UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $.01 par value APEI Nasdaq Global Select Market FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ ...

American Public Education, Inc. (NASDAQ:APEI) Q4 2022 Earnings Conference Call March 14, 2023 5:00 PM ET Company Participants Ryan Koren - Head, IR Angela Selden - President and CEO Richard Sunderland - EVP and CFO Steve Somers - SVP and Chief Strategy and Corporate Development Officer Conference Call Participants Matthew Filek - William Blair Raj Sharma - B. Riley Operator Good afternoon, ladies and gentlemen. Welcome to the APEI Fourth Quarter 2022 Results Conference Call. At this time, all participants ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ Annual Report Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 or ☐ Transition report pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission file number: 001-33810 American Public Education, Inc. (Exact name of registrant as specified in its charter) Delaware 01-0724376 (Stat ...

American Public Education, Inc. (NASDAQ:APEI) Q3 2022 Results Conference Call November 8, 2022 5:00 PM ET Company Participants Ryan Koren - Head, IR Angela Selden - President and CEO Rick Sunderland - EVP and CFO Steve Somers - SVP and Chief Strategy and Corporate Development Officer Conference Call Participants Jasper Bibb - Truist Securities Stephen Sheldon - William Blair Raj Sharma - B. Riley Alex Paris - Barrington Research Operator Hello, and thank you for standing by. My name is Regina, and I will be ...

American Public Education, Inc. (NASDAQ:APEI) Q2 2022 Earnings Conference Call August 9, 2022 5:00 PM ET Company Participants Ryan Koren – Head-Investor Relations Angela Selden – President and Chief Executive Officer Rick Sunderland – Executive Vice President and Chief Financial Officer Steve Somers – Senior Vice President and Chief Strategy and Corporate Development Officer Conference Call Participants Jasper Bibb – Truist Securities Raj Sharma – B. Riley Matt Filek – William Blair Operator Good day and we ...

