American Public Education Reports Third Quarter 2021 Results

About this update from American Public Education, Inc.

[{"type":"text","content":"CHARLES TOWN, W.Va., Nov. 8, 2021 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) announced financial results for the quarter ended September 30, 2021. \n\n \n \n \n \n \n \n\n \nThird Quarter Highlights: \nAPEI completed the acquisition of Rasmussen University on September 1, 2021 Consolidated revenue increased 24% year-over-year to $98.2 million, as a result of the acquisition of RU Net loss for the period was $0.3 million, compared to net income of $2.6 million for the three months ended September 30, 2021, a decrease of $2.9 million Adjusted EBITDA decreased 16% year-over-year to $9.1 million APEI agreed to acquire Graduate School USA, a federal workforce training providerResults of operations for the three and nine months ended September 30, 2021 include the results of Rasmussen University (\"RU\") from September 1 through September 30, 2021. APEI did not consolidate the financial results of RU prior to September 1, 2021. Accordingly, the financial results of each period presented are not directly comparable.\nFinancial Results:\nThree months ended September 30, 2021 compared to three months ended September 30, 2020:\nTotal consolidated revenue for 2021 increased 24% to $98.2 million, compared to total revenue of $79.1 million in 2020, due to: the inclusion of RU revenue from September 1 through September 30, 2021 of $21.1 million (note: the third month of each quarter for RU is historically the lowest due to the timing of revenue recognition); an increase of $1.7 million, or 18%, in revenue from Hondros College of Nursing (HCN), reflecting an increase in enrollment of 19% to 2,320 students; a decrease of $3.8 million, or -5%, in revenue from American Public University System (APUS), primarily due to a decline in net course registrations of 8% in 2021 compared to 2020Total costs and expenses increased to $97.0 million for 2021 compared to $75.8 million in 2020, primarily due to the inclusion of RU in the current quarter results. RU's costs as a percentage of revenue were negatively impacted in the current quarter due to the timing of the close of the transaction. Instructional costs and services increased to 43% of revenue in 2021, or $42.5 million, compared to 39% in 2020, due to the inclusion of RU in the current quarter results. Excluding RU, instructional costs and services as a percent of revenue were 39...

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