CHARLES
TOWN, W.Va., Nov. 7, 2023
/PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI)
announced financial results for the quarter ended September 30, 2023.
Third 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 increased 0.9% year-over-year to
$150.8 million.
- Net loss was $3.3 million,
compared to net loss of $3.8 million
in the prior year period. The loss includes a $5.2 million non-cash investment loss on a 2012
APEI minority equity investment in a company that has entered into
an agreement to be sold resulting in no proceeds to APEI.
- Net loss per diluted common share was $0.27, compared to a net loss per diluted common
share of $0.20 in the same period of
2022. Excluding non-cash equity investment loss, net income
available to common shareholders was positive $0.4 million and EPS per diluted share of
$0.02.
- APEI maintained a strong liquidity position, with total cash
and cash equivalents increasing $25.7
million or 19.9% to approximately $155.2 million, compared to $129.5 million as of December 31, 2022.
- Adjusted EBITDA increased 91.4% year-over-year to $18.1 million.
"APEI's third quarter adjusted EBITDA exceeded our expectations,
thanks in part to our concentrated efforts on enhancing operational
efficiency. Furthermore, overall performance this quarter was
generally in line with our expectations, demonstrating our
commitment to delivering more consistent results," said
Angela Selden, President and Chief
Executive Officer of APEI.
"We are also pleased to see continued enthusiasm for our higher
education offerings within military and veteran communities at
APUS, as well as among aspiring nurses. As we work toward restoring
growth and profitability at Rasmussen University, the opportunity
is there for a promising and prosperous future," added Selden.
Financial Results:
For the three months ended September 30, 2023, as
compared to the same period of 2022:
- Total consolidated revenue was $150.8 million, an increase of $1.3 million, or 0.9%, compared to $149.5 million for the three months ended
September 30, 2022. The increase was
primarily due to a $7.7 million, or
11.2%, increase in revenue in our APUS Segment, a $2.3 million, or 20.4%, increase in revenue in
our HCN Segment, and a $0.8 million,
or 10.0%, increase in GSUSA revenue included in Corporate and
Other, partially offset by $9.5
million, or 15.4%, decrease in revenue in our Rasmussen
University ("RU") Segment. The RU Segment revenue decrease was
primarily due to a 10.0% decrease in total student enrollment as
compared to the prior year period, partially offset by increases in
the tuition of certain programs implemented in January 2023. The APUS Segment revenue increase
was primarily due to a 7.6% increase in net course registrations
and tuition and fee increases implemented in April and July 2023, as compared to the prior year period.
The HCN Segment revenue increase was primarily due to a 17.0%
increase in total student enrollment, as well as a 5% tuition
increase implemented during the second quarter, compared to the
prior year period.
- Total costs and expenses were $144.4 million, a decrease of $6.1 million, or 4.1%, compared to $150.6 million for the three months ended
September 30, 2022. The decrease in
costs and expenses was due primarily to decreases in advertising
costs, depreciation and amortization costs, and marketing support
material costs, partially offset by increases in technology costs,
bad debt expense, and employee compensation costs in our APUS and
HCN Segments due to an increase in registrations at APUS and
enrollments at HCN. Costs and expenses as a percentage of revenue
decreased to 95.8% from 100.7% for the three months ended
September 30, 2022.
- Instructional costs and services expenses were
$73.2 million, an increase of
$1.4 million, or 2.0%, compared to
$71.8 million for the three months
ended September 30, 2022. The
increase in instructional costs and services expenses was primarily
due to increases in employee compensation costs in our APUS and HCN
Segments due to an increase in registrations at APUS and
enrollments at HCN, and Corporate and Other due to higher revenue
at GSUSA, an increase in classroom material costs in our RU and HCN
Segments, and an increase in technology costs in our RU Segment,
partially offset by decreases in employee compensation costs in our
RU Segment. Instructional costs and services expenses as a
percentage of revenue increased to 48.5% from 48.0% for the three
months ended September 30, 2022.
