CHARLES TOWN, W.Va., March 2, 2022 /PRNewswire/ — American Public Education, Inc. (Nasdaq: APEI) announced financial results for the quarter and full year ended December 31, 2021.
Fourth Quarter Highlights:
- Consolidated revenue increased 79.3% year-over-year to $154.0 million
- Net income for the period was $9.4 million, compared to net income of $7.1 million for the three months ended December 31, 2021, an increase of $2.3 million
- Adjusted EBITDA increased 85.5% year-over-year to $29.3 million
- APEI completed its acquisition of Graduate School USA, a federal workforce training provider, on January 1, 2022
Full Year Highlights:
- Consolidated revenue increased 30.1% year-over-year to $418.8 million
- Net income for the period was $17.8 million, compared to net income of $18.8 million for the three months ended December 31, 2021, a decrease of $1.0 million
- Adjusted EBITDA increased 27.8% year-over-year to $64.7 million
Results of operations for the three and twelve months ended December 31, 2021 include the results of Rasmussen University (“RU”) from September 1, 2021 (the “Closing Date”) through December 31, 2021. APEI did not consolidate the financial results of RU prior to the Closing Date. Accordingly, the financial results of each period presented are not directly comparable.
Financial Results:
Three months ended December 31, 2021 compared to three months ended December 31,…
