# EDGAR Filing Document

**Accession Number:** 0001201792
**File Stem:** 0001104659-26-058617
**Filing Date:** 2026-5
**Character Count:** 28523
**Document Hash:** cd4fd7614f6007e5ffb85ef4f6dd500f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-058617.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001104659-26-058617

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260511

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**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:** 26963021

**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): **May 11, 2026**

**American Public Education, Inc.**

(Exact name of registrant as specified in its charter)

---

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

---

---

| | |
|:---|:---|
| &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:

---

| |
|:---|
| 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:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which<br> 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 2 – Financial Information**

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On May 11, 2026, American Public Education, Inc. (the "<u>Company</u>") issued a press release reporting financial results for the three ended March 31, 2026. A copy of the Company's press release is attached to this report as Exhibit 99.1 and is incorporated in this report by reference. The Company has scheduled a webcast for 5:00 p.m. ET on May 11, 2026, to discuss its financial results.

**Section 9 – Financial Statements and Exhibits**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Exhibits** 

---

| | |
|:---|:---|
| [99.1](tm2613959d1_ex99-1.htm) | [American Public Education, Inc. press release dated May 11, 2026, reporting financial results for the three ended March 31, 2026.](tm2613959d1_ex99-1.htm) |
| 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: May 11, 2026 | By: | /s/ Edward Codispoti |
|  |  | Edward Codispoti |
|  |  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](image_005.jpg)

**American Public Education Reports First Quarter 2026 Financial Results and Raises 2026 Full-Year Guidance**

CHARLES TOWN, W.V. – May 11, 2026 -- American Public Education, Inc. (the "Company") (Nasdaq: APEI), a company that transforms lives, advances careers and improves communities by providing online and campus-based postsecondary education to approximately 109,000 students, has reported financial and operational results for the first quarter ended March 31, 2026.

"In the first quarter, we delivered strong results across our key financial metrics. We also took a significant step forward in the institutional combination when we received Higher Learning Commission approval on April 28 to consolidate our APUS, Rasmussen and Hondros College of Nursing programs, locations and operations into a single accredited institution. We remain on pace to complete our planned institutional combination at the start of the third quarter," said Angela Selden, President and Chief Executive Officer of APEI.

Selden concluded, "Q1 2026 is the first quarter of a four-year strategic plan, and the strength of our results gives us the confidence to raise our full-year 2026 guidance on both revenue and adjusted EBITDA. We believe the foundation is built, the strategy is working, and we are just getting started."

**Key First Quarter 2026 Highlights (as Compared to First Quarter 2025)**

&nbsp;&nbsp;&nbsp;&nbsp;· Consolidated revenue of $174.7 million, a 6.2% year-over year increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Excluding the effect of the sale of GSUSA in July 2025, consolidated revenue would have increased 8.7% when compared to the prior
period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Health+ segment revenue growth of 11.0% year-over-year to $85.4 million, primarily driven by increased enrollments and modest price
increases **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Military+ segment revenue growth of 6.5% year-over-year to $89.4 million, primarily driven by increased registrations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Net income available to common stockholders increased 137.6% to a record $17.7 million, compared to $7.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted EBITDA increased 37.5% to $29.2 million, compared to $21.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;· Net income per diluted common share increased 129.3% to $0.94, compared to $0.41.

&nbsp;&nbsp;&nbsp;&nbsp;· Opened a new Rasmussen University campus in Orlando, Florida, introducing the University's Practical Nursing Diploma (LPN) program
to the Orlando market for the first time.

&nbsp;&nbsp;&nbsp;&nbsp;· Cash Flows from Operations increased 71.1% to $63.3 million.

**Balance Sheet and Liquidity**

&nbsp;&nbsp;&nbsp;&nbsp;· **Total cash, cash equivalents, and restricted cash** were $221.0 million at March 31, 2026, compared
to $176.5 million at December 31, 2025, representing an increase of $44.5 million, or 25.2%.

