CHARLES
TOWN, W.Va., Aug. 8, 2023
/PRNewswire/ -- American Public Education, Inc. (Nasdaq:
APEI) announced financial results for the quarter ended
June 30, 2023.
Second Quarter
Highlights:
- American Public University System ("APUS"), Hondros College of Nursing ("HCN"), and Graduate
School ("GSUSA") all produced year-over-year registration or
enrollment growth.
- Consolidated revenue decreased 1.6% year-over-year to
$147.2 million.
- APEI maintained a strong liquidity position, with total cash
and cash equivalents increasing $9.9
million or 7.7% to approximately $139.4 million, compared to $129.5 million as of December 31, 2022.
- Results for the three months ended June
30, 2023 include a non-cash impairment charge of
$64.0 million in our Rasmussen
University ("RU") Segment to reduce the carrying value of RU
Segment goodwill and intangible assets. This compares to a non-cash
impairment charge of $144.9 million
in the prior year period.
- Our net loss for the three months ended June 30, 2023 was $51.2
million, compared to net loss of $110.0 million in the prior year period,
primarily related to lower goodwill and intangible asset impairment
charges of $80.9 million and a
decrease in income tax benefit of $20.2
million, representing a decrease in loss of $58.8 million.
- Adjusted EBITDA decreased 39.6% year-over-year to $8.8 million.
"APEI delivered second quarter adjusted EBITDA above our
expectations and revenue at the high end of our expectations. APUS,
Hondros, and Graduate School
USA continue to show strong growth
in both registrations or enrollment and corresponding revenue.
Additionally, we have seen some continued improvement in our
Rasmussen online enrollments during the last few quarters and have
continued to focus on student outcomes, where meaningful progress
on NCLEX scores was made in key jurisdictions during the second
quarter 2023," said Angela Selden,
President and Chief Executive Officer of APEI.
Financial Results:
Three months ended June 30, 2023 compared to three
months ended June 30, 2022:
- Total consolidated revenue for the three months ended
June 30, 2023 was $147.2 million, a decrease of $2.4 million, or 1.6%, compared to $149.6 million for the three months ended
June 30, 2022. The decrease in
revenue was primarily due to a $11.9
million, or 18.7%, decrease in revenue in our Rasmussen
University ("RU") Segment partially offset by a $3.7 million, or 5.2% increase in revenue in our
APUS Segment, a $3.1 million, or
70.2%, increase in GSUSA revenue included in Corporate and Other,
and a $2.8 million, or 24.2%,
increase in revenue in our HCN Segment The RU Segment revenue
decrease was primarily due to an 12.6% decrease in total student
enrollment as compared to the prior year period. The APUS Segment
revenue increase was primarily due to a 5.7% increase in net course
registrations as compared to the prior year period. The HCN Segment
revenue increase was primarily due to a 22.3% increase in total
student enrollment compared to the prior year period.
- Total costs and expenses were $212.5
million, a decrease of $78.4
million, or 26.9%, compared to $290.9
million for the three months ended June 30, 2022, due primarily to a $80.9 million lower goodwill and intangible asset
impairment charges in our RU Segment. Costs and expenses for the
three months ended June 30, 2023
include a non-cash impairment charge of $64.0 million to reduce the carrying value of RU
Segment goodwill and intangible assets and to reflect the
corresponding tax impact. This compares to a non-cash impairment
charge of $144.9 million in the prior
year period. Costs and expenses for the three months ended
June 30, 2023 as compared to the
prior year period, excluding impairment charges, increased
$2.5 million, due primarily to
increases in employee compensation costs, bad debt expense,
building rent and maintenance costs, and technology costs,
partially offset by a decrease in advertising costs. Costs and
expenses as a percentage of revenue decreased to 144.3% for the
three months ended June 30, 2023 from
194.4% for the three months ended June 30,
2022. Excluding impairment charges, costs and expenses were
100.9% of revenue for the three months ended June 30, 2023, compared to 97.6% of revenue in
the prior year period.
-
- Instructional costs and services were $75.0 million, an increase of $2.9 million, or 4.0%, compared to $72.1 million for the three months ended
June 30, 2022. The increase in
instructional costs and services expenses was primarily due to an
increase in employee compensation costs in our APUS Segment
and Corporate and Other, increases in nursing faculty compensation
costs and classroom costs in our HCN Segment due to increased
revenue, and increases in building maintenance costs and classroom
costs in our RU Segment, partially offset by decreases in employee
compensation costs in our RU Segment. Increases in employee
compensation costs in both our APUS and HCN Segments were primarily
due to increased revenue. Instructional costs and services expenses
as a percentage of revenue increased to 50.9% for the three months
ended June 30, 2023 from 48.2% for
the three months ended June 30,
2022.
