American Public Education Files Q3 2024 10-Q

TL;DR

APEI filed its Q3 10-Q. Financials are in. Check it out.

AI Summary

American Public Education, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter of 2024, detailing its revenues, expenses, and net income. Key financial figures and operational updates are presented within the filing.

Why It Matters

This filing provides investors and stakeholders with the latest financial performance data for American Public Education, Inc., crucial for evaluating the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As an educational services company, APEI is subject to regulatory changes, enrollment fluctuations, and competitive pressures, which can impact financial performance.

Key Numbers

• 2024-09-30 — Period End Date (Indicates the end of the reporting period for this 10-Q.)
• 2024-11-12 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2023-12-31 — Prior Year End (Provides a comparison point to the previous fiscal year-end.)

Key Players & Entities

• AMERICAN PUBLIC EDUCATION INC (company) — Filer
• 2024-09-30 (date) — Period of Report
• 2024-11-12 (date) — Filing Date
• 111 W CONGRESS STREET (location) — Business Address
• CHARLES TOWN (location) — Business City
• WV (location) — Business State
• 25414 (location) — Business Zip
• 303 W.3RD. STREET (location) — Mail Address
• RANSON (location) — Mail City
• WV (location) — Mail State

FAQ

Filing Documents

• apei-20240930.htm (10-Q) — 1508KB
• exhibit311q2324.htm (EX-31.1) — 11KB
• exhibit312q324.htm (EX-31.2) — 10KB
• exhibit321q324.htm (EX-32.1) — 9KB
• apei-20240930_g1.jpg (GRAPHIC) — 22KB
• 0001201792-24-000016.txt ( ) — 8027KB
• apei-20240930.xsd (EX-101.SCH) — 45KB
• apei-20240930_cal.xml (EX-101.CAL) — 83KB
• apei-20240930_def.xml (EX-101.DEF) — 202KB
• apei-20240930_lab.xml (EX-101.LAB) — 631KB
• apei-20240930_pre.xml (EX-101.PRE) — 438KB
• apei-20240930_htm.xml (XML) — 1329KB

– 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 42

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 42

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 47

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 47

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 47

Other Information

Item 5. Other Information 48

Exhibits

Item 6. Exhibits 48

– 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 September 30, 2024 As of December 31, 2023 ASSETS (Unaudited) Current assets: Cash, cash equivalents, and restricted cash (Note 2) $ 162,249 $ 144,342 Accounts receivable, net of allowance of $ 18,109 in 2024 and $ 15,359 in 2023 42,648 50,973 Prepaid expenses 17,683 13,032 Income tax receivable 5,360 474 Assets held for sale 8,561 8,561 Total current assets 236,501 217,382 Property and equipment, net 92,861 87,503 Operating lease assets, net 97,431 100,023 Deferred income taxes 50,544 51,360 Intangible assets, net 28,234 31,539 Goodwill 59,593 59,593 Other assets, net 4,424 9,986 Total assets $ 569,588 $ 557,386 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 10,460 $ 8,663 Accrued compensation and benefits 22,099 16,711 Accrued liabilities 15,992 11,476 Deferred revenue and student deposits 27,319 23,830 Lease liabilities, current 13,538 13,309 Total current liabilities 89,408 73,989 Lease liabilities, long-term 96,670 96,739 Long-term debt, net 93,092 94,682 Total liabilities 279,170 265,410 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 ($ 122,554 and $ 138,132 liquidation preference per share, $ 49,022 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; 17,710,887 issued and outstanding in 2024; 17,604,371 issued and outstanding in 2023 177 176 Additional paid-in capital 303,670 299,561 Accumulated other comprehensive income 190 1,644 Accumulated deficit ( 53,310 ) ( 49,096 ) Total stockholders' equity 290,418 291,976 Total liabilities and stockholders' equity $ 569,588 $ 557,386 The accompanying notes are an

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, veterans, extended military families, and other 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 p

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View this 10-Q filing on SEC EDGAR