Investor Presentaiton
Appendix: 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
adjusted net income to the comparable GAAP financial measures 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 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 months
ending March 31, 2022:
(in thousands, except per share data)
Net income
Income tax expense
Interest expense (income)
Equity investment loss (income)
Depreciation and amortization
EBITDA
Stock Compensation
M&A and integration - related professional fees
Adjusted EBITDA
Three Months Ending
March 31, 2022
Low
High
EA
$
2,260 $
3,310
970
1,420
3,370
3,370
7,940
7,940
14,540
16,040
2,450
2,450
700
1,300
$
17,690 $
19,790
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