American Public Education Inc. Files Q2 2024 10-Q

TL;DR

APEI dropped its Q2 10-Q, check financials for the latest.

AI Summary

American Public Education Inc. (APEI) filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented, including balance sheet information and segment reporting.

Why It Matters

This filing provides investors with the latest financial health and performance indicators for American Public Education Inc., crucial for making informed investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific content within this filing could reveal risks or opportunities impacting the company's valuation.

Key Numbers

• 2024-06-30 — Period End Date (The report covers financial data up to this date.)
• 2024-08-06 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024 Q2 — Reporting Quarter (Indicates the financial quarter this report pertains to.)

Key Players & Entities

• AMERICAN PUBLIC EDUCATION INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240806 (date) — Filing Date
• 111 W CONGRESS STREET (address) — Business Street Address
• CHARLES TOWN (location) — Business City
• WV (location) — Business State
• 25414 (postal_code) — Business Zip Code
• 303 W.3RD. STREET (address) — Mail Street Address
• RANSON (location) — Mail City
• 25438 (postal_code) — Mail Zip Code

FAQ

Filing Documents

• apei-20240630.htm (10-Q) — 1419KB
• exhibit311q224.htm (EX-31.1) — 11KB
• exhibit312q224.htm (EX-31.2) — 10KB
• exhibit321q224.htm (EX-32.1) — 9KB
• apei-20240630_g1.jpg (GRAPHIC) — 22KB
• 0001201792-24-000013.txt ( ) — 7794KB
• apei-20240630.xsd (EX-101.SCH) — 44KB
• apei-20240630_cal.xml (EX-101.CAL) — 82KB
• apei-20240630_def.xml (EX-101.DEF) — 200KB
• apei-20240630_lab.xml (EX-101.LAB) — 620KB
• apei-20240630_pre.xml (EX-101.PRE) — 432KB
• apei-20240630_htm.xml (XML) — 1300KB

– 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 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 41

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 41

Risk Factors

Item 1A. Risk Factors 42

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 45

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 45

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 46

– 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 June 30, 2024 As of December 31, 2023 ASSETS (Unaudited) Current assets: Cash, cash equivalents, and restricted cash (Note 2) $ 156,191 $ 144,342 Accounts receivable, net of allowance of $ 19,547 in 2024 and $ 15,359 in 2023 38,830 50,973 Prepaid expenses 15,834 13,032 Income tax receivable 4,079 474 Assets held for sale 8,561 8,561 Total current assets 223,495 217,382 Property and equipment, net 92,463 87,503 Operating lease assets, net 99,723 100,023 Deferred income taxes 51,111 51,360 Intangible assets, net 29,025 31,539 Goodwill 59,593 59,593 Other assets, net 5,293 9,986 Total assets $ 560,703 $ 557,386 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 6,999 $ 8,663 Accrued compensation and benefits 17,397 16,711 Accrued liabilities 16,607 11,476 Deferred revenue and student deposits 25,623 23,830 Lease liabilities, current 12,249 13,309 Total current liabilities 78,875 73,989 Lease liabilities, long-term 100,381 96,739 Long-term debt, net 92,752 94,682 Total liabilities 272,008 265,410 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 ($ 128,071 and $ 138,132 liquidation preference per share, $ 51,228 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; 17,670,026 issued and outstanding in 2024; 17,604,371 issued and outstanding in 2023 177 176 Additional paid-in capital 302,001 299,561 Accumulated other comprehensive income 867 1,644 Accumulated deficit ( 54,041 ) ( 49,096 ) Total stockholders' equity 288,695 291,976 Total liabilities and stockholders' equity $ 560,703 $ 557,386 The accompanying notes are an integ

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 20 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

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View this 10-Q filing on SEC EDGAR