Financial Performance - For the three months ended June 30, 2022, consolidated revenue increased to $149.6 million from $78.0 million, representing a 91.8% increase compared to the prior year period[145] - The net loss for the three months ended June 30, 2022, was $110.0 million compared to net income of $0.5 million during the same period in 2021[145] - Consolidated revenue for the six months ended June 30, 2022, increased to $304.4 million, up 82.7% from $166.6 million in the prior year period[146] - The net loss for the six months ended June 30, 2022, was $104.7 million, compared to net income of $8.6 million during the same period in 2021[146] - Consolidated revenue for the three months ended June 30, 2022 was $149.6 million, an increase of $71.6 million, or 91.8%, compared to $78.0 million for the same period in 2021[170] - Consolidated revenue for the six months ended June 30, 2022 was $304.4 million, an increase of $137.8 million, or 82.7%, compared to $166.6 million for the same period in 2021[181] - Total revenue for the six months ended June 30, 2022, was $304.4 million, an increase from $166.6 million for the same period in 2021[194] Operating Margins and Expenses - The operating margin decreased to negative 94.4% for the three months ended June 30, 2022, down from 2.6% in the prior year period[145] - Excluding the non-cash impairment charge, the operating margin for the three months ended June 30, 2022, was 2.4% and the net loss was $1.1 million[145] - APUS Segment operating margins increased to 19.5% for the three months ended June 30, 2022, up from 13.6% in the prior year[149] - HCN Segment operating margins decreased to negative 5.5% for the three months ended June 30, 2022, down from 1.1% in the prior year[150] - The company expects operating margins to remain below prior year levels for the remainder of 2022 due to inflation and increased labor costs[146] - Costs and expenses for the three months ended June 30, 2022 were $290.9 million, an increase of $214.8 million, or 282.5%, compared to $76.0 million for the same period in 2021[171] - Instructional costs and services expenses for the three months ended June 30, 2022 were $72.1 million, an increase of $41.7 million, or 137.2%, compared to $30.4 million for the same period in 2021[173] - General and administrative expenses for the three months ended June 30, 2022 were $29.9 million, an increase of $4.4 million, or 17.5%, compared to $25.5 million for the same period in 2021[174] - Costs and expenses for the six months ended June 30, 2022 were $440.4 million, an increase of $286.5 million, or 186.1%, compared to $153.9 million for the same period in 2021[182] - Instructional costs and services expenses increased by $81.1 million, or 129.3%, to $143.8 million for the six months ended June 30, 2022, compared to $62.7 million for the same period in 2021[183] - Selling and promotional expenses rose by $38.3 million, or 103.7%, to $75.2 million for the six months ended June 30, 2022, compared to $36.9 million for the same period in 2021[185] - General and administrative expenses increased by $10.5 million, or 21.5%, to $59.5 million for the six months ended June 30, 2022, compared to $49.0 million for the same period in 2021[186] Acquisitions - The company completed the acquisition of Rasmussen University for an adjusted aggregate purchase price of $325.5 million in cash on September 1, 2021[132] - The acquisition of Graduate School USA was completed for $1.0 million on January 1, 2022[135] Enrollment and Student Statistics - As of June 30, 2022, approximately 86,600 adult learners were enrolled in the American Public University System, primarily serving military and public service communities[137] - Rasmussen University provided nursing and health sciences education to over 15,900 students as of June 30, 2022, with approximately 90% enrolled in pre-licensure degree programs[138] - Hondros College of Nursing had approximately 2,400 students enrolled, with plans to open a new campus in Detroit, Michigan in fall 2022[138] - For the three months ended June 30, 2022, net course registrations at APUS increased to approximately 83,500, a rise of 1.1% from approximately 82,600 in the prior year[148] - RU Segment revenue totaled approximately $63.9 million for the three months ended June 30, 2022, with enrollment at approximately 15,900, down from 17,000 in the prior year[151] - APUS Segment revenue decreased by $1.4 million, or 1.0%, for the six months ended June 30, 2022, primarily due to the timing of registrations and a change in the mix of registrations[181] - HCN Segment revenue increased by $0.8 million, or 3.4%, to approximately $23.0 million for the six months ended June 30, 2022, with total student enrollment increasing by 5.4%[200] Cash Flow and Financial Position - Cash and cash equivalents increased by $34.9 million, or 23.3%, to $184.5 million at June 30, 2022, compared to $149.6 million at December 31, 2021[201] - Net cash provided by operating activities was $45.4 million for the six months ended June 30, 2022, compared to $8.9 million for the same period in 2021[211] - Accounts receivable decreased approximately $9.2 million compared to December 31, 2021, due to improved processing of invoices by the Army[211] - Capital expenditures for the six months ended June 30, 2022, were $7.3 million, up from $3.0 million in the same period in 2021[212] - Net cash used in financing activities was $5.9 million for the six months ended June 30, 2022, compared to $83.4 million of net cash provided in the same period in 2021[213] Impairment Charges - Results for the three months ended June 30, 2022, included a non-cash impairment charge of $144.9 million in the RU Segment[145] - A non-cash impairment charge of $144.9 million was recorded for the RU Segment due to a decline in fair value[152] - A non-cash impairment charge of $144.9 million was recorded for the three months ended June 30, 2022 to reduce the carrying value of RU segment goodwill and intangible assets[171] - RU Segment revenue was $130.99 million for the six months ended June 30, 2022, with a loss from operations of $145.66 million primarily due to a goodwill impairment charge of $144.9 million[198] Tax and Receivables - The company recognized an income tax benefit of $34.3 million for the six months ended June 30, 2022, compared to an income tax expense of $3.3 million for the same period in 2021[190] - APUS received approximately $38.8 million in payments from the Army during the six months ended June 30, 2022[203] - As of June 30, 2022, approximately $12.5 million in accounts receivable was due from the Army, with $6.9 million older than 60 days[203] Debt and Interest Rates - The company incurred $0.4 million and $1.3 million in acquisition-related expenses for the three and six months ended June 30, 2022, respectively[205] - The company has assumed an operating lease obligation of $50.0 million over 15 years for GSUSA's Washington, D.C., headquarters facility[215] - The interest rate cap agreement hedged $87.5 million of principal under the term loan as of June 30, 2022[218] - For every 100 basis points increase in LIBOR, the company would incur an incremental $1.7 million in interest expense per year[218]

American Public Education, Inc. (NASDAQ:APEI) Q1 2022 Earnings Conference Call May 10, 2022 5:00 PM ET Company Participants Ryan Koren - Investor Relations Angela Selden - President and CEO Rick Sunderland - Executive Vice President and CFO Steve Somers - Senior Vice President and Chief Strategy and CDO Conference Call Participants Jasper Bibb - Truist Securities Matt Filek - William Blair Raj Sharma - B. Riley Operator Good day. My name is Savannah, and I will be your conference operator for today. At this ...