American Public Education Reports Fourth Quarter 2022 Results

About this update from American Public Education, Inc.

[{"type":"text","content":"CHARLES TOWN, W.Va., March 14, 2023 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) announced financial results for the quarter ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nFourth Quarter Highlights:\nConsolidated revenue decreased 1.0% year over year to $152.4 millionAt December 31, 2022, total unrestricted cash and cash equivalents of approximately $102.6 million represents a decrease of $20.0 million from December 31, 2021Net loss available to common stockholders for the period was $6.6 million, compared to net income of $9.4 million for the three months ended December 31, 2021, a decrease in earnings of $16.0 millionAdjusted EBITDA decreased 48% year-over-year to $15.4 millionWe completed the acquisitions of Rasmussen University (\"RU\") and Graduate School USA (\"GSUSA\") on September 1, 2021 and January 1, 2022, respectively. Our financial results do not include the financial results of these companies prior to their respective acquisition closing dates. Accordingly, the financial results for the three and twelve months ended December 31, 2022, include results of operations of RU for four months of 2021 and do not include the results of operations of GSUSA. Therefore, the prior year period presented is not directly comparable to the current period.\nFinancial Results:\nThree months ended December 31, 2022 compared to three months ended December 31, 2021:\nTotal consolidated revenue for 2022 decreased 1.0% to $152.4 million, compared to total revenue of $154.0 million in 2021. The RU Segment revenue decreased by $7.6 million, which was partially offset by the inclusion of GSUSA revenue for the three months ended December 31, 2022 of $5.7 million, and increased revenue in the APUS and Hondros College of Nursing (HCN) segments. GSUSA revenue is not included in the prior year periods.Total costs and expenses increased to $152.7 million for the 2022 period, compared to $137.5 million for the same period in 2021. The increase in costs and expenses for the three months ended December 31, 2022, was primarily due to an increase in expenses in the RU Segment of $7.9 million, which included a $2.0 million impairment charge on intangible assets, and the inclusion of GSUSA costs and expenses of $5.7 million. GSUSA costs and expenses are not included in the prior year period.Instructional costs and services expenses...

More updates from American Public Education, Inc.