American Public Education (APEI) Financials

$29.29 -0.23 (-0.77%)

As of 03:06 PM Eastern

Annual Income Statements for American Public Education

This table shows American Public Education's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-115	-53	10
Consolidated Net Income / (Loss)	-115	-47	16
Net Income / (Loss) Continuing Operations	-115	-47	16
Total Pre-Tax Income	-151	-53	31
Total Operating Income	-137	-48	33
Total Gross Profit	318	308	329
Total Revenue	606	601	625
Operating Revenue	606	601	625
Total Cost of Revenue	288	293	296
Operating Cost of Revenue	288	293	296
Total Operating Expenses	455	356	296
Selling, General & Admin Expense	120	128	142
Marketing Expense	155	133	129
Depreciation Expense	32	28	19
Other Operating Expenses / (Income)	0.00	2.43	5.33
Impairment Charge	147	64	0.00
Other Special Charges / (Income)	1.18	0.55	0.38
Total Other Income / (Expense), net	-14	-4.46	-2.13
Interest & Investment Income	-18	-4.46	-2.13
Other Income / (Expense), net	3.83	0.00	0.00
Income Tax Expense	-36	-11	10
Other Gains / (Losses), net	-0.02	-5.24	-4.41
Preferred Stock Dividends Declared	0.05	6.01	6.06
Basic Earnings per Share	($6.10)	($2.94)	$0.57
Weighted Average Basic Shares Outstanding	18.86M	18.11M	17.63M
Diluted Earnings per Share	($6.08)	($2.93)	$0.55
Weighted Average Diluted Shares Outstanding	18.91M	18.19M	18.15M
Weighted Average Basic & Diluted Shares Outstanding	19.03M	17.51M	18.00M

This table shows American Public Education's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-3.76	-6.58	-7.20	-53	-4.85	11	-1.02	-1.16	0.73	12
Consolidated Net Income / (Loss)	-3.76	-6.54	-5.74	-51	-3.33	13	0.52	0.37	2.26	13
Net Income / (Loss) Continuing Operations	-3.76	-6.54	-5.74	-51	-3.33	13	0.52	0.37	2.26	13
Total Pre-Tax Income	-4.62	-7.65	-7.15	-66	5.61	15	5.06	1.44	3.50	21
Total Operating Income	-1.03	-0.26	-5.37	-65	6.40	16	5.18	2.22	4.13	22
Total Gross Profit	78	80	76	72	78	82	82	77	78	92
Total Revenue	150	152	150	147	151	153	154	153	153	164
Operating Revenue	150	152	150	147	151	153	154	153	153	164
Total Cost of Revenue	72	73	74	75	73	71	72	76	75	72
Operating Cost of Revenue	72	73	74	75	73	71	72	76	75	72
Total Operating Expenses	79	80	81	137	71	66	77	74	74	71
Selling, General & Admin Expense	30	31	33	33	31	31	36	34	35	36
Marketing Expense	41	39	40	33	33	27	32	34	33	29
Depreciation Expense	7.98	7.88	7.76	7.95	7.03	5.08	5.13	5.23	5.08	3.86
Other Operating Expenses / (Income)	-	-	-	-	-	-	2.94	0.78	0.00	1.62
Other Special Charges / (Income)	0.18	0.21	0.00	0.03	-0.02	0.54	0.03	0.18	0.02	0.15
Total Other Income / (Expense), net	-3.59	-7.39	-1.78	-1.10	-0.79	-0.78	-0.13	-0.79	-0.63	-0.59
Interest & Investment Income	-3.59	-7.39	-1.78	-1.10	-0.79	-0.78	-0.13	-0.79	-0.63	-0.59
Income Tax Expense	-0.86	-1.12	-1.41	-15	3.71	2.12	1.21	-0.02	1.24	7.99
Preferred Stock Dividends Declared	0.00	0.05	1.46	1.49	1.53	1.54	1.54	1.53	1.53	1.46
Basic Earnings per Share	($0.20)	($0.35)	($0.38)	($2.94)	($0.27)	$0.65	($0.06)	($0.07)	$0.04	$0.66
Weighted Average Basic Shares Outstanding	18.89M	18.86M	18.98M	17.93M	17.78M	18.11M	17.51M	17.63M	17.68M	17.63M
Diluted Earnings per Share	($0.20)	($0.34)	($0.38)	($2.93)	($0.27)	$0.65	($0.06)	($0.06)	$0.04	$0.63
Weighted Average Diluted Shares Outstanding	18.93M	18.91M	19.07M	17.99M	17.82M	18.19M	17.81M	18.13M	18.25M	18.15M
Weighted Average Basic & Diluted Shares Outstanding	18.89M	19.03M	17.72M	17.77M	17.78M	17.51M	17.58M	17.70M	17.71M	18.00M

