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Share Name | Share Symbol | Market | Type |
---|---|---|---|
American Public Education Inc | NASDAQ:APEI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.71 | 4.94% | 15.08 | 13.92 | 15.50 | 15.15 | 14.49 | 14.70 | 124,926 | 00:12:10 |
|
x
|
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
|
|
SECURITIES EXCHANGE ACT OF 1934
|
o
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
|
|
SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
01-0724376
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization)
|
Identification No.)
|
|
|
111 West Congress Street, Charles Town, West Virginia
|
25414
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Common Stock, $.01 par value
|
|
APEI
|
|
NASDAQ Global Select Market
|
Large accelerated filer o
|
Accelerated filer x
|
Non-accelerated filer o
|
Smaller reporting company o
|
|
Emerging growth company o
|
|
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2019
|
|
As of December 31, 2018
|
||||
ASSETS
|
(Unaudited)
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash, cash equivalents, and restricted cash (Note 2)
|
$
|
210,103
|
|
|
$
|
212,131
|
|
Accounts receivable, net of allowance of $6,403 in 2019 and $6,648 in 2018
|
7,942
|
|
|
14,059
|
|
||
Prepaid expenses
|
6,316
|
|
|
5,482
|
|
||
Income tax receivable
|
5,649
|
|
|
898
|
|
||
Total current assets
|
230,010
|
|
|
232,570
|
|
||
Property and equipment, net
|
78,674
|
|
|
86,881
|
|
||
Operating lease assets, net
|
10,308
|
|
|
—
|
|
||
Investments
|
10,502
|
|
|
11,966
|
|
||
Goodwill
|
26,563
|
|
|
33,899
|
|
||
Other assets, net
|
5,049
|
|
|
5,642
|
|
||
Total assets
|
$
|
361,106
|
|
|
$
|
370,958
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
3,965
|
|
|
$
|
9,110
|
|
Accrued compensation and benefits
|
11,191
|
|
|
13,100
|
|
||
Accrued liabilities
|
7,932
|
|
|
3,808
|
|
||
Deferred revenue and student deposits
|
20,608
|
|
|
18,310
|
|
||
Operating lease liabilities, current
|
2,001
|
|
|
—
|
|
||
Total current liabilities
|
45,697
|
|
|
44,328
|
|
||
Operating lease liabilities, long-term
|
8,668
|
|
|
—
|
|
||
Deferred income taxes
|
5,963
|
|
|
5,364
|
|
||
Total liabilities
|
60,328
|
|
|
49,692
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 8)
|
|
|
|
|
|
||
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
|
||
Preferred stock, $.01 par value; Authorized shares - 10,000; no shares issued or outstanding
|
—
|
|
|
—
|
|
||
Common stock, $.01 par value; Authorized shares - 100,000; 15,627 issued and outstanding in 2019; 16,425 issued and outstanding in 2018
|
156
|
|
|
164
|
|
||
Additional paid-in capital
|
189,691
|
|
|
187,172
|
|
||
Retained earnings
|
110,931
|
|
|
133,930
|
|
||
Total stockholders’ equity
|
300,778
|
|
|
321,266
|
|
||
Total liabilities and stockholders’ equity
|
$
|
361,106
|
|
|
$
|
370,958
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Unaudited)
|
|
(Unaudited)
|
||||||||||||
Revenue
|
$
|
67,888
|
|
|
$
|
72,992
|
|
|
$
|
211,889
|
|
|
$
|
220,757
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|||||||
Instructional costs and services
