American Public Education (APEI) Issues 2022 Guidance and Supplemental Financial Information

September 22, 2022 4:38 PM EDT

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American Public Education, Inc. (Nasdaq: APEI) today initiated second half- and full-year 2022 guidance and issued a supplemental financial presentation.

Financial Supplement Highlights:

  • Consolidated 2022 revenue is expected to be $600 million to $610 million
  • Consolidated 2022 adjusted EBITDA is expected to be $53 million to $59 million
  • Pro forma 2022 adjusted EBITDA is expected to be $70 million to $76 million

APEI's supplemental financial presentation published today can be found under Events & Presentations on and as an exhibit to the Current Report on Form 8-K that APEI furnished with the Securities and Exchange Commission on September 22, 2022.

2022 Outlook:

The guidance highlighted above and the following statements are forward-looking statements based on APEI's current expectations. These statements are forward-looking and actual results may differ materially from those expressed or implied in these statements. APEI undertakes no obligation to update publicly any forward-looking statements for any reason unless required by law. See "Forward-Looking Statements" below and refer to APEI's supplemental financial presentation for further details.

2022 Guidance1

($ in millions)

Second Half 2022

Full Year 2022

APEI Consolidated Revenue

$295.6 to $305.6

$600.0 to $610.0


$21.1 to $27.1

$53.0 to $59.0

Pro forma Adjusted EBITDA(1)

$70.0 to $76.0

(1)Pro forma Adjusted EBITDA = Adjusted EBITDA plus $15 million in cost savings run-rate and one-time items (annualized estimated cost savings for savings in labor costs expected to occur in the fourth quarter of 2022 and one-time 2022 transition and integration items for Graduate School USA) plus $2 million in annualized non-recurring marketing costs (estimated marketing cost savings from in-sourcing marketing-related execution services in 2022)

Non-GAAP Financial Measures:

This press release contains the non-GAAP financial measure of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization less non-cash expenses such as stock compensation and non-recurring expenses) and pro forma adjusted EBITDA (adjusted EBITDA plus annualized cost savings and one-time items plus non-recurring marketing costs). APEI believes that the use of these measures is useful because they allow investors to better evaluate APEI's operating profit and cash generation capabilities.

Each of these measures excludes non-cash impairment charges, the adjustment to the gain on acquisition, non-cash compensation expense, loss on disposals of long-lived assets, and M&A-related professional fees.

These non-GAAP measures should not be considered in isolation or as an alternative to measures determined in accordance with generally accepted accounting principles in the United States (GAAP). The principal limitation of our non-GAAP measures are that they exclude expenses that are required by GAAP to be recorded. In addition, non-GAAP measures are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses are excluded.

APEI is presenting adjusted EBITDA in connection with its GAAP results and urges investors to review the reconciliation of adjusted EBITDA to the comparable GAAP financial measures that is included in the tables following this press release (under the captions "GAAP Outlook Net Income to Outlook Adjusted EBITDA") and not to rely on any single financial measure to evaluate its business.

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