Investor Presentaiton
Fourth Quarter and Full Year 2021 Financial Highlights
Financial Summary
Three Months Ended
apei
AMERICAN PUBLIC
EDUCATION, INC.
Capitalization and Liquidity
December 31,
Year Ended
December 31,
Dec. 31, 2020
Dec. 31, 2021
($ in 000s)
2021
2020 % Change
2021
2020 % Change
Term Loan
$172,813
($ in millions)
Revolver, drawn
APUS Revenue (1)
73.4
75.6
-3%
283.7
285.9
-1%
Total Debt
$172,813
Rasmussen Revenue
68.4
N/A
89.5
N/A
Unrestricted Cash
226,486
122,627
HCN Revenue
12.3
10.4
18%
45.8
36.1
27%
Net Debt
$50,186
Corporate, other, and Eliminations
(1)
(0.0)
(0.1)
NM
(0.2)
(0.2)
NM
Total revenue
154.0
85.9
79%
418.8
321.8
30%
Net income (loss)
Adjusted EBITDA (2)
EPS (diluted)
9.4
7.1
33%
17.8
18.8
-6%
29.3
15.8
86%
64.7
50.6
28%
0.50
0.47
6%
0.97
1.25
-22%
(1) During the third quarter of 2021, we revised our reportable segments and updated the results for the prior period to conform to the current period
presentation.
(2) EBITDA plus stock comp, loss on disposal of long-lived assets, and M&A-related professional and integration fees. Please refer to appendix for GAAP to
Non-GAAP reconciliation.
Solid liquidity position:
$123 million of unrestricted cash
• $20 million undrawn revolver
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