American Public Education Inc. Files 10-Q for Q1 2024

TL;DR

<b>American Public Education Inc. filed its Q1 2024 10-Q report</b>.

AI Summary

AMERICAN PUBLIC EDUCATION INC (APEI) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Filed 10-Q for the period ending March 31, 2024. Company operates in the Educational Services sector. Fiscal year ends December 31. Headquarters located in Charles Town, WV. Includes data for Rasmussen University and Hondros College of Nursing segments.

Why It Matters

For investors and stakeholders tracking AMERICAN PUBLIC EDUCATION INC, this filing contains several important signals. Provides a quarterly update on the company's financial performance and operational status. Essential for investors and analysts to assess the company's trajectory and make informed decisions.

Risk Assessment

Risk Level: low — AMERICAN PUBLIC EDUCATION INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or material changes.

Analyst Insight

Monitor future filings for detailed financial results and any emerging trends in student enrollment or operational costs.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly filing period)
• 2024-05-07 — Filed As Of Date (Date the report was filed)
• 2024 Q1 — Reporting Quarter (Indicates the first quarter of 2024)

Key Players & Entities

• AMERICAN PUBLIC EDUCATION INC (company) — Filer name
• Charles Town, WV (location) — Business address city and state
• Rasmussen University (company) — Segment name
• Hondros College of Nursing (company) — Segment name
• US Department of Education (regulator) — Mentioned in context of financial instruments

FAQ

Industry Context

American Public Education, Inc. operates in the postsecondary education sector, offering online and campus-based programs.

Regulatory Implications

The company is subject to regulations from the US Department of Education and state agencies governing higher education.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management discussion.
2. Analyze segment performance for Rasmussen University and Hondros College of Nursing.
3. Track any disclosures related to regulatory compliance or changes in educational policy.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing the latest quarterly financial information.

Filing Documents

• apei-20240331.htm (10-Q) — 1042KB
• exhibit311q124.htm (EX-31.1) — 11KB
• exhibit312q124.htm (EX-31.2) — 10KB
• exhibit321q124.htm (EX-32.1) — 9KB
• apei-20240331_g1.jpg (GRAPHIC) — 22KB
• 0001201792-24-000009.txt (&nbsp;) — 6635KB
• apei-20240331.xsd (EX-101.SCH) — 45KB
• apei-20240331_cal.xml (EX-101.CAL) — 81KB
• apei-20240331_def.xml (EX-101.DEF) — 201KB
• apei-20240331_lab.xml (EX-101.LAB) — 599KB
• apei-20240331_pre.xml (EX-101.PRE) — 421KB
• apei-20240331_htm.xml (XML) — 967KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 34

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 37

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 37

Other Information

Item 5. Other Information 38

Exhibits

Item 6. Exhibits 38

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AMERICAN PUBLIC EDUCATION, INC. Consolidated Balance Sheets (In thousands, except share and per share amounts) As of March 31, 2024 As of December 31, 2023 ASSETS (Unaudited) Current assets: Cash, cash equivalents, and restricted cash (Note 2) $ 153,197 $ 144,342 Accounts receivable, net of allowance of $ 18,744 in 2024 and $ 15,359 in 2023 44,571 50,973 Prepaid expenses 17,110 13,032 Income tax receivable 318 474 Assets held for sale 8,561 8,561 Total current assets 223,757 217,382 Property and equipment, net 89,822 87,503 Operating lease assets, net 97,585 100,023 Deferred income taxes 51,017 51,360 Intangible assets, net 30,282 31,539 Goodwill 59,593 59,593 Other assets, net 6,924 9,986 Total assets $ 558,980 $ 557,386 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 7,338 $ 8,663 Accrued compensation and benefits 16,742 16,711 Accrued liabilities 15,364 11,476 Deferred revenue and student deposits 26,934 23,830 Lease liabilities, current 13,247 13,309 Total current liabilities 79,625 73,989 Lease liabilities, long-term 95,842 96,739 Long-term debt, net 95,040 94,682 Total liabilities 270,507 265,410 Commitments and contingencies (Note 9) Stockholders' equity: Preferred stock, $ .01 par value; 10,000,000 shares authorized; 400 shares issued and outstanding in 2024 and 2023, respectively. ($ 133,053 and $ 138,132 liquidation preference per share, $ 53,221 and $ 55,253 in aggregate, for 2024 and 2023, respectively) (Note 11) 39,691 39,691 Common stock, $ .01 par value; 100,000,000 shares authorized; 17,571,095 issued and outstanding in 2024; 17,604,371 issued and outstanding in 2023 176 176 Additional paid-in capital 300,137 299,561 Accumulated other comprehensive income 1,350 1,644 Accumulated deficit ( 52,881 ) ( 49,096 ) Total stockholders' equity 288,473 291,976 Total liabilities and stockholders' equity $ 558,980 $ 557,386 The accompanying notes are an inte

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Note 1. Nature of the Business 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 and career learning to students through the following subsidiary institutions: 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. 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 21 campuses in six states and online. RU is institutionally accredited by HLC. National Education Seminars, Inc., which is referred to herein as Hondros College of Nursing, or HCN, provides nursing education to students at eight campuses in three states. HCN is institutionally accredited by the Accrediting Bureau for Health Education Schools, or ABHES. 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. 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. The Company's ope

View Full Filing

View this 10-Q filing on SEC EDGAR