**Debt Refinancing and Repurchase Program**

&nbsp;&nbsp;&nbsp;&nbsp;· On March 9, 2026, the Company refinanced debt, reducing its borrowing rate by 375 basis points at then-current
leverage levels. The reduction, combined with a reduction in principal, is expected to generate approximately $3.7 million in annual interest
expense savings (excluding debt cost amortization).

&nbsp;&nbsp;&nbsp;&nbsp;· On March 10, 2026, the Company's Board of Directors authorized a share
repurchase program of up to $50 million in the aggregate of the Company's common stock. The program replaces the Company's
prior repurchase authorizations. The Company repurchased a total of 17,840 shares through the end of the first quarter.

**Registrations and Enrollment**

---

| | | | |
|:---|:---|:---|:---|
|  | <u>Q1 2026</u> | <u>Q1 2025</u> | <u>% Change</u> |
| *<u>Military+</u><sup>1</sup>* |  |  |  |
| For the three months ended March 31, |  |  |  |
| Net Course Registrations | 106600 | 102500 | 4.0% |
| *<u>Health+</u> <sup>2</sup>* |  |  |  |
| For the three months ended March 31, |  |  |  |
| Total Student Enrollment | 19400 | 18000 | 7.8% |

---

1. Military+ 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. Health+ Total Student Enrollment represents students in an active status as of the full-term census or billing date.

**Second Quarter and Full Year 2026 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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**In millions, except enrollment, net registrations and per share data** | &nbsp;&nbsp;**Second Quarter 2026** | &nbsp;&nbsp;**Second Quarter 2025** |
| &nbsp;&nbsp;Military+ Net registrations | &nbsp;&nbsp;98,300-100,300 +2.0-4.0% y/y | &nbsp;&nbsp;96400 |
| &nbsp;&nbsp;Health+ Enrollment | &nbsp;&nbsp;19,600 +7.1% y/y | &nbsp;&nbsp;18300 |
| &nbsp;&nbsp;Revenue | &nbsp;&nbsp;$170.0 - $172.0 | &nbsp;&nbsp; $162.8<br> Includes $3.4 of GSUSA Revenue |
| &nbsp;&nbsp;Net Income (Loss) Available to Common Stockholders | &nbsp;&nbsp;$6.5 - $7.5 | &nbsp;&nbsp;($0.3) |
| &nbsp;&nbsp;Adjusted EBITDA | &nbsp;&nbsp;$16.5 - $18.0 | &nbsp;&nbsp;$15.1 |
| &nbsp;&nbsp;Diluted Earnings per Share | &nbsp;&nbsp;$0.34 per - $0.39 per share | &nbsp;&nbsp;($0.02) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**In millions, except per share data** | &nbsp;&nbsp;**Full Year 2026** | &nbsp;&nbsp;**Full Year 2025** |
| &nbsp;&nbsp;Revenue | &nbsp;&nbsp;$686.0 - $696.0 | &nbsp;&nbsp; $648.9<br> Includes $8.0 of GSUSA Revenue |
| &nbsp;&nbsp;Net Income Available to Common Stockholders | &nbsp;&nbsp;$44.9 - $51.6 | &nbsp;&nbsp;$25.3 |
| &nbsp;&nbsp;Adjusted EBITDA | &nbsp;&nbsp;$93.0 - $102.0 | &nbsp;&nbsp;$85.7 |
| &nbsp;&nbsp;Diluted Earnings per Share | &nbsp;&nbsp;$2.33 per - $2.68 per share | &nbsp;&nbsp;$1.36 per share |
| &nbsp;&nbsp;Capital Expenditures | &nbsp;&nbsp;$28.0 - $32.0 | &nbsp;&nbsp;$15.9 |

---

**First Quarter 2026 Earnings Call**

The Company will hold a conference call on Monday, May 11, 2026, at 5:00 PM Eastern Time to discuss its financial results for the first quarter ended March 31, 2026.

