$APEI
AMERICAN PUBLIC EDUCATION INC

2019 Q2 Form 10-Q Financial Statement

#000120179219000010 Filed on August 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q4 2018 Q2
Revenue $70.56M $76.93M $72.80M
YoY Change -3.07% -1.48% 0.83%
Cost Of Revenue $28.73M $28.44M $28.97M
YoY Change -0.84% -0.73% -2.89%
Gross Profit $41.84M $48.49M $43.83M
YoY Change -4.55% -1.92% 3.47%
Gross Profit Margin 59.29% 63.03% 60.21%
Selling, General & Admin $32.21M $32.71M $30.88M
YoY Change 4.31% 3.35% 0.78%
% of Gross Profit 76.99% 67.46% 70.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.940M $4.340M $4.350M
YoY Change -9.43% -6.06% -8.03%
% of Gross Profit 9.42% 8.95% 9.92%
Operating Expenses $32.21M $37.06M $30.88M
YoY Change 4.31% 2.21% 0.78%
Operating Profit $5.678M $11.43M $8.048M
YoY Change -29.45% -13.28% 27.38%
Interest Expense $1.135M $990.0K $661.0K
YoY Change 71.71% 607.14% 4306.67%
% of Operating Profit 19.99% 8.66% 8.21%
Other Income/Expense, Net
YoY Change
Pretax Income $6.813M $12.42M $8.709M
YoY Change -21.77% -2.8% 37.52%
Income Tax $1.898M $3.290M $2.280M
% Of Pretax Income 27.86% 26.49% 26.18%
Net Earnings $4.921M $9.093M $6.458M
YoY Change -23.8% 8.03% 68.66%
Net Earnings / Revenue 6.97% 11.82% 8.87%
Basic Earnings Per Share $0.30 $0.55 $0.39
Diluted Earnings Per Share $0.30 $0.55 $0.39
COMMON SHARES
Basic Shares Outstanding 16.51M shares 16.42M shares 16.41M shares
Diluted Shares Outstanding 16.65M shares 16.65M shares

Balance Sheet

Concept 2019 Q2 2018 Q4 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $220.8M $212.1M $193.6M
YoY Change 14.05% 18.36% 23.23%
Cash & Equivalents $220.8M $212.1M $193.6M
Short-Term Investments
Other Short-Term Assets $7.900M $5.500M $6.300M
YoY Change 25.4% 14.58% -12.5%
Inventory
Prepaid Expenses $7.943M $5.482M $6.312M
Receivables $6.413M $14.06M $6.999M
Other Receivables $4.800M $900.0K $3.500M
Total Short-Term Assets $240.0M $232.6M $210.4M
YoY Change 14.06% 21.68% 21.11%
LONG-TERM ASSETS
Property, Plant & Equipment $81.67M $86.88M $87.46M
YoY Change -6.62% -8.79% -6.64%
Goodwill $28.04M $33.90M $33.90M
YoY Change -17.27% 0.0% 0.0%
Intangibles $4.043M
YoY Change -12.22%
Long-Term Investments $5.200M $6.700M $12.30M
YoY Change -57.72% -46.32% -16.17%
Other Assets $5.157M $5.642M $7.706M
YoY Change -33.08% -10.1% -13.89%
Total Long-Term Assets $136.1M $138.4M $141.4M
YoY Change -3.71% -6.43% -6.5%
TOTAL ASSETS
Total Short-Term Assets $240.0M $232.6M $210.4M
Total Long-Term Assets $136.1M $138.4M $141.4M
Total Assets $376.1M $371.0M $351.7M
YoY Change 6.92% 9.41% 8.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.923M $9.110M $6.546M
YoY Change -24.79% 3.01% 2.11%
Accrued Expenses $6.763M $3.808M $14.90M
YoY Change -54.6% 5.16% 19.24%
Deferred Revenue $19.05M $18.30M $19.93M
YoY Change -4.41% -5.54%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $42.19M $44.33M $41.38M
YoY Change 1.97% 2.25% 4.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.200M
YoY Change
Total Long-Term Liabilities $9.200M $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $42.19M $44.33M $41.38M
Total Long-Term Liabilities $9.200M $0.00 $0.00
Total Liabilities $57.63M $49.69M $48.63M
YoY Change 18.51% 0.12% -3.81%
SHAREHOLDERS EQUITY
Retained Earnings $130.3M $133.9M $119.3M
YoY Change 9.2% 23.36% 24.59%
Common Stock $188.1M $187.3M $183.8M
YoY Change 2.38% 3.59% 2.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $318.5M $321.3M $303.1M
YoY Change
Total Liabilities & Shareholders Equity $376.1M $371.0M $351.7M
YoY Change 6.92% 9.41% 8.26%

