$APEI
AMERICAN PUBLIC EDUCATION INC

2019 Q1 Form 10-Q Financial Statement

#000120179219000006 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $73.44M $74.97M
YoY Change -2.04% -0.95%
Cost Of Revenue $27.92M $29.69M
YoY Change -5.97% 2.51%
Gross Profit $45.53M $45.28M
YoY Change 0.54% -3.1%
Gross Profit Margin 61.99% 60.4%
Selling, General & Admin $34.11M $34.47M
YoY Change -1.04% 3.85%
% of Gross Profit 74.93% 76.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.050M $4.520M
YoY Change -10.4% -4.64%
% of Gross Profit 8.9% 9.98%
Operating Expenses $34.11M $34.47M
YoY Change -1.04% 3.85%
Operating Profit $1.382M $6.162M
YoY Change -77.57% -25.82%
Interest Expense $1.053M $493.0K
YoY Change 113.59% 4381.82%
% of Operating Profit 76.19% 8.0%
Other Income/Expense, Net
YoY Change
Pretax Income $2.435M $6.655M
YoY Change -63.41% -19.99%
Income Tax -$63.00K $1.865M
% Of Pretax Income -2.59% 28.02%
Net Earnings $1.011M $4.589M
YoY Change -77.97% 1.77%
Net Earnings / Revenue 1.38% 6.12%
Basic Earnings Per Share $0.06 $0.28
Diluted Earnings Per Share $0.06 $0.28
COMMON SHARES
Basic Shares Outstanding 16.53M shares 16.36M shares
Diluted Shares Outstanding 16.66M shares 16.53M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $215.9M $186.2M
YoY Change 15.95% 25.98%
Cash & Equivalents $215.9M $186.2M
Short-Term Investments
Other Short-Term Assets $6.700M $7.400M
YoY Change -9.46% 0.0%
Inventory
Prepaid Expenses $6.692M $7.409M
Receivables $14.10M $7.924M
Other Receivables $1.700M $0.00
Total Short-Term Assets $238.4M $201.5M
YoY Change 18.33% 21.65%
LONG-TERM ASSETS
Property, Plant & Equipment $84.16M $90.25M
YoY Change -6.75% -5.73%
Goodwill $28.04M $33.90M
YoY Change -17.27% 0.0%
Intangibles
YoY Change
Long-Term Investments $5.200M $12.30M
YoY Change -57.72% -16.05%
Other Assets $5.376M $8.304M
YoY Change -35.26% -0.01%
Total Long-Term Assets $139.3M $144.7M
YoY Change -3.75% -6.43%
TOTAL ASSETS
Total Short-Term Assets $238.4M $201.5M
Total Long-Term Assets $139.3M $144.7M
Total Assets $377.7M $346.2M
YoY Change 9.1% 8.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.403M $4.952M
YoY Change -51.47% 2.38%
Accrued Expenses $8.524M $15.74M
YoY Change -45.86% 33.18%
Deferred Revenue $21.02M $19.75M
YoY Change 6.43%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $40.53M $45.32M
YoY Change -10.57% 13.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.700M
YoY Change
Total Long-Term Liabilities $9.700M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $40.53M $45.32M
Total Long-Term Liabilities $9.700M $0.00
Total Liabilities $56.29M $52.45M
YoY Change 7.32% 2.45%
SHAREHOLDERS EQUITY
Retained Earnings $134.9M $108.3M
YoY Change 24.61% 17.76%
Common Stock $186.5M $180.9M
YoY Change 3.1% 2.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $321.5M $293.8M
YoY Change
Total Liabilities & Shareholders Equity $377.7M $346.2M
YoY Change 9.1% 8.09%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $1.011M $4.589M
YoY Change -77.97% 1.77%
Depreciation, Depletion And Amortization $4.050M $4.520M
YoY Change -10.4% -4.64%
Cash From Operating Activities $7.895M $10.24M
YoY Change -22.93% 102.69%
INVESTING ACTIVITIES
Capital Expenditures $1.585M $1.666M
YoY Change -4.86% -0.24%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.585M -$1.666M
YoY Change -4.86% -27.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.513M $1.615M
YoY Change 55.6% 23.85%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.513M -$1.615M
YoY Change 55.6% 23.85%
NET CHANGE
Cash From Operating Activities $7.895M $10.24M
Cash From Investing Activities -$1.585M -$1.666M
Cash From Financing Activities -$2.513M -$1.615M
Net Change In Cash $3.797M $6.963M
YoY Change -45.47% 379.22%
FREE CASH FLOW
Cash From Operating Activities $7.895M $10.24M
Capital Expenditures $1.585M $1.666M
Free Cash Flow $6.310M $8.578M
YoY Change -26.44% 153.49%

Facts In Submission

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CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
15581000 USD
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
15047000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1843000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1689000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
0 USD
CY2019Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
0 USD
CY2018Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1616000 USD
CY2019Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2513000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
289406000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
293779000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
321266000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
321453000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16534000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16534053 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16662366 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16662000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16360000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16359792 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16533205 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16533000 shares
CY2019Q1 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: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;">82,900</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 and several of its academic programs have specialized accreditation granted by industry-governing organizations.</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 to serve the needs of the nursing and healthcare communities. HCN is nationally accredited by the Accrediting Bureau for Health Education Schools, or ABHES. In April 2019, HCN began offering classes in its Medical Laboratory Technician program, or MLT Program, at its Cincinnati and Columbus campuses.</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, </font><font style="font-family:inherit;font-size:10pt;">or</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> 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, </font><font style="font-family:inherit;font-size:10pt;">or</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> 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>
CY2019Q1 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;">In preparing financial statements in conformity with GAAP, the Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, and various other assumptions that the Company believes are reasonable under the circumstances. Actual results could differ from these 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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