This table details how cash moves in and out of American Public Education's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-20	15	15
Net Cash From Operating Activities	29	46	49
Net Cash From Continuing Operating Activities	29	46	49
Net Income / (Loss) Continuing Operations	-115	-47	16
Consolidated Net Income / (Loss)	-115	-47	16
Depreciation Expense	32	28	19
Amortization Expense	6.48	1.63	1.48
Non-Cash Adjustments To Reconcile Net Income	154	83	17
Changes in Operating Assets and Liabilities, net	-48	-20	-4.82
Net Cash From Investing Activities	-14	-14	-21
Net Cash From Continuing Investing Activities	-14	-14	-21
Purchase of Property, Plant & Equipment	-16	-14	-21
Acquisitions	1.95	0.00	0.00
Sale of Property, Plant & Equipment	0.77	0.12	0.00
Net Cash From Financing Activities	-36	-17	-13
Net Cash From Continuing Financing Activities	-36	-17	-13
Repayment of Debt	-74	-0.11	-2.96
Repurchase of Common Equity	-1.54	-11	-4.24
Payment of Dividends	0.00	-6.01	-6.06
Issuance of Preferred Equity	40	0.00	0.00
Other Financing Activities, net	0.00	0.00	0.07
Cash Interest Paid	12	11	11
Cash Income Taxes Paid	4.00	2.42	6.30

This table details how cash moves in and out of American Public Education's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	0.98	-56	6.70	3.24	16	-11	8.86	2.99	6.06	-3.31
Net Cash From Operating Activities	6.85	-23	13	16	20	-3.14	21	12	14	1.60
Net Cash From Continuing Operating Activities	6.85	-23	13	16	20	-3.14	21	12	14	1.60
Net Income / (Loss) Continuing Operations	-3.76	-6.54	-5.74	-51	-3.33	13	0.52	0.37	2.26	13
Consolidated Net Income / (Loss)	-3.76	-6.54	-5.74	-51	-3.33	13	0.52	0.37	2.26	13
Depreciation Expense	7.98	7.88	7.76	7.95	7.03	5.08	5.13	5.23	5.08	3.86
Amortization Expense	0.64	4.54	0.43	0.41	0.40	0.39	0.38	0.38	0.37	0.36
Non-Cash Adjustments To Reconcile Net Income	2.18	4.90	2.23	69	7.16	4.87	6.78	1.58	1.78	6.66
Changes in Operating Assets and Liabilities, net	-0.19	-34	8.08	-10	8.90	-26	7.94	4.90	4.58	-22
Net Cash From Investing Activities	-3.58	-5.48	-3.21	-3.35	-2.83	-4.39	-6.22	-5.20	-6.31	-3.35
Net Cash From Continuing Investing Activities	-3.58	-5.48	-3.21	-3.35	-2.83	-4.39	-6.22	-5.20	-6.31	-3.35
Purchase of Property, Plant & Equipment	-3.60	-5.48	-3.21	-3.35	-2.95	-4.39	-6.22	-5.20	-6.31	-3.35
Net Cash From Financing Activities	-2.30	-28	-2.85	-9.15	-1.58	-3.28	-5.67	-4.26	-1.71	-1.55
Net Cash From Continuing Financing Activities	-2.30	-28	-2.85	-9.15	-1.58	-3.28	-5.67	-4.26	-1.71	-1.55
Repayment of Debt	-2.22	-67	-0.03	-0.03	-0.03	-0.03	-0.03	-2.77	-0.08	-0.08
Repurchase of Common Equity	-0.08	-0.00	-1.37	-7.64	-0.03	-1.71	-4.11	-0.03	-0.09	-0.01
Payment of Dividends	-	-	-1.46	-1.49	-1.52	-1.54	-1.54	-1.53	-1.53	-1.46
Cash Interest Paid	3.31	3.75	2.51	2.63	2.72	2.74	2.71	2.72	2.75	2.54
Cash Income Taxes Paid	2.76	0.60	0.06	1.47	0.02	0.87	0.62	3.68	1.73	0.28

This table presents American Public Education's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	615	557	570
Total Current Assets	186	217	261
Restricted Cash	-	144	159
Accounts Receivable	42	51	62
Prepaid Expenses	11	13	14
Current Deferred & Refundable Income Taxes	2.87	0.47	0.95
Other Current Assets	0.00	8.56	24
Plant, Property, & Equipment, net	101	88	73
Total Noncurrent Assets	328	253	236
Goodwill	113	60	60
Intangible Assets	55	32	28
Noncurrent Deferred & Refundable Income Taxes	35	51	47
Other Noncurrent Operating Assets	125	110	101
Total Liabilities & Shareholders' Equity	615	557	570
Total Liabilities	265	265	266
Total Current Liabilities	71	74	79
Accounts Payable	3.81	8.66	7.85
Accrued Expenses	14	11	14
Customer Deposits	-	24	23
Current Employee Benefit Liabilities	15	17	21
Other Current Liabilities	14	13	14
Total Noncurrent Liabilities	195	191	187
Long-Term Debt	93	95	93
Capital Lease Obligations	-	97	94
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	350	292	304
Total Preferred & Common Equity	350	292	304
Preferred Stock	40	40	40
Total Common Equity	310	252	264
Common Stock	293	300	306
Retained Earnings	14	-49	-42
Accumulated Other Comprehensive Income / (Loss)	3.10	1.64	-0.01

