---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-030996"
form_type: "8-K"
ticker: "APEI"
cik: "0001201792"
company_name: "AMERICAN PUBLIC EDUCATION INC"
filed_at: "2024-03-05T23:59:59+00:00"
generated_at: "2026-06-05T03:26:41.149221+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# APEI swings to Q4 profit of $11.5M from loss; revenue $152.8M flat YoY

## Summary
- Q4 2023 net income $11.5M vs net loss $6.6M in Q4 2022; diluted EPS $0.64 vs ($0.35).
- Adjusted EBITDA $25.7M, up 66.8% YoY; costs decreased 10.4% to $136.9M.
- APUS net course registrations +4%, HCN enrollment +19%, Rasmussen -10%.
- Total cash and restricted cash $144.3M at Dec 31, 2023, up 11.5% YoY.
- Full year 2023 net income $2.8M vs net loss $17.7M; diluted EPS $0.15 vs ($0.95).

## SEC filing metadata
- accession: 0001104659-24-030996
- form_type: 8-K
- ticker: APEI
- cik: 0001201792
- company_name: AMERICAN PUBLIC EDUCATION INC
- filed_at: 2024-03-05T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1201792/000110465924030996/0001104659-24-030996-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1201792/000110465924030996/tm247734d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-030996
- JSON: https://secwatch.observer/filing/0001104659-24-030996.json
- Plain text: https://secwatch.observer/filing/0001104659-24-030996.txt

## Key facts
- Earnings Releases
  AMERICAN PUBLIC EDUCATION INC reported for the quarter and year ended December 31, 2023 results: revenue $152.8 million, net income Net income available to common stockholders was $11.5 million, EPS Net income per diluted common share was $0.64.
  - Period: for the quarter and year ended December 31, 2023
  - Revenue: $152.8 million
  - Net income: Net income available to common stockholders was $11.5 million
  - EPS: Net income per diluted common share was $0.64
  - Result: reported results
  source text: (Nasdaq: APEI) announced financial results for the quarter and year ended December 31, 2023. Fourth Quarter Highlights: · Consolidated revenue increased 0.2% year-over-year to $152.8 million. · Net income available to common stockholders was $11.5 million, compared to a net loss available to common stockholders of $6.6 million in the prior year period. · Net income
  evidence_url: https://www.sec.gov/Archives/edgar/data/1201792/000110465924030996/0001104659-24-030996-index.htm

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