American Public Education Reports First Quarter 2022 Results

About this update from American Public Education, Inc.

[{"type":"text","content":"CHARLES TOWN, W.Va., May 10, 2022 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) announced financial results for the quarter ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nFirst Quarter Highlights: \nConsolidated revenue increased 75% year-over-year to $154.7 millionNet income for the period was $5.3 million, compared to net income of $8.1 million for the three months ended March 31, 2022, a decrease of $2.8 millionAdjusted EBITDA increased 8.5% year-over-year to $17.4 millionAPEI completed its acquisition of Graduate School USA (\"GSUSA\"), a federal workforce training provider, on January 1, 2022We completed the acquisitions of Rasmussen University (\"RU\") and GSUSA on September 1, 2021, and January 1, 2022, respectively. We did not consolidate the financial results of these companies prior to their respective acquisition closing dates. Accordingly, the financial results for the three months ended March 31, 2021 do not include the results of operations of RU and GSUSA, and therefore the prior year period presented is not directly comparable to the current period.\nFinancial Results:\nThree months ended March 31, 2022 compared to three months ended March 31, 2021:\nTotal consolidated revenue for 2022 increased 75% to $154.7 million, compared to total revenue of $88.5 million in 2021, due to:the inclusion of RU Segment revenue and GSUSA revenue for the three months ended March 31, 2022 of $67.1 million and $3.1 million;an increase of $0.4 million, or 3.7%, in revenue from Hondros College of Nursing (\"HCN\"), reflecting an increase in enrollment of 8.1% to 2,500 students; anda decrease of $4.4 million, or 5.7%, in revenue from American Public University System (\"APUS\"). While enrollments increased 1.2%, revenue declined primarily due to the timing of registrations within the quarter and lower revenue per net course registrations due to a change in mix to military registrations, which generate lower revenue per registration than non-military registrations.Total costs and expenses increased to $149.5 million for 2022, compared to $77.9 million in 2021, primarily due to the inclusion of our RU Segment and GSUSA costs and expenses for the three months ended March 31, 2022 of $66.2 million and $4.7 million, respectively.Instructional costs and services increased $39.4 million in 2022 to $71.7 million, compared to ...

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