This table presents American Public Education's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	661	619	559	555	559	561	570
Total Current Assets	229	196	189	203	224	223	237
Restricted Cash	186	136	139	155	-	156	162
Accounts Receivable	28	37	30	29	45	39	43
Prepaid Expenses	11	17	15	15	17	16	18
Current Deferred & Refundable Income Taxes	4.16	5.19	3.70	4.17	0.32	4.08	5.36
Other Current Assets	-	-	-	-	8.56	8.56	8.56
Plant, Property, & Equipment, net	100	100	100	98	90	92	93
Total Noncurrent Assets	333	322	270	254	245	245	240
Goodwill	113	113	60	60	60	60	60
Intangible Assets	61	51	36	33	30	29	28
Noncurrent Deferred & Refundable Income Taxes	32	35	53	49	51	51	51
Other Noncurrent Operating Assets	127	124	122	113	105	105	102
Total Liabilities & Shareholders' Equity	661	619	559	555	559	561	570
Total Liabilities	345	276	274	274	271	272	279
Total Current Liabilities	96	79	79	82	80	79	89
Accounts Payable	27	6.80	5.66	7.98	7.34	7.00	10
Accrued Expenses	-	14	13	12	15	17	16
Customer Deposits	28	29	29	29	-	26	27
Current Employee Benefit Liabilities	19	16	18	19	17	17	22
Other Current Liabilities	14	14	14	14	13	12	14
Total Noncurrent Liabilities	250	196	195	192	191	193	190
Long-Term Debt	147	94	94	94	95	93	93
Other Noncurrent Operating Liabilities	103	103	101	97	96	100	97
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	315	343	285	281	288	289	290
Total Preferred & Common Equity	315	343	285	281	288	289	290
Preferred Stock	0.00	40	40	40	40	40	40
Total Common Equity	315	303	245	242	249	249	251
Common Stock	292	294	296	298	300	302	304
Retained Earnings	20	6.32	-54	-59	-53	-54	-53
Accumulated Other Comprehensive Income / (Loss)	3.14	2.63	2.88	2.54	1.35	0.87	0.19

