| CY2015Q1 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
169279000 | |
| CY2015Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
15017000 | |
| CY2015Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
239467000 | |
| CY2015Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
300507000 | |
| CY2015Q1 | us-gaap |
Liabilities
Liabilities
|
61040000 | |
| CY2015Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
13550000 | |
| CY2015Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
112337000 | |
| CY2015Q1 | us-gaap |
Goodwill
Goodwill
|
38634000 | |
| CY2015Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
104278000 | |
| CY2015Q1 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
2600000 | |
| CY2015Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
2188000 | |
| CY2015Q1 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
12013000 | |
| CY2015Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
2188000 | |
| CY2015Q1 | us-gaap |
Assets
Assets
|
300507000 | |
| CY2015Q1 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
6009000 | |
| CY2015Q1 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
9241000 | |
| CY2015Q1 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
1947000 | |
| CY2015Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
9094000 | |
| CY2015Q1 | us-gaap |
Assets Current
AssetsCurrent
|
136488000 | |
| CY2015Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
6954000 | |
| CY2015Q1 | apei |
Deferred Revenue And Student Deposits
DeferredRevenueAndStudentDeposits
|
23741000 | |
| CY2013Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
94820000 | |
| CY2014Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
17152000 | shares |
| CY2014Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
17152000 | shares |
| CY2014Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
30.04 | |
| CY2014Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2014Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2014Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2014Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2014Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
434401 | shares |
| CY2014Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2014Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
48250000 | |
| CY2014Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
172000 | |
| CY2014Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2014Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
11029000 | |
| CY2014Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
64392000 | |
| CY2014Q4 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
15436000 | |
| CY2014Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
169654000 | |
| CY2014Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
13416000 | |
| CY2014Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
234218000 | |
| CY2014Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
297904000 | |
| CY2014Q4 | us-gaap |
Liabilities
Liabilities
|
63686000 | |
| CY2014Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
10699000 | |
| CY2014Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
115634000 | |
| CY2014Q4 | us-gaap |
Goodwill
Goodwill
|
38634000 | |
| CY2014Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
102424000 | |
| CY2014Q4 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
3900000 | |
| CY2014Q4 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
12051000 | |
| CY2014Q4 | us-gaap |
Assets
Assets
|
297904000 | |
| CY2014Q4 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
6046000 | |
| CY2014Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
6130000 | |
| CY2014Q4 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
2029000 | |
| CY2014Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
8577000 | |
| CY2014Q4 | us-gaap |
Assets Current
AssetsCurrent
|
136218000 | |
| CY2014Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
6379000 | |
| CY2014Q4 | apei |
Deferred Revenue And Student Deposits
DeferredRevenueAndStudentDeposits
|
23805000 | |
| CY2014Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.59 | |
| CY2014Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
12449000 | |
| CY2014Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
17805473 | shares |
| CY2014Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.59 | |
| CY2014Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
17599199 | shares |
| CY2014Q1 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
458000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
1071000 | |
| CY2014Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
16725000 | |
| CY2014Q1 | us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
81000 | |
| CY2014Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
412000 | |
| CY2014Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
16806000 | |
| CY2014Q1 | us-gaap |
Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
|
1000 | |
| CY2014Q1 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
128000 | |
| CY2014Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
2647000 | |
| CY2014Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
120000 | |
| CY2014Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
4612000 | |
| CY2014Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-35000 | |
| CY2014Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
10436000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
3826000 | |
| CY2014Q1 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
88553000 | |
| CY2014Q1 | us-gaap |
Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
|
380000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
-3215000 | |
| CY2014Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-43000 | |
| CY2014Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
486000 | |
| CY2014Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
17067000 | |
| CY2014Q1 | us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
253000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
1928000 | |
| CY2014Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
4860000 | |
| CY2014Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
6327000 | |
| CY2014Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
3889000 | |
| CY2014Q1 | us-gaap |
Employee Service Share Based Compensation Cash Received From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions
|
45000 | |
| CY2014Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-2349000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-6340000 | |
| CY2014Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-5240000 | |
| CY2014Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
45000 | |
| CY2014Q1 | us-gaap |
Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
