---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-057728"
form_type: "8-K"
ticker: "APEI"
cik: "0001201792"
company_name: "AMERICAN PUBLIC EDUCATION INC"
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T08:17:36.245748+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# APEI Q1 net loss $7.2M vs prior-year net income; revenue down 3.3% to $149.7M

## Summary
- Net loss available to common stockholders of $7.2M ($0.38 per diluted share) vs net income of $5.3M ($0.28) a year ago.
- Consolidated revenue fell 3.3% YoY to $149.7M, driven by 14.4% drop in Rasmussen segment revenue.
- Adjusted EBITDA declined 59.7% to $7.0M, reflecting higher costs and transition fees from terminating Collegis contract.
- APUS net course registrations up 2% YoY; Hondros total enrollment up 10%; Rasmussen enrollment down 12%.
- Appointed Paula Singer as President of Rasmussen University to lead enrollment turnaround.

## SEC filing metadata
- accession: 0001104659-23-057728
- form_type: 8-K
- ticker: APEI
- cik: 0001201792
- company_name: AMERICAN PUBLIC EDUCATION INC
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1201792/000110465923057728/0001104659-23-057728-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1201792/000110465923057728/tm2315005d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-057728
- JSON: https://secwatch.observer/filing/0001104659-23-057728.json
- Plain text: https://secwatch.observer/filing/0001104659-23-057728.txt

## Key facts
- Earnings Releases
  AMERICAN PUBLIC EDUCATION INC reported the three months ended March 31, 2023 results: revenue $149.7 million, net income loss available to common stockholders was $7.2 million, EPS loss per diluted common share was $0.38.
  - Period: the three months ended March 31, 2023
  - Revenue: $149.7 million
  - Net income: loss available to common stockholders was $7.2 million
  - EPS: loss per diluted common share was $0.38
  - Result: reported results
  source text: 31, 2023. First Quarter Highlights: · APUS, Hondros, and Graduate School all produced year-over-year enrollment growth · Consolidated revenue decreased 3.3% year-over-year to $149.7 million. · Total cash and cash equivalents was approximately $136.2 million, compared to $129.5 million as of December 31, 2022, representing an increase of $6.7 million or 5.2%. · Net
  evidence_url: https://www.sec.gov/Archives/edgar/data/1201792/000110465923057728/0001104659-23-057728-index.htm

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