- Selling and promotional expenses were $33.3 million, a decrease of $7.6 million, or 18.6%, compared to $40.9 million for the three months ended
September 30, 2022. The decrease in
selling and promotional expenses was primarily due to decreases in
advertising costs in all our segments, a decrease in marketing
support materials costs in our APUS Segment and decreases in
employee compensation costs in our RU and HCN Segments and
Corporate and Other. Selling and promotional expenses as a
percentage of revenue decreased to 22.1% from 27.4% for the three
months ended September 30, 2022.
- General and administrative expenses were $30.9 million, an increase of $1.2 million, or 4.1%, compared to $29.7 million for the three months ended
September 30, 2022. The increase in
general and administrative expenses was primarily due to an
increase in bad debt expense in our APUS and HCN Segments, an
increase in technology costs in our HCN and APUS Segments and
Corporate and Other, an increase in professional fees in Corporate
and Other, partially offset by decreases in employee compensation
costs, primarily in our APUS Segment. Consolidated bad debt expense
was $4.5 million, or 3.0% of revenue,
compared to $3.7 million, or 2.5% of
revenue in the prior year period. General and administrative
expenses as a percentage of revenue increased to 20.5% from 19.8%
for the three months ended September 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.
- Net interest expense was $0.8
million and $3.6 million for
the three months ended September 30,
2023 and 2022, respectively. The decrease in net interest
expense was primarily due to the decrease in the outstanding
balance in our senior secured term loan facility and due to higher
yield on cash balances. In December
2022, we made $65.0 million in
prepayments to reduce our outstanding debt.
- During the three-month period ended September 30, 2023, $1.5
million of dividends were declared and paid on our Series A
Senior Preferred Stock. The Series A Senior Preferred Stock was
issued in December 2022, and
therefore there were no preferred stock dividends in the comparable
prior year period.
- Net loss available to common stockholders was
$4.9 million, compared to net loss
available to common stockholders of $3.8
million for the three months ended September 30, 2022, primarily driven by a
one-time non-cash write-off of a 2012 APEI minority equity
investment along with the changes in revenue and expenses discussed
above.
- Net loss per diluted common share was $0.27, compared to a net loss per diluted common
share of $0.20 in the same period of
2022. Excluding non-cash equity investment loss, net income
available to common shareholders was positive $0.4 million and EPS per diluted share of
$0.02.
- Adjusted EBITDA was $18.1
million, compared to $9.5
million for the three months ended September 30, 2022. Adjusted EBITDA excludes
non-cash compensation expense, (gain)/loss on disposals of
long-lived assets, severance expense, and M&A-related
professional fees.
Balance Sheet and Liquidity:
- Total cash and cash equivalents were $155.2 million and $129.5
million at September 30, 2023
and December 31, 2022, respectively,
representing an increase of $25.7
million, or 19.9%. The increase in cash was primarily due to
payments received by APUS from the Army, which totaled
approximately $51.3 million during
the nine months ended September 30,
2023, of which approximately $18.1
million in payments related to periods prior to 2023, and
the timing of other receipts and payments. As of September 30, 2023, approximately $13.5 million, of which $5.0 million is older than 60 days from the
course start date, was due from the Army.
Registrations and Enrollment:
|
2023
|
2022
|
% Change
|
American Public
University System 1
|
|
|
|
For the three months
ended September 30,
Net Course Registrations
|
92,300
|
85,800
|
8 %
|
|
|
|
|
For the nine months
ended September 30,
Net Course Registrations
|
276,900
|
263,200
|
5 %
|
|
|
|
|
Rasmussen
University 2
|
|
|
|
For the three months
ended September 30,
Total Student Enrollment
|
13,500
|
15,000
|
(10) %
|
|
|
|
|
Hondros College of
Nursing 3
|
|
|
|
For the three months
ended September 30,
Total Student Enrollment
|
2,800
|
2,400
|
17 %
|
|
|
|
|
|
1 APUS Net Course
Registrations represents the approximate aggregate number of
courses for which students remain enrolled after the date by which
they may drop a course without financial penalty. Excludes students
in doctoral programs. 2 RU Total
Student Enrollment represents students in an active status as of
the full-term census or billing
date 3 HCN Total Student
Enrollment represents the approximate number of students enrolled
in a course after the date by which students may drop a course
without financial penalty.
