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American Public Education Inc (APEI) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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American Public Education Inc

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CIK: 1201792 Ticker: APEI

Exhibit 99.1

 

 

American Public Education Reports Fourth Quarter 2021 Results

 

CHARLES TOWN, WV (March 02, 2022)

– American Public Education, Inc. (Nasdaq: APEI) announced financial results for the quarter ended December 31, 2021.

 

Fourth Quarter Highlights:

 

·Consolidated revenue increased 79.3% year-over-year to $154.0 million

 

·Net income for the period was $9.4 million, compared to net income of $7.1 million for the three months ended December 31, 2021, an increase of $2.3 million

 

·Adjusted EBITDA increased 85.5% year-over-year to $29.3 million

 

·APEI completed its acquisition of Graduate School USA, a federal workforce training provider, on January 1, 2022

 

Full Year Highlights:

 

·Consolidated revenue increased 30.1% year-over-year to $418.8 million

 

·Net income for the period was $17.8 million, compared to net income of $18.8 million for the three months ended December 31, 2021, a decrease of $1.0 million

 

·Adjusted EBITDA increased 27.8% year-over-year to $64.7 million

 

Results of operations for the three and twelve months ended December 31, 2021 include the results of Rasmussen University (“RU”) from September 1, 2021 (the “Closing Date”) through December 31, 2021. APEI did not consolidate the financial results of RU prior to the Closing Date. Accordingly, the financial results of each period presented are not directly comparable.

 

Financial Results:

 

Three months ended December 31, 2021 compared to three months ended December 31, 2020:

 

·Total consolidated revenue for 2021 increased 79% to $154.0 million, compared to total revenue of $85.9 million in 2020, due to:

 

othe inclusion of RU revenue from October 1 through December 31, 2021 of $68.4 million

 

oan increase of $1.9 million, or 18%, in revenue from Hondros College of Nursing (“HCN”), reflecting an increase in enrollment of 17% to 2,500 students

 

oa decrease of $2.2 million, or -3%, in revenue from American Public University System (“APUS”), primarily due to a decline in net course registrations of 2% in 2021 compared to 2020

 

The following information was filed by American Public Education Inc (APEI) on Wednesday, March 2, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside American Public Education Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Acquisition Activity
Acquisition Activity (Tables)
Acquisition Activity - Assets Acquired And Liabilities (Details)
Acquisition Activity - Narrative (Details)
Acquisition Activity - Pro Forma Financial Information (Details)
Acquisition Activity - Schedule Of Fair Value Of Identified Intangible Assets Acquired (Details)
Concentration
Concentration (Tables)
Concentration - Narrative (Details)
Concentration - Summary Of Segment Revenue Derived From Students By Primary Funding Source (Details)
Contingencies
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Narrative (Details)
Goodwill And Intangible Assets - Schedule Of Changes In Carrying Amount Of Goodwill By Reportable Segment (Details)
Goodwill And Intangible Assets - Schedule Of Future Amortization Of Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of Identified Intangible Assets With Definite Life (Details)
Goodwill And Intangible Assets - Schedule Of Other Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Details)
Income Taxes - Schedule Of Difference Of Income Tax Expense From The United States Federal Income Tax Rates (Details)
Income Taxes - Schedule Of Tax Effects Of Principal Temporary Differences (Details)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Other Information (Details)
Leases - Schedule Of Minimum Rental Commitment Due Under Operating Lease (Details)
Long -Term Debt
Long -Term Debt (Tables)
Long -Term Debt - Long Term Debt (Details)
Long -Term Debt - Maturities Of Long Term Debt (Details)
Long -Term Debt - Narrative (Details)
Nature Of Business
Nature Of Business (Details)
Other Employee Benefits
Other Employee Benefits (Tables)
Other Employee Benefits - Narrative (Details)
Other Employee Benefits - Schedule Of Shares Purchased In Open Market For Employees (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Narrative (Details)
Property And Equipment - Schedule Of Property And Equipment (Details)
Quarterly Financial Summary (Unaudited)
Quarterly Financial Summary (Unaudited) (Details)
Quarterly Financial Summary (Unaudited) (Tables)
Revenue
Revenue (Tables)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Narrative (Details)
Schedule??Ii Valuation And Qualifying Accounts
Schedule??Ii Valuation And Qualifying Accounts (Details)
Segment Information
Segment Information (Tables)
Segment Information - Narrative (Details)
Segment Information - Summary Of Consolidated Assets By Reportable Segments (Details)
Segment Information - Summary Of Financial Information By Reportable Segment (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Advertising Costs (Details)
Significant Accounting Policies - Common Stock (Details)
Significant Accounting Policies - Deferred Revenue (Details)
Significant Accounting Policies - Goodwill And Indefinite-Lived Intangible Assets (Details)
Significant Accounting Policies - Property And Equipment (Details)
Significant Accounting Policies - Restricted Cash (Details)
Significant Accounting Policies - Self-Insured Liabilities (Details)
Significant Accounting Policies - Stock-Based Compensation (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Narrative (Details)
Stockholders' Equity - Summary Of Fair Value At The Date Of Grant (Details)
Stockholders' Equity - Summary Of Restricted Stock And Restricted Stock Units Activity (Details)
Stockholders' Equity - Summary Of Status Of Stock Incentive Plans And Changes During Periods (Details)
Stockholders' Equity - Summary Of Stock-Based Compensation (Details)
Subsequent Events
Subsequent Events (Details)
Ticker: APEI
CIK: 1201792
Form Type: 10-K Annual Report
Accession Number: 0001201792-22-000003
Submitted to the SEC: Wed Mar 02 2022 4:04:36 PM EST
Accepted by the SEC: Wed Mar 02 2022
Period: Friday, December 31, 2021
Industry: Educational Services

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