- Selling and promotional expenses were $33.0 million, a decrease of $2.9 million, or 8.0%, compared to $35.8 million for the three months ended
June 30, 2022. This decrease in
selling and promotional expenses was primarily due to decreases in
advertising costs in our APUS and RU Segments and Corporate and
Other. Selling and promotional expenses as a percentage of revenue
decreased to 22.4% for the three months ended June 30, 2023 from 24.0% for the three months
ended June 30, 2022.
- General and administrative expenses were $32.5 million, an increase of $2.6 million, or 8.7%, compared to $29.9 million for the three months ended
June 30, 2022. The increase in
general and administrative expenses was primarily due to an
increase in employee compensation costs in Corporate and Other and
our RU Segment, an increase in bad debt expense in all segments,
and an increase in technology costs in our HCN Segment and
Corporate and Other, partially offset by decreases in professional
fees in our APUS and RU Segments and Corporate and Other.
Consolidated bad debt expense for the three months ended
June 30, 2023 was $3.9 million, or 2.7% of revenue, compared to
$2.9 million, or 2.0% of revenue in
the prior year period. General and administrative expenses as a
percentage of revenue increased to 22.1% for the three months ended
June 30, 2023 from 20.0% for the
three months ended June 30, 2022. As
we continue to evaluate enhancements to our business capabilities,
particularly in technology, we expect to incur additional costs and
that our general and administrative expenses will vary from time to
time.
- Interest expense was $1.1 million
and $3.4 million for the three months
ended June 30, 2023 and 2022,
respectively. The decrease in interest expense was primarily due to
the decrease in the outstanding balance in our senior secured term
loan facility. In December 2022, we
made $65.0 million in prepayments to
reduce our outstanding debt.
- For the three months ended June 30,
2023, we recorded $64.0
million in non-cash impairment charges in our RU Segment to
reduce the carrying value of RU Segment goodwill and intangible
assets compared to $144.9 million for
the three months ended June 30,
2022.
- During the three-month period ended June
30, 2023, $1.5 million of
dividends were declared and paid on our Series A Senior Preferred
Stock that was originally issued in December
2022.
- Net loss available to common stockholders was $52.7 million in 2023, compared to net loss
available to common stockholders of $110.0
million in 2022, primarily driven by increases in costs
discussed above.
- Net loss per diluted common share was $2.93 the three months ended June 30, 2023, compared to net loss per diluted
common share of $5.82 per diluted
share in the same period of 2022. Excluding the non-cash impairment
charge, net loss per diluted common share was $0.25 compared to net loss per diluted common
share of $0.06.
- Adjusted EBITDA was $8.8 million
in the three months ended June 30,
2023, compared to $14.5
million in 2022. Adjusted EBITDA excludes the impact of the
impairment charge in both periods as well as other adjustments for
stock-based compensation and other one-time items.
Balance Sheet and Liquidity:
- Total cash and cash equivalents as of June 30, 2023 was approximately $139.4 million, compared to $129.5 million as of December 31, 2022, representing an increase of
$9.9 million or 7.7%. The increase in
cash was primarily due to payments received by APUS from the Army,
which totaled approximately $42.0
million during the first six months of 2023, of which
approximately $20.9 million in
payments related to periods prior to 2023, and the timing of other
receipts and payments, primarily offset by capital expenditures,
stock repurchases and preferred stock dividend payments.
- As of June 30, 2023,
approximately $10.6 million, of which
$6.1 million is older than 60 days
from the course start date, was due from the Army.
Registrations and Enrollment:
|
2023
|
2022
|
% Change
|
American Public
University System1
|
|
|
|
For the three months
ended June 30,
Net Course Registrations
|
88,300
|
83,500
|
6 %
|
|
|
|
|
For the six months
ended June 30,
Net Course Registrations
|
184,500
|
177,400
|
4 %
|
|
|
|
|
Rasmussen
University2
|
|
|
|
For the three months
ended June 30,
Total Student Enrollment
|
13,900
|
15,900
|
(12) %
|
|
|
|
|
Hondros College of
Nursing3
|
|
|
|
For the three months
ended June 30,
Total Student Enrollment
|
3,000
|
2,440
|
22 %
|
1APUS Net Course Registrations represents
the approximate aggregate number of courses for which students
remain enrolled after the date by which they may drop a course
without financial penalty. Excludes students in doctoral
programs.
