# EDGAR Filing Document

**Accession Number:** 0001201792
**File Stem:** 0001104659-25-056668
**Filing Date:** 2025-6
**Character Count:** 24980
**Document Hash:** afe2e67b61a22ed067b78cc4ee9a34e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-056668.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001104659-25-056668

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250605

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN PUBLIC EDUCATION INC
- **CENTRAL INDEX KEY:** 0001201792
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 010724376
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33810
- **FILM NUMBER:** 251025020

**BUSINESS ADDRESS:**
- **STREET 1:** 111 W CONGRESS STREET
- **CITY:** CHARLES TOWN
- **STATE:** WV
- **ZIP:** 25414
- **BUSINESS PHONE:** (304) 724-3700

**MAIL ADDRESS:**
- **STREET 1:** 303 W.3RD. STREET
- **CITY:** RANSON
- **STATE:** WV
- **ZIP:** 25438

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **June 5, 2025**

**American Public Education, Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-33810** | **01-0724376** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

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| | |
|:---|:---|
| &nbsp;&nbsp; **111 W. Congress Street**<br> **Charles Town, West Virginia** | &nbsp;&nbsp;**25414** |
| &nbsp;&nbsp;(Address of principal executive offices) | &nbsp;&nbsp;(Zip Code) |

---

Registrant's telephone number, including area code: **<u>304-724-3700</u>**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value per share | APEI | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Section 7 – Regulation FD**

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp; Regulation FD Disclosure.**

On June 5, 2025, American Public Education, Inc. (the "<u>Company</u>") issued a supplemental financial presentation. The Company intends to use the presentation, in whole or in part, in meetings with investors from time to time. A copy of the presentation is furnished herewith as Exhibit 99.1.

**Section 9 – Financial Statements and Exhibits**

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.**

**(d)** **Exhibits** 

[99.1](tm2516885d1_ex99-1.htm) [American Public Education, Inc. Investor Presentation, dated June 2025.](tm2516885d1_ex99-1.htm) <br>104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | American Public Education, Inc. | American Public Education, Inc. |
| Date: June 5, 2025 | By: | /s/ Richard W. Sunderland, Jr. |
|  |  | Richard W. Sunderland, Jr. |
|  |  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2516885d1_ex99-1img001.jpg)

Investor Presentation June 2025

![](tm2516885d1_ex99-1img002.jpg)

FORWARD - LOOKING STATEMENTS Statements made in this presentation regarding American Public Education, Inc . or its subsidiary institutions ("APEI" or the "Company") 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," "potentially," "project," "should," "will," "would," and similar words or their opposites . Forward - looking statements include, without limitation, statements regarding expectations for growth, registration, enrollments, demand, revenues, net income, earnings per share, EBITDA and Adjusted EBITDA, capital expenditures, free cash flow, and plans with respect to and future impacts of recent, current and future initiatives, including the planned combination of APUS, RU and HCN into one consolidated institution, campus and corporate center consolidation, and redemption of preferred stock . 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 : the Company'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 the Company may take to prevent or correct such failure ; changes in the postsecondary education regulatory environment as a result of U . S . federal elections, including any changes by or as a result of actions of the current administration to the operations of the Department of Education or changes to or the elimination or implementation of laws, regulations, standards, policies, and practices ; potential or actual government shutdowns, as well as government budget and federal workforce uncertainty ; the impact, timing, and projected benefits of the planned combination the Company's dependence on the effectiveness of its ability to attract students who persist in its subsidiary institutions' programs ; declines in enrollments at the Company's subsidiary institutions ; the Company's inability to effectively brand or market its subsidiary institutions and its subsidiary institutions' programs ; the Company's inability to maintain strong relationships with the military and maintain course registrations and enrollments from military students ; the loss or disruption of the Company's ability to receive funds under Title IV or tuition assistance programs or the reduction, elimination, or suspension of federal funds ; adverse effects of changes the Company makes to improve the student experience and enhance the ability to identify and enroll students who are likely to succeed ; the Company's need to successfully adjust to future market demands including updating existing programs and developing new programs ; the Company'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 ; the Company's indebtedness and preferred stock, including the refinancing or redemption thereof ; the Company'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 the Company's cost savings and revenue generating efforts ; the Company's ability to manage and limit its exposure to bad debt ; and the risk factors described in the risk factor section and elsewhere in the Company's most recent annual report on Form 10 - K and quarterly report on Form 10 - Q and in the Company's other SEC filings . You should not place undue reliance on any forward - looking statements . The Company 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 .

