---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-032282"
form_type: "8-K"
ticker: "APEI"
cik: "0001201792"
company_name: "AMERICAN PUBLIC EDUCATION INC"
filed_at: "2023-03-14T23:59:59+00:00"
generated_at: "2026-06-18T02:52:35.452073+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# APEI Q4 net loss of $6.6M vs income $9.4M; revenue down 1%, EPS -$0.35

## Summary
- Revenue fell 1.0% to $152.4M; net loss $6.6M compared to net income of $9.4M a year ago.
- Adjusted EBITDA dropped 48% to $15.4M; EPS loss $0.35 vs income $0.50 in Q4 2021.
- Rasmussen University enrollment decreased 9% to 15,600; HCN enrollment up 4% to 2,600.
- Issued $40M preferred stock, used with cash to prepay $65M of long-term debt in December.
- Cash and equivalents fell $20M to $102.6M; $26M due from Army ( $16.5M over 60 days ).

## SEC filing metadata
- accession: 0001104659-23-032282
- form_type: 8-K
- ticker: APEI
- cik: 0001201792
- company_name: AMERICAN PUBLIC EDUCATION INC
- filed_at: 2023-03-14T23:59:59+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/1201792/000110465923032282/0001104659-23-032282-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1201792/000110465923032282/tm239230d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-032282
- JSON: https://secwatch.observer/filing/0001104659-23-032282.json
- Plain text: https://secwatch.observer/filing/0001104659-23-032282.txt

## Key facts
- Earnings Releases
  AMERICAN PUBLIC EDUCATION INC reported quarter ended December 31, 2022 (three months ended December 31, 2022) results: revenue $152.4 million, net income net loss available to common stockholders of $6.6 million, EPS $(0.35) per diluted share (net loss per diluted common share of $0.35).
  - Period: quarter ended December 31, 2022 (three months ended December 31, 2022)
  - Revenue: $152.4 million
  - Net income: net loss available to common stockholders of $6.6 million
  - EPS: $(0.35) per diluted share (net loss per diluted common share of $0.35)
  - Result: reported results
  source text: Inc. (Nasdaq: APEI) announced financial results for the quarter ended December 31, 2022. Fourth Quarter Highlights: • Consolidated revenue decreased 1.0% year over year to $152.4 million • At December 31, 2022, total unrestricted cash and cash equivalents of approximately $102.6 million represents a decrease of $20.0 million from December 31, 2021 • Net loss
  evidence_url: https://www.sec.gov/Archives/edgar/data/1201792/000110465923032282/0001104659-23-032282-index.htm

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