American Public Education Reports Second Quarter 2023 Results

About this update from American Public Education, Inc.

[{"type":"text","content":"CHARLES TOWN, W.Va., Aug. 8, 2023 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) announced financial results for the quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nSecond Quarter Highlights: \nAmerican Public University System (\"APUS\"), Hondros College of Nursing (\"HCN\"), and Graduate School (\"GSUSA\") all produced year-over-year registration or enrollment growth.Consolidated revenue decreased 1.6% year-over-year to $147.2 million.APEI maintained a strong liquidity position, with total cash and cash equivalents increasing $9.9 million or 7.7% to approximately $139.4 million, compared to $129.5 million as of December 31, 2022.Results for the three months ended June 30, 2023 include a non-cash impairment charge of $64.0 million in our Rasmussen University (\"RU\") Segment to reduce the carrying value of RU Segment goodwill and intangible assets. This compares to a non-cash impairment charge of $144.9 million in the prior year period.Our net loss for the three months ended June 30, 2023 was $51.2 million, compared to net loss of $110.0 million in the prior year period, primarily related to lower goodwill and intangible asset impairment charges of $80.9 million and a decrease in income tax benefit of $20.2 million, representing a decrease in loss of $58.8 million.Adjusted EBITDA decreased 39.6% year-over-year to $8.8 million.\"APEI delivered second quarter adjusted EBITDA above our expectations and revenue at the high end of our expectations. APUS, Hondros, and Graduate School USA continue to show strong growth in both registrations or enrollment and corresponding revenue. Additionally, we have seen some continued improvement in our Rasmussen online enrollments during the last few quarters and have continued to focus on student outcomes, where meaningful progress on NCLEX scores was made in key jurisdictions during the second quarter 2023,\" said Angela Selden, President and Chief Executive Officer of APEI.\nFinancial Results:\nThree months ended June 30, 2023 compared to three months ended June 30, 2022:\nTotal consolidated revenue for the three months ended June 30, 2023 was $147.2 million, a decrease of $2.4 million, or 1.6%, compared to $149.6 million for the three months ended June 30, 2022. The decrease in revenue was primarily due to a $11.9 million, or 18.7%, decrease in revenue in our Rasmussen ...

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