# EDGAR Filing Document

**Accession Number:** 0001201792
**File Stem:** 0001104659-25-109894
**Filing Date:** 2025-11
**Character Count:** 38215
**Document Hash:** cd0f0ce3708369cda36b8622ee7ef81b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-109894.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001104659-25-109894

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20251110

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**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/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33810
- **FILM NUMBER:** 251469623

**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/A**

(Amendment No. 1)

**CURRENT REPORT**

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

**Date of Report (Date of earliest event reported): November 10, 2025**

**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** |
| (Address of principal executive offices) | (Zip Code) |

---

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

**EXPLANATORY NOTE**

On November 10, 2025, American Public Education, Inc. (the "<u>Company</u>") furnished a Current Report on Form 8-K (the "<u>Original 8-K</u>") that attached as Exhibit 99.1 a copy of the Company's press release (the "<u>Press Release</u>") reporting financial results for the three and nine months ended September 30, 2025. The Company issued a corrected version of the Press Release (the "<u>Corrected Press Release</u>"), dated November 10, 2025, to update full year 2025 net income guidance. The Corrected Press Release is furnished as Exhibit 99.1 to this Amendment No. 1 to Form 8-K. Other than the replacement of the Press Release with the Corrected Press Release, no other changes have been made to the Original 8-K.

**Section 9 – Financial Statements and Exhibits**

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

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

---

| | |
|:---|:---|
| [99.1](tm2530981d1_ex99-1.htm) | [Corrected American Public Education, Inc. press release reporting financial results for the three and nine months ended September 30, 2025.](tm2530981d1_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: | November 12, 2025 | By: | /s/ Edward Codispoti |
|  |  |  | Edward Codispoti |
|  |  |  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2530981d1_ex99-1img001.jpg)

**American Public Education Reports Third Quarter 2025 Financial Results that Exceed Top End of Guidance**

*CORRECTION: The previous press release understated full year 2025 Net Income guidance. The updated full year 2025 Net Income guidance has been corrected.*

*Revenue, Net Income, EPS and Adjusted EBITDA All Exceeded Guidance and Prior Year*

CHARLES TOWN, W.V. – November 10, 2025 -- <u>American Public Education, Inc.</u> (Nasdaq: APEI) is a company which, through its three subsidiary education institutions, transforms lives, advances careers and improves communities by providing online and campus-based postsecondary education to approximately 108,000 students. APEI has reported unaudited financial and operating results for the third quarter ended September 30, 2025.

**Key Third Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Consolidated
 revenue for Q3 2025 increased 7% year-over-year to $163.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Revenue
 for the quarter was driven by year-over-year revenue increases of 19% at Hondros College
 of Nursing ("HCN"), 16% at Rasmussen University ("RU"), and 8% at
 American Public University System ("APUS"), partially offset by a decrease of
 90% at GSUSA (sold in July 2025); excluding Graduate School USA ("GSUSA")
 from both periods, revenue would have increased 12% year-over-year **.** 

&nbsp;&nbsp;&nbsp;&nbsp;· Net
 income available to common stockholders for Q3 2025 was $5.6 million, or 660%, higher than
 net income available to common stockholders of $0.7 million in Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted
 EBITDA increased 60% to $20.7 million compared to $12.9 million for Q3 2024, driven by increased
 revenue and margin expansion of 424 bps.

&nbsp;&nbsp;&nbsp;&nbsp;· Cash
 flows from operations increased 56% to $73.5 million from $47.3 million for Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· Strong
 balance sheet with $193.1 million of cash, cash equivalents and restricted cash at September 30,
 2025, simplified capital structure and no net debt.

&nbsp;&nbsp;&nbsp;&nbsp;· Edward
 H. Codispoti joined the Company as its Executive Vice President and Chief Financial Officer
 effective October 20, 2025.

**Management Commentary**

"I am very pleased that we have again exceeded our guidance ranges for all metrics by continuing to grow revenue and enrollment and by expanding margins," said Angela Selden, President and Chief Executive Officer of APEI. "Rasmussen delivered double-digit enrollment growth and positive EBITDA in the third quarter. Strong registrations at APUS also meaningfully contributed to revenue growth and margin expansion."

