$APEI
AMERICAN PUBLIC EDUCATION INC

2019 Q4 Form 10-Q Financial Statement

#000120179219000013 Filed on November 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $74.38M $67.89M $72.99M
YoY Change -3.31% -6.99% -0.39%
Cost Of Revenue $28.01M $27.27M $28.19M
YoY Change -1.51% -3.26% -1.86%
Gross Profit $46.37M $40.62M $44.81M
YoY Change -4.37% -9.34% 0.55%
Gross Profit Margin 62.34% 59.83% 61.38%
Selling, General & Admin $33.89M $37.89M $33.44M
YoY Change 3.61% 13.33% 4.89%
% of Gross Profit 73.09% 93.29% 74.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.840M $3.770M $4.290M
YoY Change -11.52% -12.12% -8.53%
% of Gross Profit 8.28% 9.28% 9.57%
Operating Expenses $37.73M $37.89M $33.44M
YoY Change 1.81% 13.33% 4.89%
Operating Profit $8.640M -$2.913M $6.884M
YoY Change -24.41% -142.32% -9.41%
Interest Expense $700.0K $1.019M $774.0K
YoY Change -29.29% 31.65% 4452.94%
% of Operating Profit 8.1% 11.24%
Other Income/Expense, Net
YoY Change
Pretax Income $9.310M -$1.894M $7.658M
YoY Change -25.03% -124.73% 0.55%
Income Tax $3.590M -$239.0K $1.848M
% Of Pretax Income 38.56% 24.13%
Net Earnings $5.719M -$1.638M $5.499M
YoY Change -37.11% -129.79% 25.95%
Net Earnings / Revenue 7.69% -2.41% 7.53%
Basic Earnings Per Share $0.37 -$0.10 $0.33
Diluted Earnings Per Share $0.37 -$0.10 $0.33
COMMON SHARES
Basic Shares Outstanding 15.40M shares 15.97M shares 16.42M shares
Diluted Shares Outstanding 16.12M shares 16.66M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $202.7M $210.1M $197.6M
YoY Change -4.43% 6.33% 18.82%
Cash & Equivalents $202.7M $210.1M $197.6M
Short-Term Investments
Other Short-Term Assets $7.100M $6.300M $5.700M
YoY Change 29.09% 10.53% -14.93%
Inventory
Prepaid Expenses $7.087M $6.316M $5.664M
Receivables $11.33M $7.942M $13.27M
Other Receivables $1.800M $5.700M $3.200M
Total Short-Term Assets $222.9M $230.0M $219.7M
YoY Change -4.15% 4.68% 22.03%
LONG-TERM ASSETS
Property, Plant & Equipment $78.50M $78.67M $84.85M
YoY Change -9.65% -7.28% -7.94%
Goodwill $26.56M $26.56M $33.90M
YoY Change -21.64% -21.64% 0.0%
Intangibles $3.721M
YoY Change -7.96%
Long-Term Investments $10.50M $10.50M $12.00M
YoY Change 56.72% -12.5% -18.46%
Other Assets $4.770M $5.049M $7.548M
YoY Change -15.46% -33.11% -16.7%
Total Long-Term Assets $132.0M $131.1M $138.3M
YoY Change -4.62% -5.2% -7.71%
TOTAL ASSETS
Total Short-Term Assets $222.9M $230.0M $219.7M
Total Long-Term Assets $132.0M $131.1M $138.3M
Total Assets $354.9M $361.1M $358.0M
YoY Change -4.33% 0.86% 8.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.546M $3.965M $4.303M
YoY Change -61.08% -7.85% -14.64%
Accrued Expenses $8.270M $7.932M $14.47M
YoY Change 117.17% -45.17% 6.27%
Deferred Revenue $17.40M $20.61M $22.19M
YoY Change -4.92% -7.13%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $45.28M $45.70M $40.96M
YoY Change 2.14% 11.56% 0.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.500M $8.700M
YoY Change
Total Long-Term Liabilities $9.500M $8.700M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $45.28M $45.70M $40.96M
Total Long-Term Liabilities $9.500M $8.700M $0.00
Total Liabilities $58.16M $60.33M $47.97M
YoY Change 17.05% 25.75% -3.82%
SHAREHOLDERS EQUITY
Retained Earnings $106.0M $110.9M $124.8M
YoY Change -20.88% -11.14% 24.65%
Common Stock $190.8M $189.8M $185.2M
YoY Change 1.83% 2.5% 2.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $296.7M $300.8M $310.1M
YoY Change
Total Liabilities & Shareholders Equity $354.9M $361.1M $358.0M
YoY Change -4.33% 0.86% 8.52%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $5.719M -$1.638M $5.499M
YoY Change -37.11% -129.79% 25.95%
Depreciation, Depletion And Amortization $3.840M $3.770M $4.290M
YoY Change -11.52% -12.12% -8.53%
Cash From Operating Activities $6.430M $8.220M $5.990M
YoY Change -65.47% 37.23% -53.89%
INVESTING ACTIVITIES
Capital Expenditures -$3.110M $1.194M $1.549M
YoY Change -23.77% -22.92% -43.75%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$3.110M -$1.190M -$1.790M
YoY Change -23.77% -33.52% -53.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.70M -17.75M -200.0K
YoY Change 8775.0%
NET CHANGE
Cash From Operating Activities 6.430M 8.220M 5.990M
Cash From Investing Activities -3.110M -1.190M -1.790M
Cash From Financing Activities -10.70M -17.75M -200.0K
Net Change In Cash -7.380M -10.72M 4.000M
YoY Change -150.76% -368.0% -56.19%
FREE CASH FLOW
Cash From Operating Activities $6.430M $8.220M $5.990M
Capital Expenditures -$3.110M $1.194M $1.549M
Free Cash Flow $9.540M $7.026M $4.441M
YoY Change -57.97% 58.21% -56.61%

Facts In Submission

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apei Number Of Students
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us-gaap Selling And Marketing Expense
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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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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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;">82,100</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
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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;">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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