$APEI
AMERICAN PUBLIC EDUCATION INC

2017 Q1 Form 10-Q Financial Statement

#000120179217000006 Filed on May 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $75.69M $83.97M
YoY Change -9.86% -1.73%
Cost Of Revenue $28.96M $29.71M
YoY Change -2.52% -1.82%
Gross Profit $46.73M $54.26M
YoY Change -13.88% -1.67%
Gross Profit Margin 61.74% 64.62%
Selling, General & Admin $33.19M $33.14M
YoY Change 0.16% -8.27%
% of Gross Profit 71.03% 61.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.740M $4.890M
YoY Change -3.07% 6.54%
% of Gross Profit 10.14% 9.01%
Operating Expenses $33.19M $33.14M
YoY Change 0.16% -8.27%
Operating Profit $8.307M $15.97M
YoY Change -47.98% 10.36%
Interest Expense $11.00K $37.00K
YoY Change -70.27% 270.0%
% of Operating Profit 0.13% 0.23%
Other Income/Expense, Net
YoY Change
Pretax Income $8.318M $16.01M
YoY Change -48.04% 10.54%
Income Tax $3.849M $6.300M
% Of Pretax Income 46.27% 39.36%
Net Earnings $4.509M $10.34M
YoY Change -56.39% 17.59%
Net Earnings / Revenue 5.96% 12.31%
Basic Earnings Per Share $0.28 $0.64
Diluted Earnings Per Share $0.28 $0.64
COMMON SHARES
Basic Shares Outstanding 16.19M shares 16.04M shares
Diluted Shares Outstanding 16.32M shares 16.17M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $147.8M $120.0M
YoY Change 23.17% 6.86%
Cash & Equivalents $147.8M $120.0M
Short-Term Investments
Other Short-Term Assets $7.400M $11.60M
YoY Change -36.21% -10.77%
Inventory
Prepaid Expenses $7.397M $6.830M
Receivables $6.200M $8.560M
Other Receivables $4.200M $900.0K
Total Short-Term Assets $165.6M $141.2M
YoY Change 17.34% 3.42%
LONG-TERM ASSETS
Property, Plant & Equipment $95.73M $108.0M
YoY Change -11.37% 3.57%
Goodwill $33.90M $38.63M
YoY Change -12.26% 0.0%
Intangibles
YoY Change
Long-Term Investments $14.65M $17.47M
YoY Change -16.11% 45.38%
Other Assets $8.305M $9.132M
YoY Change -9.06% 0.42%
Total Long-Term Assets $154.7M $173.2M
YoY Change -10.71% 5.62%
TOTAL ASSETS
Total Short-Term Assets $165.6M $141.2M
Total Long-Term Assets $154.7M $173.2M
Total Assets $320.3M $314.4M
YoY Change 1.88% 4.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.837M $7.171M
YoY Change -32.55% 14.72%
Accrued Expenses $11.82M $17.94M
YoY Change -34.09% 19.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.83M $51.01M
YoY Change -21.91% 13.32%
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 $39.83M $51.01M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $51.20M $67.02M
YoY Change -23.61% 9.79%
SHAREHOLDERS EQUITY
Retained Earnings $91.96M $73.63M
YoY Change 24.89% 5.16%
Common Stock $177.2M $173.7M
YoY Change 1.97% 2.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $269.1M $247.4M
YoY Change
Total Liabilities & Shareholders Equity $320.3M $314.4M
YoY Change 1.88% 4.62%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $4.509M $10.34M
YoY Change -56.39% 17.59%
Depreciation, Depletion And Amortization $4.740M $4.890M
YoY Change -3.07% 6.54%
Cash From Operating Activities $5.054M $20.05M
YoY Change -74.8% 180.45%
INVESTING ACTIVITIES
Capital Expenditures $1.670M $3.139M
YoY Change -46.8% -40.64%
Acquisitions
YoY Change
Other Investing Activities $0.00 $82.00K
YoY Change -100.0% -40.58%
Cash From Investing Activities -$2.297M -$4.171M
YoY Change -44.93% -23.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.304M $630.0K
YoY Change 106.98% -86.5%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.304M -$1.630M
YoY Change -20.0% -67.53%
NET CHANGE
Cash From Operating Activities $5.054M $20.05M
Cash From Investing Activities -$2.297M -$4.171M
Cash From Financing Activities -$1.304M -$1.630M
Net Change In Cash $1.453M $14.25M
YoY Change -89.8% -531.85%
FREE CASH FLOW
Cash From Operating Activities $5.054M $20.05M
Capital Expenditures $1.670M $3.139M
Free Cash Flow $3.384M $16.91M
YoY Change -79.99% 808.32%

Facts In Submission

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CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 USD
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P9M
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6M12D
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9M
CY2017Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
14002 shares
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
264670000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
269121000 USD
CY2016Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
559000 USD
CY2017Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
0 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16171424 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16320858 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16038243 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16190061 shares
CY2017Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of the Business</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">American Public Education, Inc., or APEI, which together with its subsidiaries is referred to as the &#8220;Company,&#8221; is a provider of online and campus-based postsecondary education to approximately </font><font style="font-family:inherit;font-size:10pt;">88,800</font><font style="font-family:inherit;font-size:10pt;"> students through the operations of </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> subsidiary institutions:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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.&#160;APUS is regionally accredited by the Higher Learning Commission.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">National Education Seminars, Inc., which is referred to herein as Hondros College of Nursing, or HCN,&#160;provides nursing education to students at five campuses in the State of Ohio as well as online to serve the needs of the nursing and healthcare communities.&#160;HCN is nationally accredited by the Accrediting Council of Independent Colleges and Schools, or ACICS, and the RN-to-BSN Program is accredited by the Commission on Collegiate Nursing Education. In June 2016, HCN was notified that its Diploma in Practical Nursing and Associates Degree in Nursing Programs have been granted pre-accreditation candidacy status by the National League for Nursing Commission for Nursing Education Accreditation. </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;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 institutions believe 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="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s operations are organized into </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> reportable segments:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">American Public Education Segment, or APEI Segment.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"> </font><font style="font-family:inherit;font-size:10pt;">This segment reflects the operational activities at APUS, other corporate activities, and minority investments.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Hondros College of Nursing Segment, or HCN Segment.</font><font style="font-family:inherit;font-size:10pt;">&#160;This segment reflects the operational activities of HCN.</font></div></td></tr></table></div>
CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts in these unaudited interim Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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apei-20170331.xml Edgar Link completed
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