"In the fourth quarter, campus-based enrollments at Rasmussen continue to accelerate with 13% growth. At APUS, the government shutdown has muted military enrollments. We are pleased that several of the military branches are now authorizing tuition assistance ("TA") benefits through the $100 million of TA funds authorized in the One Big Beautiful Bill Act. Meanwhile, we have implemented various cost savings measures and are continuing to evaluate additional opportunities to mitigate the adverse impacts."

**Third Quarter 2025 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;· **Total consolidated revenue** for the three months ended September 30, 2025, was $163.2 million,
 an increase of $10.1 million, or 6.6%, compared to $153.1 million in the prior year period.
 The increase in revenue was primarily due to an $8.2 million, or 16%, increase in revenue
 in our RU Segment, a $6.2 million, or 8%, increase in our APUS Segment, and a $2.9 million,
 or 19%, increase in our HCN Segment, partially offset by a $7.3 million, or 90%, reduction
 in revenue at GSUSA included in Corporate and Other for the period prior to its sale in July 2025;
 however, excluding GSUSA from the three months ended September 30, 2025, and the prior
 year quarter, revenue for the quarter would have grown 12%.

&nbsp;&nbsp;&nbsp;&nbsp;· **Total costs and expenses** for the three months ended September 30, 2025, were $153.5 million,
 an increase of $4.5 million, or 3.0%, compared to $149.0 million in the prior year period.
 Costs and expenses for the three months ended September 30, 2025, include a $3.9 million
 loss on sale of GSUSA in Corporate and Other and $0.8 million in professional fees in Corporate
 and Other related to the sale of GSUSA and the planned combination of APUS, RU and HCN, $0.6
 million in severance costs in our HCN Segment and Corporate and Other, and a $0.1 million
 loss on leases in our RU Segment, all on a pre-tax basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Instructional costs and services expenses** for the three months ended September 30, 2025, were
 $74.7 million, a decrease of $0.7 million, or 0.9%, as compared to $75.4 million in the prior
 year period due to the sale of GSUSA, and gross margin improvement at both RU (710 bps) and
 APUS (160 bps). Instructional costs and services expenses as a percentage of revenue decreased
 to 45.8% from 49.2% in the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Selling and promotional expenses** for the three months ended September 30, 2025, were $36.1
 million, an increase of $2.7 million, or 8.0%, as compared to $33.5 million in the prior
 year period, due to an increase in advertising costs. Selling and promotional expenses as
 a percentage of revenue increased to 22.1% from 21.9% in the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **General and administrative expenses** for the three months ended September 30, 2025, were
 $34.7 million, a decrease of $0.3 million, or 1.0%, as compared to $35.0 million in the prior
 year period. General and administrative expenses as a percentage of revenue decreased to
 21.3% from 22.9% in the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;· **Net income available to common stockholders** was $5.6 million, or $0.30 per diluted common
 share for the three months ended September 30, 2025, as compared to net income of $0.7
 million, or $0.04 per diluted common share in the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;· **Adjusted EBITDA** was $20.7 million for the three months ended September 30, 2025, as compared
 to $12.9 million in the prior year period. Adjusted EBITDA excludes adjustment for 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.

**Balance Sheet and Liquidity**

**Total cash, cash equivalents, and restricted cash** was $193.1 million at September 30, 2025, as compared to $158.9 million at December 31, 2024, representing an increase of $34.2 million, or 21.5%. Total unrestricted cash and cash equivalents was $191.3 million at September 30, 2025 as compared to $131.9 million at December 31, 2024, an increase of $59.4 million, or 45.0%.

**Registrations and Enrollment**

---

| | | | |
|:---|:---|:---|:---|
|  | Q3 2025 | Q3 2024 | % Change |
| <u>*<u>American Public University System</u>*<sup>1</sup></u> |  |  |  |
| For the three months ended September 30, <br> Net Course Registrations | 100000 | 92500 | 8.1% |
| <u>*<u>Rasmussen University</u>*<sup>2</sup></u> |  |  |  |
| For the three months ended September 30, <br> Total Student Enrollment | 14900 | 13500 | 10.4% |
| <u>*<u>Hondros College of Nursing</u>*<sup>3</sup></u> |  |  |  |
| For the three months ended September 30,<br> Total Student Enrollment | 3700 | 3100 | 17.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;2. RU Total
 Student Enrollment represents students in an active status as of the full-term census or
 billing date.