This table displays calculated financial ratios and metrics derived from American Public Education's official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	44.78%	-0.95%	4.00%
EBITDA Growth	-293.35%	80.13%	385.53%
EBIT Growth	-539.63%	63.82%	168.45%
NOPAT Growth	-544.51%	64.83%	164.86%
Net Income Growth	-747.77%	58.88%	134.08%
EPS Growth	-726.80%	51.81%	118.77%
Operating Cash Flow Growth	79.62%	55.79%	7.38%
Free Cash Flow Firm Growth	105.20%	-450.89%	148.75%
Invested Capital Growth	-26.51%	8.18%	-2.08%
Revenue Q/Q Growth	-0.26%	0.06%	1.84%
EBITDA Q/Q Growth	-11.05%	32.90%	8.79%
EBIT Q/Q Growth	-10.72%	25.11%	20.40%
NOPAT Q/Q Growth	-13.90%	25.11%	-2.46%
Net Income Q/Q Growth	-16.06%	29.25%	-0.31%
EPS Q/Q Growth	-15.15%	25.26%	-3.51%
Operating Cash Flow Q/Q Growth	-56.99%	77.60%	10.75%
Free Cash Flow Firm Q/Q Growth	-62.59%	-397.69%	33.09%
Invested Capital Q/Q Growth	9.71%	53.73%	50.05%
Profitability Metrics	-	-	-
Gross Margin	52.42%	51.23%	52.65%
EBITDA Margin	-15.65%	-3.14%	8.62%
Operating Margin	-22.65%	-8.04%	5.29%
EBIT Margin	-22.02%	-8.04%	5.29%
Profit (Net Income) Margin	-18.97%	-7.87%	2.58%
Tax Burden Percent	76.03%	89.62%	52.08%
Interest Burden Percent	113.28%	109.23%	93.57%
Effective Tax Rate	0.00%	0.00%	33.68%
Return on Invested Capital (ROIC)	-25.99%	-10.36%	6.54%
ROIC Less NNEP Spread (ROIC-NNEP)	122.36%	-260.49%	-8.94%
Return on Net Nonoperating Assets (RNNOA)	-4.06%	-4.37%	-1.13%
Return on Equity (ROE)	-30.05%	-14.74%	5.41%
Cash Return on Invested Capital (CROIC)	4.58%	-18.22%	8.64%
Operating Return on Assets (OROA)	-19.92%	-8.24%	5.87%
Return on Assets (ROA)	-17.15%	-8.07%	2.86%
Return on Common Equity (ROCE)	-28.49%	-12.91%	4.69%
Return on Equity Simple (ROE_SIMPLE)	-32.88%	-16.20%	5.30%
Net Operating Profit after Tax (NOPAT)	-96	-34	22
NOPAT Margin	-15.86%	-5.63%	3.51%
Net Nonoperating Expense Percent (NNEP)	-148.34%	250.13%	15.47%
Return On Investment Capital (ROIC_SIMPLE)	-21.71%	-7.00%	4.47%
Cost of Revenue to Revenue	47.58%	48.77%	47.35%
SG&A Expenses to Revenue	19.85%	21.35%	22.73%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	75.08%	59.28%	47.36%
Earnings before Interest and Taxes (EBIT)	-134	-48	33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-95	-19	54
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.75	0.68	1.45
Price to Tangible Book Value (P/TBV)	1.63	1.06	2.17
Price to Revenue (P/Rev)	0.38	0.29	0.61
Price to Earnings (P/E)	0.00	0.00	37.99
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	2.63%
Enterprise Value to Invested Capital (EV/IC)	0.75	0.76	1.36
Enterprise Value to Revenue (EV/Rev)	0.39	0.43	0.72
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	8.35
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	13.61
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	20.51
Enterprise Value to Operating Cash Flow (EV/OCF)	8.06	5.68	9.21
Enterprise Value to Free Cash Flow (EV/FCFF)	13.90	0.00	15.52
Leverage & Solvency	-	-	-
Debt to Equity	0.27	0.66	0.62
Long-Term Debt to Equity	0.27	0.66	0.62
Financial Leverage	-0.03	0.02	0.13
Leverage Ratio	1.75	1.83	1.89
Compound Leverage Factor	1.98	2.00	1.77
Debt to Total Capital	21.03%	39.60%	38.10%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	21.03%	39.60%	38.10%
Preferred Equity to Total Capital	8.96%	8.21%	8.08%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	70.00%	52.19%	53.81%
Debt to EBITDA	-0.98	-10.15	3.47
Net Debt to EBITDA	0.38	-2.50	0.52
Long-Term Debt to EBITDA	-0.98	-10.15	3.47
Debt to NOPAT	-0.97	-5.66	8.53
Net Debt to NOPAT	0.38	-1.39	1.28
Long-Term Debt to NOPAT	-0.97	-5.66	8.53
Altman Z-Score	1.05	1.36	2.43
Noncontrolling Interest Sharing Ratio	5.19%	12.37%	13.32%
Liquidity Ratios	-	-	-
Current Ratio	2.63	2.94	3.29
Quick Ratio	2.43	0.69	0.79
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	17	-59	29
Operating Cash Flow to CapEx	186.99%	330.48%	231.82%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00
Efficiency Ratios	-	-	-
Asset Turnover	0.90	1.02	1.11
Accounts Receivable Turnover	15.47	12.87	11.01
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	5.96	6.38	7.76
Accounts Payable Turnover	33.34	46.97	35.82
Days Sales Outstanding (DSO)	23.59	28.36	33.15
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	10.95	7.77	10.19
Cash Conversion Cycle (CCC)	12.64	20.59	22.96
Capital & Investment Metrics	-	-	-
Invested Capital	313	339	332
Invested Capital Turnover	1.64	1.84	1.86
Increase / (Decrease) in Invested Capital	-113	26	-7.05
Enterprise Value (EV)	236	258	450
Market Capitalization	232	172	382
Book Value per Share	$16.41	$14.19	$14.92
Tangible Book Value per Share	$7.55	$9.06	$9.96
Total Capital	443	483	491
Total Debt	93	191	187
Total Long-Term Debt	93	191	187
Net Debt	-36	47	28
Capital Expenditures (CapEx)	16	14	21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-14	-0.95	22
Debt-free Net Working Capital (DFNWC)	115	143	181
Net Working Capital (NWC)	115	143	181
Net Nonoperating Expense (NNE)	19	13	5.82
Net Nonoperating Obligations (NNO)	-36	47	28
Total Depreciation and Amortization (D&A)	39	29	21
Debt-free, Cash-free Net Working Capital to Revenue	-2.33%	-0.16%	3.60%
Debt-free Net Working Capital to Revenue	19.02%	23.88%	29.05%
Net Working Capital to Revenue	19.02%	23.88%	29.05%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($6.10)	($2.94)	$0.57
Adjusted Weighted Average Basic Shares Outstanding	18.86M	18.11M	17.63M
Adjusted Diluted Earnings per Share	($6.08)	($2.93)	$0.55
Adjusted Weighted Average Diluted Shares Outstanding	18.91M	18.19M	18.15M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	19.03M	17.51M	18.00M
Normalized Net Operating Profit after Tax (NOPAT)	7.51	11	22
Normalized NOPAT Margin	1.24%	1.89%	3.55%
Pre Tax Income Margin	-24.94%	-8.79%	4.95%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	-12.70%	37.58%
Augmented Payout Ratio	-1.34%	-35.41%	63.89%

