Investor Presentaiton

Disclosures (continued) apei AMERICAN PUBLIC EDUCATION, INC. American Public Education is presenting adjusted EBITDA in connection with its GAAP outlook and urges investors to review the reconciliation of projected adjusted net income to the comparable GAAP financial measure that is included in the table below (under the caption "GAAP Outlook Net Income to Outlook Adjusted EBITDA") and not to rely on any single financial measure to evaluate its business. 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 September 30, 2023: (in thousands, except per share data) Net loss available to common stockholders Preferred dividends Net loss Income tax benefit Interest expense Depreciation and amortization EBITDA Stock compensation Severance expense Adjusted EBITDA Three Months Ending September 30, 2023 Low High EA (5,681) $ (4,281) 1,488 1,488 (4,193) (2,793) (1,797) (1,197) 2,555 2,555 7,222 7,222 3,787 5,787 1,796 1,796 2,800 2,800 $ 8,383 $ 10,383 18

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