&nbsp;&nbsp;&nbsp;&nbsp;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.

**Fourth Quarter and Full Year 2025 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.

---

| | | |
|:---|:---|:---|
|  | **Fourth Quarter 2025 Guidance** | **Fourth Quarter 2025 Guidance** |
|  | (Approximate) | (% Yr/Yr Change) |
| APUS Net course registrations | 65,000 to 74,400 | -33% to -23% |
| HCN Student enrollment | 4000 | 9% |
| RU Student enrollment | 15900 | 9% |
| - On-ground Healthcare | 7100 | 13% |
| - Online | 8800 | 6% |
| ($ in millions except EPS) |  |  |
| APEI Consolidated revenue | $150.0 – $153.5 | *-6% to -9%* |
| APEI Net income available to common stockholders | $5.9 – $8.3 | *-28% to -50%* |
| APEI Adjusted EBITDA | $18.5 – $22.0 | *-41% to -30%* |
| APEI Diluted EPS | $0.32 – $0.45 | *-*29% to -49% |

---

---

| | | |
|:---|:---|:---|
|  | <br> **Full Year 2025 Guidance** | <br> **Full Year 2025 Guidance** |
|  | *(Approximate)* | *(% Yr/Yr Change)* |
| ($ in millions) |  |  |
| APEI Consolidated Revenue | $640 – $644 | *2% to 3%* |
| APEI Net income available to common stockholders | $18.6 - $21.0 | *85% to 109%* |
| APEI Adjusted EBITDA | $75 – $79 | *4% to 9%* |
| APEI Capital Expenditure (CapEx) | $15 – $17 | *-19% to -29%* |

---

**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 three months ended September 30, 2025, and 2024, 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 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.

**About American Public Education**

<u>American Public Education, Inc.</u> (Nasdaq: APEI), through its institutions <u>American Public University System</u> (APUS), <u>Rasmussen University</u>, and <u>Hondros College of Nursing</u>, 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 89,000 adult learners worldwide via accessible and affordable higher education.

Rasmussen University is a 125-year-old nursing and health sciences-focused institution that serves approximately 15,900 students across its 20 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 4,000 total students.

Both APUS and Rasmussen are institutionally accredited by the <u>Higher Learning Commission</u> (HLC), an institutional accreditation agency recognized by the U.S. Department of Education. Hondros is accredited by the <u>Accrediting Bureau of Health Education Schools</u> (ABHES).

*\*Based on FY 2023 Department of Defense TA data, as reported by Military Times, and Veterans Administration student enrollment data as of 2024.*

*\*\*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, enrollments, revenues, net income, Adjusted EBITDA and EBITDA, capital expenditures, the growth and profitability of Rasmussen University, plans with respect to recent, current and future initiatives, and the impact of the government shutdown on prospective and current students, the Company, and APUS.

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; 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, including the U.S federal government shutdown that began on October 1, 2025, uncertainties in the estimated impact of the shutdown on APEI 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 APUS, RU, and HCN 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, 2024, 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> Director, Public Relations<br> American Public Education, Inc.<br> <u>ftutalo@apei.com</u><br> 571-358-3042

