$APEI
AMERICAN PUBLIC EDUCATION INC

2021 Q4 Form 10-Q Financial Statement

#000120179221000012 Filed on November 08, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $154.0M $98.25M $79.13M
YoY Change 79.26% 24.16% 16.56%
Cost Of Revenue $67.37M $42.54M $31.08M
YoY Change 116.61% 36.87% 13.99%
Gross Profit $86.64M $55.70M $48.05M
YoY Change 58.06% 15.93% 18.29%
Gross Profit Margin 56.26% 56.7% 60.72%
Selling, General & Admin $60.77M $50.06M $41.10M
YoY Change 44.86% 21.8% 8.45%
% of Gross Profit 70.14% 89.86% 85.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.271M $4.386M $3.230M
YoY Change 173.87% 35.79% -14.32%
% of Gross Profit 9.55% 7.87% 6.72%
Operating Expenses $69.04M $50.06M $41.10M
YoY Change 53.49% 21.8% 8.45%
Operating Profit $17.60M $1.262M $3.308M
YoY Change 79.01% -61.85% -213.56%
Interest Expense -$3.110M -$1.305M $121.0K
YoY Change -3555.56% -1178.51% -88.13%
% of Operating Profit -17.67% -103.41% 3.66%
Other Income/Expense, Net
YoY Change
Pretax Income $13.39M -$43.00K $3.429M
YoY Change 36.53% -101.25% -281.05%
Income Tax $4.002M $224.0K $785.0K
% Of Pretax Income 29.89% 22.89%
Net Earnings $9.381M -$267.0K $2.642M
YoY Change 32.67% -110.11% -261.29%
Net Earnings / Revenue 6.09% -0.27% 3.34%
Basic Earnings Per Share $0.50 -$0.01 $0.18
Diluted Earnings Per Share $0.50 -$0.01 $0.18
COMMON SHARES
Basic Shares Outstanding 18.71M shares 18.70M shares 14.80M shares
Diluted Shares Outstanding 18.86M shares 15.01M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $149.6M $141.5M $228.0M
YoY Change -34.29% -37.94% 8.52%
Cash & Equivalents $149.6M $141.5M $228.0M
Short-Term Investments
Other Short-Term Assets $11.68M $13.15M $7.600M
YoY Change 79.71% 73.05% 20.63%
Inventory
Prepaid Expenses $11.68M $13.15M $7.563M
Receivables $36.03M $29.45M $9.560M
Other Receivables $5.303M $5.822M $2.500M
Total Short-Term Assets $202.6M $189.9M $247.6M
YoY Change -19.53% -23.31% 7.66%
LONG-TERM ASSETS
Property, Plant & Equipment $102.4M $102.6M $70.93M
YoY Change 49.66% 44.6% -9.84%
Goodwill $243.5M $243.8M $26.56M
YoY Change 816.64% 817.69% 0.0%
Intangibles $85.08M $88.94M
YoY Change 2186.54%
Long-Term Investments $9.668M $10.50M
YoY Change -7.92% 0.0%
Other Assets $14.04M $4.458M $5.197M
YoY Change 19.55% -14.22% 2.93%
Total Long-Term Assets $523.0M $533.3M $122.6M
YoY Change 338.7% 335.09% -6.51%
TOTAL ASSETS
Total Short-Term Assets $202.6M $189.9M $247.6M
Total Long-Term Assets $523.0M $533.3M $122.6M
Total Assets $725.6M $723.2M $370.2M
YoY Change 95.57% 95.35% 2.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.50M $9.066M $4.489M
YoY Change 259.25% 101.96% 13.22%
Accrued Expenses $10.82M $14.72M $10.56M
YoY Change -1.35% 39.49% 33.07%
Deferred Revenue $21.80M $26.00M $25.50M
YoY Change -1.36% 1.96% 23.74%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.750M $8.750M
YoY Change
Total Short-Term Liabilities $83.68M $90.13M $59.79M
YoY Change 51.98% 50.74% 30.85%
LONG-TERM LIABILITIES
Long-Term Debt $151.8M $153.3M $0.00
YoY Change
Other Long-Term Liabilities $69.49M $73.42M $7.000M
YoY Change 969.05% 948.86% -19.54%
Total Long-Term Liabilities $151.8M $153.3M $7.000M
YoY Change 2090.51% -19.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.68M $90.13M $59.79M
Total Long-Term Liabilities $151.8M $153.3M $7.000M
Total Liabilities $310.0M $318.7M $72.16M
YoY Change 383.67% 341.76% 19.6%
SHAREHOLDERS EQUITY
Retained Earnings $128.9M $119.6M $104.1M
YoY Change 15.97% 14.83% -6.15%
Common Stock $286.6M $284.9M $193.9M
YoY Change 46.4% 46.9% 2.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $415.6M $404.4M $298.0M
YoY Change
Total Liabilities & Shareholders Equity $725.6M $723.2M $370.2M
YoY Change 95.57% 95.35% 2.52%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $9.381M -$267.0K $2.642M
YoY Change 32.67% -110.11% -261.29%
Depreciation, Depletion And Amortization $8.271M $4.386M $3.230M
YoY Change 173.87% 35.79% -14.32%
Cash From Operating Activities $15.69M -$8.319M $12.98M
YoY Change 19507.5% -164.09% 57.91%
INVESTING ACTIVITIES
Capital Expenditures -$6.015M $2.785M $1.278M
YoY Change 691.45% 117.92% 7.04%
Acquisitions
YoY Change
Other Investing Activities $672.0K -$325.5M $410.0K
YoY Change 86.67% -79492.44%
Cash From Investing Activities -$5.343M -$328.3M -$870.0K
YoY Change 1235.75% 37634.94% -26.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.203M 161.1M -160.0K
YoY Change -100816.87% -99.1%
NET CHANGE
Cash From Operating Activities 15.69M -8.319M 12.98M
Cash From Investing Activities -5.343M -328.3M -870.0K
Cash From Financing Activities -2.203M 161.1M -160.0K
Net Change In Cash 8.140M -175.5M 11.95M
YoY Change -2643.75% -1568.33% -211.47%
FREE CASH FLOW
Cash From Operating Activities $15.69M -$8.319M $12.98M
Capital Expenditures -$6.015M $2.785M $1.278M
Free Cash Flow $21.70M -$11.10M $11.70M
YoY Change 2483.45% -194.89% 66.55%

