← AMERICAN PUBLIC EDUCATION INC

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent $24.2m $21.1m $25.6m $10.0m $18.8m $17.8m ($115.0m) ($47.3m) $16.1m $31.6m
Net Income (Loss) Available to Common Stockholders, Basic — — — — — — ($115.0m) ($53.3m) $10.1m $25.3m
Depreciation and amortization $19.4m $18.8m $17.5m $15.6m $13.0m $17.8m $32.1m $27.8m $19.3m $16.1m
Amortization $710k $598k $563k $300k $0 — — — — —
Amortization of Debt Issuance Costs — — — $0 $0 $885k $6.5m $1.6m $1.5m $1.3m
Amortization of Intangible Assets — — — — — — $15.8m $12.2m $3.3m —
Depreciation $18.7m $18.2m $16.9m $15.3m $13.0m $12.7m $16.2m $15.6m $16.0m $16.1m
Deferred Income Tax Expense (Benefit) ($455k) ($2.5m) ($917k) ($2.0m) ($811k) $5.5m ($42.7m) ($15.5m) $4.6m $8.1m
Share-based Payment Arrangement, Noncash Expense $5.2m $6.2m $7.2m $6.0m $7.1m $7.7m $8.0m $7.7m $7.7m $8.4m
Share-based Payment Arrangement, Expense $5.2m $6.2m $7.2m $6.0m $7.1m $7.7m $8.0m $7.7m $7.7m $8.4m
Equity Method Investment, Other than Temporary Impairment — — — — $0 — — — — —
Gain (Loss) on Sale of Assets and Asset Impairment Charges $823k — — — — $0 $0 ($2.4m) $1.6m $1.5m
Goodwill and Intangible Asset Impairment — — — — $0 $0 $146.9m $64.0m $0 $0
Goodwill, Impairment Loss $4.7m $0 $0 $7.3m $0 $0 $131.4m $53.0m $0 $0
Impairment of Intangible Assets (Excluding Goodwill) $0 $0 $0 $0 $0 $0 $15.5m $26.5m $26.5m $0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) — — — — $0 $0 $15.5m $26.5m $26.5m $0
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property ($4.0m) — ($882k) ($556k) ($851k) ($1.3m) ($1.2m) ($554k) ($383k) ($444k)
Gain (Loss) on Disposition of Assets ($5.1m) ($2.1m) — — — — — — — —
Income (Loss) from Equity Method Investments $703k ($2.4m) — — ($7k) ($831k) ($21k) ($5.2m) ($4.4m) $0
Income Tax Expense (Benefit) $14.9m $11.5m $9.3m $5.2m $7.0m $7.5m ($36.3m) ($10.7m) $10.4m $12.1m
Operating Lease, Expense — — — $2.6m $2.9m $7.5m $19.9m $20.7m $18.9m $16.9m
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Accounts Receivable ($968k) $187k $6.9m ($2.7m) $6.3m $7.6m $2.0m $8.6m $11.5m $5.3m
Increase (Decrease) in Accounts Payable $589k $2.0m $266k ($5.6m) ($86k) $8.0m ($10.2m) $4.9m ($816k) ($1.9m)
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal ($5.1m) ($2.1m) ($900k) ($600k) — — — — — ($1.5m)
Gain (Loss) on Termination of Lease — — — — — — — — ($3.7m) ($77k)
General and Administrative Expense $68.7m $69.0m $74.5m $78.1m $88.0m $103.4m $120.4m $128.2m $142.0m $144.6m
Goodwill $33.9m $33.9m $33.9m $26.6m $26.6m $243.5m $112.6m $59.6m $59.6m $59.6m
Proceeds from Stock Options Exercised $118k $98k $0 $0 — — — — $67k $1.2m
Net Cash Provided by (Used in) Operating Activities $56.0m $47.9m $44.2m $38.4m $44.8m $16.3m $29.2m $45.5m $48.9m $62.0m
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment $13.8m $10.9m $9.4m $7.3m $4.9m $11.8m $16.4m $13.9m $21.1m $15.9m
Payments to Acquire Businesses, Net of Cash Acquired — — — — — — — — — $2.3m
Payments for (Proceeds from) Other Investing Activities $2.6m $3.9m — — — — — — — —
Net Cash Provided by (Used in) Investing Activities ($13.5m) ($13.6m) ($9.4m) ($7.3m) ($4.2m) ($336.7m) ($13.7m) ($13.8m) ($21.1m) $4.8m
Cash flows from financing activities:
Proceeds from Issuance of Long-term Debt — — — — — $175.0m $0 $0 — —
Repayments of Long-term Debt — — — — — $2.2m $73.9m $114k $3.0m $213k
Proceeds from Issuance of Common Stock — $98k $0 $0 — $86.2m $0 $0 — —
Payments for Repurchase of Common Stock $847k $1.6m $1.8m $40.5m $15.7m $3.0m $1.5m $10.7m $4.2m $4.3m
Net Cash Provided by (Used in) Financing Activities ($1.8m) ($1.5m) ($1.8m) ($40.5m) ($15.7m) $242.3m ($35.7m) ($16.9m) ($13.2m) ($49.2m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect $40.6m $32.9m $32.9m ($9.4m) $24.9m ($78.1m) ($20.2m) $14.9m $14.6m $17.6m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $40.6m $32.9m $212.1m $202.7m $227.7m $149.6m $129.5m $144.3m $158.9m $176.5m
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities — — — $0 $0 $3.7m $12.5m $10.6m $10.7m $9.6m
Income Taxes Paid, Net $16.6m $12.8m $12.7m $8.0m $5.9m $7.5m $4.0m $2.4m $6.3m $2.4m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.