**Investor Relations**<br> Brian M. Prenoveau, CFA

MZ North America

Direct: 561-489-5315<br> <u>APEI@mzgroup.us</u>

**American Public Education, Inc.**

**Consolidated Statement of Income**

(In thousands, except per share data)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
|  | (unaudited) | (unaudited) |
| Revenue | $163215 | $153122 |
| Costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Instructional costs and services | 74698 | 75401 |
| &nbsp;&nbsp;&nbsp;Selling and promotional | 36139 | 33459 |
| &nbsp;&nbsp;&nbsp;General and administrative | 34689 | 35030 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 3946 | 5080 |
| &nbsp;&nbsp;&nbsp;Loss on sale of subsidiary | 3877 |  |
| &nbsp;&nbsp;&nbsp;Loss on leases | 77 |  |
| &nbsp;&nbsp;&nbsp;Loss on disposals of long-lived assets | 92 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 153518 | 148993 |
| &nbsp;&nbsp;&nbsp;Income from operations before interest and income taxes | 9697 | 4129 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (1069) | (631) |
| &nbsp;&nbsp;&nbsp;Income before income taxes | 8628 | 3498 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 3068 | 1236 |
| &nbsp;&nbsp;&nbsp;Net income | $5560 | $2262 |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends | - | 1531 |
| &nbsp;&nbsp;&nbsp;Net income available to common stockholders | $5560 | $731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income per common share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.31 | $0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.30 | $0.04 |
| &nbsp;&nbsp;&nbsp;Weighted average number of common shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 18070 | 17679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 18755 | 18247 |

---

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **September 30,** | **September 30,** |
| **Segment Information:** | **2025** | **2024** |
| Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;APUS Segment | $83137 | $76981 |
| &nbsp;&nbsp;&nbsp;&nbsp;RU Segment | $60830 | $52604 |
| &nbsp;&nbsp;&nbsp;&nbsp;HCN Segment | $18440 | $15493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and other | $808 | $8044 |
| Income (loss) from operations before |  |  |
| interest and income taxes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;APUS Segment | $25280 | $20765 |
| &nbsp;&nbsp;&nbsp;&nbsp;RU Segment | $(1240) | $(7609) |
| &nbsp;&nbsp;&nbsp;&nbsp;HCN Segment | $(873) | $(771) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and other | $(13470) | $(8256) |

---

**American Public Education, Inc.**

**Consolidated Balance Sheet**

(In thousands)

---

| | | |
|:---|:---|:---|
|  | **As of September 30, 2025** | **As of December 31, 2024** |
|  | **(Unaudited)** |  |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash | $193144 | $158941 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $19,837 in 2025 and $19,280 in 2024 | 43908 | 62465 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 14426 | 13748 |
| &nbsp;&nbsp;&nbsp;Income tax receivable | 7632 | 949 |
| &nbsp;&nbsp;&nbsp;Assets held for sale | - | 24469 |
| Total current assets | 259110 | 260572 |
| Property and equipment, net | 70739 | 73383 |
| Operating lease assets, net | 61596 | 94776 |
| Deferred income taxes | 40075 | 47311 |
| Intangible assets, net | 28221 | 28221 |
| Goodwill | 59593 | 59593 |
| Other assets, net | 5962 | 6247 |
| Total assets | $525296 | $570103 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $7708 | $7847 |
| &nbsp;&nbsp;&nbsp;Accrued compensation and benefits | 30033 | 20546 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 18024 | 13735 |
| &nbsp;&nbsp;&nbsp;Deferred revenue and student deposits | 23952 | 23474 |
| &nbsp;&nbsp;&nbsp;Lease liabilities, current | 11672 | 13553 |
| Total current liabilities | 91389 | 79155 |
| Lease liabilities, long-term | 60203 | 93645 |
| Long-term debt, net | 94368 | 93424 |
| Total liabilities | $245960 | $266224 |
| Stockholders' equity: |  |  |
| Preferred stock, $.01 par value; 10,000,000 shares authorized; 400 shares issued and outstanding in 2024, ($117,439 liquidation preference per share, $46,976 in aggregate, for 2024) (Note 12) |  | 39691 |
| Common stock, $.01 par value; 100,000,000 shares authorized; 18,080,212 issued and outstanding in 2025; 17,712,575 issued and outstanding in 2024 | 181 | 177 |
| Additional paid-in capital | 308290 | 305823 |
| Accumulated other comprehensive loss | (27) | (7) |
| Accumulated deficit | (29108) | (41805) |
| Total stockholders' equity | 279336 | 303879 |
| Total liabilities and stockholders' equity | $525296 | $570103 |

