$APEI
AMERICAN PUBLIC EDUCATION INC

2023 Q2 Form 10-Q Financial Statement

#000120179223000008 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $147.2M $149.7M
YoY Change -1.6% -3.27%
Cost Of Revenue $75.00M $73.89M
YoY Change 4.04% 3.06%
Gross Profit $72.22M $75.80M
YoY Change -6.84% -8.73%
Gross Profit Margin 49.06% 50.64%
Selling, General & Admin $65.50M $73.41M
YoY Change -0.41% 6.54%
% of Gross Profit 90.7% 96.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.953M $7.756M
YoY Change -2.04% -4.81%
% of Gross Profit 11.01% 10.23%
Operating Expenses $65.50M $73.41M
YoY Change -11.35% 6.54%
Operating Profit -$65.27M -$5.370M
YoY Change -1897.52% -203.27%
Interest Expense -$1.097M -$1.779M
YoY Change -67.64% -46.97%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$66.37M -$7.149M
YoY Change -54.34% -212.09%
Income Tax -$15.14M -$1.414M
% Of Pretax Income
Net Earnings -$51.23M -$5.740M
YoY Change -53.44% -207.63%
Net Earnings / Revenue -34.8% -3.83%
Basic Earnings Per Share -$2.94 -$0.38
Diluted Earnings Per Share -$2.93 -$0.38
COMMON SHARES
Basic Shares Outstanding 17.72M shares 19.03M shares
Diluted Shares Outstanding 17.99M shares 19.07M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $139.4M $136.2M
YoY Change -24.45% -20.35%
Cash & Equivalents $112.8M $136.2M
Short-Term Investments
Other Short-Term Assets $15.42M $17.43M
YoY Change 5.36% 12.28%
Inventory
Prepaid Expenses $15.42M $17.43M
Receivables $30.46M $37.07M
Other Receivables $3.698M $5.189M
Total Short-Term Assets $189.0M $195.9M
YoY Change -18.1% -12.91%
LONG-TERM ASSETS
Property, Plant & Equipment $99.59M $100.3M
YoY Change -52.63% 0.23%
Goodwill $59.59M $112.6M
YoY Change -53.85%
Intangibles $35.85M $50.79M
YoY Change -38.13%
Long-Term Investments
YoY Change
Other Assets $16.96M $16.28M
YoY Change -61.35% 2.49%
Total Long-Term Assets $369.8M $422.7M
YoY Change -14.26% -22.66%
TOTAL ASSETS
Total Short-Term Assets $189.0M $195.9M
Total Long-Term Assets $369.8M $422.7M
Total Assets $558.8M $618.5M
YoY Change -15.6% -19.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.657M $6.797M
YoY Change -78.69% -39.71%
Accrued Expenses $13.23M $13.78M
YoY Change -58.99% -0.06%
Deferred Revenue $28.60M $28.90M
YoY Change 3.58%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $79.19M $79.33M
YoY Change -16.69% -15.34%
LONG-TERM LIABILITIES
Long-Term Debt $93.94M $93.56M
YoY Change -36.87% -37.72%
Other Long-Term Liabilities $100.7M $102.6M
YoY Change -1.43% 6.18%
Total Long-Term Liabilities $93.94M $93.56M
YoY Change -62.57% -37.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $79.19M $79.33M
Total Long-Term Liabilities $93.94M $93.56M
Total Liabilities $273.9M $275.6M
YoY Change -20.85% -20.85%
SHAREHOLDERS EQUITY
Retained Earnings -$54.01M $6.323M
YoY Change -95.29%
Common Stock $296.3M $294.3M
YoY Change 2.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $284.9M $342.9M
YoY Change
Total Liabilities & Shareholders Equity $558.8M $618.5M
YoY Change -15.6% -19.82%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$51.23M -$5.740M
YoY Change -53.44% -207.63%
Depreciation, Depletion And Amortization $7.953M $7.756M
YoY Change -2.04% -4.81%
Cash From Operating Activities $15.74M $12.76M
YoY Change -21.83% -49.48%
INVESTING ACTIVITIES
Capital Expenditures $3.347M $3.206M
YoY Change -177.05% 8.13%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$3.347M -$3.206M
YoY Change -22.76% 1049.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $28.00K
YoY Change -98.74%
Cash From Financing Activities -9.152M -$2.849M
YoY Change 310.96% -22.16%
NET CHANGE
Cash From Operating Activities 15.74M $12.76M
Cash From Investing Activities -3.347M -$3.206M
Cash From Financing Activities -9.152M -$2.849M
Net Change In Cash 3.242M $6.703M
YoY Change -76.12% -68.55%
FREE CASH FLOW
Cash From Operating Activities $15.74M $12.76M
Capital Expenditures $3.347M $3.206M
Free Cash Flow $12.39M $9.552M
YoY Change -49.37% -57.15%