Cashflow Statement

Concept 2019 Q2 2018 Q4 2018 Q2
OPERATING ACTIVITIES
Net Income $4.921M $9.093M $6.458M
YoY Change -23.8% 8.03% 68.66%
Depreciation, Depletion And Amortization $3.940M $4.340M $4.350M
YoY Change -9.43% -6.06% -8.03%
Cash From Operating Activities $15.82M $18.62M $9.330M
YoY Change 69.56% -0.32% -16.84%
INVESTING ACTIVITIES
Capital Expenditures $1.372M -$4.080M $1.893M
YoY Change -27.52% -22.29% -10.33%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.370M -$4.080M -$1.890M
YoY Change -27.51% -26.49% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.550M 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 15.82M 18.62M 9.330M
Cash From Investing Activities -1.370M -4.080M -1.890M
Cash From Financing Activities -9.550M 0.000 0.000
Net Change In Cash 4.900M 14.54M 7.440M
YoY Change -34.14% 12.36% -20.26%
FREE CASH FLOW
Cash From Operating Activities $15.82M $18.62M $9.330M
Capital Expenditures $1.372M -$4.080M $1.893M
Free Cash Flow $14.45M $22.70M $7.437M
YoY Change 94.27% -5.14% -18.36%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Period End Date
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dei Document Type
DocumentType
10-Q
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apei Number Of Students
NumberOfStudents
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apei Number Of Subsidiaries
NumberOfSubsidiaries
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CY2019Q2 apei Percentage Of Students Served In Military On Active Duty At Time Of Initial Enrollment
PercentageOfStudentsServedInMilitaryOnActiveDutyAtTimeOfInitialEnrollment
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dei Amendment Flag
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dei Entity Filer Category
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2 segment
CY2018Q2 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Operating Lease Payments
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CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2018Q4 us-gaap Other Assets Noncurrent
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CY2019Q2 us-gaap Other Assets Noncurrent
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us-gaap Other Noncash Income Expense
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us-gaap Other Noncash Income Expense
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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CY2018Q2 us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2018Q4 us-gaap Preferred Stock Shares Authorized
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CY2019Q2 us-gaap Preferred Stock Shares Authorized
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CY2019Q2 us-gaap Preferred Stock Shares Issued
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CY2018Q4 us-gaap Property Plant And Equipment Net
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CY2019Q2 us-gaap Property Plant And Equipment Net
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CY2019Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2018Q4 us-gaap Preferred Stock Value
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CY2019Q2 us-gaap Prepaid Expense Current
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q2 us-gaap Selling And Marketing Expense
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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CY2019Q2 us-gaap Selling And Marketing Expense
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us-gaap Selling And Marketing Expense
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us-gaap Share Based Compensation
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3440000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Stock Issued During Period Value Employee Benefit Plan
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us-gaap Stock Issued During Period Value Employee Benefit Plan
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us-gaap Stock Repurchased And Retired During Period Value
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us-gaap Stock Repurchased During Period Value
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us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
303109000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q2 us-gaap Stockholders Equity
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16652544 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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16511522 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16522000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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16522304 shares
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;">81,800</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.</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>
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 judgments 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 may 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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