**Date**: Monday, May 11, 2026

**Time:** 5:00 PM Eastern Time (2:00 PM Pacific Time)

**USA International Toll Dial-in:** +1 (646) 307-1963

**USA – Toll-Free Dial-in:** (800) 715-9871

**Conference ID:** 60598

**Webcast:** <u>1Q26 Webcast Link</u>

The Company will also provide a link on its website at <u>https://www.apei.com/overview/default.aspx</u> for those who wish to stream the call via webcast. If dialing in, please call the conference telephone number 5 to10 minutes prior to the start time.

A replay of the conference call will also be available through the Company's website through May 25, 2026.

**Non-GAAP Financial Measures**

This press release contains the non-GAAP financial measures of EBITDA (earnings before interest, taxes, depreciation, and amortization), adjusted EBITDA (EBITDA less non-cash expenses such as stock compensation and non-recurring expenses), adjusted EBITDA margin, segment EBITDA, and segment EBITDA margin. 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 three months ended March 31, 2026, and 2025, adjusted EBITDA excludes stock compensation, loss on disposals of long-lived assets, loss on sale of subsidiary, transition services, severance expense, other professional fees, and loss on leases.

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 are included in the tables following this press release (under the captions "GAAP Net Income to Adjusted EBITDA" "GAAP Outlook Net Income to Outlook Adjusted EBITDA" and "Education Unit Profile – Segment Summary") and not to rely on any single financial measure to evaluate its business.

**About American Public Education**

American Public Education, Inc. (Nasdaq: APEI), through its two segments, Military+ and Health+, provides education that transforms lives, advances careers, and improves communities.

Military+ provides online postsecondary education to approximately 89,500 adult learners, directed primarily at the needs of military, veterans, extended military and veteran families, and other public service and service-minded communities through American Public University System, which includes: American Military University and American Public University.

Health+ provides nursing- and health sciences-focused postsecondary education to approximately 19,400 students at 27 campuses in eight states and online through Rasmussen University and Hondros College of Nursing.

Both American Public University System and Rasmussen University are institutionally accredited by the Higher Learning Commission (HLC), an institutional accreditation agency recognized by the U.S. Department of Education. Hondros College of Nursing is accredited by the Accrediting Bureau of Health Education Schools (ABHES).

**Forward Looking Statements**

Statements made in this press release 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. Forward-looking statements include, without limitation, statements regarding expectations for growth, registration, enrollments, demand, revenues, net income, earnings per share, EBITDA, adjusted EBITDA, adjusted EBITDA margin, debt refinancing and share repurchase program, the growth and profitability of APEI, and related growth strategies, and plans with respect to and future impacts of recent, current and future initiatives, including the planned combination of American Public University System, Rasmussen University and Hondros College of Nursing into one consolidated institution.

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, or adverse actions relating to, 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; changes in the post-secondary 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 and uncertainties in the estimated impacts of any such shutdowns on APEI and Military+ and its prospective and current students, and APEI's inability to mitigate these impacts; government budget and federal workforce uncertainty; the impact, timing, and projected benefits of the planned combination of American Public University System, Rasmussen University, and Hondros College of Nursing into one consolidated institution; 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; 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 Title IV or TA programs or the reduction, elimination, or suspension of federal funds; 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, including the refinancing thereof; 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 intended benefits of APEI's cost savings and reduction and revenue generating 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, 2025, 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.