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CY2023Q1 us-gaap Nature Of Operations
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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 herein as the “Company,” is a provider of online and campus-based postsecondary education, and career learning through Graduate School USA, to students through the following subsidiary institutions:</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-weight:400;line-height:120%;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, provides nursing- and health sciences-focused postsecondary education to students at its 22 campuses in six states and online. RU is institutionally accredited by the 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 postsecondary nursing education to students enrolled at its eight campuses in three states. HCN is institutionally accredited by the Accrediting Bureau for Health Education Schools, or ABHES. </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">American Public Training LLC, which is referred to herein as Graduate School USA, or GSUSA, provides career learning and leadership training in-person and online to the federal workforce. GSUSA is accredited by the Accrediting Council for Continuing Education and Training, or ACCET.</span></div><div style="padding-left:36pt;text-indent:-18pt"><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 subsidiary institutions are licensed or otherwise authorized by state authorities to offer education programs to the extent the institutions believe such licenses or authorizations are required, and APUS, RU, and HCN 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. </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 the following 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 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%"> 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, </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%"> 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><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%">Adjustments to reconcile segment results to the Consolidated Financial Statements are included in “Corporate and Other”. These adjustments include unallocated corporate activity and eliminations, and the operational activities of GSUSA. GSUSA operates as a stand-alone subsidiary of APEI, but does not meet the quantitative thresholds to qualify as a reportable segment, and does not have other requisite characteristics as a reportable segment. Therefore, GSUSA’s results are combined and presented within “Corporate and Other”.</span></div>Please refer to “Note 9. Segment Information” for more information on the Company’s reporting segments.
CY2023Q1 us-gaap Number Of Reportable Segments
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CY2023Q1 us-gaap Use Of Estimates
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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 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 those estimates under different assumptions or conditions, and the impact of such differences may be material to the Consolidated Financial Statements.</span></div>
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CY2023Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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54721000 usd
CY2023Q1 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
15500000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
29257000 usd
CY2023Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
15500000 usd
CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
50790000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
40826000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
25313000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
15513000 usd
CY2022Q4 apei Indefinite Lived Intangible Assets Excluding Goodwill Before Impairment
IndefiniteLivedIntangibleAssetsExcludingGoodwillBeforeImpairment
54721000 usd
CY2022 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
15500000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
39221000 usd
CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
95547000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
25313000 usd
CY2022 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
15500000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
54734000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-5740000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
5333000 usd
CY2023Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
1457000 usd
CY2022Q1 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
0 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7197000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5333000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18982000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18805000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.38
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.28
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-7197000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
5333000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18982000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18805000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
90000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
74000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19072000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18879000 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.38
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
802000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
276000 shares
CY2023Q1 apei Debt Instrument Covenant Maximum Total Net Leverage Ratio
DebtInstrumentCovenantMaximumTotalNetLeverageRatio
2.0
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
93557000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
93151000 usd
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
93557000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
93151000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
99063000 usd
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
99063000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
-22000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
149689000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
154747000 usd
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
7756000 usd
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
8148000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5370000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
5200000 usd
CY2023Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-1779000 usd
CY2022Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-3355000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1414000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1040000 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3206000 usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2965000 usd
CY2023Q1 us-gaap Assets
Assets
618522000 usd
CY2022Q4 us-gaap Assets
Assets
615056000 usd
CY2023Q1 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.1488
CY2023Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
1500000 usd

Files In Submission

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apei-20230331_cal.xml Edgar Link unprocessable
apei-20230331_lab.xml Edgar Link unprocessable
apei-20230331_def.xml Edgar Link unprocessable
0001201792-23-000008-index-headers.html Edgar Link pending
0001201792-23-000008-index.html Edgar Link pending
0001201792-23-000008.txt Edgar Link pending
0001201792-23-000008-xbrl.zip Edgar Link pending
apei-20230331.htm Edgar Link pending
apei-20230331.xsd Edgar Link pending
apei-20230331_g1.jpg Edgar Link pending
exhibit311q123.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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apei-20230331_pre.xml Edgar Link unprocessable
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apei-20230331_htm.xml Edgar Link completed
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