|
27,268
|
|
|
28,186
|
|
|
83,908
|
|
|
86,839
|
|
||||
Selling and promotional
|
15,873
|
|
|
14,139
|
|
|
45,007
|
|
|
43,004
|
|
||||
General and administrative
|
22,021
|
|
|
19,298
|
|
|
59,209
|
|
|
55,780
|
|
||||
Loss on disposals of long-lived assets
|
394
|
|
|
196
|
|
|
524
|
|
|
882
|
|
||||
Impairment of goodwill
|
1,481
|
|
|
—
|
|
|
7,336
|
|
|
—
|
|
||||
Depreciation and amortization
|
3,764
|
|
|
4,289
|
|
|
11,758
|
|
|
13,158
|
|
||||
Total costs and expenses
|
70,801
|
|
|
66,108
|
|
|
207,742
|
|
|
199,663
|
|
||||
(Loss) income from operations before interest income and income taxes
|
(2,913
|
)
|
|
6,884
|
|
|
4,147
|
|
|
21,094
|
|
||||
Interest income, net
|
1,019
|
|
|
774
|
|
|
3,207
|
|
|
1,928
|
|
||||
(Loss) income before income taxes
|
(1,894
|
)
|
|
7,658
|
|
|
7,354
|
|
|
23,022
|
|
||||
Income tax (benefit) expense
|
(239
|
)
|
|
1,848
|
|
|
1,596
|
|
|
5,993
|
|
||||
Equity investment income (loss)
|
17
|
|
|
(311
|
)
|
|
(1,464
|
)
|
|
(483
|
)
|
||||
Net (loss) income
|
$
|
(1,638
|
)
|
|
$
|
5,499
|
|
|
$
|
4,294
|
|
|
$
|
16,546
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income per common share:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
(0.10
|
)
|
|
$
|
0.33
|
|
|
$
|
0.26
|
|
|
$
|
1.01
|
|
Diluted
|
$
|
(0.10
|
)
|
|
$
|
0.33
|
|
|
$
|
0.26
|
|
|
$
|
1.00
|
|
Weighted average number of common shares:
|
|
|
|
|
|
|
|
||||||||
Basic
|
15,966,789
|
|
|
16,423,548
|
|
|
16,335,097
|
|
|
16,397,483
|
|
||||
Diluted
|
16,120,779
|
|
|
16,658,159
|
|
|
16,486,837
|
|
|
16,627,532
|
|
|
|
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Total Stockholders’ Equity
|
|||||||||
|
Common Stock
|
|
|
|
|||||||||||||
|
Shares
|
Amount
|
|
|
|
||||||||||||
Balance as of December 31, 2017
|
16,267,814
|
|
$
|
163
|
|
|
$
|
180,674
|
|
|
$
|
108,569
|
|
|
$
|
289,406
|
|
Impact of adoption of ASC 606
|
—
|
|
—
|
|
|
—
|
|
|
(278
|
)
|
|
(278
|
)
|
||||
Issuance of common stock under employee benefit plans
|
221,890
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Deemed repurchased shares of common and restricted stock for tax withholding
|
(65,842
|
)
|
(1
|
)
|
|
(1,814
|
)
|
|
—
|
|
|
(1,815
|
)
|
||||
Stock-based compensation
|
—
|
|
—
|
|
|
6,192
|
|
|
—
|
|
|
6,192
|
|
||||
Net income
|
—
|
|
—
|
|
|
—
|
|
|
16,546
|
|
|
16,546
|
|
||||
Balance as of September 30, 2018
|
16,423,862
|
|
$
|
164
|
|
|
$
|
185,050
|
|
|
$
|
124,837
|
|
|
$
|
310,051
|
|
|
Nine Months Ended
September 30, |
||||||
|
2019
|
|
2018
|
||||
|
(Unaudited)
|
||||||
Operating activities
|
|
|
|
||||
Net income
|
$
|
4,294
|
|
|
$
|
16,546
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
11,758
|
|
|
13,158
|
|
||
Stock-based compensation
|
5,031
|
|
|
5,524
|
|
||
Equity investment loss
|
1,464
|
|
|
483
|
|
||
Deferred income taxes
|
599
|
|
|
732
|
|
||
Loss on disposals of long-lived assets
|
524
|
|
|
882
|
|
||
Impairment of goodwill
|
7,336
|
|
|
—
|
|
||
Other
|
83
|
|
|
280
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|||
Accounts receivable, net of allowance for bad debt
|
6,117
|
|
|
(6,138
|
)
|
||