This table displays calculated financial ratios and metrics derived from American Public Education's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	52.20%	-1.01%	-3.27%	-1.60%	0.87%	0.24%	3.17%	3.86%	1.51%	7.40%
EBITDA Growth	29.35%	-52.19%	-84.80%	57.28%	82.06%	76.03%	279.59%	113.75%	-30.75%	20.33%
EBIT Growth	-181.30%	-101.59%	-155.17%	54.03%	723.78%	6,180.92%	196.50%	103.40%	-35.48%	35.17%
NOPAT Growth	-181.30%	-101.59%	-186.37%	53.80%	401.28%	7,568.40%	204.78%	104.91%	23.40%	-2.71%
Net Income Growth	-1,308.99%	-169.66%	-207.63%	53.44%	11.54%	299.14%	108.99%	100.72%	167.97%	-0.38%
EPS Growth	-1,900.00%	-173.91%	-235.71%	49.66%	-35.00%	291.18%	84.21%	97.95%	114.81%	-3.08%
Operating Cash Flow Growth	182.39%	-246.82%	-49.48%	-21.83%	194.11%	86.35%	62.60%	-20.88%	-30.18%	150.88%
Free Cash Flow Firm Growth	136.34%	133.63%	131.74%	101.21%	-47.83%	-110.57%	-30.99%	334.92%	-97.09%	270.67%
Invested Capital Growth	-31.22%	-26.51%	-26.97%	-17.12%	-22.80%	8.18%	-23.31%	-5.92%	0.32%	-2.08%
Revenue Q/Q Growth	-0.05%	1.94%	-1.80%	-1.65%	2.46%	1.30%	1.07%	-1.00%	0.15%	7.18%
EBITDA Q/Q Growth	105.70%	60.11%	-76.83%	-2,120.09%	124.30%	54.81%	-50.04%	-26.80%	22.32%	169.01%
EBIT Q/Q Growth	99.28%	74.46%	-1,949.62%	-1,115.42%	109.81%	148.94%	-67.47%	-57.16%	85.99%	421.55%
NOPAT Q/Q Growth	99.27%	74.46%	-1,949.62%	-1,115.42%	104.74%	533.02%	-71.24%	-43.01%	18.95%	399.09%
Net Income Q/Q Growth	96.58%	-73.71%	12.17%	-792.54%	93.50%	491.05%	-96.04%	-28.10%	509.70%	473.12%
EPS Q/Q Growth	96.56%	-70.00%	-11.76%	-671.05%	90.79%	340.74%	-109.23%	0.00%	166.67%	1,475.00%
Operating Cash Flow Q/Q Growth	-65.96%	-436.01%	155.40%	23.38%	28.06%	-115.59%	760.01%	-39.96%	13.02%	-88.64%
Free Cash Flow Firm Q/Q Growth	141.44%	-12.46%	-5.11%	-96.48%	1,683.58%	-117.74%	-12.82%	-77.81%	-88.05%	938.94%
Invested Capital Q/Q Growth	-1.11%	9.71%	-4.18%	-20.28%	-7.88%	53.73%	-4.95%	-2.20%	-1.77%	50.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	51.97%	52.20%	50.64%	49.06%	51.45%	53.70%	53.10%	50.15%	50.76%	56.33%
EBITDA Margin	5.08%	7.98%	1.88%	-38.66%	9.17%	14.01%	6.92%	5.12%	6.25%	15.69%
Operating Margin	-0.69%	-0.17%	-3.59%	-44.34%	4.24%	10.43%	3.36%	1.45%	2.70%	13.12%
EBIT Margin	-0.69%	-0.17%	-3.59%	-44.34%	4.24%	10.43%	3.36%	1.45%	2.70%	13.12%
Profit (Net Income) Margin	-2.52%	-4.29%	-3.83%	-34.80%	-2.21%	8.52%	0.33%	0.24%	1.48%	7.90%
Tax Burden Percent	81.43%	85.41%	80.29%	77.20%	-59.34%	85.95%	10.21%	25.85%	64.67%	61.88%
Interest Burden Percent	450.29%	2,920.23%	133.13%	101.68%	87.63%	95.04%	97.57%	64.64%	84.72%	97.28%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	66.19%	14.03%	23.99%	-1.12%	35.33%	38.12%
Return on Invested Capital (ROIC)	-0.83%	-0.20%	-4.24%	-70.36%	3.40%	16.50%	5.82%	3.86%	4.84%	15.11%
ROIC Less NNEP Spread (ROIC-NNEP)	31.64%	49.79%	3.01%	-55.09%	15.54%	3.82%	12.61%	7.30%	5.47%	14.15%
Return on Net Nonoperating Assets (RNNOA)	-0.82%	-1.65%	-0.21%	6.65%	-2.36%	0.06%	-2.01%	-1.39%	-1.24%	1.79%
Return on Equity (ROE)	-1.66%	-1.85%	-4.46%	-63.71%	1.04%	16.56%	3.81%	2.47%	3.60%	16.90%
Cash Return on Invested Capital (CROIC)	12.92%	4.58%	2.07%	-0.34%	7.89%	-18.22%	16.42%	15.59%	9.86%	8.64%
Operating Return on Assets (OROA)	-0.60%	-0.16%	-3.10%	-43.50%	4.19%	10.68%	3.45%	1.58%	2.94%	14.54%
Return on Assets (ROA)	-2.21%	-3.88%	-3.32%	-34.14%	-2.18%	8.72%	0.34%	0.26%	1.61%	8.75%
Return on Common Equity (ROCE)	-1.66%	-1.75%	-4.23%	-59.50%	0.98%	14.52%	3.33%	2.13%	3.10%	14.65%
Return on Equity Simple (ROE_SIMPLE)	-31.42%	0.00%	-36.76%	-23.61%	-23.75%	0.00%	-14.22%	3.66%	5.57%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.72	-0.18	-3.76	-46	2.16	14	3.94	2.24	2.67	13
