American Public Education Reports Fourth Quarter and Full Year 2021 Results

About this update from American Public Education, Inc.

[{"type":"text","content":"CHARLES TOWN, W.Va., March 2, 2022 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) announced financial results for the quarter and full year ended December 31, 2021. \n\n \n \n \n \n \n \n\n \nFourth Quarter Highlights: \nConsolidated revenue increased 79.3% year-over-year to $154.0 million Net income for the period was $9.4 million, compared to net income of $7.1 million for the three months ended December 31, 2021, an increase of $2.3 million Adjusted EBITDA increased 85.5% year-over-year to $29.3 million APEI completed its acquisition of Graduate School USA, a federal workforce training provider, on January 1, 2022Full Year Highlights:\nConsolidated revenue increased 30.1% year-over-year to $418.8 million Net income for the period was $17.8 million, compared to net income of $18.8 million for the three months ended December 31, 2021, a decrease of $1.0 million Adjusted EBITDA increased 27.8% year-over-year to $64.7 millionResults of operations for the three and twelve months ended December 31, 2021 include the results of Rasmussen University (\"RU\") from September 1, 2021 (the \"Closing Date\") through December 31, 2021. APEI did not consolidate the financial results of RU prior to the Closing Date. Accordingly, the financial results of each period presented are not directly comparable.\nFinancial Results:\nThree months ended December 31, 2021 compared to three months ended December 31, 2020:\nTotal consolidated revenue for 2021 increased 79% to $154.0 million, compared to total revenue of $85.9 million in 2020, due to: the inclusion of RU revenue from October 1 through December 31, 2021 of $68.4 million an increase of $1.9 million, or 18%, in revenue from Hondros College of Nursing (\"HCN\"), reflecting an increase in enrollment of 17% to 2,500 students a decrease of $2.2 million, or -3%, in revenue from American Public University System (\"APUS\"), primarily due to a decline in net course registrations of 2% in 2021 compared to 2020Total costs and expenses increased to $137.5 million for 2021, compared to $76.2 million in 2020, primarily due to the inclusion of RU during the quarter. Instructional costs and services increased $36.3 million in 2021 to $67.4 million, compared to $31.1 million in 2020, primarily due to the inclusion of RU Segment instructional costs and services expenses during the quarter of $...

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