![](tm2516885d1_ex99-1img003.jpg)

Company Overview American Public Education (APEI) is a leading provider of accessible & affordable education and training of high - demand fields to military and healthcare sectors with four wholly - owned subsidiaries (campus - based & online) Addressing $100B online education market in stable, high - demand industries x Nursing: #1 provider of pre - licensure ADN+PN education x Military: #1 provider of active - duty & military/veteran education Strong Financial Profile: • TTM Revenue 1 of $634.7M • TTM Net Income available to common stockholders 1 of $18.5M • TTM Adj. EBITDA 1,3 of $76.5M • 2024 Free Cash Flow 1,4 of $51M • Strong balance sheet with $188M in cash 1 Healthcare platform growing and margins improving • Expect continued positive enrollment momentum and EBITDA growth Nasdaq: APEI NASDAQ: APEI $27.69 Share Price 2 $499.5M Market Cap 2 $635M TTM Revenue 1 $76.5M TTM Adj. EBITDA 1 $188M Cash 1 $93.7M Debt 1 18.0M Shares Outstanding 1 3 1. As of March 31, 2025 2. As of June 4. 2025 3. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, less non - recurring expenses, such as severance , and non - cash expenses, such as stock compensation) is a non - GAAP financial measure. Please refer to Appendix for GAAP to non - GAAP reconciliation. 4. Free cash flow defined as Adjusted EBITDA less capex

![](tm2516885d1_ex99-1img004.jpg)

4 1) Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization less non - recurring expenses, such as severance, and non - cash expenses, such as stock compensation) is a non - GAAP financial measure. Refer to appendix for GAAP to non - GAAP reconciliation. VISION Education that transforms lives, advances careers, and improves communities. MISSION Powering Purpose, Potential and Prosperity for Those in Service to Others. VALUES Be Customer Centric • Be Accountable Be Agile • Be Respectful & Inclusive Do the Right Thing

![](tm2516885d1_ex99-1img005.jpg)

Nursing & Healthcare National Nursing Platform #1 provider of pre - licensure ADN+PN education Hondros Rasmussen Current Campuses ~9,400 Enrolled nursing students 26 Campuses in 8 states 23 Nursing and Allied Health Degrees Nasdaq: APEI 5 Enrollment Momentum Continues Current demand for 200,000+ registered nursing jobs annually

![](tm2516885d1_ex99-1img006.jpg)

Public Sector Education #1 Activity - duty military & veterans educator ~90,000 Adult learners in over 90 countries >100 Federal agency customers ~25,000 Trained individuals in 2024 Nasdaq: APEI 6 Clear Leadership Position Provides Solid Growth, Margins & Cash Flow 1. According to the Georgetown University Center on Education and the Workforce (2022)

![](tm2516885d1_ex99-1img007.jpg)

Registrations & Enrollments 381,900 TTM Net Course Registrations 14,600 2Q25 Enrollment APUS has delivered consistently strong net course registrations since 2020, driven by continued strength in military and growing enrollments from veterans and military - affiliated families Year - over - year Rasmussen campus and online enrollments have been improving since 2Q23. RAS has delivered total enrollment growth for 4 consecutive quarters HCN delivered double digit enrollment growth 3,700 2Q25 Enrollment 7 Nasdaq: APEI

![](tm2516885d1_ex99-1img008.jpg)

Enrollment Summary – Military, Veterans & their Families \* TTM quarterly registration figures 346,200 347,100 349,800 350,400 352,700 357,500 364,000 367,600 370,300 371,900 372,100 378,400 381,900 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 ▪ 137 degree programs and 111 certificates offered across five schools of study ▪ 100% online ▪ Tuition & fees are generally less than in - state costs at public universities ▪ Mid - single digit registration growth over past 2 years ▪ Revenue growth driven by increased net course registrations & impact of select tuition & fee increases in 2024 ▪ Programs and courses aligned with high job growth areas 8 Nasdaq: APEI

![](tm2516885d1_ex99-1img009.jpg)

13,900 13,600 13,500 13,500 14,100 14,600 13,500 14,500 13,600 14,600 2Q23 2Q24 3Q23 3Q24 4Q23 4Q24 1Q24 1Q25 2Q24 2Q25 ▪ Offers 47 degree programs from Associates degrees to Doctoral degrees, and 13 certificate programs ▪ Year - over - year enrollments have been improving since 2Q23 and delivered 4 consecutive quarters of enrollment growth ▪ Dept. of Education growth restrictions on new campuses and new programs stemming from the acquisition have been removed\* ▪ Offers on campus instruction leading to diplomas in PN and ADN degrees ▪ Delivered 21 consecutive quarters of year - over - year enrollment growth Enrollment Summary – Nursing & Healthcare YoY enrollment comparison by quarter YoY enrollment comparison by quarter 3,000 3,300 2,800 3,100 3,100 3,700 3,300 3,600 3,300 3,700 2Q23 2Q24 3Q23 3Q24 4Q23 4Q24 1Q24 1Q25 2Q24 2Q25 9 Nasdaq: APEI \* We do not currently intend to seek approval of new locations or programs until completion of the pending combination of our in stitutions