|
698000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
848000 | |
| CY2014Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
71828000 | |
| CY2014Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
19524000 | |
| CY2014Q1 | us-gaap |
Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
|
1650000 | |
| CY2014Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1156000 | |
| CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
405000 | |
| CY2014Q1 | apei |
Instructional Costs And Expenses
InstructionalCostsAndExpenses
|
31348000 | |
| CY2015Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.51 | |
| CY2015Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
0 | |
| CY2015Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2015Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
AMERICAN PUBLIC EDUCATION INC | |
| CY2015Q1 | dei |
Trading Symbol
TradingSymbol
|
APEI | |
| CY2015Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Large Accelerated Filer | |
| CY2015Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> 1. Nature of the Business</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">American Public Education, Inc., or APEI, which together with its subsidiaries is referred to as the “Company”, is a provider of online and campus-based postsecondary education to approximately 113,080 students through the operations of two subsidiary institutions:</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">●</font></div> </td> <td> <div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">American Public University System, Inc., or APUS, provides online postsecondary education directed primarily at the needs of the military and public safety communities through American Military University, or AMU, and American Public University, or APU.  APUS is regionally accredited by the Higher Learning Commission.</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">●</font></div> </td> <td> <div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">National Education Seminars, Inc., which is referred to in these financial statements as Hondros College of Nursing, or HCON,  provides nursing education to students at four campuses in the State of Ohio as well as online to serve the needs of the nursing and healthcare community.  HCON is nationally accredited by the Accrediting Council of Independent Colleges and Schools and the RN-to-BSN Program is accredited by the Commission on Collegiate Nursing Education.  HCON was acquired by APEI on November 1, 2013.</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">The Company’s institutions are licensed or otherwise authorized, or are in the process of obtaining such licenses or authorizations, to offer postsecondary education programs by state authorities to the extent the Company believes such licenses or authorizations are required, and are certified by the United States Department of Education, or ED, to participate in student financial aid programs authorized under Title IV of the Higher Education Act of 1965, as amended, or Title IV programs.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Our operations are organized into two reportable segments:</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">●</font></div> </td> <td> <div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-STYLE: italic; DISPLAY: inline"> American Public Education Segment, or APEI Segment.</font> <font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline"> </font>This segment reflects the historical operations of APEI prior to the acquisition of HCON and reflects operational activities at APUS, other corporate activities, and minority investments.</font></div> </td> </tr> </table> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">●</font></div> </td> <td> <div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-STYLE: italic; DISPLAY: inline"> Hondros College of Nursing Segment, or HCON Segment.</font>   This segment reflects the operational activities of HCON.</font></div> </td> </tr> </table> </div> </div> | |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
7146000 | |
| CY2015Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
6072 | shares |
| CY2015Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> 2. Basis of Presentation</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP.  All intercompany transactions have been eliminated in consolidation.  The financial statements do not include all of the information and footnotes required by GAAP for complete financial statement presentations. In the opinion of management, these statements include all adjustments (consisting of normal recurring adjustments) considered necessary to present a fair statement of the Company's consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and footnotes in its audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2014.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline"> Use of Estimates</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline"> Recent Accounting Pronouncements</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">  In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-09, “<font style="FONT-STYLE: italic; DISPLAY: inline">Revenue from Contracts with Customers (Topic 606)</font>”<font style="FONT-STYLE: italic; DISPLAY: inline"> </font>(“ASU 2014-09”).  The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services.  As originally issued, ASU 2014-09 would be effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption not permitted.  Accordingly, the standard would only be effective for the Company for periods beginning on or after January 1, 2017.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">However, on April 1, 2015, the FASB voted to propose a one-year deferral of the effective date of the new revenue recognition standard.  Under the FASB proposal, public companies would apply the new revenue standard to annual reporting periods beginning after December 15, 2017, and to all interim reporting periods within the year of adoption.  Accordingly, if the proposal is adopted, the revised revenue recognition standard will be effective for the Company for the year ending December 31, 2018,  with early adoption permitted for annual periods beginning after December 16, 2016.  The revised standard will be effective for all interim periods within the year of adoption. We will evaluate the impact that the standard will have on our financial condition, results of operations, and disclosures.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">There have been no other applicable material pronouncements since the Company's Annual Report on Form 10-K for the year ended December 31, 2014.