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.
Fourth Quarter
Highlights:
- Consolidated 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.
"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.
Financial Results:
For the three months ended December
31, 2023:
- Total 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. The APUS Segment revenue increase was primarily due to
a 4.0% increase in net course registrations and tuition and fee
increases implemented in the second and third quarters of 2023. The
HCN Segment revenue increase was primarily due to a 19.2% increase
in total student enrollment, as well as a 5% tuition increase
implemented during the second quarter, compared to the prior year
period. GSUSA revenue decrease was primarily due to a decrease in
the number of training courses completed during the quarter.
- Total costs and expenses were $136.9 million, a decrease of $15.8 million, or 10.4%, compared to $152.7 million for the three months ended
December 31, 2022. The decrease in
costs and expenses was due primarily to decreases in advertising
costs, employee compensation, depreciation and amortization costs,
and Collegis, LLC ("Collegis") transition costs.
- Costs and expenses included a $2.4
million loss on assets held for sale representing real
property no longer used by our APUS Segment. In the prior year
period, cost and expenses included a $2.0
million impairment charge of intangible assets in our RU
Segment. Costs and expenses as a percentage of revenue decreased to
89.6% from 100.2% for the three months ended December 31, 2022.
- Instructional costs and services expenses were
$70.7 million, a decrease of
$2.1 million, or 2.9%, compared to
$72.9 million for the three months
ended December 31, 2022. The decrease
in instructional costs and services expenses was primarily due to
decreases in employee compensation costs in our RU Segment,
partially offset by increases in employee compensation costs in our
HCN Segment and Corporate and Other. Instructional costs and
services expenses as a percentage of revenue increased to 46.3%
from 47.8% for the three months ended December 31, 2022.
- Selling and promotional expenses were $26.8 million, a decrease of $11.8 million, or 30.6%, compared to $38.6 million for the three months ended
December 31, 2022. The decrease in
selling and promotional expenses was primarily due to decreases in
advertising and employee compensation costs in all our segments, as
well as a decrease in Collegis transition costs in our RU Segment.
Selling and promotional expenses as a percentage of revenue
decreased to 17.5% from 25.3% for the three months ended
December 31, 2022.
- General and administrative expenses were $31.3 million, an increase of $0.2 million, or 0.5%, compared to $31.2 million for the three months ended
December 31, 2022. The increase in
general and administrative expenses was primarily due to an
increase in compensation costs in our RU and HCN Segments and
Corporate and Other, partially offset by decreases in employee
compensation costs and professional fees and technology costs,
primarily in our APUS Segment. General and administrative expenses
as a percentage of revenue increased to 20.5% from 20.4% for the
three months ended December 31, 2022.
As we continue to evaluate enhancements to our business
capabilities, particularly in technology, we expect to incur
additional costs and that our general and administrative expenses
will vary from time to time.
- Net interest expense was $0.8
million and $7.4 million for
the three months ended December 31,
2023 and 2022, respectively. The decrease in net interest
expense was primarily due to the decrease in the outstanding
balance in our senior secured term loan facility and due to a
higher yield on cash balances.
- In December 2022, we made
$65.0 million in prepayments to
reduce outstanding debt and as a result, we wrote off a
proportionate amount of unamortized debt issuance costs in the
amount of $3.9 million. The write off
is recorded in interest expense for the quarter and year ending
December 31, 2022.
- Net income available to common stockholders was
$11.5 million, compared to net loss
available to common stockholders of $6.6
million for the three months ended December 31, 2022. The increase in net income is
a result of changes in revenue and expenses discussed above.
- 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. Net income per diluted common share includes a $2.4 million loss on assets held for sale in the
fourth quarter of 2023.
- Adjusted EBITDA was $25.7
million, compared to $15.4
million for the three months ended December 31, 2022. Adjusted EBITDA excludes
non-cash compensation expense, (gain)/loss on disposals of
long-lived assets, and loss on assets held for sale.
Balance Sheet and Liquidity:
- Total cash, cash equivalents, and restricted cash were
$144.3 million and $129.5 million at December
31, 2023 and December 31,
2022, respectively, representing an increase of $14.9 million, or 11.5%. The increase in cash was
primarily due to higher revenue and operating income at APUS,
increased payments received from the Army including payments
related to periods prior to 2023, and the timing of other receipts
and payments, partially offset by the change in billing approach
for tuition assistance at APUS, our investment in capital
expenditures, payment of preferred dividends, and repurchases of
common stock in 2023.