![](tm2516885d1_ex99-1img010.jpg)

Financial Update

![](tm2516885d1_ex99-1img011.jpg)

1Q25 Executive Summary $164.6 M Revenue $21.2 M Adj. EBITDA 1 $7.5 M Net Income available to common stockholders $187.5 M Cash (as of 3/31/25) 1. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, less non - recurring expenses, such as severanc e, and non - cash expenses, such as stock compensation) and EBITDA are non - GAAP financial measures. Please refer to Appendix for GAAP to non - GAAP reconciliation. $0.41 Diluted EPS ▪ 1Q25 results above guidance include: ▪ Revenue of $164.6 million ▪ Net Income available to common stockholders of $7.5M vs ($1.0M) in 1Q24 ▪ Adjusted EBITDA 1 of $21.2 million vs $17.1M in 1Q24 ▪ Cash position increased $28.6 million from year end 2024 1Q25 Business Highlights APEI is a market leader in the post - secondary education of active - duty military, veterans, new nurses, and health professionals, segments that have demonstrated stable and long - term demand. 1Q 2025 Financial Highlights +7% YoY +25% YoY +22% YoY ▪ APUS increased net course registrations by 3.5% vs 1Q24 ▪ Rasmussen increased enrollment by 7% in 1Q25 ▪ Fourth consecutive quarter of YoY enrollment growth ▪ 1Q25 EBITDA of $2.1 million vs Q124 of ($5.7M) ▪ Hondros College of Nursing (HCN) increased enrollment 9.6% enrollment vs 1Q24 ($1.0 M) in 1Q24 ($0.06) in 1Q24 11

![](tm2516885d1_ex99-1img012.jpg)

Segment Revenue • APUS has delivered consistent year - over - year growth driven by modest increases in registrations and targeted tuition and fee increases • Rasmussen continues to build on a solid foundation with higher revenue and enrollment trends • 1Q25 enrollment growth is 7% over 1Q24 • Fourth consecutive quarter of year - over - year revenue growth • 1Q25 revenue growth of 7.5% APUS increased revenue year over year and is expected to grow net course registrations in 2025. Rasmussen and Hondros College of Nursing experienced year - over - year revenue growth and positive enrollment trends. $73.6 $77.0 $76.4 $77.0 $79.4 $82.4 $80.7 $83.9 2Q23 2Q24 3Q23 3Q24 4Q23 4Q24 1Q24 1Q25 $52.0 $53.0 $52.1 $52.6 $52.6 $57.5 $53.1 $59.3 2Q23 2Q24 3Q23 3Q24 4Q23 4Q24 1Q24 1Q25 $14.3 $16.4 $13.7 $15.5 $15.8 $18.9 $16.4 $17.7 2Q23 2Q24 3Q23 3Q24 4Q23 4Q24 1Q24 1Q25 12 Nasdaq: APEI

![](tm2516885d1_ex99-1img013.jpg)

Profitability ▪ 1Q25 registration growth of 3.5% compared to 1Q24 ▪ 1Q25 EBITDA margin of 30% on $83.9 million in revenue TTM Adj. EBITDA 1 TTM Adj. EBITDA Margin 1 ▪ Positive year - over - year enrollment trends started in 3Q24. 1Q25 enrollment trends building on current momentum ▪ Rasmussen delivered $2.1 million of EBITDA in 1Q25 and positive EBITDA in 2H24, continuing positive momentum ▪ HCN enrollments have grown at double - digit rates for 8 of the last 10 quarters ▪ Government budget and federal workforce could impact 2H 2025. 1. Please refer to appendix for GAAP to non - GAAP reconciliation $40.7 $71.8 $49.3 $66.6 $59.6 $72.3 $69.6 $76.5 2Q23 2Q24 3Q23 3Q24 4Q23 4Q24 1Q24 1Q25 6.8% 11.7% 8.2% 10.9% 9.9% 11.6% 11.5% 12.1% 2Q23 2Q24 3Q23 3Q24 4Q23 4Q24 1Q24 1Q25 13 Nasdaq: APEI

![](tm2516885d1_ex99-1img014.jpg)

