---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-21-135698"
form_type: "8-K"
ticker: "APEI"
cik: "0001201792"
company_name: "AMERICAN PUBLIC EDUCATION INC"
filed_at: "2021-11-08T23:59:59+00:00"
generated_at: "2026-06-28T11:17:29.847670+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# American Public Education Q3 revenue up 24% to $98.2M; net loss $0.3M; adjusted EBITDA down 16%

## Summary
- Revenue $98.2M (+24% YoY) from Rasmussen acquisition; net loss $0.3M vs income $2.6M.
- Adjusted EBITDA $9.1M (-16% YoY) includes $1.6M M&A fees.
- Diluted loss per share $0.01 vs EPS $0.18; APUS course registrations down 8%.
- Rasmussen acquisition closed Sept 1 for $325.5M; funded with cash and $175M term loan.
- Agreed to acquire Graduate School USA for ~$1.0M, expected close Q1 2022.

## SEC filing metadata
- accession: 0001104659-21-135698
- form_type: 8-K
- ticker: APEI
- cik: 0001201792
- company_name: AMERICAN PUBLIC EDUCATION INC
- filed_at: 2021-11-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1201792/000110465921135698/0001104659-21-135698-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1201792/000110465921135698/tm2132264d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-21-135698
- JSON: https://secwatch.observer/filing/0001104659-21-135698.json
- Plain text: https://secwatch.observer/filing/0001104659-21-135698.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.