NOPAT Margin	-0.48%	-0.12%	-2.51%	-31.03%	1.43%	8.96%	2.55%	1.47%	1.74%	8.12%
Net Nonoperating Expense Percent (NNEP)	-32.47%	-49.99%	-7.26%	-15.28%	-12.13%	12.68%	-6.79%	-3.44%	-0.63%	0.96%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.04%	-	-	-	2.83%	-	-	-	2.71%
Cost of Revenue to Revenue	48.03%	47.80%	49.36%	50.94%	48.55%	46.30%	46.90%	49.85%	49.24%	43.67%
SG&A Expenses to Revenue	19.84%	20.45%	22.37%	22.10%	20.48%	20.50%	23.49%	22.52%	22.88%	22.08%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	52.66%	52.37%	54.23%	93.39%	47.21%	43.27%	49.75%	48.70%	48.06%	43.21%
Earnings before Interest and Taxes (EBIT)	-1.03	-0.26	-5.37	-65	6.40	16	5.18	2.22	4.13	22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	7.59	12	2.82	-57	14	21	11	7.83	9.57	26
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.55	0.75	0.34	0.34	0.37	0.68	1.00	1.24	1.04	1.45
Price to Tangible Book Value (P/TBV)	1.21	1.63	0.74	0.56	0.59	1.06	1.56	1.93	1.60	2.17
Price to Revenue (P/Rev)	0.28	0.38	0.17	0.14	0.15	0.29	0.41	0.51	0.43	0.61
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	69.54	26.04	37.99
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.44%	3.84%	2.63%
Enterprise Value to Invested Capital (EV/IC)	0.50	0.75	0.33	0.33	0.31	0.76	1.00	1.27	1.05	1.36
Enterprise Value to Revenue (EV/Rev)	0.24	0.39	0.17	0.13	0.11	0.43	0.38	0.47	0.38	0.72
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.31	4.68	8.35
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.59	8.43	13.61
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.93	10.30	20.51
Enterprise Value to Operating Cash Flow (EV/OCF)	2.10	8.06	6.00	6.35	2.63	5.68	4.30	5.68	5.25	9.21
Enterprise Value to Free Cash Flow (EV/FCFF)	3.15	13.90	13.64	0.00	3.37	0.00	5.28	7.87	10.64	15.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.49	0.27	0.27	0.33	0.34	0.66	0.33	0.32	0.32	0.62
Long-Term Debt to Equity	0.47	0.27	0.27	0.33	0.34	0.66	0.33	0.32	0.32	0.62
Financial Leverage	-0.03	-0.03	-0.07	-0.12	-0.15	0.02	-0.16	-0.19	-0.23	0.13
Leverage Ratio	1.92	1.75	1.81	2.03	2.04	1.83	1.86	1.95	1.97	1.89
Compound Leverage Factor	8.66	51.15	2.42	2.07	1.79	1.74	1.82	1.26	1.67	1.84
Debt to Total Capital	33.07%	21.03%	21.43%	24.80%	25.10%	39.60%	24.78%	24.32%	24.27%	38.10%
Short-Term Debt to Total Capital	1.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	31.21%	21.03%	21.43%	24.80%	25.10%	39.60%	24.78%	24.32%	24.27%	38.10%
Preferred Equity to Total Capital	0.00%	8.96%	9.09%	10.48%	10.56%	8.21%	10.35%	10.41%	10.35%	8.08%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	66.93%	70.00%	69.47%	64.72%	64.33%	52.19%	64.87%	65.28%	65.38%	53.81%
Debt to EBITDA	-1.82	-0.98	-0.85	-2.74	-3.36	-10.15	-8.65	1.73	1.88	3.47
Net Debt to EBITDA	0.35	0.38	0.39	1.32	2.16	-2.50	5.30	-1.18	-1.40	0.52
Long-Term Debt to EBITDA	-1.72	-0.98	-0.85	-2.74	-3.36	-10.15	-8.65	1.73	1.88	3.47
Debt to NOPAT	-1.85	-0.97	-0.90	-1.87	-2.09	-5.66	-3.60	4.21	4.14	8.53
Net Debt to NOPAT	0.35	0.38	0.41	0.90	1.35	-1.39	2.20	-2.88	-3.08	1.28
Long-Term Debt to NOPAT	-1.74	-0.97	-0.90	-1.87	-2.09	-5.66	-3.60	4.21	4.14	8.53
Altman Z-Score	1.50	1.77	1.41	0.97	1.43	1.75	1.84	1.96	1.84	2.36
Noncontrolling Interest Sharing Ratio	0.00%	5.19%	5.18%	6.61%	6.65%	12.37%	12.57%	13.84%	13.88%	13.32%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.39	2.63	2.47	2.39	2.47	2.94	2.81	2.83	2.65	3.29
Quick Ratio	0.29	2.43	0.47	0.38	0.35	0.69	2.48	0.49	0.48	0.79
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	129	113	107	3.77	67	-12	74	16	1.96	20