Prepaid expenses
|
(832
|
)
|
|
(872
|
)
|
||
Income tax receivable/payable
|
(4,751
|
)
|
|
(4,907
|
)
|
||
Operating leases, net
|
361
|
|
|
—
|
|
||
Other assets
|
303
|
|
|
315
|
|
||
Accounts payable
|
(5,145
|
)
|
|
(4,541
|
)
|
||
Accrued compensation and benefits
|
(1,909
|
)
|
|
32
|
|
||
Accrued liabilities
|
4,405
|
|
|
1,522
|
|
||
Deferred revenue and student deposits
|
2,298
|
|
|
2,539
|
|
||
Net cash provided by operating activities
|
31,936
|
|
|
25,555
|
|
||
Investing activities
|
|
|
|
|
|
||
Capital expenditures
|
(4,151
|
)
|
|
(5,349
|
)
|
||
Net cash used in investing activities
|
(4,151
|
)
|
|
(5,349
|
)
|
||
Financing activities
|
|
|
|
|
|
||
Cash paid for repurchase of common stock
|
(29,813
|
)
|
|
(1,815
|
)
|
||
Net cash used in financing activities
|
(29,813
|
)
|
|
(1,815
|
)
|
||
Net (decrease) increase in cash, cash equivalents, and restricted cash
|
(2,028
|
)
|
|
18,391
|
|
||
Cash, cash equivalents, and restricted cash at beginning of period
|
212,131
|
|
|
179,205
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
210,103
|
|
|
$
|
197,596
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information
|
|
|
|
|
|
||
Income taxes paid
|
$
|
5,749
|
|
|
$
|
10,041
|
|
•
|
American Public University System, Inc., or APUS, provides online postsecondary education directed primarily at the needs of the military, military-affiliated, and public service communities through American Military University, or AMU, and American Public University, or APU. APUS is regionally accredited by the Higher Learning Commission and several of its academic programs have specialized accreditation granted by industry-governing organizations.
|
•
|
National Education Seminars, Inc., which is referred to herein as Hondros College of Nursing, or HCN, provides nursing education to students at five campuses in Ohio to serve the needs of the nursing and healthcare communities. HCN is nationally accredited by the Accrediting Bureau for Health Education Schools, or ABHES.
|
•
|
American Public Education Segment, or APEI Segment. This segment reflects the operational activities at APUS, other corporate activities, and minority investments.
|
•
|
Hondros College of Nursing Segment, or HCN Segment. This segment reflects the operational activities of HCN.
|
•
|
Carry forward of historical lease classification;
|
•
|
Short-term lease accounting policy election allowing lessees to not recognize ROU assets and lease liabilities for leases with a term of 12 months or less; and
|
•
|
Not separate lease and non-lease components for office space and campus leases.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
|
2019
|
|
|
2018
|
||||||
|
(Unaudited)
|
||||||||||||||
Instructional costs and services
|
$
|
404
|
|
|
$
|
418
|
|
|
$
|
1,213
|
|
|
$
|
1,206
|
|
Selling and promotional
|
207
|
|
|
173
|
|
|
600
|
|
|
435
|
|
||||
General and administrative
|
1,101
|
|
|
1,493
|
|
|
3,218
|
|
|
3,883
|
|
||||
Stock-based compensation expense in operating income
|
$
|
1,712
|
|
|
$
|
2,084
|
|
|
$
|
5,031
|
|
|
$
|
5,524
|
|
|
Three Months Ended September 30, 2019
|
||||||||||||||