---

**Education Unit Profile**

**Segment Summary**

**($ in millions)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **3Q24** | **3Q25** |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;Revenue | 77.0 | 83.1 |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;Operating Income | 20.8 | 25.3 |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;+ Depreciation and Amortization | 1.2 | 0.9 |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | 22.0 | 26.2 |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA Margin | 29% | 32% |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  |  |  |  |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;Revenue | 52.6 | 60.8 |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;Operating Income | (7.6) | (1.2) |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;+ Depreciation and Amortization | 3.1 | 2.0 |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | (4.5) | 0.8 |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA Margin | -9% | 1% |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  |  |  |  |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;Revenue | 15.5 | 18.4 |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;Operating Income | (0.8) | (0.8) |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;+ Depreciation and Amortization | 0.5 | 0.5 |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | (0.3) | (0.3) |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA Margin | -2% | -2% |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  |  |  |  |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;Revenue | 8.0 | 0.8 |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;Operating Income | (8.1) | (13.5) |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;+ Depreciation and Amortization | 0.3 | 0.4 |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | (7.8) | (13.1) |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA Margin | -98% | -1638% |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  |  |  |  |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;Consolidated Revenue | 153.1 | 163.2 |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;Consolidated EBITDA | 9.2 | 13.6 |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;+ Adjustments | 3.7 | 7.1 |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Adjusted EBITDA | 12.9 | 20.7 |
| <br>![](tm2530981d1_ex99-1img002.jpg)<br>![](tm2530981d1_ex99-1img003.jpg) <br>![](tm2530981d1_ex99-1img004.jpg) <br>![](tm2530981d1_ex99-1img005.jpg) <br>![](tm2530981d1_ex99-1img006.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA Margin | 8% | 13% |

---

1. Operating Income reflects income (loss) from opoerations before interest, income taxes in note 9 of the financial statements in our Q3 2025 10-Q.

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

**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 and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| <br>(in thousands) | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) available to common stockholders | $5560 | $731 | $12697 | $(1448) |
| Preferred dividends |  | 1531 | 2751 | 4597 |
| Loss on redemption of preferred stock | - | - | 3501 | - |
| Net income | $5560 | $2262 | $18949 | $3149 |
| Income tax expense | 3068 | 1236 | 6955 | 2433 |
| Interest expense, net | 1069 | 631 | 3064 | 1542 |
| Equity investment loss |  |  |  | 4407 |
| Depreciation and amortization | 3946 | 5080 | 12026 | 15440 |
| **EBITDA** | 13643 | 9209 | 40994 | 26971 |
| Loss on assets held for sale |  |  | 1527 |  |
| Loss on leases | 77 |  | 77 | 3715 |
| Loss on sale of subsidiary | 3362 |  | 3362 |  |
| Other professional fees | 801 | 813 | 3505 | 813 |
| Stock compensation | 1634 | 1761 | 6135 | 5502 |
| Loss on disposals of long-lived assets | 92 | 23 | 357 | 235 |
| Transition services costs |  | 1092 |  | 3139 |
| Severance | 1083 | 25 | 1083 | 530 |
| Adjusted EBITDA | $20692 | $12923 | $57040 | $40905 |

---

**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 December 31, 2025 and twelve months ending December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ending** | **Three Months Ending** | **Twelve Months Ending** | **Twelve Months Ending** |
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| <br>(in thousands) | **Low** | **High** | **Low** | **High** |
| **Net income available to common stockholders** | $**5871** | $**8321** | $**18568** | $**21018** |
| Preferred dividends |  |  | 2751 | 2751 |
| Loss on redemption of preferred stock | - | - | 3501 | 3501 |
| **Net Income** | **5871** | **8321** | **24820** | **27270** |
| Income tax expense | 2516 | 3566 | 9471 | 10521 |
| Interest expense | 1387 | 1387 | 4451 | 4451 |
| Loss on minority investment |  |  |  |  |
| Depreciation and amortization | 3945 | 3945 | 15971 | 15971 |
| **EBITDA** | **13719** | **17219** | **54713** | **58213** |
| Loss on assets held for sale | **-** | **-** | 1527 | 1527 |
| Loss on leases | **-** | **-** | 77 | 77 |
| Loss on sale of subsidiary | **-** | **-** | 3362 | 3362 |
| Stock compensation | 1932 | 1932 | 8067 | 8067 |
| Other professional fees | 200 | 200 | 3705 | 3705 |
| Loss on disposals of long-lived assets |  |  | 357 | 357 |
| Severance | 2649 | 2649 | 3732 | 3732 |
| **Adjusted EBITDA** | $**18500** | $**22000** | $**75540** | $**79040** |

---