2Rasmussen Total Student
Enrollment represents students in an active status as of the
full-term census or billing date
3HCN
Total Student Enrollment represents the approximate number of
students enrolled in a course after the date by which students may
drop a course without financial penalty.
Third Quarter 2023 Outlook:
The following statements are based on APEI's current
expectations. These statements are forward-looking and actual
results may differ materially. APEI undertakes no obligation to
update publicly any forward-looking statements for any reason
unless required by law. Refer to APEI's earnings conference call
and presentation for further details.
|
Third
Quarter 2023
Guidance
|
|
(Approximate)
|
(% Yr/Yr
Change)
|
APUS Net course
registrations
|
90.5k to
92.5k
|
6% to
8%
|
|
|
|
HCN Student
enrollment
|
2,800
|
17 %
|
|
|
|
RU Student
enrollment
|
13,500
|
-10 %
|
-
Nursing
|
5,700
|
-25 %
|
-
Non-Nursing
|
7,700
|
5 %
|
|
|
|
($ in millions
except EPS)
|
|
|
APEI Consolidated
revenue
|
$148.3 to
$150.3
|
-1% to
+1%
|
APEI Net loss available
to common stockholders
|
-$5.7 to
-$4.3
|
n.m.
|
APEI Adjusted
EBITDA
|
$8.4 to
$10.4
|
-11% to 10%
|
APEI Diluted
EPS
|
-$0.32 to
-$0.24
|
n.m
|
Non-GAAP Financial Measures:
This press release contains the non-GAAP financial measures of
EBITDA (earnings before interest, taxes, depreciation, and
amortization) and adjusted EBITDA (EBITDA less non-cash expenses
such as stock compensation and non-recurring expenses). APEI
believes that the use of these measures is useful because they
allow investors to better evaluate APEI's operating profit and cash
generation capabilities.
For the three months ended June 30, 2023 and 2022, adjusted
EBITDA excludes non-cash compensation expense, loss on disposals of
long-lived assets, and M&A-related professional fees.
These non-GAAP measures should not be considered in isolation or
as an alternative to measures determined in accordance with
generally accepted accounting principles in the United States (GAAP). The principal
limitation of our non-GAAP measures are that they exclude expenses
that are required by GAAP to be recorded. In addition, non-GAAP
measures are subject to inherent limitations as they reflect the
exercise of judgment by management about which expenses are
excluded.
APEI is presenting EBITDA and adjusted EBITDA in connection with
its GAAP results and urges investors to review the reconciliation
of EBITDA and adjusted EBITDA to the comparable GAAP financial
measures that is included in the tables following this press
release (under the captions "GAAP Net Income to Adjusted EBITDA,"
and "GAAP Outlook Net Income to Outlook Adjusted EBITDA") and not
to rely on any single financial measure to evaluate its
business.
Webcast:
A live webcast of the APEI's second quarter 2023 earnings
conference call will be held today at 5:00
p.m. Eastern Time. This webcast will be open to listeners
who log in through the APEI's investor relations website,
www.apei.com.
A replay of the live webcast will also be available starting
approximately one hour after the conclusion of the live webcast.
The replay will be archived and available to listeners through
APEI's investor relations website for one year.
About American Public Education
American Public Education, Inc. (Nasdaq: APEI), through its
institutions American Public University
System (APUS), Rasmussen University, Hondros College of Nursing, and Graduate School
USA (GSUSA), provides education
that transforms lives, advances careers, and improves
communities.
APUS, which operates through American Military University and
American Public University, is the leading educator to active-duty
military and veteran students* and serves approximately 89,300
adult learners worldwide via accessible and affordable higher
education.
Rasmussen University is a 120-year-old nursing and health
sciences-focused institution that serves approximately 13,900
students across its 22 campuses in six states and online. It also
has schools of Business, Technology, Design, Early Childhood
Education and Justice Studies.
Hondros College of Nursing focuses
on educating pre-licensure nursing students at eight campuses (six
in Ohio, one in Indiana, and one in Michigan). It is the largest educator of PN
(LPN) nurses in the state of Ohio** and serves approximately 3,000 total
students. Graduate School USA is a
leading training provider to the federal workforce with an
extensive portfolio of government agency customers. It serves the
federal workforce through customized contract training (B2G) to
federal agencies and through open enrollment (B2C) to government
professionals.
