American Public Education Reports First Quarter 2023 Results

About this update from American Public Education, Inc.

[{"type":"text","content":"Revenue Growth at APUS, Hondros, and GSUSA; New President and Leadership in Place at Rasmussen\nCHARLES TOWN, W.Va., May 9, 2023 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) announced financial results for the quarter ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nFirst Quarter Highlights: \nAPUS, Hondros, and Graduate School all produced year-over-year enrollment growthConsolidated revenue decreased 3.3% year-over-year to $149.7 million.Total cash and cash equivalents was approximately $136.2 million, compared to $129.5 million as of December 31, 2022, representing an increase of $6.7 million or 5.2%.Net loss available to common stockholders was $7.2 million, compared to net income of $5.3 million in the prior year period, which included a non-cash gain on acquisition of $4.5 million, representing a year-over-year decrease in earnings of $12.5 million.Adjusted EBITDA decreased 59.7% year-over-year to $7.0 million.\"APEI delivered first quarter adjusted EBITDA above our expectations. APUS achieved a seven year enrollment record and Hondros an all-time high record enrollment. In second quarter, we expect three of our four education units -- APUS, Hondros, and GSUSA to continue to deliver enrollment gains,\" said Angela Selden, President and Chief Executive Officer of APEI, \"Additionally, we recently appointed Paula Singer as the President at Rasmussen University to lead the efforts in reinvigorating enrollments and improving outcomes. Her 27 years of experience in higher education have established her as a highly regarded education and business leader with a track record of achieving significant enrollment growth.\"\nFinancial Results:\nThree months ended March 31, 2023 compared to three months ended March 31, 2022:\nTotal consolidated revenue for 2023 decreased 3.3% to $149.7 million, compared to total revenue of $154.7 million in 2022. This was primarily due to a $9.6 million, or 14.4%, decrease in revenue in our Rasmussen University (\"RU\") Segment, partially offset by a $2.0 million, or 63.9%, increase in Graduate School USA (\"GSUSA\") revenue included in Corporate and Other, a $1.6 million, or 13.9%, increase in revenue in our Hondros College of Nursing (\"HCN\") Segment and a $0.9 million, or 1.2% increase in revenue in our American Public University System (\"APUS\") Segment. The RU Segment revenue de...

More updates from American Public Education, Inc.