Registrations and Enrollment:
|
2023
|
2022
|
% Change
|
American Public
University System 1
|
|
|
|
For the three months
ended December 31,
Net Course Registrations
|
90,700
|
87,200
|
4 %
|
|
|
|
|
For the twelve months
ended December 31,
Net Course Registrations
|
367,600
|
350,400
|
5 %
|
|
|
|
|
Rasmussen
University 2
|
|
|
|
For the three months
ended December 31,
Total Student Enrollment
|
14,100
|
15,600
|
(10) %
|
|
|
|
|
Hondros College of
Nursing 3
|
|
|
|
For the three months
ended December 31,
Total Student Enrollment
|
3,100
|
2,600
|
19 %
|
1 APUS Net Course
Registrations represents the approximate aggregate number of
courses for which students remain enrolled after the date by which
they may drop a course without financial penalty. Excludes students
in doctoral programs.
|
2 RU Total Student
Enrollment represents students in an active status as of the
full-term census or billing date
|
3 HCN Total Student
Enrollment represents the approximate number of students enrolled
in a course after the date by which students may drop a course
without financial penalty.
|
First Quarter and Full Year 2024 Outlook:
The following statements are based on APEI's current
expectations. These statements are forward-looking and actual
results may differ materially. APEI undertakes no obligation to
update publicly any forward-looking statements for any reason
unless required by law. Refer to APEI's earnings conference call
and presentation for further details.
|
|
First Quarter 2024
Guidance
|
|
|
(Approximate)
|
(% Yr/Yr
Change)
|
|
|
|
|
|
APUS Net course
registrations
|
97,000 to
99,000
|
1% to
3%
|
|
|
|
|
|
HCN Student
enrollment
|
3,300
|
22 %
|
|
|
|
|
|
RU Student
enrollment1
|
13,500
|
-6 %
|
|
- On-ground
Healthcare
|
6,300
|
-11 %
|
|
-
Online
|
7,200
|
0 %
|
|
|
|
|
|
($ in millions
except EPS)
|
|
|
|
APEI Consolidated
revenue
|
$151.0 –
$153.0
|
1% to
2%
|
|
APEI Net income
available to common stockholders
|
($4.4) –
($3.0)
|
n.m.
|
|
APEI Adjusted
EBITDA
|
$8.0 – $10.0
|
14% to
43%
|
|
APEI Diluted
EPS
|
($0.25) –
($0.17)
|
n.m.
|
|
|
|
|
|
Full Year 2024
Guidance
|
|
(Approximate)
|
(% Yr/Yr
Change)
|
|
($ in
millions)
|
|
|
|
APEI Consolidated
Revenue
|
$610 – $620
|
2% to
3%
|
|
APEI Adjusted
EBITDA
|
$55 – $65
|
-8% to
9%
|
|
APEI Capital
Expenditure (CapEx)
|
$17 – $20
|
22% to
44%
|
|
|
|
|
1.
|
RU revised its method
of presenting student enrollment to distinguish between on-ground
healthcare and online enrollment, aligning with its operational
structure. Quarterly historical enrollment data for the previous
year under this new methodology is available in the appendix of our
fourth quarter 2023 presentation materials accessible on our
website and on Form 8-K filed today with the SEC.
|
Non-GAAP Financial Measures:
This press release contains the non-GAAP financial measures of
EBITDA (earnings before interest, taxes, depreciation, and
amortization) and adjusted EBITDA (EBITDA less non-cash expenses
such as stock compensation and non-recurring expenses). APEI
believes that the use of these measures is useful because they
allow investors to better evaluate APEI's operating profit and cash
generation capabilities.
For the twelve months ended December 31,
2023 and 2022, adjusted EBITDA excludes non-cash
compensation expense, (gain)/loss on disposals of long-lived
assets, severance expense, loss on assets held for sale,
M&A-related professional fees, transition services costs,
adjustment to gain on acquisition, and impairment of goodwill and
intangible assets.