Both APUS and Rasmussen are institutionally accredited by
the Higher Learning Commission (HLC), an institutional
accreditation agency recognized by the U.S. Department of
Education. Hondros is accredited by the
Accrediting Bureau of Health Education Schools (ABHES). GSUSA
is accredited by the Accrediting Council for Continuing Education
& Training (ACCET). For additional information, visit
www.apei.com.
*Based on FY 2019 Department of Defense tuition assistance
data, as reported by Military Times and Veterans Administration
student enrollment data as of 2023.
**Based on information compiled by the National Council of
State Boards of Nursing and Ohio
Board of Nursing.
Forward Looking Statements
Statements made in this
press release regarding APEI or its subsidiaries that are
not historical facts are forward-looking statements based on
current expectations, assumptions, estimates and projections
about APEI and the industry. In some cases,
forward-looking statements can be identified by words such as
"anticipate," "believe," "seek," "could," "estimate," "expect,"
"intend," "may," "plan," "should," "will," "would," and similar
words or their opposites. Forward-looking statements include,
without limitation, statements regarding expected growth,
registration and enrollments, revenues, income and adjusted EBITDA
and EBITDA, benefits of the acquisition of Rasmussen University and
plans with respect to recent, current and future initiatives.
Forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements. Such risks and
uncertainties include, among others, risks related to: APEI's
dependence on the effectiveness of its ability to attract students
who persist in its institutions' programs; changing market demands;
APEI's inability to effectively market its institutions' programs;
APEI's inability to maintain strong relationships with the military
and maintain course registrations and enrollments from military
students; the loss or disruption of APEI's ability to receive funds
under tuition assistance programs or the reduction, elimination, or
suspension of tuition assistance; adverse effects of changes APEI
makes to improve the student experience and enhance the ability to
identify and enroll students who are likely to succeed; APEI's need
to successfully adjust to future market demands by updating
existing programs and developing new programs; APEI's failure to
comply with regulatory and accrediting agency requirements and to
maintain institutional accreditation and the impacts of any actions
APEI may take to prevent or correct such failure; APEI's loss of
eligibility to participate in Title IV programs or ability to
process Title IV financial aid; economic and market conditions and
changes in interest rates; difficulties involving acquisitions; the
Company's indebtedness and preferred stock; APEI's dependence on
and the need to continue to invest in its technology
infrastructure; the inability to recognize the intended benefits of
APEI's cost savings efforts; and the various risks described in the
"Risk Factors" section and elsewhere in APEI's Quarterly Report on
Form 10-Q for the period ended June 30, 2023 and Annual Report
on Form 10-K for the year ended December 31, 2022, and in
other filings with the SEC. You should not place undue reliance on
any forward-looking statements. APEI undertakes no obligation to
update publicly any forward-looking statements for any reason,
unless required by law, even if new information becomes available
or other events occur in the future.
Contacts:
Ryan Koren
AVP, Investor Relations & Corporate Development
(610) 428-7376
American Public
Education, Inc.
Consolidated
Statement of Income
(In thousands,
except per share data)
|
|
|
Three Months Ended
|
|
June 30,
|
|
2023
|
|
|
2022
|
|
(unaudited)
|
|
|
|
|
|
|
|
Revenues
|
$
|
147,214
|
|
|
$
|
149,608
|
Costs and
expenses:
|
|
|
|
|
|
|
Instructional costs and services
|
|
74,998
|
|
|
|
72,089
|
Selling
and promotional