|
(Unaudited)
|
||||||||||||||
|
APEI
|
|
HCN
|
|
Intersegment
|
|
Consolidated
|
||||||||
Instructional services, net of grants and scholarships
|
$
|
60,668
|
|
|
$
|
5,722
|
|
|
$
|
(25
|
)
|
|
$
|
66,365
|
|
Graduation fees
|
352
|
|
|
—
|
|
|
—
|
|
|
352
|
|
||||
Textbook and other course materials
|
—
|
|
|
854
|
|
|
—
|
|
|
854
|
|
||||
Other fees
|
197
|
|
|
120
|
|
|
—
|
|
|
317
|
|
||||
Total Revenue
|
$
|
61,217
|
|
|
$
|
6,696
|
|
|
$
|
(25
|
)
|
|
$
|
67,888
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||
|
(Unaudited)
|
||||||||||||||
|
APEI
|
|
HCN
|
|
Intersegment
|
|
Consolidated
|
||||||||
Instructional services, net of grants and scholarships
|
$
|
63,406
|
|
|
$
|
7,901
|
|
|
$
|
—
|
|
|
$
|
71,307
|
|
Graduation fees
|
244
|
|
|
—
|
|
|
—
|
|
|
244
|
|
||||
Textbook and other course materials
|
—
|
|
|
1,113
|
|
|
—
|
|
|
1,113
|
|
||||
Other fees
|
199
|
|
|
129
|
|
|
—
|
|
|
328
|
|
||||
Total Revenue
|
$
|
63,849
|
|
|
$
|
9,143
|
|
|
$
|
—
|
|
|
$
|
72,992
|
|
|
Nine Months Ended September 30, 2019
|
||||||||||||||
|
(Unaudited)
|
||||||||||||||
|
APEI
|
|
HCN
|
|
Intersegment
|
|
Consolidated
|
||||||||
Instructional services, net of grants and scholarships
|
$
|
188,839
|
|
|
$
|
18,735
|
|
|
$
|
(81
|
)
|
|
$
|
207,493
|
|
Graduation fees
|
936
|
|
|
—
|
|
|
—
|
|
|
936
|
|
||||
Textbook and other course materials
|
—
|
|
|
2,515
|
|
|
—
|
|
|
2,515
|
|
||||
Other fees
|
611
|
|
|
334
|
|
|
—
|
|
|
945
|
|
||||
Total Revenue
|
$
|
190,386
|
|
|
$
|
21,584
|
|
|
$
|
(81
|
)
|
|
$
|
211,889
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||
|
(Unaudited)
|
||||||||||||||
|
APEI
|
|
HCN
|
|
Intersegment
|
|
Consolidated
|
||||||||
Instructional services, net of grants and scholarships
|
$
|
191,816
|
|
|
$
|
23,887
|
|
|
$
|
—
|
|
|
$
|
215,703
|
|
Graduation fees
|
816
|
|
|
—
|
|
|
—
|
|
|
816
|
|
||||
Textbook and other course materials
|
—
|
|
|
3,290
|
|
|
—
|
|
|
3,290
|
|
||||
Other fees
|
577
|
|
|
371
|
|
|
—
|
|
|
948
|
|
||||
Total Revenue
|
$
|
193,209
|
|
|
$
|
27,548
|
|
|
$
|
—
|
|
|
$
|
220,757
|
|
Maturity of Lease Liabilities
|
Lease Payments
|
||
2019 (remaining)
|
$
|
616
|
|
2020
|
2,517
|
|
|
2021
|
2,537
|
|
|
2022
|
2,481
|
|
|
2023
|
1,523
|
|
|
2024
|
566
|
|
|
2025 and beyond
|
2,239
|
|
|
Total future minimum lease payments
|
12,479
|
|
|
Less imputed interest
|
(1,810
|
)
|
|
Present value of operating lease liabilities
|
$
|
10,669
|
|
Balance Sheet Classification
|
|
||
Operating lease liabilities, current
|
$
|
2,001
|
|
Operating lease liabilities, long-term
|
8,668
|
|
|
Total operating lease liabilities
|
$
|
10,669
|
|
Other Information
|
|
|
Weighted average remaining lease term (in years)
|
5.8
|
|
Weighted average discount rate
|
5.1
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 30,
|
|
September 30,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
|
(Unaudited)
|
|
|
|
|
||||||
Basic weighted average shares outstanding
|
15,967
|
|
|
16,424
|
|
|
16,335
|
|
|
16,397
|
|
Effect of dilutive restricted stock
|
154
|
|
|
234
|
|
|
152
|
|
|
231
|
|
Diluted weighted average shares outstanding