These non-GAAP measures should not be considered in isolation or
as an alternative to measures determined in accordance with
generally accepted accounting principles in the United States (GAAP). The principal
limitation of our non-GAAP measures is that they exclude expenses
that are required by GAAP to be recorded. In addition, non-GAAP
measures are subject to inherent limitations as they reflect the
exercise of judgment by management about which expenses are
excluded.
APEI is presenting EBITDA and adjusted EBITDA in connection with
its GAAP results and urges investors to review the reconciliation
of EBITDA and adjusted EBITDA to the comparable GAAP financial
measures that is included in the tables following this press
release (under the captions "GAAP Net Income to Adjusted EBITDA,"
and "GAAP Outlook Net Income to Outlook Adjusted EBITDA") and not
to rely on any single financial measure to evaluate its
business.
Webcast:
A live webcast of the APEI's fourth quarter 2023 earnings
conference call will be held today at 5:00
p.m. Eastern Time. This webcast will be open to listeners
who log in through the APEI's investor relations
website, www.apei.com. A replay of the live webcast will also
be available to listeners through APEI's investor relations website
for one year.
About American Public Education
American Public Education, Inc. (Nasdaq: APEI), through its
institutions American Public University System (APUS),
Rasmussen University, Hondros
College of Nursing, and Graduate School USA (GSUSA), provides education that
transforms lives, advances careers, and improves communities.
APUS, which operates through American Military University and
American Public University, is the leading educator to active-duty
military and veteran students* and serves approximately 90,000
adult learners worldwide via accessible and affordable higher
education.
Rasmussen University is a 120-year-old nursing and health
sciences-focused institution that serves approximately 13,500
students across its 22 campuses in six states and online. It also
has schools of Business, Technology, Design, Early Childhood
Education and Justice Studies.
Hondros College of Nursing focuses
on educating pre-licensure nursing students at eight campuses (six
in Ohio, one in Indiana, and one in Michigan). It is the largest educator of PN
(LPN) nurses in the state of Ohio** and serves approximately 3,300 total
students.
Graduate School USA is a
leading training provider to the federal workforce with an
extensive portfolio of government agency customers. It serves the
federal workforce through customized contract training (B2G) to
federal agencies and through open enrollment (B2C) to government
professionals.
Both APUS and Rasmussen are institutionally accredited by
the Higher Learning Commission (HLC), an institutional
accreditation agency recognized by the U.S. Department of
Education. Hondros is accredited by
the Accrediting Bureau of Health Education
Schools (ABHES). GSUSA is accredited by the Accrediting
Council for Continuing Education & Training (ACCET). For
additional information, visit www.apei.com.
*Based on FY 2019 Department of Defense tuition assistance
data, as reported by Military Times, and Veterans Administration
student enrollment data as of 2023.
**Based on information compiled by the National Council of
State Boards of Nursing and Ohio
Board of Nursing.
Forward Looking Statements
Statements made in this press release regarding APEI or its
subsidiaries that are not historical facts are forward-looking
statements based on current expectations, assumptions, estimates
and projections about APEI and the industry. In some
cases, forward-looking statements can be identified by words such
as "anticipate," "believe," "seek," "could," "estimate," "expect,"
"intend," "may," "plan," "should," "will," "would," and similar
words or their opposites. Forward-looking statements include,
without limitation, statements regarding the Company's future path,
expected growth, registration and enrollments, revenues, income and
adjusted EBITDA and EBITDA, the growth and profitability of
Rasmussen University and plans with respect to recent, current and
future initiatives.
Forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements. Such risks and
uncertainties include, among others, risks related to: APEI's
failure to comply with regulatory and accrediting agency
requirements, including the "90/10 Rule", and to maintain
institutional accreditation and the impacts of any actions APEI may
take to prevent or correct such failure; APEI's dependence on the
effectiveness of its ability to attract students who persist in its
institutions' programs; changing market demands; declines in
enrollments at APEI's subsidiaries; the enactment of legislation
that adversely impacts APEI or its subsidiaries; APEI's inability
to effectively market its institutions' programs; APEI's inability
to maintain strong relationships with the military and maintain
course registrations and enrollments from military students; the
loss or disruption of APEI's ability to receive funds under tuition
assistance programs or the reduction, elimination, or suspension of
tuition assistance; adverse effects of changes APEI makes to
improve the student experience and enhance the ability to identify
and enroll students who are likely to succeed; APEI's need to
successfully adjust to future market demands by updating existing
programs and developing new programs; APEI's loss of eligibility to
participate in Title IV programs or ability to process Title IV
financial aid; economic and market conditions and changes in
interest rates; difficulties involving acquisitions; APEI's
indebtedness and preferred stock; APEI's dependence on and the need
to continue to invest in its technology infrastructure, including
with respect to third-party vendors; the inability to recognize the
anticipated benefits of APEI's cost savings efforts; APEI's ability
to manage and limit its exposure to bad debt; and the various risks
described in the "Risk Factors" section and elsewhere in APEI's
Annual Report on Form 10-K for the year ended December 31,
2023, and in other filings with the SEC. You should not place undue
reliance on any forward-looking statements. APEI undertakes no
obligation to update publicly any forward-looking statements for
any reason, unless required by law, even if new information becomes
available or other events occur in the future.
Contacts:
Frank Tutalo
Director, Public Relations
American Public Education, Inc.
ftutalo@apei.com
571-358-3042
American Public
Education, Inc.
|
Consolidated
Statement of Income
|
(In thousands, except
per share data)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
December
31,
|
|
2023
|
|
|
2022
|
|
(unaudited)
|
|
|
|
|
|
|
|
Revenues
|
$
|
152,804
|
|
|
$
|
152,438
|
Costs and
expenses:
|
|
|
|
|
|
|
Instructional costs and services
|
|
70,747
|
|
|
|
72,868
|
Selling
and promotional
|
|
26,750
|
|
|
|
38,567
|
General
and administrative
|
|
31,332
|
|
|
|
31,173
|
Depreciation and amortization
|
|
5,081
|
|
|
|
7,878
|
Impairment
of goodwill and intangible assets
|
|
-
|
|
|
|
2,000
|
Loss on
assets held for sale
|
|
2,425
|
|
|
|
-
|
Loss on
disposals of long-lived assets
|
|
537
|
|
|
|
214
|
Total
costs and expenses
|
|
136,872
|
|
|
|
152,700
|
Income (loss) from
operations before
|
|
|
|
|
|
|
interest and
income taxes
|
|
15,932
|
|
|
|
(262)
|
Interest expense,
net
|
|
(791)
|
|
|
|
(7,389)
|
Income (loss) before
income taxes
|
|
15,141
|
|
|
|
(7,651)
|
Income tax expense
(benefit)
|
|
2,124
|
|
|
|
(1,124)
|
