American Public Education Reports Third Quarter 2022 Results

About this update from American Public Education, Inc.

[{"type":"text","content":"CHARLES TOWN, W.Va., Nov. 8, 2022 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) announced financial results for the quarter ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nThird Quarter Highlights: \nConsolidated revenue increased 52% year-over-year to $149.5 millionTotal cash and cash equivalents was approximately $185.5 million, compared to $149.6 million as of December 31, 2021, representing increase of $35.9 million or 24.0%Our net loss for the period was $3.8 million, compared to net loss of $0.3 million for the three months ended September 30, 2021, an increase in the net loss of $3.5 million.Adjusted EBITDA was $9.5 million for the third quarter 2022We 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 nine months ended September 30, 2021, include results of operations of RU for the month of September 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 September 30, 2022 compared to three months ended September 30, 2021:\nTotal consolidated revenue for 2022 increased 52.2% to $149.5 million, compared to total revenue of $98.2 million in 2021, due to:the inclusion of RU Segment revenue and GSUSA revenue for the three months ended September 30, 2022 of $40.4 million and $7.9 million, respectively;an increase of $2.8 million, or 4.3%, in revenue from American Public University System (\"APUS\") due to a net course registration increase of 3.2% compared to prior year; andan increase of $0.2 million, or 1.5%, in revenue from Hondros College of Nursing (\"HCN\"), reflecting an increase in total student enrollment of 3.7%.Total costs and expenses increased to $150.6 million for 2022, compared to $97.0 million for the same period in 2021. The increase in costs and expenses for the three months ended September 30, 2022 was primarily the result of the inclusion of other RU Segment and GSUSA costs and expenses of $47.3 million and $6.3 million, respectively, for the three months ended September...

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