|
16,121
|
|
|
16,658
|
|
|
16,487
|
|
|
16,628
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Unaudited)
|
|
(Unaudited)
|
||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
American Public Education Segment
|
$
|
61,217
|
|
|
$
|
63,849
|
|
|
$
|
190,386
|
|
|
$
|
193,209
|
|
Hondros College of Nursing Segment
|
6,696
|
|
|
9,143
|
|
|
21,584
|
|
|
27,548
|
|
||||
Intersegment elimination
|
(25
|
)
|
|
—
|
|
|
(81
|
)
|
|
—
|
|
||||
Total Revenue
|
$
|
67,888
|
|
|
$
|
72,992
|
|
|
$
|
211,889
|
|
|
$
|
220,757
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
|
||||||||
American Public Education Segment
|
$
|
3,525
|
|
|
$
|
3,970
|
|
|
$
|
10,995
|
|
|
$
|
12,126
|
|
Hondros College of Nursing Segment
|
239
|
|
|
319
|
|
|
763
|
|
|
1,032
|
|
||||
Total Depreciation and amortization
|
$
|
3,764
|
|
|
$
|
4,289
|
|
|
$
|
11,758
|
|
|
$
|
13,158
|
|
(Loss) income from operations before interest income and income taxes:
|
|
|
|
|
|
|
|
||||||||
American Public Education Segment
|
$
|
247
|
|
|
$
|
6,233
|
|
|
$
|
14,358
|
|
|
$
|
18,532
|
|
Hondros College of Nursing Segment
|
(3,158
|
)
|
|
651
|
|
|
(10,214
|
)
|
|
2,562
|
|
||||
Intersegment elimination
|
(2
|
)
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Total (Loss) income from operations before interest income and income taxes
|
$
|
(2,913
|
)
|
|
$
|
6,884
|
|
|
$
|
4,147
|
|
|
$
|
21,094
|
|
Interest income, net:
|
|
|
|
|
|
|
|
||||||||
American Public Education Segment
|
$
|
1,006
|
|
|
$
|
759
|
|
|
$
|
3,176
|
|
|
$
|
1,889
|
|
Hondros College of Nursing Segment
|
13
|
|
|
15
|
|
|
31
|
|
|
39
|
|
||||
Total Interest income, net
|
$
|
1,019
|
|
|
$
|
774
|
|
|
$
|
3,207
|
|
|
$
|
1,928
|
|
Income tax (benefit) expense:
|
|
|
|
|
|
|
|
||||||||
American Public Education Segment
|
$
|
1,368
|
|
|
$
|
1,633
|
|
|
$
|
5,166
|
|
|
$
|
5,320
|
|
Hondros College of Nursing Segment
|
(1,607
|
)
|
|
215
|
|
|
(3,570
|
)
|
|
673
|
|
||||
Total Income tax (benefit) expense
|
$
|
(239
|
)
|
|
$
|
1,848
|
|
|
$
|
1,596
|
|
|
$
|
5,993
|
|
Capital expenditures:
|
|
|
|
|
|
|
|
||||||||
American Public Education Segment
|
$
|
1,034
|
|
|
$
|
1,396
|
|
|
$
|
3,608
|
|
|
$
|
5,026
|
|
Hondros College of Nursing Segment
|
160
|
|
|
153
|
|
|
543
|
|
|
323
|
|
||||
Total Capital expenditures
|
$
|
1,194
|
|
|
$
|
1,549
|
|
|
$
|
4,151
|
|
|
$
|
5,349
|
|
|
As of September 30, 2019
|
|
As of December 31, 2018
|
||||
|
(Unaudited)
|
|
|
||||
Assets:
|
|
|
|
||||
American Public Education Segment
|
$
|
308,320
|
|
|
$
|
322,523
|
|
Hondros College of Nursing Segment
|
52,786
|
|
|
48,435
|
|
||
Total Assets
|
$
|
361,106
|
|
|
$
|
370,958
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
DoD tuition assistance programs
|
35%
|
|
37%
|
|
38%
|
|
37%
|
Title IV programs
|
26%
|
|
26%
|
|
25%
|
|
26%
|
VA education benefits
|
24%
|
|
23%
|
|
23%
|
|
23%
|
Cash and other sources
|
15%
|
|
14%
|
|
14%
|
|
14%
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Title IV programs
|
83%
|
|
82%
|
|
81%
|
|
83%
|
Cash and other sources
|
14%
|
|
16%
|
|
17%
|
|
15%
|
VA education benefits
|
3%
|
|