|
Fourth Quarter 2023 Outlook:
The following statements are based on APEI's current
expectations. These statements are forward-looking and actual
results may differ materially. APEI undertakes no obligation to
update publicly any forward-looking statements for any reason
unless required by law. Refer to APEI's earnings conference call
and presentation for further details.
|
Fourth Quarter 2023
Guidance
|
|
(Approximate)
|
(% Yr/Yr
Change)
|
|
|
|
APUS Net course
registrations
|
88,900 to
90,700
|
2% to
4%
|
|
|
|
HCN Student
enrollment
|
3,100
|
19 %
|
|
|
|
RU Student
enrollment
|
14,100
|
-10 %
|
-
Nursing
|
5,700
|
-25 %
|
-
Non-Nursing
|
8,400
|
5 %
|
|
|
|
($ in millions
except EPS)
|
|
|
APEI Consolidated
revenue
|
$149.3 to
$151.3
|
-2% to
-1%
|
APEI Net income
available to common stockholders
|
$1.3 to $2.7
|
n.m.
|
APEI Adjusted
EBITDA
|
$14.9 to
$16.9
|
-3% to +10%
|
APEI Diluted
EPS
|
$0.07 to
$0.15
|
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 September 30, 2023 and 2022,
adjusted EBITDA excludes non-cash compensation expense, (gain) loss
on disposals of long-lived assets, severance expense, 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 is 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 third 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 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 90,000
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 13,500
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 2,800 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 the Company's future path,
expected growth, registration and enrollments, revenues, income and
adjusted EBITDA and EBITDA, the growth and profitability 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
failure to comply with regulatory and accrediting agency
requirements, including the "90/10 Rule", and to maintain
institutional accreditation and the impacts of any actions APEI may
take to prevent or correct such failure; 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 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; APEI's ability to manage and influence its bad debt
expense; 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 September 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:
Frank Tutalo
Director, Public Relations
American Public Education, Inc.
ftutalo@apei.com
571-358-3042
American Public
Education, Inc.
|
Consolidated
Statement of Income
|
(In thousands, except
per share data)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
September
30,
|
|
2023
|
|
|
2022
|
|
(unaudited)
|
|
|
|
|
|
|
|
Revenues
|
$
|
150,838
|
|
|
$
|
149,535
|
Costs and
expenses:
|
|
|
|
|
|
|
Instructional costs and services
|
|
73,228
|
|
|
|
71,817
|
Selling
and promotional
|
|
33,315
|
|
|
|
40,917
|
General
and administrative
|
|
30,885
|
|
|
|
29,667
|
Impairment
of goodwill and intangible assets
|
|
—
|
|
|
|
—
|
(Gain) loss on
disposals of long-lived assets
|
|
(16)