Operating Cash Flow to CapEx	190.60%	-419.95%	397.94%	470.30%	682.86%	-71.59%	333.61%	239.59%	222.99%	47.67%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.88	0.90	0.87	0.98	0.99	1.02	1.03	1.09	1.09	1.11
Accounts Receivable Turnover	21.34	15.47	17.00	20.91	21.22	12.87	14.83	17.64	17.11	11.01
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	6.02	5.96	6.00	6.00	6.06	6.38	6.37	6.36	6.41	7.76
Accounts Payable Turnover	15.88	33.34	32.17	18.23	17.07	46.97	41.23	46.24	31.98	35.82
Days Sales Outstanding (DSO)	17.10	23.59	21.47	17.46	17.20	28.36	24.62	20.70	21.34	33.15
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	22.99	10.95	11.35	20.02	21.38	7.77	8.85	7.89	11.41	10.19
Cash Conversion Cycle (CCC)	-5.88	12.64	10.12	-2.57	-4.17	20.59	15.76	12.80	9.92	22.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	286	313	300	239	221	339	230	225	221	332
Invested Capital Turnover	1.73	1.64	1.69	2.27	2.37	1.84	2.28	2.63	2.78	1.86
Increase / (Decrease) in Invested Capital	-130	-113	-111	-49	-65	26	-70	-14	0.71	-7.05
Enterprise Value (EV)	143	236	100	78	67	258	230	285	232	450
Market Capitalization	173	232	103	84	89	172	249	309	261	382
Book Value per Share	$16.71	$16.41	$15.93	$13.84	$13.60	$14.19	$14.21	$14.17	$14.16	$14.92
Tangible Book Value per Share	$7.53	$7.55	$7.35	$8.45	$8.40	$9.06	$9.08	$9.13	$9.20	$9.96
Total Capital	471	443	436	379	376	483	384	381	384	491
Total Debt	156	93	94	94	94	191	95	93	93	187
Total Long-Term Debt	147	93	94	94	94	191	95	93	93	187
Net Debt	-30	-36	-43	-45	-61	47	-58	-63	-69	28
Capital Expenditures (CapEx)	3.60	5.48	3.21	3.35	2.95	4.39	6.22	5.20	6.31	3.35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-44	-14	-20	-30	-34	-0.95	-9.07	-12	-15	22
Debt-free Net Working Capital (DFNWC)	142	115	117	110	121	143	144	145	147	181
Net Working Capital (NWC)	133	115	117	110	121	143	144	145	147	181
Net Nonoperating Expense (NNE)	3.04	6.35	1.98	5.54	5.49	0.68	3.42	1.87	0.41	0.36
Net Nonoperating Obligations (NNO)	-30	-36	-43	-45	-61	47	-58	-63	-69	28
Total Depreciation and Amortization (D&A)	8.62	12	8.19	8.36	7.43	5.47	5.51	5.61	5.45	4.22
Debt-free, Cash-free Net Working Capital to Revenue	-7.22%	-2.33%	-3.26%	-4.95%	-5.72%	-0.16%	-1.50%	-1.89%	-2.47%	3.60%
Debt-free Net Working Capital to Revenue	23.29%	19.02%	19.38%	18.33%	20.14%	23.88%	23.81%	23.67%	23.99%	29.05%
Net Working Capital to Revenue	21.85%	19.02%	19.38%	18.33%	20.14%	23.88%	23.81%	23.67%	23.99%	29.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.20)	($0.35)	($0.38)	($2.94)	($0.27)	$0.65	($0.06)	($0.07)	$0.04	$0.66
Adjusted Weighted Average Basic Shares Outstanding	18.89M	18.86M	18.98M	17.93M	17.78M	18.11M	17.51M	17.63M	17.68M	17.63M
Adjusted Diluted Earnings per Share	($0.20)	($0.34)	($0.38)	($2.93)	($0.27)	$0.65	($0.06)	($0.06)	$0.04	$0.63
Adjusted Weighted Average Diluted Shares Outstanding	18.93M	18.91M	19.07M	17.99M	17.82M	18.19M	17.81M	18.13M	18.25M	18.15M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	18.89M	19.03M	17.72M	17.77M	17.78M	17.51M	17.58M	17.70M	17.71M	18.00M
Normalized Net Operating Profit after Tax (NOPAT)	-0.59	-0.03	-3.76	-0.87	4.47	14	3.96	1.68	2.68	13
Normalized NOPAT Margin	-0.40%	-0.02%	-2.51%	-0.59%	2.96%	9.27%	2.56%	1.10%	1.75%	8.18%
Pre Tax Income Margin	-3.09%	-5.02%	-4.78%	-45.08%	3.72%	9.91%	3.27%	0.94%	2.28%	12.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-1.15%	-4.38%	-6.68%	-12.70%	-14.83%	57.96%	37.96%	37.58%
Augmented Payout Ratio	-1.55%	-1.34%	-2.31%	-17.88%	-20.20%	-35.41%	-47.69%	113.49%	74.69%	63.89%