|
|
32,966
|
|
|
|
35,846
|
General
and administrative
|
|
32,533
|
|
|
|
29,923
|
Impairment of goodwill and intangible assets
|
|
64,000
|
|
|
|
144,900
|
Loss on
disposals of long-lived assets
|
|
32
|
|
|
|
(9)
|
Depreciation and amortization
|
|
7,953
|
|
|
|
8,119
|
Total
costs and expenses
|
|
212,482
|
|
|
|
290,868
|
(Loss) income from
operations before
|
|
|
|
|
|
|
interest income
and income taxes
|
|
(65,268)
|
|
|
|
(141,260)
|
Gain on
acquisition
|
|
—
|
|
|
|
(705)
|
Interest (expense)
income
|
|
(1,097)
|
|
|
|
(3,390)
|
(Loss) income before
income taxes
|
|
(66,365)
|
|
|
|
(145,355)
|
Income tax (benefit)
expense
|
|
(15,137)
|
|
|
|
(35,332)
|
Equity investment
(loss) income
|
|
(4)
|
|
|
|
(6)
|
Net loss
|
$
|
(51,232)
|
|
|
$
|
(110,029)
|
Preferred stock
dividends
|
|
1,487
|
|
|
|
—
|
Net loss
|
$
|
(52,719)
|
|
|
$
|
(110,029)
|
|
|
|
|
|
Net loss per common
share:
|
|
|
|
|
Basic
|
$
|
(2.94)
|
|
|
$
|
(5.83)
|
Diluted
|
$
|
(2.93)
|
|
|
$
|
(5.82)
|
|
|
|
|
|
Weighted average
number of
|
|
|
|
|
|
|
common
shares:
|
|
|
|
|
|
|
Basic
|
|
17,932
|
|
|
|
18,865
|
Diluted
|
|
17,991
|
|
|
|
18,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Segment Information:
|
June 30,
|
|
2023
|
|
|
2022
|
Revenues:
|
|
|
|
|
|
|
APUS
Segment
|
$
|
73,557
|
|
|
$
|
69,904
|
RU
Segment
|
$
|
51,971
|
|
|
$
|
63,891
|
HCN
Segment
|
$
|
14,266
|
|
|
$
|
11,486
|
Corporate and
other1
|
$
|
7,420
|
|
|
$
|
4,327
|
Income (loss) from
operations before
|
|
|
|
|
|
|
interest and income
taxes:
|
|
|
|
|
|
|
APUS
Segment
|
$
|
18,941
|
|
|
$
|
13,624
|
RU
Segment
|
$
|
(77,274)
|
|
|
$
|
(146,553)
|
HCN
Segment
|
$
|
(235)
|
|
|
$
|
(630)
|
Corporate and
other
|
$
|
(6,700)
|
|
|
$
|
(7,701)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
June 30,
|
|
2023
|
|
|
2022
|
|
(unaudited)
|
|
|
|
|
|
|
|
Revenues
|
$
|
296,903
|
|
|
$
|
304,355
|
Costs and
expenses:
|
|
|
|
|
|
|
Instructional costs and services
|
|
148,887
|
|
|
|
143,787
|
Selling
and promotional
|
|
72,890
|
|
|
|
75,165
|
General
and administrative
|
|
66,022
|
|
|
|
59,512
|
Impairment of goodwill and intangible assets
|
|
64,000
|
|
|
|
144,900
|
Loss on
disposals of long-lived assets
|
|
33
|
|
|
|
784
|
Depreciation and amortization
|
|
15,709
|
|
|
|
16,267
|
Total
costs and expenses
|
|
367,541
|
|
|
|
440,415
|
(Loss) income from
operations before
|
|
|
|
|
|
|
interest income
and income taxes
|
|
(70,638)
|
|
|
|
(136,060)
|
Gain on
acquisition
|
|
—
|
|
|
|
3,828
|
Interest (expense)
income
|
|
(2,876)
|
|
|
|
(6,745)
|
(Loss) income before
income taxes
|
|
(73,514)
|
|
|
|
(138,977)
|
Income tax (benefit)
expense
|
|
(16,551)
|
|
|
|
(34,292)
|
Equity investment
(loss) income
|
|
(9)
|
|
|
|
(11)
|
Net loss
|
$
|
(56,972)
|
|
|
$
|
(104,696)
|
Preferred stock
dividends
|
|
2,944
|
|
|
|
—
|
Net loss
available to common shareholders
|
$
|
(59,916)
|
|
|
$
|
(104,696)
|
|
|
|
|
|
Net loss per common
share:
|
|
|
|
|
Basic
|
$
|
(3.25)
|
|
|
$
|
(5.56)
|
Diluted
|
$
|
(3.23)
|
|
|
$
|
(5.54)
|
|
|
|
|
|
Weighted average
number of
|
|
|
|
|
|
|
common
shares:
|
|
|
|
|
|
|
Basic
|
|
18,457
|
|
|
|
18,835
|
Diluted
|
|
18,531
|
|
|
|
18,893
|
|
|
|
|
|
|
Six Months Ended
|
Segment Information:
|
June 30,
|
|
2023
|
|
|
2022
|
Revenues:
|
|
|
|
|
|
|
APUS
Segment
|
$
|
147,535
|
|
|
$
|
142,994
|
RU
Segment
|
$
|
109,438
|
|
|
$
|
130,990
|
HCN
Segment
|
$
|
27,406
|
|
|
$
|
23,027
|
Corporate and
other1
|
$
|
12,524
|
|
|
$
|
7,344
|
(Loss) income from
operations before
|
|
|
|
|
|
|
interest income and
income taxes:
|
|
|
|
|
|
|
APUS
Segment
|
$
|
36,015
|
|
|
$
|
26,806
|
RU
Segment
|
$
|
(90,138)
|
|
|
$
|
(145,662)
|
HCN
Segment
|
$
|
(1,538)
|
|
|
$
|
(1,625)
|
Corporate and
other1
|
$
|
(14,977)
|
|
|
$
|
(15,579)
|
|
1. Corporate and Other
includes tuition and contract training revenue earned by GSUSA and
the elimination of intersegment revenue for courses taken by
employees of one segment at other segments.
