Investor Presentaiton

Appendix: Disclosures AMERICAN PUBLIC EDUCATION, INC. apei American Public Education is presenting adjusted EBITDA in connection with its GAAP results 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 Net Income to 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 and twelve months ended December 31, 2021 and 2020: Three Months Ended December 31, Twelve Months Ended December 31, (in thousands, except per share data) 2021 2020 2021 2020 Net income 9,381 $ 7,071 17,752 18,822 Income tax expense 4,002 2,729 7,511 7,020 Interest expense (income) 3,110 (90) 4,277 (1,092) Equity investment loss 4 5 831 7 Depreciation and amortization EBITDA 8,271 3,029 17,832 12,984 24,768 12,744 48,203 37,741 Stock Compensation 1,685 1,810 7,654 7,075 M&A - related professional fees Loss on disposals of long-lived assets Adjusted EBITDA 1,100 109 1,282 851 1,791 1,153 7,574 4,956 $ 29,344 $ 15,816 64,713 50,623 13

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