Key Financial Trends

American Public Education Inc. (NASDAQ: APEI) has shown a general recovery and improvement trend in its financial performance through 2023 into 2024 after facing significant challenges in early 2023.

Revenue and Profit Trends:

Operating revenue increased steadily from about $149.7 million in Q1 2023 to $164.1 million in Q4 2024, indicating solid top-line growth.
Gross profit improved notably, recovering from a low in early 2023 with Q4 2024 gross profit reaching about $92.4 million, compared to $75.8 million in Q1 2023.
Net income shows a marked positive turnaround, with net income attributable to common shareholders erasing earlier losses of several million in 2023 and reaching $11.5 million by Q4 2024.
Diluted earnings per share turned positive, rising to $0.63 in Q4 2024 from negative values around -$0.38 in early 2023.

Expenses and Operating Performance:

Total operating expenses have been somewhat volatile but declined from severely elevated levels in Q2 2023 (due to a large impairment charge of $64 million) to more normalized levels near $70.9 million by Q4 2024.
Selling, general & administrative expenses and marketing expenses remained substantial but generally stable around $36 million and $29 million respectively in Q4 2024.
In Q2 2023, a large impairment charge of $64 million significantly impacted earnings, reflecting a major non-recurring expense from which the company has since recovered.

Cash Flow and Liquidity:

Net cash from continuing operating activities rebounded from a negative cash outflow of about -$23 million in Q4 2022 to positive $1.6 million in Q4 2024, showing improving operational cash generation.
The company maintains a robust asset base, with total assets around $569.6 million in Q3 2024, supported by substantial cash & equivalents and restricted cash balances above $150 million.
Capital expenditures have been consistent, with purchases of property, plant, and equipment between $3.4 million to $6.3 million per quarter in recent periods, reflecting investment in infrastructure.
The payment of regular dividends (~$1.46 million in Q4 2024) and modest share repurchases indicate shareholder returns are being maintained cautiously amid ongoing business recovery.

Balance Sheet and Debt:

Total liabilities are sizeable at approximately $279 million as of Q3 2024, with long-term debt around $93 million, showing stable leverage compared to prior periods.
Total equity of roughly $290 million in Q3 2024 reflects a reasonable capital structure with a preferred stock component near $39.7 million and common equity around $251 million.

Summary:

APEI has demonstrated strong recovery in revenues, profitability, and cash flow through 2023 and 2024, reversing deep losses seen especially in early 2023.
Improved net income and positive EPS trends signal stabilization and effective cost control after a challenging period.
Increasing operating cash flow and controlled capital expenditures support sustainable business operations.
Historical large impairment charge and fluctuating margins suggest some operational risk remains, though these appear contained currently.
Continued monitoring of working capital changes is needed, as swings in operating asset and liability balances have impacted cash flow volatility in recent quarters.
Maintaining dividend payments while managing debt levels indicates balanced financial strategy, but reliance on preferred equity is notable.

08/18/25 02:07 PMAI Generated. May Contain Errors.

Frequently Asked Questions About American Public Education's Financials

When does American Public Education's fiscal year end?

According to the most recent income statement we have on file, American Public Education's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has American Public Education's net income changed over the last 2 years?

American Public Education's net income appears to be on a downward trend, with a most recent value of $16.11 million in 2024, falling from -$114.99 million in 2022. The previous period was -$47.29 million in 2023. See American Public Education's forecast for analyst expectations on what’s next for the company.

What is American Public Education's operating income?

American Public Education's total operating income in 2024 was $33.07 million, based on the following breakdown:

Total Gross Profit: $328.86 million
Total Operating Expenses: $295.79 million

How has American Public Education's revenue changed over the last 2 years?

Over the last 2 years, American Public Education's total revenue changed from $606.33 million in 2022 to $624.56 million in 2024, a change of 3.0%.

How much debt does American Public Education have?

American Public Education's total liabilities were at $266.22 million at the end of 2024, a 0.3% increase from 2023, and a 0.3% increase since 2022.

How has American Public Education's book value per share changed over the last 2 years?

Over the last 2 years, American Public Education's book value per share changed from 16.41 in 2022 to 14.92 in 2024, a change of -9.1%.

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This page (NASDAQ:APEI) was last updated on 8/18/2025 by MarketBeat.com Staff

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American Public Education (APEI) Financials

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American Public Education (APEI) Financials

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