---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-058236"
form_type: "8-K"
ticker: "APEI"
cik: "0001201792"
company_name: "AMERICAN PUBLIC EDUCATION INC"
filed_at: "2022-05-10T23:59:59+00:00"
generated_at: "2026-06-25T21:28:53.190169+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-22-058236
- form_type: 8-K
- ticker: APEI
- cik: 0001201792
- company_name: AMERICAN PUBLIC EDUCATION INC
- filed_at: 2022-05-10T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- 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/1201792/000110465922058236/0001104659-22-058236-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1201792/000110465922058236/tm2214790d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-058236
- JSON: https://secwatch.observer/filing/0001104659-22-058236.json
- Plain text: https://secwatch.observer/filing/0001104659-22-058236.txt

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