2%
|
|
2%
|
|
2%
|
•
|
American Public University System, Inc., or APUS, provides online postsecondary education to approximately 80,700 adult learners. APUS is an accredited university system with a history of serving the academic needs of the military, military-affiliated and public service communities through two brands: American Military University, or AMU, and American Public University, or APU.
|
•
|
National Education Seminars, Inc., which we refer to as Hondros College of Nursing, or HCN, provides nursing education to approximately 1,400 students at five campuses in Ohio, to serve the needs of the nursing and healthcare communities. The campuses are located in the suburban areas of Cincinnati, Cleveland, Columbus, Dayton, and Toledo.
|
•
|
American Public Education Segment, or APEI Segment. This segment reflects the operational activities of APUS, other corporate activities, and minority investments; and
|
•
|
Hondros College of Nursing Segment, or HCN Segment. This segment reflects the operational activities of HCN.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
|
(Unaudited)
|
|
(Unaudited)
|
||||||||
|
|
|
|
|
|
|
|
||||
Revenue
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||
Instructional costs and services
|
40.2
|
|
|
38.6
|
|
|
39.6
|
|
|
39.3
|
|
Selling and promotional
|
23.4
|
|
|
19.4
|
|
|
21.3
|
|
|
19.5
|
|
General and administrative
|
32.4
|
|
|
26.4
|
|
|
27.9
|
|
|
25.3
|
|
Loss on disposals of long-lived assets
|
0.6
|
|
|
0.3
|
|
|
0.2
|
|
|
0.4
|
|
Impairment of goodwill
|
2.2
|
|
|
—
|
|
|
3.5
|
|
|
—
|
|
Depreciation and amortization
|
5.5
|
|
|
5.9
|
|
|
5.5
|
|
|
5.9
|
|
Total costs and expenses
|
104.3
|
|
|
90.6
|
|
|
98.0
|
|
|
90.4
|
|
|
|
|
|
|
|
|
|
||||
(Loss) income from operations before interest income and income taxes
|
(4.3
|
)
|
|
9.4
|
|
|
2.0
|
|
|
9.6
|
|
Interest income, net
|
1.5
|
|
|
1.1
|
|
|
1.5
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
||||
(Loss) income from operations before income taxes
|
(2.8
|
)
|
|
10.5
|
|
|
3.5
|
|
|
10.5
|
|
Income tax (benefit) expense
|
(0.4
|
)
|
|
2.5
|
|
|
0.8
|
|
|
2.7
|
|
Equity investment income (loss)
|
—
|
|
|
(0.4
|
)
|
|
(0.7
|
)
|
|
(0.2
|
)
|
Net (loss) income
|
(2.4
|
)%
|
|
7.6
|
%
|
|
2.0
|
%
|
|
7.6
|
%
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Unaudited)
|
|
(Unaudited)
|
||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
American Public Education Segment
|
$
|
61,217
|
|
|
$
|
63,849
|
|
|
$
|
190,386
|
|
|
$
|
193,209
|
|
Hondros College of Nursing Segment
|
6,696
|
|
|
9,143
|
|
|
21,584
|
|
|
27,548
|
|
||||
Intersegment elimination
|
(25
|
)
|
|
—
|
|
|
(81
|
)
|
|
—
|
|
||||
Total Revenue
|
$
|
67,888
|
|
|
$
|
72,992
|
|
|
$
|
211,889
|
|
|
$
|
220,757
|
|
(Loss) income from operations before interest income and income taxes:
|
|
|
|
|
|
|
|
||||||||
American Public Education Segment
|
$
|
247
|
|
|
$
|
6,233
|
|
|
$
|
14,358
|
|
|
$
|
18,532
|
|
Hondros College of Nursing Segment
|
(3,158
|
)
|
|
651
|
|
|
(10,214
|
)
|
|
2,562
|
|
||||
Intersegment elimination
|
(2
|
)