Education Unit Profile Note: See note 16 to the financial statements included in the 2024 10 - K. Reflects income (loss) from operations before interest, income taxes, gain (loss) from acquisitions, + depreciation & amortization. Please refer to appendix for GAAP to non - GAAP reconciliation. 1. APUS excludes $2.8MM of losses in 4Q23 and $1.6MM in 2024 related to Loss on Disposal of Long - lived assets and Losses on assets held for sale. 2. Rasmussen excludes a non - cash impairment of $64MM in 2Q23. Also excludes $2.4MM for Collegis transition services expense in 1Q23, $2.9MM for lease termination and campus consolidation expense in 1Q24 and $3.7MM in leas e termination costs in 2024. 3. GSUSA and Corporate combined comprise the Corporate & Other segment, as discussed in footnote 16 within the 2024 10 - K disclosure . Segment Summary ($ in millions) 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 Revenue $74.0 $73.6 $76.4 $79.4 303.3$$80.7 $77.0 $77.0 $82.4 317.0$$83.9 EBITDA $18.5 $20.2 $23.3 $30.5 92.5$$24.3 $19.5 $22.0 $28.4 94.3$$25.2 Margin 25% 28% 30% 38% 30% 30% 25% 29% 35% 30% 30% Revenue $57.5 $52.0 $52.1 $52.6 214.1$$53.1 $53.0 $52.6 $57.5 216.3$$59.3 EBITDA ($4.5) ($7.1) ($5.3) $0.4 (16.5)$($2.7) ($4.7) ($4.5) $5.5 (6.5)$$2.1 Margin -8% -14% -10% 1% -8% -5% -9% -9% 10% -3% 3% Revenue $13.1 $14.3 $13.7 $15.8 56.9$$16.4 $16.4 $15.5 $18.9 67.3$$17.7 EBITDA ($1.0) $0.1 ($0.3) $1.1 (0.1)$$0.0 ($0.4) ($0.3) $1.2 0.6$($0.2) Margin -8% 1% -2% 7% 0% 0% -2% -2% 6% 1% -1% Revenue $5.1 $7.4 $8.6 $5.1 26.2$$4.2 $6.4 $8.0 $5.3 24.0$$3.7 EBITDA ($1.3) $0.8 $1.6 ($1.1) 0.0$($1.1) ($0.7) $1.4 ($0.6) (1.0)$($2.1) Margin -25% 11% 18% -22% 0% -27% -11% 17% -11% -4% -57% Corporate (6.9)$(7.4)$(5.7)$(7.1)$(27.1)$(7.2)$(5.5)$(9.2)$(9.0)$(31.2)$(8.6)$ Consolidated Revenue $149.7 $147.2 $150.8 $152.8 600.5$$154.4 $152.9 $153.1 $164.1 624.6$$164.6 Consolidated EBITDA $4.8 $6.7 $13.4 $23.8 48.7$$13.2 $8.2 $9.4 $25.5 56.2$$16.2 (+) Adjustments 2.2$2.1$4.7$1.9$10.9$3.8$2.7$3.7$6.0$16.2$5.0$ Consolidated Adj. EBITDA 7.0$8.8$18.1$25.7$59.6$17.1$10.9$12.9$31.4$72.4$21.2$ Margin 5% 6% 12% 17% 10% 11% 7% 8% 19% 12% 13% APEI APUS RU HCN GSUSA 14

![](tm2516885d1_ex99-1img015.jpg)

Balance Sheet & Cash Flow 3 Months Ended March 31, 2024 2025 in Millions ($1.0) $7.5 Net income available to common stockholders $17.1 $21.2 Adjusted EBITDA 1 $6.2 $3.9 (-) Capital expenditures $10.8 $17.3 Free cash flow 2 As of March 31, 2024 2025 in Millions $153.2 $187.5 Cash $27.9 $25.9 (-) Restricted cash\* $125.3 $161.6 Unrestricted cash $95.0 $93.7 Term loan $30.3 $67.9 Unrestricted cash, net of debt $39.7 $39.7 Preferred equity 17.8 18.4 Shares outstanding Strong Balance Sheet with $188M in Cash 1. Please refer to appendix for GAAP to non - GAAP reconciliation 2. Free cash flow is defined as Adjusted EBITDA less capex 15 \* The Dept. of Educations has released Rasmussen's $24.5MM letter of credit as of 05/16/2025 and is no longer restricted cash Nasdaq: APEI

![](tm2516885d1_ex99-1img016.jpg)

Summary

![](tm2516885d1_ex99-1img017.jpg)