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline"> Revenue Recognition - APEI Segment</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">APUS recognizes revenue on a <font style="FONT-STYLE: italic; DISPLAY: inline">pro rata</font> basis over the period of its courses as APUS completes the tasks entitling it to the benefits represented by such revenue. If a student withdraws during the academic term, APUS recognizes as revenue the remaining non-refundable amount due from the student in the period the withdrawal occurs. The calculation of the remaining non-refundable amount is based upon the APUS student refund policy.  For those students who have an outstanding receivable balance at the date of withdrawal, APUS assesses collectability and only recognizes as revenue those amounts where collectability is reasonably assured based on APUS’s history with similar student accounts. This policy was implemented effective January 1, 2015. Prior to this, APUS recognized revenue for all student withdrawals and established an allowance for those receivables considered uncollectible. The Company does not believe that this change in policy will have a material effect on its results of operations or financial condition.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline"> Restricted Cash</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-STYLE: italic; DISPLAY: inline">  </font>Cash and cash equivalents includes funds held for students for unbilled educational services that were received from Title IV programs.  As a trustee of these Title IV program funds, the Company is required to maintain and restrict these funds pursuant to the terms of its subsidiary institution's program participation agreements with the U.S. Department of Education.  Restricted cash on our Consolidated Balance Sheets as of March 31, 2015 (unaudited) and December 31, 2014 is $2.6 million and $3.9 million, respectively.  Changes in restricted cash that represent funds held for students as described above are included in cash flows from operating activities on our Consolidated Statements of Cash Flows because these restricted funds are a core activity of our operations.</font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"> </div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline"> Commitments and</font> <font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">Contingencies</font></font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">The Company accrues for costs associated with contingencies including, but not limited to, regulatory compliance and legal matters when such costs are probable and can be reasonably estimated. Liabilities established to provide for contingencies are adjusted as further information develops, circumstances change, or contingencies are resolved. The Company bases these accruals on management’s estimate of such costs, which may vary from the ultimate cost and expenses associated with any such contingency.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">From time to time, the Company may be involved in litigation in the normal course of its business.  The Company is not aware of any pending or threatened litigation matters the resolution of which, in the opinion of management, will have a material adverse effect on the Company’s business, operations, financial condition or cash flows.</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline"> Concentration</font></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">APUS students utilize various payment sources and programs to finance tuition.  These programs include funds from Department of Defense, or DoD, tuition assistance programs, education benefit programs administered by the U.S. Department of Veterans Affairs, or VA, and federal student aid from Title IV programs, as well as cash and other sources. Reductions in or changes to DoD tuition assistance, VA education benefits, Title IV programs and other payment sources could have a significant impact on the Company’s business, operations, financial condition or cash flows. A summary of APEI Segment revenue derived from students by primary funding source for the quarters ended March 31, 2015 and March 31, 2014 is as follows (unaudited):</font></div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"> </div> <div align="center"> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="80%"> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="75%"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="25%" colspan="3"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> Three Months Ended March 31,</font></div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="75%"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="12%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> 2015</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="12%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"> 2014</font></div> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="75%" align="left"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Title IV programs</font></div> </td> <td valign="bottom" width="12%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">33%</font></div> </td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="12%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">35%</font></div> </td> </tr> <tr bgcolor="white"> <td valign="bottom" width="75%" align="left"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">DoD tuition assistance programs</font></div> </td> <td valign="bottom" width="12%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">35%</font></div> </td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="12%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">36%</font></div> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="75%" align="left"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">VA education benefits</font></div> </td> <td valign="bottom" width="12%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">20%</font></div> </td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="12%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">17%</font></div> </td> </tr> <tr bgcolor="white"> <td valign="bottom" width="75%" align="left"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Cash and other sources</font></div> </td> <td valign="bottom" width="12%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">12%</font></div> </td> <td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td> <td valign="bottom" width="12%"> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">12%</font></div> </td> </tr> </table> </div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"> </div> <div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">As of March 31, 2015, approximately 86% of the HCON Segment’s revenue was derived from students who received federal student aid.</font></div> </div> | |