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Total (Loss) income from operations before interest income and income taxes
|
$
|
(2,913
|
)
|
|
$
|
6,884
|
|
|
$
|
4,147
|
|
|
$
|
21,094
|
|
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)(3)
|
|||||||
July 1, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
299,060
|
|
|
$
|
25,450,292
|
|
July 1, 2019 - July 31, 2019
|
|
218,699
|
|
|
30.79
|
|
|
218,699
|
|
|
299,436
|
|
|
18,716,549
|
|
||
August 1, 2019 - August 31, 2019
|
|
220,000
|
|
|
28.16
|
|
|
220,000
|
|
|
299,436
|
|
|
12,521,349
|
|
||
September 1, 2019 - September 30, 2019
|
|
199,921
|
|
|
24.12
|
|
|
199,921
|
|
|
352,104
|
|
|
7,699,255
|
|
||
Total
|
|
638,620
|
|
|
$
|
27.80
|
|
|
638,620
|
|
|
352,104
|
|
|
$
|
7,699,255
|
|
(1)
|
On December 9, 2011, our Board of Directors approved a stock repurchase program for our common stock, under which we could annually purchase up to the cumulative number of shares issued or deemed issued in that year under our equity incentive and stock purchase plans. Repurchases may be made from time to time in the open market at prevailing market prices or in privately negotiated transactions based on business and market conditions. The stock repurchase program does not obligate us to repurchase any shares, may be suspended or discontinued at any time, and is funded using our available cash.
|
(2)
|
On May 2, 2019, our Board of Directors authorized a program to repurchase up to $35.0 million of our common stock. We may purchase shares at management’s discretion in the open market, in privately negotiated transactions, in transactions structured through investment banking institutions, or a combination of the foregoing. We may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of shares under this authorization. The amount and timing of repurchases are subject to a variety of factors, including liquidity, cash flow, stock price and general business and market conditions. We have no obligation to repurchase shares and may modify, suspend or discontinue the repurchase program at any time. The authorization under this program is in addition to our repurchase program under which we may annually purchase up to the cumulative number of shares issued or deemed issued in that year under our equity incentive and stock purchase plan.
|
(3)
|
During the three month period ended September 30, 2019, no shares of common stock were deemed to have been repurchased for common stock forfeited by employees to satisfy minimum tax-withholding requirements in connection with the vesting of restricted stock grants. These repurchases were not part of the stock repurchase programs authorized by our Board of Directors as described in footnotes 1 and 2 to this table.
|
|
|
AMERICAN PUBLIC EDUCATION, INC.
|
|
/s/ Angela Selden
|
November 12, 2019
|
|
Angela Selden
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
/s/ Richard W. Sunderland, Jr.
|
November 12, 2019
|
|
Richard W. Sunderland, Jr.
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
|
1 Year American Public Education Chart |
1 Month American Public Education Chart |
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