|
|
GAAP Net Income to Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
sets forth the reconciliation of the Company's reported GAAP
net
income to the calculation of adjusted EBITDA for the three months
ended June 30, 2023
and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
(in thousands, except per share
data)
|
2023
|
|
|
2022
|
|
2023
|
|
|
2022
|
|
Net loss available to
common shareholders
|
$
|
(52,719)
|
|
|
$
|
(110,029)
|
|
$
|
(59,916)
|
|
|
$
|
(104,696)
|
|
Preferred stock
dividends
|
|
1,487
|
|
|
|
-
|
|
|
2,944
|
|
|
|
-
|
|
Net loss
|
$
|
(51,232)
|
|
|
$
|
(110,029)
|
|
$
|
(56,972)
|
|
|
$
|
(104,696)
|
|
Income tax
benefit
|
|
(15,137)
|
|
|
|
(35,332)
|
|
|
(16,551)
|
|
|
|
(34,292)
|
|
Interest
expense
|
|
1,097
|
|
|
|
3,390
|
|
|
2,876
|
|
|
|
6,745
|
|
Equity investment
loss
|
|
4
|
|
|
|
6
|
|
|
9
|
|
|
|
11
|
|
Depreciation and
amortization
|
|
7,953
|
|
|
|
8,119
|
|
|
15,709
|
|
|
|
16,267
|
|
EBITDA
|
|
(57,315)
|
|
|
|
(133,846)
|
|
|
(54,929)
|
|
|
|
(115,965)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of goodwill
and intangible assets
|
|
64,000
|
|
|
|
144,900
|
|
|
64,000
|
|
|
|
144,900
|
|
Adjustment to gain on
acquisition
|
|
-
|
|
|
|
705
|
|
|
-
|
|
|
|
(3,828)
|
|
Stock
Compensation
|
|
2,068
|
|
|
|
2,350
|
|
|
4,292
|
|
|
|
4,706
|
|
Loss on disposals of
long-lived assets
|
|
32
|
|
|
|
(9)
|
|
|
33
|
|
|
|
784
|
|
M&A - related
professional
|
|
-
|
|
|
|
437
|
|
|
-
|
|
|
|
1,273
|
|
Transition
services
|
|
-
|
|
|
|
-
|
|
|
2,403
|
|
|
|
-
|
|
Adjusted
EBITDA
|
$
|
8,785
|
|
|
$
|
14,537
|
|
$
|
15,799
|
|
|
$
|
31,870
|
GAAP Outlook Net Income to Outlook Adjusted
EBITDA:
|
|
|
|
|
The following table
sets forth the reconciliation of the Company's outlook
GAAP net income to the calculation of outlook adjusted EBITDA for
the three
months ending September 30, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ending
|
|
September 30, 2023
|
(in thousands, except per share
data)
|
Low
|
|
|
High
|
Net loss available to
common stockholders
|
$
|
(5,681)
|
|
|
$
|
(4,281)
|
Preferred
dividends
|
|
1,488
|
|
|
|
1,488
|
Net loss
|
|
(4,193)
|
|
|
|
(2,793)
|
Income tax
benefit
|
|
(1,797)
|
|
|
|
(1,197)
|
Interest
expense
|
|
2,555
|
|
|
|
2,555
|
Depreciation and
amortization
|
|
7,222
|
|
|
|
7,222
|
EBITDA
|
|
3,787
|
|
|
|
5,787
|
|
|
|
|
|
|
|
Stock
compensation
|
|
1,796
|
|
|
|
1,796
|
Severance
expense
|
|
2,800
|
|
|
|
2,800
|
Adjusted EBITDA
|
$
|
8,383
|
|
|
$
|
10,383
|
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SOURCE American Public Education, Inc.