$APEI
AMERICAN PUBLIC EDUCATION INC

2018 Q4 Form 10-Q Financial Statement

#000120179218000012 Filed on November 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $76.93M $72.99M $73.28M
YoY Change -1.48% -0.39% -0.71%
Cost Of Revenue $28.44M $28.19M $28.72M
YoY Change -0.73% -1.86% 1.27%
Gross Profit $48.49M $44.81M $44.56M
YoY Change -1.92% 0.55% -1.96%
Gross Profit Margin 63.03% 61.38% 60.81%
Selling, General & Admin $32.71M $33.44M $31.88M
YoY Change 3.35% 4.89% 5.33%
% of Gross Profit 67.46% 74.63% 71.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.340M $4.290M $4.690M
YoY Change -6.06% -8.53% -4.48%
% of Gross Profit 8.95% 9.57% 10.53%
Operating Expenses $37.06M $33.44M $31.88M
YoY Change 2.21% 4.89% 5.33%
Operating Profit $11.43M $6.884M $7.599M
YoY Change -13.28% -9.41% 1838.52%
Interest Expense $990.0K $774.0K $17.00K
YoY Change 607.14% 4452.94% -54.05%
% of Operating Profit 8.66% 11.24% 0.22%
Other Income/Expense, Net
YoY Change
Pretax Income $12.42M $7.658M $7.616M
YoY Change -2.8% 0.55% 1675.29%
Income Tax $3.290M $1.848M $3.294M
% Of Pretax Income 26.49% 24.13% 43.25%
Net Earnings $9.093M $5.499M $4.366M
YoY Change 8.03% 25.95% 1239.26%
Net Earnings / Revenue 11.82% 7.53% 5.96%
Basic Earnings Per Share $0.55 $0.33 $0.27
Diluted Earnings Per Share $0.55 $0.33 $0.27
COMMON SHARES
Basic Shares Outstanding 16.42M shares 16.42M shares 16.25M shares
Diluted Shares Outstanding 16.66M shares 16.38M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $212.1M $197.6M $166.3M
YoY Change 18.36% 18.82% 20.77%
Cash & Equivalents $212.1M $197.6M $166.3M
Short-Term Investments
Other Short-Term Assets $5.500M $5.700M $6.700M
YoY Change 14.58% -14.93% -35.58%
Inventory
Prepaid Expenses $5.482M $5.664M $6.651M
Receivables $14.06M $13.27M $6.389M
Other Receivables $900.0K $3.200M $700.0K
Total Short-Term Assets $232.6M $219.7M $180.1M
YoY Change 21.68% 22.03% 16.06%
LONG-TERM ASSETS
Property, Plant & Equipment $86.88M $84.85M $92.17M
YoY Change -8.79% -7.94% -7.05%
Goodwill $33.90M $33.90M $33.90M
YoY Change 0.0% 0.0% 0.0%
Intangibles $4.043M
YoY Change -12.22%
Long-Term Investments $6.700M $12.00M $14.72M
YoY Change -46.32% -18.46% 1.06%
Other Assets $5.642M $7.548M $9.061M
YoY Change -10.1% -16.7% 6.95%
Total Long-Term Assets $138.4M $138.3M $149.8M
YoY Change -6.43% -7.71% -5.27%
TOTAL ASSETS
Total Short-Term Assets $232.6M $219.7M $180.1M
Total Long-Term Assets $138.4M $138.3M $149.8M
Total Assets $371.0M $358.0M $329.9M
YoY Change 9.41% 8.52% 5.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.110M $4.303M $5.041M
YoY Change 3.01% -14.64% -73.61%
Accrued Expenses $3.808M $14.47M $13.61M
YoY Change 5.16% 6.27%
Deferred Revenue $18.30M $22.19M
YoY Change -5.54%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $44.33M $40.96M $40.65M
YoY Change 2.25% 0.77% -7.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $44.33M $40.96M $40.65M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $49.69M $47.97M $49.88M
YoY Change 0.12% -3.82% -11.78%
SHAREHOLDERS EQUITY
Retained Earnings $133.9M $124.8M $100.2M
YoY Change 23.36% 24.65% 24.33%
Common Stock $187.3M $185.2M $179.9M
YoY Change 3.59% 2.97% 2.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $321.3M $310.1M $280.0M
YoY Change
Total Liabilities & Shareholders Equity $371.0M $358.0M $329.9M
YoY Change 9.41% 8.52% 5.29%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $9.093M $5.499M $4.366M
YoY Change 8.03% 25.95% 1239.26%
Depreciation, Depletion And Amortization $4.340M $4.290M $4.690M
YoY Change -6.06% -8.53% -4.48%
Cash From Operating Activities $18.62M $5.990M $12.99M
YoY Change -0.32% -53.89% -6.55%
INVESTING ACTIVITIES
Capital Expenditures -$4.080M $1.549M $2.754M
YoY Change -22.29% -43.75% -0.43%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$4.080M -$1.790M -$3.860M
YoY Change -26.49% -53.63% 777.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -200.0K 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities 18.62M 5.990M 12.99M
Cash From Investing Activities -4.080M -1.790M -3.860M
Cash From Financing Activities 0.000 -200.0K 0.000
Net Change In Cash 14.54M 4.000M 9.130M
YoY Change 12.36% -56.19% -32.87%
FREE CASH FLOW
Cash From Operating Activities $18.62M $5.990M $12.99M
Capital Expenditures -$4.080M $1.549M $2.754M
Free Cash Flow $22.70M $4.441M $10.24M
YoY Change -5.14% -56.61% -8.07%

Facts In Submission

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us-gaap Use Of Estimates
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<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>
us-gaap Nature Of Operations
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<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:left;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;">84,200</font><font style="font-family:inherit;font-size:10pt;"> students through </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, military-affiliated, and public service 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 </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> campuses in Ohio, as well as online, to serve the needs of the nursing and healthcare communities.&#160;HCN is nationally accredited by the Accrediting Bureau for Health Education Schools, or ABHES. HCN voluntarily discontinued new enrollments in its RN-to-BSN Program subsequent to the start of the July 2018 term, at which time there were approximately </font><font style="font-family:inherit;font-size:10pt;">65</font><font style="font-family:inherit;font-size:10pt;"> students enrolled in the program. Those currently enrolled in the RN-to-BSN Program may elect to complete the program at HCN or transfer to another institution, including APUS. HCN anticipates enrolling students into a Medical Laboratory Technician program, or MLT Program, at its Cincinnati campus beginning in early 2019.</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; and</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>

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apei-20180930.xml Edgar Link completed
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