Equity investment loss,
net of tax
|
|
(3)
|
|
|
|
(8)
|
Net income
(loss)
|
|
13,014
|
|
|
|
(6,535)
|
Preferred stock
dividends
|
|
1,539
|
|
|
|
48
|
Net income (loss)
available to common stockholders
|
$
|
11,475
|
|
|
$
|
(6,583)
|
|
|
|
|
|
Net income (loss) per
common share:
|
|
|
|
|
Basic
|
$
|
0.65
|
|
|
$
|
(0.35)
|
Diluted
|
$
|
0.64
|
|
|
$
|
(0.35)
|
|
|
|
|
|
Weighted average number
of
|
|
|
|
|
|
|
common
shares:
|
|
|
|
|
|
|
Basic
|
|
17,762
|
|
|
|
18,892
|
Diluted
|
|
17,896
|
|
|
|
18,976
|
|
|
|
|
|
|
Three Months
Ended
|
Segment
Information:
|
December
31,
|
|
2023
|
|
|
2022
|
Revenues:
|
|
|
|
|
|
|
APUS
Segment
|
$
|
79,362
|
|
|
$
|
73,399
|
RU
Segment
|
$
|
52,575
|
|
|
$
|
60,719
|
HCN
Segment
|
$
|
15,789
|
|
|
$
|
12,642
|
Corporate and
other1
|
$
|
5,078
|
|
|
$
|
5,678
|
Income (loss) from
operations before
|
|
|
|
|
|
|
interest and income
taxes:
|
|
|
|
|
|
|
APUS
Segment
|
$
|
26,463
|
|
|
$
|
19,114
|
RU
Segment
|
$
|
(2,867)
|
|
|
$
|
(12,996)
|
HCN
Segment
|
$
|
783
|
|
|
$
|
(993)
|
Corporate and
other
|
$
|
(8,447)
|
|
|
$
|
(5,387)
|
|
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
December
31,
|
|
2023
|
|
|
2022
|
|
(unaudited)
|
|
|
|
|
|
|
|
Revenues
|
$
|
600,545
|
|
|
$
|
606,328
|
Costs and
expenses:
|
|
|
|
|
|
|
Instructional costs and services
|
|
292,862
|
|
|
|
288,472
|
Selling
and promotional
|
|
132,955
|
|
|
|
154,649
|
General
and administrative
|
|
128,239
|
|
|
|
120,352
|
Depreciation and amortization
|
|
27,816
|
|
|
|
32,127
|
Impairment
of goodwill and intangible assets
|
|
64,000
|
|
|
|
146,900
|
Loss an
assets held for sale
|
|
2,425
|
|
|
|
-
|
Loss on
disposals of long-lived assets
|
|
554
|
|
|
|
1,176
|
Total
costs and expenses
|
|
648,851
|
|
|
|
743,676
|
(Loss) income from
operations before
|
|
|
|
|
|
|
interest income
and income taxes
|
|
(48,306)
|
|
|
|
(137,348)
|
Gain on
acquisition
|
|
-
|
|
|
|
3,828
|
Interest (expense)
income
|
|
(4,459)
|
|
|
|
(17,728)
|
(Loss) income before
income taxes
|
|
(52,765)
|
|
|
|
(151,248)
|
Income tax (benefit)
expense
|
|
(10,715)
|
|
|
|
(36,276)
|
Equity investment loss,
net of tax
|
|
(5,236)
|
|
|
|
(21)
|
Net loss
|
|
(47,286)
|
|
|
|
(114,993)
|
Preferred stock
dividends
|
|
6,008
|
|
|
|
48
|
Net loss available to
common stockholders
|
$
|
(53,294)
|
|
|
$
|
(115,041)
|
|
|
|
|
|
|
|
Net loss per common
share:
|
|
|
|
|
|
|
Basic
|
$
|
(2.94)
|
|
|
$
|
(6.10)
|
Diluted
|
$
|
(2.93)
|
|
|
$
|
(6.08)
|
|
|
|
|
|
|
|
Weighted average number
of
|
|
|
|
|
|
|
common
shares:
|
|
|
|
|
|
|
Basic
|
|
18,112
|
|
|
|
18,859
|
Diluted
|
|
18,193
|
|
|
|
18,914
|
|
|
|
|
|
|
Twelve Months
Ended
|
Segment
Information:
|
December
31,
|
|
2023
|
|
|
2022
|
Revenues:
|
|
|
|
|
|
|
APUS
Segment
|
$
|
303,303
|
|
|
$
|
285,128
|
RU
Segment
|
$
|
214,086
|
|
|
$
|
253,257
|
HCN
Segment
|
$
|
56,936
|
|
|
$
|
47,078
|
Corporate and
other1
|
$
|
26,220
|
|
|
$
|
20,865
|
(Loss) income from
operations before
|
|
|
|
|
|
|
interest income and
income taxes:
|
|
|
|
|
|
|
APUS
Segment
|
$
|
84,426
|
|
|
$
|
58,452
|
RU
Segment
|
$
|
(103,575)
|
|
|
$
|
(166,557)
|
HCN
Segment
|
$
|
(1,396)
|
|
|
$
|
(4,011)
|
Corporate and
other1
|
$
|
(27,761)
|
|
|
$
|
(25,232)
|
|
1. Corporate and Other
includes tuition and contract training revenue earned by GSUSA
and the elimination of intersegment revenue for courses taken by
employees of one segment at other segments.
