American Public Education, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>American Public Education, Inc. filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

AMERICAN PUBLIC EDUCATION INC (APEI) filed a Annual Report (10-K) with the SEC on March 5, 2024. Filed Form 10-K for the fiscal year ended December 31, 2023. Company is AMERICAN PUBLIC EDUCATION INC, ticker APEI. Principal business address: 111 W CONGRESS STREET, CHARLES TOWN, WV 25414. Incorporated in Delaware. Fiscal year end is December 31.

Why It Matters

For investors and stakeholders tracking AMERICAN PUBLIC EDUCATION INC, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance, operations, and risk factors for the past fiscal year. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — AMERICAN PUBLIC EDUCATION INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the absence of specific financial data within the provided header information prevents a more detailed risk assessment.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion, and risk factors to understand APEI's performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240305 — Filing Date (Filed as of date)
• 121 — Public Document Count (Conformed document count)
• 8200 — Standard Industrial Classification (SIC code for Services-Educational Services)

Key Players & Entities

• AMERICAN PUBLIC EDUCATION INC (company) — Filer name
• APEI (company) — Ticker symbol
• 111 W CONGRESS STREET (company) — Business address street 1
• CHARLES TOWN (company) — Business address city
• WV (company) — Business address state
• 25414 (company) — Business address zip
• DE (company) — State of incorporation
• 1934 Act (regulator) — SEC Act

FAQ

Industry Context

The company operates within the educational services industry, providing postsecondary education programs.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Access and review the full 10-K filing for detailed financial statements and operational data.
2. Analyze the Management's Discussion and Analysis section for insights into the company's performance and outlook.
3. Examine the Risk Factors section for potential challenges and uncertainties facing American Public Education, Inc.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-05: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial header information for the 2023 10-K filing; specific comparative data from the previous filing is not available in this snippet.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value APEI Nasdaq Global Select Mar

Filing Documents

• apei-20231231.htm (10-K) — 2696KB
• apei2023123110kexh42.htm (EX-4.2) — 26KB
• apei2023123110kexh211.htm (EX-21.1) — 4KB
• apei2023123110kexh231.htm (EX-23.1) — 2KB
• apei2023123110kexh24.htm (EX-24) — 29KB
• apei2023123110kexh311.htm (EX-31.1) — 11KB
• apei2023123110kexh312.htm (EX-31.2) — 10KB
• apei2023123110kexh321.htm (EX-32.1) — 4KB
• apei2023123110kexh322.htm (EX-32.2) — 5KB
• apei2023123110kexh97.htm (EX-97) — 33KB
• apei-20231231_g1.jpg (GRAPHIC) — 22KB
• apei-20231231_g2.jpg (GRAPHIC) — 35KB
• apei-20231231_g3.jpg (GRAPHIC) — 52KB
• apei-20231231_g4.jpg (GRAPHIC) — 50KB
• 0001201792-24-000005.txt (&nbsp;) — 13194KB
• apei-20231231.xsd (EX-101.SCH) — 72KB
• apei-20231231_cal.xml (EX-101.CAL) — 131KB
• apei-20231231_def.xml (EX-101.DEF) — 366KB
• apei-20231231_lab.xml (EX-101.LAB) — 1007KB
• apei-20231231_pre.xml (EX-101.PRE) — 692KB
• apei-20231231_htm.xml (XML) — 2048KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 45 Item 1B Unresolved Staff Comments 80 Item 1C Cybersecurity 80 Item 2

Properties

Properties 81 Item 3

Legal Proceedings

Legal Proceedings 81 Item 4 Mine Safety Disclosures 82 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 82 Item 6 [Reserved] 86 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 86 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 104 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 105 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 146 Item 9A

Controls and Procedures

Controls and Procedures 146 Item 9B Other Information 149 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 150 PART III Item 10 Directors, Executive Officers, and Corporate Governance 151 Item 11

Executive Compensation

Executive Compensation 151 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 151 Item 13 Certain Relationships and Related Transactions, and Director Independence 151 Item 14 Principal Accounting Fees and Services 151 PART IV Item 15 Exhibits and Financial Statement Schedule 152 Item 16 Form 10-K Summary 152 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, or this Annual Report, including the sections entitled "Business", "Risk Factors", and "Management's Discussion and Analysis of Financial Condition and Results of Operations", contains forward-looking statements. We may, in some cases, use words such as "project," "believe," "anticipate," "plan," "expect," "estimate," "intend," "should," "would," "could," "potentially," "will," or "may," or other words or expressions that convey future events, conditions, circumstances, or outcomes to identify these forward-looking statements. Forward-looking statements in this Annual Report include statements about: changes in and our ability to comply with the extensive regulatory framework applicable to our industry, including the 90/10 Rule, as well as state law and regulations and accrediting agency requirements, and the expected impacts of any non-compliance; our ability to manage, grow, and diversify our business and execute our business initiatives and strategy; our cash needs and expectations regarding cash flow from operations, including the impacts of our debt service and the dividend payments that are required to be paid on our Series A Senior Preferred Stock; our ability to undertake initiatives to improve the learning experience, attract students who are likely to persist, and improve student outcomes; changes to and expectations regarding our student enrollment, net course registrations, and the composition of our student body, including the pace of such changes; our ability to maintain, develop, and grow our technology infrastructure

BUSINESS

ITEM 1. BUSINESS COMPANY OVERVIEW American Public Education, or APEI , provides online and campus-based postsecondary education to approximately 107,000 students, and career learning to approximately 27,000 individuals, through our subsidiary institutions. Our institutions offer purpose-built education programs and career learning designed to prepare individuals for productive contributions to their professions and society and to offer opportunities to advance students in their current professions or to help them prepare for their next career. Our Vision and Mission Our vision is for education that transforms lives, advances careers, and improves communities. Our mission is to Power Potential and Prosperity for Those Who Serve. Our institutions of advanced learning are purpose-built to prepare service-minded students for employment, careers, and leadership in a diverse and changing world. We are the number one educator of active-duty military and of veterans through American Public University System, a national leader in pre-licensure nursing education, focused on a Diploma in Practical Nursing, or PN degree, and an Associate Degree in Nursing, or ADN degree, through Rasmussen University and Hondros College of Nursing, and operate one of the largest providers of training to the federal government and public workforce through Graduate School USA. Our Institutions We have four subsidiary institutions: American Public University System, Rasmussen University, Hondros College of Nursing, and Graduate School USA. American Public University System APUS provides online postsecondary education to approximately 89,800 adult learners. APUS traces its roots to American Military University, or AMU, which was founded in 1991, as a distance-learning, graduate-level institution for military officers seeking an advanced degree in military studies. Since then, APUS has broadened its focus to include other military communities, veterans, and public service and public ser

View Full Filing

View this 10-K filing on SEC EDGAR