---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-088815"
form_type: "8-K"
ticker: "APEI"
cik: "0001201792"
company_name: "AMERICAN PUBLIC EDUCATION INC"
filed_at: "2023-08-08T23:59:59+00:00"
generated_at: "2026-06-12T00:49:51.685726+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# APEI Q2 net loss $51.2M, revenue -1.6% to $147.2M; two directors won't seek re-election

## Summary
- Net loss $51.2M ($2.93/share); adjusted loss $0.25/share; includes $64M non-cash Rasmussen goodwill impairment.
- Revenue $147.2M -1.6% YoY; APUS +5.2%, HCN +24.2%, Rasmussen -18.7%.
- Adjusted EBITDA $8.8M -39.6%; cash $139.4M; Army received $42M in H1 2023, including $20.9M prior-period catch-up.
- Directors Halle and Kurshan will not stand for re-election at 2024 annual meeting; board to reduce size, no disagreement cited.

## SEC filing metadata
- accession: 0001104659-23-088815
- form_type: 8-K
- ticker: APEI
- cik: 0001201792
- company_name: AMERICAN PUBLIC EDUCATION INC
- filed_at: 2023-08-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1201792/000110465923088815/0001104659-23-088815-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1201792/000110465923088815/tm2323030d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-088815
- JSON: https://secwatch.observer/filing/0001104659-23-088815.json
- Plain text: https://secwatch.observer/filing/0001104659-23-088815.txt

## Key facts
- Executive change
  Jean C. Halle departed as Director at AMERICAN PUBLIC EDUCATION INC.
  - Action: will not stand for re-election
  - Role: Director
  source text: On August 8, 2023, Jean C. Halle and Barbara “Bobbi” L. Kurshan each informed the Company that they will not stand for re-election to the Board of Directors of the Company (the “Board”) at the Company’s 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1201792/000110465923088815/0001104659-23-088815-index.htm
- Executive change
  Barbara ‘Bobbi’ L. Kurshan departed as Director at AMERICAN PUBLIC EDUCATION INC.
  - Action: will not stand for re-election
  - Role: Director
  source text: On August 8, 2023, Jean C. Halle and Barbara “Bobbi” L. Kurshan each informed the Company that they will not stand for re-election to the Board of Directors of the Company (the “Board”) at the Company’s 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1201792/000110465923088815/0001104659-23-088815-index.htm

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