| CY2015Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | shares |
| CY2015Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Use of Estimates</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></div> </div> | |
| CY2015Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2015-03-31 | |
| CY2015Q1 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
2 | Segment |
| CY2015Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P1Y10M24D | |
| CY2015Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
36.43 | |
| CY2015Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2015Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2015Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2015 | |
| CY2015Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
17353529 | shares |
| CY2015Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.51 | |
| CY2015Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P1Y10M24D | |
| CY2015Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0 | |
| CY2015Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001201792 | |
| CY2015Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2015Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Concentration</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">APUS students utilize various payment sources and programs to finance tuition.  These programs include funds from Department of Defense, or DoD, tuition assistance programs, education benefit programs administered by the U.S. Department of Veterans Affairs, or VA, and federal student aid from Title IV programs, as well as cash and other sources. Reductions in or changes to DoD tuition assistance, VA education benefits, Title IV programs and other payment sources could have a significant impact on the Company’s business, operations, financial condition or cash flows. A summary of APEI Segment revenue derived from students by primary funding source for the quarters ended March 31, 2015 and March 31, 2014 is as follows (unaudited):</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> </div> <div align="center"> <table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="75%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td colspan="3" valign="bottom" width="25%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Three Months Ended March 31,</font></div> </td> </tr> <tr> <td valign="bottom" width="75%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2015</font></div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2014</font></div> </td> </tr> <tr bgcolor="#CCEEFF"> <td align="left" valign="bottom" width="75%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Title IV programs</font></div> </td> <td valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33%</font></div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">35%</font></div> </td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="75%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">DoD tuition assistance programs</font></div> </td> <td valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">35%</font></div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">36%</font></div> </td> </tr> <tr bgcolor="#CCEEFF"> <td align="left" valign="bottom" width="75%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">VA education benefits</font></div> </td> <td valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20%</font></div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17%</font></div> </td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="75%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash and other sources</font></div> </td> <td valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12%</font></div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12%</font></div> </td> </tr> </table> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As of March 31, 2015, approximately 86% of the HCON Segment’s revenue was derived from students who received federal student aid.</font></div> </div> | |
| CY2015Q1 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
2 | Segment |
| CY2015Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
0 | shares |
| CY2015Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
17183952 | shares |
| CY2015Q1 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
574000 | |
| CY2015Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
800000 | |
| CY2015Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
14471000 | |
| CY2015Q1 | us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
10000 | |
| CY2015Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
5285000 | |
| CY2015Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
14481000 | |
| CY2015Q1 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
138000 | |
| CY2015Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
4668000 | |
| CY2015Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
5288000 | |
| CY2015Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-25000 | |
| CY2015Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
8793000 | |
| CY2015Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
3111000 | |
| CY2015Q1 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
85444000 | |
| CY2015Q1 | us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
-82000 | |
| CY2015Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-38000 | |
| CY2015Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
632000 | |
| CY2015Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
17019000 | |
| CY2015Q1 | us-gaap |
Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
|
-349000 | |
| CY2015Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-3297000 | |
| CY2015Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
5650000 | |
| CY2015Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
4589000 | |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-5017000 | |
| CY2015Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
346000 | |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-5426000 | |
| CY2015Q1 | us-gaap |
Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
|
820000 | |
| CY2015Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
70973000 | |
| CY2015Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
19105000 | |
| CY2015Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-4778000 | |
| CY2015Q1 | us-gaap |
Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
|
-64000 | |
| CY2015Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1394000 | |
| CY2015Q1 | apei |
Number Of Students
NumberOfStudents
|
113080 | Person |
| CY2015Q1 | apei |
Number Of Subsidiaries
NumberOfSubsidiaries
|
2 | Subsidiary |
| CY2015Q1 | apei |
Instructional Costs And Expenses
InstructionalCostsAndExpenses
|
30260000 |