|
|
|
|
178
|
Depreciation and amortization
|
|
7,026
|
|
|
|
7,982
|
Total
costs and expenses
|
|
144,438
|
|
|
|
150,561
|
Income (loss)
from operations before
|
|
|
|
|
|
|
interest income
and income taxes
|
|
6,400
|
|
|
|
(1,026)
|
Gain on
acquisition
|
|
—
|
|
|
|
0
|
Interest (expense)
income
|
|
(792)
|
|
|
|
(3,594)
|
Income (loss) before
income taxes
|
|
5,608
|
|
|
|
(4,620)
|
Income tax (benefit)
expense
|
|
3,712
|
|
|
|
(860)
|
Equity investment loss,
net of tax
|
|
(5,224)
|
|
|
|
(2)
|
Net loss
|
$
|
(3,328)
|
|
|
$
|
(3,762)
|
Preferred stock
dividends
|
|
1,525
|
|
|
|
—
|
Net loss available to
common stockholders
|
$
|
(4,853)
|
|
|
$
|
(3,762)
|
|
|
|
|
|
Net loss per common
share:
|
|
|
|
|
Basic
|
$
|
(0.27)
|
|
|
$
|
(0.20)
|
Diluted
|
$
|
(0.27)
|
|
|
$
|
(0.20)
|
|
|
|
|
|
Weighted average number
of
|
|
|
|
|
|
|
common
shares:
|
|
|
|
|
|
|
Basic
|
|
17,778
|
|
|
|
18,885
|
Diluted
|
|
17,820
|
|
|
|
18,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Segment
Information:
|
September
30,
|
|
2023
|
|
|
2022
|
Revenues:
|
|
|
|
|
|
|
APUS
Segment
|
$
|
76,406
|
|
|
$
|
68,735
|
RU
Segment
|
$
|
52,073
|
|
|
$
|
61,548
|
HCN
Segment
|
$
|
13,741
|
|
|
$
|
11,409
|
Corporate and
other1
|
$
|
8,618
|
|
|
$
|
7,843
|
Income (loss) from
operations before
|
|
|
|
|
|
|
interest and income
taxes:
|
|
|
|
|
|
|
APUS
Segment
|
$
|
21,948
|
|
|
$
|
12,532
|
RU
Segment
|
$
|
(10,570)
|
|
|
$
|
(7,900)
|
HCN
Segment
|
$
|
(641)
|
|
|
$
|
(1,392)
|
Corporate and
other
|
$
|
(4,337)
|
|
|
$
|
(4,266)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
September
30,
|
|
2023
|
|
|
2022
|
|
(unaudited)
|
|
|
|
|
|
|
|
Revenues
|
$
|
447,741
|
|
|
$
|
453,890
|
Costs and
expenses:
|
|
|
|
|
|
|
Instructional costs and services
|
|
222,115
|
|
|
|
215,604
|
Selling
and promotional
|
|
106,205
|
|
|
|
116,082
|
General
and administrative
|
|
96,907
|
|
|
|
89,179
|
Impairment
of goodwill and intangible assets
|
|
64,000
|
|
|
|
144,900
|
Loss on
disposals of long-lived assets
|
|
17
|
|
|
|
962
|
Depreciation and amortization
|
|
22,735
|
|
|
|
24,249
|
Total
costs and expenses
|
|
511,979
|
|
|
|
590,976
|
(Loss) income from
operations before
|
|
|
|
|
|
|
interest income
and income taxes
|
|
(64,238)
|
|
|
|
(137,086)
|
Gain on
acquisition
|
|
—
|
|
|
|
3,828
|
Interest (expense)
income
|
|
(3,668)
|
|
|
|
(10,339)
|
(Loss) income before
income taxes
|
|
(67,906)
|
|
|
|
(143,597)
|
Income tax (benefit)
expense
|
|
(12,839)
|
|
|
|
(35,152)
|
Equity investment loss,
net of tax
|
|
(5,233)
|
|
|
|
(13)
|
Net loss
|
$
|
(60,300)
|
|
|
$
|
(108,458)
|
Preferred stock
dividends
|
|
4,469
|
|
|
|
—
|
Net loss available to
common stockholders
|
$
|
(64,769)
|
|
|
$
|
(108,458)
|
|
|
|
|
|
Net loss per common
share:
|
|
|
|
|
Basic
|
$
|
(3.55)
|
|
|
$
|
(5.75)
|
Diluted
|
$
|
(3.54)
|
|
|
$
|
(5.74)
|
|
|
|
|
|
Weighted average number
of
|
|
|
|
|
|
|
common
shares:
|
|
|
|
|
|
|
Basic
|
|