|
GAAP Net Income to
Adjusted EBITDA:
|
|
|
|
|
The following table
sets forth the reconciliation of the Company's reported
GAAP net income to the calculation of adjusted EBITDA for the
three
months ended December 31, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
(in thousands,
except per share data)
|
2023
|
|
|
2022
|
|
2023
|
|
|
2022
|
Net loss available to
common stockholders
|
$
|
11,475
|
|
|
$
|
(6,583)
|
|
$
|
(53,294)
|
|
|
$
|
(115,041)
|
Preferred stock
dividends
|
|
1,539
|
|
|
|
48
|
|
|
6,008
|
|
|
|
48
|
Net
loss
|
$
|
13,014
|
|
|
$
|
(6,535)
|
|
$
|
(47,286)
|
|
|
$
|
(114,993)
|
Income tax expense
(benefit)
|
|
2,124
|
|
|
|
(1,124)
|
|
|
(10,715)
|
|
|
|
(36,276)
|
Interest
expense
|
|
791
|
|
|
|
7,389
|
|
|
4,459
|
|
|
|
17,728
|
Equity investment loss,
net of tax
|
|
3
|
|
|
|
8
|
|
|
5,236
|
|
|
|
21
|
Depreciation and
amortization
|
|
5,081
|
|
|
|
7,878
|
|
|
27,816
|
|
|
|
32,127
|
EBITDA
|
|
21,013
|
|
|
|
7,616
|
|
|
(20,490)
|
|
|
|
(101,393)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of goodwill
and intangible assets
|
|
-
|
|
|
|
2,000
|
|
|
64,000
|
|
|
|
146,900
|
Adjustment to gain on
acquisition
|
|
-
|
0
|
|
|
-
|
|
|
-
|
|
|
|
(3,828)
|
Stock
Compensation
|
|
1,715
|
|
|
|
1,306
|
|
|
7,740
|
|
|
|
8,009
|
(Gain) loss on
disposals of long-lived assets
|
|
537
|
|
|
|
214
|
|
|
554
|
|
|
|
1,176
|
Loss on assets held for
sale
|
|
2,425
|
|
|
|
-
|
|
|
2,425
|
|
|
|
-
|
M&A - related
professional
|
|
-
|
|
|
|
328
|
|
|
-
|
|
|
|
1,930
|
Transition services
cost
|
|
-
|
|
|
|
3,936
|
|
|
2,403
|
|
|
|
3,936
|
Severance
expense
|
|
-
|
|
|
|
-
|
|
|
2,959
|
|
|
|
-
|
Adjusted
EBITDA
|
$
|
25,690
|
|
|
$
|
15,400
|
|
$
|
59,591
|
|
|
$
|
56,730
|
GAAP Outlook Net
Income to Outlook Adjusted EBITDA:
|
|
|
|
|
The following table
sets forth the reconciliation of the Company's outlook GAAP
net income to the calculation of outlook adjusted EBITDA for the
three months
ending March 31, 2024 and twelve months ending December 31,
2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ending
|
|
|
Twelve Months
Ending
|
|
March 31,
2024
|
|
|
December 31,
2024
|
(in thousands,
except per share data)
|
Low
|
|
|
High
|
|
|
Low
|
|
|
High
|
Net income/(loss)
available to common stockholders
|
$
|
(4,353)
|
|
|
$
|
(2,953)
|
|
|
$
|
4,150
|
|
|
$
|
11,150
|
Preferred
dividends
|
|
1,500
|
|
|
|
1,500
|
|
|
|
6,000
|
|
|
|
6,000
|
Net
Income/(Loss)
|
|
(2,853)
|
|
|
|
(1,453)
|
|
|
|
10,150
|
|
|
|
17,150
|
Income tax
expense/(benefit)
|
|
(1,223)
|
|
|
|
(623)
|
|
|
|
4,350
|
|
|
|
7,350
|
Interest
expense
|
|
2,075
|
|
|
|
2,075
|
|
|
|
7,700
|
|
|
|
7,700
|
Depreciation and
amortization
|
|
5,200
|
|
|
|
5,200
|
|
|
|
20,300
|
|
|
|
20,300
|
EBITDA
|
|
3,200
|
|
|
|
5,200
|
|
|
|
42,500
|
|
|
|
52,500
|
Stock
compensation
|
|
2,000
|
|
|
|
2,000
|
|
|
|
7,400
|
|
|
|
7,400
|
Other - Dallas lease
buyout
|
|
2,200
|
|
|
|
2,200
|
|
|
|
2,200
|
|
|
|
2,200
|
Transition services
cost
|
|
600
|
|
|
|
600
|
|
|
|
2,900
|
|
|
|
2,900
|
Adjusted
EBITDA
|
$
|
8,000
|
|
|
$
|
10,000
|
|
|
$
|
55,000
|
|
|
$
|
65,000
|
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SOURCE American Public Education, Inc.