**Company Contact**<br> Frank Tutalo<br> Associate Vice President, Public Relations

<br> American Public Education, Inc.<br> ftutalo@apei.com

**Investor Relations** <br> Shannon Devine

MZ North America

Direct: 203-858-8811<br> <u>APEI@mzgroup.us</u>

---

| |
|:---|
| &nbsp;&nbsp;**American Public Education, Inc.** |
| &nbsp;&nbsp;**Consolidated Statement of Income** |
| &nbsp;&nbsp;(In thousands, except per share data) |

---

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
|  | (unaudited) | |
| &nbsp;&nbsp;&nbsp;Revenue | $174738 | $164551 |
| &nbsp;&nbsp;&nbsp;Costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Instructional costs and services | 74630 | 74944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling and promotional | 37867 | 35205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 36290 | 36407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 4154 | 3992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on assets held for sale |  | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposals of long-lived assets | 154 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total costs and expenses | 153095 | 152305 |
| &nbsp;&nbsp;&nbsp;Income from operations before |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest and income taxes | 21643 | 12246 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | (1672) |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (725) | (887) |
| &nbsp;&nbsp;&nbsp;Income before income taxes | 19246 | 11359 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 1515 | 2466 |
| &nbsp;&nbsp;&nbsp;Net income | $17731 | $8893 |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends | - | 1432 |
| &nbsp;&nbsp;&nbsp;Net income available to common stockholders | $17731 | $7461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income per common share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.97 | $0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.94 | $0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 18282 | 17840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 18804 | 18417 |

---

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| **Segment Information:** | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Military+ Segment | $89443 | $83946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health+ Segment | $85356 | $76927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate and other<sup>1</sup> | $(61) | $3678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations before |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;interest and income taxes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Military+ Segment | $30718 | $24126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health+ Segment | $517 | $(818) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate and other | $(9592) | $(11062) |

---

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.

---

| |
|:---|
| &nbsp;&nbsp;**American Public Education, Inc.** |
| &nbsp;&nbsp;**Consolidated Balance Sheet** |
| &nbsp;&nbsp;(In thousands) |

---

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2026** | **As of December 31, 2025** |
| **ASSETS** | **(Unaudited)** | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash | $220998 | $176499 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $21,820 in 2026 and $21,113 in 2025 | 38710 | 65662 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 19152 | 14197 |
| &nbsp;&nbsp;&nbsp;Income tax receivable | 3267 | 3458 |
| Total current assets | 282127 | 259816 |
| Property and equipment, net | 68800 | 70598 |
| Operating lease assets, net | 54925 | 57686 |
| Deferred income taxes | 38247 | 39176 |
| Intangible assets, net | 28221 | 28221 |
| Goodwill | 59593 | 59593 |
| Other assets, net | 6001 | 6328 |
| Total assets | $537914 | $521418 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $8138 | $4822 |
| &nbsp;&nbsp;&nbsp;Accrued compensation and benefits | 22317 | 22463 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 22643 | 13375 |
| &nbsp;&nbsp;&nbsp;Deferred revenue and student deposits | 25193 | 23016 |
| &nbsp;&nbsp;&nbsp;Lease liabilities, current | 11182 | 11374 |
| &nbsp;&nbsp;&nbsp;Long-term debt, current | 5063 | - |
| Total current liabilities | 94536 | 75050 |
| Lease liabilities, long-term | 54010 | 56921 |
| Long-term debt, net | 83203 | 94665 |
| Total liabilities | $231749 | $226636 |
| Stockholders' equity: |  |  |
| Common stock, $.01 par value; 100,000,000 shares authorized; 18,411,154 issued and outstanding in 2026; 18,125,860 issued and outstanding in 2025 | 184 | 181 |
| Additional paid-in capital | 305750 | 311119 |
| Accumulated other comprehensive loss |  | (18) |
| Retained earnings (accumulated deficit) | 231 | (16500) |
| Total stockholders' equity | 306165 | 294782 |
| Total liabilities and stockholders' equity | $537914 | $521418 |