Facts In Submission

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2021
dei Document Fiscal Period Focus
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dei Current Fiscal Year End Date
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dei Document Type
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10-Q
dei Document Quarterly Report
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dei Document Period End Date
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2021-09-30
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AMERICAN PUBLIC EDUCATION, INC.
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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111 West Congress Street,
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dei Security12b Title
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APEI
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us-gaap Share Based Compensation
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Nature of the Business<div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">American Public Education, Inc., or APEI, which together with its subsidiaries is referred to as the “Company,” is a provider of online and campus-based postsecondary education to students through subsidiary institutions that include:</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:14.5pt">American Public University System, Inc., or APUS, provides online postsecondary education directed primarily at the needs of the military, military-affiliated, public service and service-minded communities through American Military University, or AMU, and American Public University, or APU. APUS is institutionally accredited by the Higher Learning Commission, or HLC.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Rasmussen College, LLC, which is referred to herein as Rasmussen University, or RU, a nursing- and health sciences-focused institution, provides postsecondary education to students at its 23 campuses across six states and online. The Company completed the acquisition of Rasmussen University, or the Rasmussen Acquisition, on September 1, 2021, or the Closing Date. See “Note 3. Acquisition Activity” for more information on this acquisition. The Consolidated Financial Statements do not include the operating results or financial position of Rasmussen University for any periods prior to the Closing Date. RU is institutionally accredited by HLC.</span></div><div style="padding-left:36pt"><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">National Education Seminars, Inc., which is referred to herein as Hondros College of Nursing, or HCN, provides nursing education to students enrolled at six campuses in Ohio, including a campus in Akron that opened in April 2021, and one campus in Indianapolis, Indiana, to serve the needs of the nursing and healthcare communities. HCN is institutionally accredited by the Accrediting Bureau for Health Education Schools, or ABHES. </span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’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. During the third quarter of 2021, the Company revised its reportable segments, as discussed further in “Note 9. Segment Information” Prior period segment disclosures have been restated to conform to the current period presentation.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    The Company’s operations are organized into three reportable segments:</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.5pt">American Public University System, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> APUS Segment.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This segment reflects the operational activities of APUS.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.5pt">Rasmussen University Segment, or RU Segment</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. This segment reflects the operational activities of RU.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.5pt">Hondros College of Nursing Segment, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> HCN Segment.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> This segment reflects the operational activities of HCN.</span></div>
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<div style="text-indent:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 assumptions 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 under different assumptions or conditions, and the impact of such differences may be material to the Company’s Consolidated Financial Statements.</span></div>
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121000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-1167000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
1002000 USD
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
224000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
785000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3509000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4291000 USD
CY2021Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2785000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5813000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4171000 USD
CY2021Q3 us-gaap Assets
Assets
723187000 USD
CY2020Q4 us-gaap Assets
Assets
371018000 USD

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0001201792-21-000012.txt Edgar Link pending
0001201792-21-000012-xbrl.zip Edgar Link pending
apei-20210930.htm Edgar Link pending
apei-20210930.xsd Edgar Link pending
apei-20210930_cal.xml Edgar Link unprocessable
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