1. According to the Georgetown University Center on Education and the Workforce (2022) 2. Free cash flow defined as Adjusted EBITDA less Capital Expenditures INVESTMENT HIGHLIGHTS Large Addressable Market Online education expected to increase to >$100 billion in 5 years Solid ROI for Education & Stable Long - Term Demand APUS in top 11% for student return on educational investment 1 Demand for nurses estimated to be 200,000+ per year Improving Performance and Operating Leverage Solid growth, margins and cash flow performance at APUS Rasmussen delivering positive enrollment and leveraging its higher fixed cost base Simplifying Business Operations Consolidating three separate institutions into one university system Plan to redeem preferred equity Reduction or elimination of assets, campus leases and corporate buildings Strong Cash Flow Free cash flow 2 of $51 million in 2024 17

![](tm2516885d1_ex99-1img018.jpg)

Experienced Management Team Angela Selden CEO Steve Somers SVP – Corporate Development Officer Angela Selden was appointed CEO of APEI in September 2019. Ms. Selden brings more than 30 years of experience in technology and technology - enabled services, both within private - equity and publicly traded environments, and has deep experience executing business transformation initiatives for Fortune 500 clients. She was previously CEO and board member of DIGARC, a leading education technology provider to higher education institutions. Steve joined APEI in June of 2020 and is responsible for advancing APEI's business strategy and corporate development initiatives. He has extensive transaction experience, having previously completed over 45 M&A and corporate finance transactions across the Education & Training, e - commerce and Wireless industries. Prior to APEI, Mr. Somers spent almost 10 years in the education industry, serving most recently as VP of Corporate Development at Kaplan, Inc. for 5 years, where he executed over 15 deals as a strategic partner across Kaplan's various business units. Nasdaq: APEI 18

![](tm2516885d1_ex99-1img019.jpg)

Appendix

![](tm2516885d1_ex99-1img020.jpg)

Non - GAAP Disclosures American Public Education is presenting adjusted EBITDA and urges investors to review the reconciliation to the comparable GAAP financial measure that is included in the table below (under the caption "GAAP Net Income to Adjusted EBITDA") and not to rely on any single financial measure to evaluate its business . 20 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 between September 30, 2022 through March 31, 2025 (in thousands) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net income (loss) available to common stockholders (3,762) (6,583) (7,197) (52,719) (4,853) 11,475 (1,019) (1,160) 731 11,505 7,461 Preferred stock dividends - 48 1,457 1,487 1,525 1,539 1,535 1,531 1,531 1,459 1,432 Net (loss) income (3,762) (6,535) (5,740) (51,232) (3,328) 13,014 516 371 2,262 12,964 8,893 Income tax (benefit) expense (860) (1,124) (1,414) (15,137) 3,712 2,124 1,213 (16) 1,236 7,986 2,466 Interest expense, net 3,594 7,389 1,779 1,097 792 791 126 785 631 585 887 Equity investment loss 2 8 5 4 5,224 3 3,327 1,080 - - - Depreciation and amortization 7,982 7,878 7,756 7,953 7,026 5,081 5,128 5,232 5,080 3,863 3,992 EBITDA 6,956 7,616 2,386 (57,315) 13,426 21,013 10,310 7,452 9,209 25,398 16,238 Impairment of goodwill and intangible assets - 2,000 - 64,000 - - - - - - Stock Compensation 1,997 1,306 2,224 2,068 1,733 1,715 1,918 1,823 1,761 2,166 2,263 Loss (gain) on disposals of long-lived assets 178 214 1 32 (16) 537 28 184 23 148 230 M&A - related professional fees 329 328 - - - - - - - - - Other professional fees - - - - - - - - 813 1,404 989 Severance - - - - 2,959 - - 505 25 - - Transition services costs - 3,936 2,403 - - - 1,865 182 1,092 659 - Loss on leases - - - - - - 2,936 779 - - - Loss on assets held for sale - - - - - 2,425 - - - 1,618 1,527 Adjusted EBITDA 9,460 15,400 7,014 8,785 18,102 25,690 17,057 10,925 12,923 31,393 21,247 TTM ADJ EBITDA 40,659 49,301 59,591 69,634 71,774 66,595 72,298 76,488 Revenue 149,535 152,438 149,689 147,214 150,838 152,804 154,432 152,895 153,122 164,110 164,551 TTM Revenue 598,876 600,179 600,545 605,288 610,969 613,253 624,559 634,678 TTM ADJ EBITDA Margin 6.8% 8.2% 9.9% 11.5% 11.7% 10.9% 11.6% 12.1%

![](tm2516885d1_ex99-1img021.jpg)

Thank You Company Steve Somers, CFA Chief Strategy & Corporate Development Officer investorrelations@apei.com Investor Relations Brian M. Prenoveau , CFA MZ Group 561 - 489 - 5315 APEI@mzgroup.us