APEI Q1 revenue up 75% to $154.7M; net income falls to $5.3M on acquisition costs and interest

AMERICAN PUBLIC EDUCATION INC

2022-Q1 EPS reported $0.28 revenue$154,747,000

Consolidated revenue $154.7M (+75% YoY) driven by Rasmussen University ($67.1M) and GSUSA ($3.1M) acquisitions.
Net income $5.3M ($0.28 diluted EPS) vs $8.1M ($0.49) in prior year; adjusted EBITDA rose 8.5% to $17.4M.
APUS revenue fell 5.7% to $4.4M despite 1.2% enrollment increase; Rasmussen enrollment down 6.4% to 16,200.
GSUSA acquisition closed Jan 1, 2022 for $1.0M, producing a $4.5M noncash gain; no goodwill recorded.
Army AR of $19.4M remains outstanding; Q2 2022 outlook provided but not detailed in release.

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