18,230
|
|
|
|
18,854
|
Diluted
|
|
18,294
|
|
|
|
18,906
|
|
|
|
|
|
|
Nine Months
Ended
|
Segment
Information:
|
September
30,
|
|
2023
|
|
|
2022
|
Revenues:
|
|
|
|
|
|
|
APUS
Segment
|
$
|
223,941
|
|
|
$
|
211,729
|
RU
Segment
|
$
|
161,511
|
|
|
$
|
192,538
|
HCN
Segment
|
$
|
41,147
|
|
|
$
|
34,436
|
Corporate and
other1
|
$
|
21,142
|
|
|
$
|
15,187
|
(Loss) income from
operations before
|
|
|
|
|
|
|
interest income and
income taxes:
|
|
|
|
|
|
|
APUS
Segment
|
$
|
57,963
|
|
|
$
|
39,338
|
RU
Segment
|
$
|
(100,708)
|
|
|
$
|
(153,562)
|
HCN
Segment
|
$
|
(2,179)
|
|
|
$
|
(3,017)
|
Corporate and
other1
|
$
|
(19,314)
|
|
|
$
|
(19,845)
|
|
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
September 30, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
(in thousands,
except per share data)
|
2023
|
|
|
2022
|
|
2023
|
|
|
2022
|
Net loss available to
common stockholders
|
$
|
(4,853)
|
|
|
$
|
(3,762)
|
|
$
|
(64,769)
|
|
|
$
|
(108,458)
|
Preferred stock
dividends
|
|
1,525
|
|
|
|
-
|
|
|
4,469
|
|
|
|
-
|
Net
loss
|
$
|
(3,328)
|
|
|
$
|
(3,762)
|
|
$
|
(60,300)
|
|
|
$
|
(108,458)
|
Income tax expense
(benefit)
|
|
3,712
|
|
|
|
(860)
|
|
|
(12,839)
|
|
|
|
(35,152)
|
Interest
expense
|
|
792
|
|
|
|
3,594
|
|
|
3,668
|
|
|
|
10,339
|
Equity investment loss,
net of tax
|
|
5,224
|
|
|
|
2
|
|
|
5,233
|
|
|
|
13
|
Depreciation and
amortization
|
|
7,026
|
|
|
|
7,982
|
|
|
22,735
|
|
|
|
24,249
|
EBITDA
|
|
13,426
|
|
|
|
6,956
|
|
|
(41,503)
|
|
|
|
(109,009)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of goodwill
and intangible assets
|
|
-
|
|
|
|
-
|
|
|
64,000
|
|
|
|
144,900
|
Adjustment to gain on
acquisition
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
(3,828)
|
Stock
Compensation
|
|
1,733
|
|
|
|
1,997
|
|
|
6,025
|
|
|
|
6,703
|
(Gain) loss on
disposals of long-lived assets
|
|
(16)
|
|
|
|
178
|
|
|
17
|
|
|
|
962
|
M&A - related
professional
|
|
-
|
|
|
|
329
|
|
|
-
|
|
|
|
1,602
|
Transition services
cost
|
|
-
|
|
|
|
-
|
|
|
2,403
|
|
|
|
-
|
Severance
expense
|
|
2,959
|
|
|
|
-
|
|
|
2,959
|
|
|
|
-
|
Adjusted
EBITDA
|
$
|
18,102
|
|
|
$
|
9,460
|
|
$
|
33,901
|
|
|
$
|
41,330
|
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
December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ending
|
|
December 31,
2023
|
(in thousands,
except per share data)
|
Low
|
|
|
High
|
Net income available to
common stockholders
|
$
|
1,258
|
|
|
$
|
2,658
|
Preferred
dividends
|
|
1,488
|
|
|
|
1,488
|
Net Income
|
|
2,746
|
|
|
|
4,146
|
Income tax
expense
|
|
1,177
|
|
|
|
1,777
|
Interest
expense
|
|
2,555
|
|
|
|
2,555
|
Depreciation and
amortization
|
|
5,318
|
|
|
|
5,318
|
EBITDA
|
|
11,796
|
|
|
|
13,796
|
Stock
compensation
|
|
2,024
|
|
|
|
2,024
|
Transition services
cost
|
|
1,100
|
|
|
|
1,100
|
Adjusted
EBITDA
|
$
|
14,920
|
|
|
$
|
16,920
|
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SOURCE American Public Education, Inc.