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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 9
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