---

---

| |
|:---|
| **Segment Summary** |
| **($ in millions)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | 1Q26 | 1Q25 |
|  | Revenue | $89.4 | $83.9 |
| ![](image_001.jpg) | Operating Income<sup>1</sup> | 30.7 | 24.1 |
| ![](image_001.jpg) | + Depreciation and Amortization | 1 | 1 |
| ![](image_001.jpg) | &nbsp;&nbsp;&nbsp;EBITDA | $31.8 | $25.2 |
|  | &nbsp;&nbsp;&nbsp;EBITDA Margin | 36% | 30% |
|  | Revenue | $85.4 | $76.9 |
| ![](image_002.jpg) | Operating Income<sup>1</sup> | 0.5 | (0.8) |
| ![](image_002.jpg) | + Depreciation and Amortization | 2.7 | 2.6 |
| ![](image_002.jpg) | &nbsp;&nbsp;&nbsp;EBITDA | $3.2 | $1.9 |
|  | &nbsp;&nbsp;&nbsp;EBITDA Margin | 4% | 2% |
|  | Revenue | $- | $3.7 |
| ![](image_003.jpg) | Operating Income<sup>1</sup> |  | (2.2) |
| ![](image_003.jpg) | + Depreciation and Amortization | - | 0.1 |
| ![](image_003.jpg) | &nbsp;&nbsp;&nbsp;EBITDA | $- | $(2.1) |
| **Corporate**  | &nbsp;&nbsp;&nbsp;EBITDA <sup>3</sup> | $(9.2) | $(8.6) |
| **Corporate**  |  |  |  |
|  | Consolidated Revenue | $174.7 | $164.6 |
| ![](image_004.jpg) | Consolidated EBITDA | 25.8 | 16.2 |
| ![](image_004.jpg) | + Adjustments <sup>2</sup> | 3.4 | 5 |
| ![](image_004.jpg) | &nbsp;&nbsp;&nbsp;Consolidated Adjusted EBITDA | $29.2 | $21.2 |
|  | &nbsp;&nbsp;&nbsp;Adjusted EBITDA Margin | 17% | 13% |

---

1. Operating
Income reflects income (loss) from operations before interest, income taxes in our Q1 2026 10-Q.

2. Adjustments
include stock compensation expense, loss on disposals of long-lived assets, loss on assets held for sale, and other professional fees.

3. Corporate
results include unallocated corporate activity and eliminations.

**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 March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| <br>*(in thousands)* | **2026** | **2025** |
| Net income available to common stockholders | $17731 | $7461 |
| Preferred dividends | - | 1432 |
| Net income | 17731 | 8893 |
| Income tax expense | 1515 | 2466 |
| Interest expense, net | 725 | 887 |
| Loss on extinguishment of debt | 1672 |  |
| Depreciation and amortization | 4154 | 3992 |
| **EBITDA** | 25797 | 16238 |
| Loss on assets held for sale |  | 1527 |
| Other professional fees | 943 | 989 |
| Stock compensation | 2327 | 2263 |
| Loss on disposals of long-lived assets | 154 | 230 |
| **Adjusted EBITDA** | $29221 | $21247 |

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**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 June 30, 2026 and twelve months ending December 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ending** | **Three Months Ending** | **Twelve Months Ending** | **Twelve Months Ending** |
| | **June 30, 2026** | **June 30, 2026** | **December 31, 2026** | **December 31, 2026** |
| <br>*(in thousands)* | **Low** | **High** | **Low** | **High** |
| **Net Income** | $**6475** | $**7493** | $**44927** | $**51595** |
| Income tax expense | 3071 | 3553 | 16299 | 18631 |
| Interest income, net | (400) | (400) | (300) | (300) |
| Loss on extinguishment of debt |  |  | 1672 | 1672 |
| Depreciation and amortization | 4154 | 4154 | 18102 | 18102 |
| **EBITDA** | **13300** | **14800** | **80700** | **89700** |
| Stock compensation | 2100 | 2100 | 8700 | 8700 |
| Other professional fees | 1100 | 1100 | 3400 | 3400 |
| Other | - | - | 200 | 200 |
| **Adjusted EBITDA** | $**16500** | $**18000** | $**93000** | $**102000** |

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