American Public Education Reports Fourth Quarter and Full Year 2023 Results

About this update from American Public Education, Inc.

[{"type":"text","content":"CHARLES TOWN, W.V., March 5, 2024 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) announced financial results for the quarter and year ended December 31, 2023.\n\n \n \n \n \n \n \n\n \nFourth Quarter Highlights: \nConsolidated revenue increased 0.2% year-over-year to $152.8 million.Net income available to common stockholders was $11.5 million, compared to a net loss available to common stockholders of $6.6 million in the prior year period.Net income per diluted common share was $0.64, compared to a net loss per diluted common share of $0.35 in the same period of 2022.Adjusted EBITDA increased 66.8% year-over-year to $25.7 million.APEI maintained a strong liquidity position, with total cash, cash equivalents and restricted cash increasing $14.9 million or 11.5% year-over-year to approximately $144.3 million.\"Reflecting on 2023, I'm encouraged by the leadership team we have assembled, the enrollment momentum we've gained, and the strengthening of our business we've delivered – all while extending the reach and impact of our value proposition to our over 107,000 students,\" said Angela Selden, President and Chief Executive Officer of APEI.\n\"We are Powering Potential and Prosperity for our service minded students every day. Looking ahead to 2024, our unwavering commitment to academic excellence along with our emphasis on operational efficiency and innovation will further enhance student outcomes and enable us to efficiently serve even more students and communities,\" added Selden.\nFinancial Results:\nFor the three months ended December 31, 2023:\nTotal consolidated revenue was $152.8 million, an increase of $0.4 million, or 0.2%, compared to $152.4 million for the three months ended December 31, 2022. The increase was primarily due to a $6.0 million, or 8.1%, increase in revenue in our APUS Segment and a $3.1 million, or 24.9%, increase in revenue in our HCN Segment, partially offset by an $8.1 million, or 13.4%, decrease in revenue in our Rasmussen University (\"RU\") Segment and a $0.6 million, or 10.3%, decrease in Graduate School USA (\"GSUSA\") revenue included in Corporate and Other. The RU Segment revenue decrease was primarily due to a 9.6% 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...

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