American public education inc (APEI)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Dec'09Sep'09Jun'09Mar'09
Operating activities
Operating activities
Net Income (Loss) Attributable to Parent

2,420

5,719

-1,638

4,921

1,011

9,093

5,499

6,458

4,589

8,417

4,366

3,829

4,509

6,893

326

6,596

10,340

9,791

6,757

7,073

8,793

11,797

8,842

9,802

10,436

8,997

10,911

10,750

11,376

13,175

10,824

9,241

9,083

12,985

10,939

8,976

7,857

9,607

5,588

7,025

7,648

8,379

5,012

5,314

5,238

Adjustments to reconcile net income to net cash provided by operating activities:
Increase in allowance for bad debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,213

1,697

2,007

1,743

2,029

331

-157

-850

171

551

282

216

-70

53

160

Depreciation, Depletion and Amortization, Nonproduction

3,338

3,838

3,764

3,943

4,051

4,343

4,289

4,347

4,522

4,616

4,690

4,726

4,744

4,760

4,910

4,825

4,889

6,342

4,891

4,698

4,589

4,220

4,054

3,958

3,889

3,613

3,376

3,312

3,207

3,015

2,760

2,715

2,656

2,500

2,404

2,242

2,093

1,844

1,682

1,568

1,408

1,297

1,277

1,360

1,297

Stock-based compensation

1,750

929

1,712

1,630

1,689

1,656

2,084

1,597

1,843

1,984

1,566

1,450

1,246

1,239

1,291

1,179

1,502

1,829

1,341

1,348

1,394

1,678

1,267

1,268

1,156

1,020

1,021

968

1,015

948

940

916

1,014

769

812

746

862

624

704

722

755

574

562

552

535

Equity investment loss

-1

0

17

6

-1,487

-32

-311

29

-201

-2,535

44

21

40

50

-18

71

600

110

4

14

-38

-139

-26

42

-43

-

-

2

-48

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

1,878

-2,572

-292

179

712

-1,649

-240

122

850

-2,950

-1,617

-515

2,588

1,050

-4,338

858

1,975

403

-791

-404

632

3,591

240

-1,823

486

543

255

-902

2,122

2,318

-1,734

-935

512

-893

251

-18

-207

1,909

-100

239

-237

458

141

295

-172

Stock issued for director compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

29

24

30

33

29

41

36

33

31

41

58

44

44

53

48

41

Loss on disposals of long-lived assets

-166

-32

-394

-4

-126

0

-196

-558

-128

-535

-390

-678

-490

-100

-5,145

-464

-261

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment of goodwill

0

0

1,481

0

5,855

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-6

-62

-21

-25

-37

-22

-21

-221

-38

-41

-284

-8

-20

-319

26

-18

-18

188

6

-36

-25

200

-50

-25

-35

-

-135

-193

84

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable, net of allowance for bad debt

-4,828

3,383

1,529

-7,690

44

785

6,275

-925

788

747

188

1

-749

1,071

-586

-2,096

643

-1,000

3,187

-3,511

3,111

-494

-1,847

-4,875

3,826

704

-1,019

-4,188

1,783

-16,349

14,310

1,367

1,601

2,080

1,114

518

-536

1,253

-674

1,793

-613

452

3,139

-2,746

1,990

Prepaid expenses

2,639

317

-1,575

1,484

923

-312

-547

-961

2,380

-2,016

-358

-393

2,196

-425

96

-1,211

438

-3,598

3,216

-482

800

-444

695

-810

1,071

1,256

-593

-341

940

318

-924

-1,045

571

388

-107

27

804

798

692

-506

328

600

177

-68

128

Income tax receivable/payable

-923

5,610

-887

-3,041

-823

5,805

259

-6,124

958

-757

-2,363

-1,113

4,233

-1,182

-1,632

1,833

981

-1,216

578

-1,309

-82

2,029

-843

843

-3,215

1,324

1,891

-386

-4,567

1,586

1,589

1,778

-1,603

-1,511

2,586

528

-780

-1,623

684

1,719

-863

-2,943

1,121

2,685

-1,306

Operating leases, net

-45

241

3

1

-365

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other assets

497

-247

-11

-122

-170

244

30

-345

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable

1,460

-419

-958

2,520

-6,707

4,807

-2,243

1,594

-3,892

3,803

-1,370

1,574

-2,016

1,206

-1,307

-217

907

-

-

-

-4,778

-859

573

-1,096

848

-831

3,474

-6,542

-2,004

-1,761

3,827

1,930

-3,063

5,438

2,049

-1,331

740

2,871

1,102

962

-2,269

2,032

1,175

-386

-1,011

Accrued compensation and benefits

-2,737

2,562

1,703

2,833

-6,445

3,266

-842

1,446

-572

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued liabilities

-122

-733

1,325

-1,541

4,621

-647

156

-1,076

2,442

690

998

355

-2,783

-2,259

-1,254

-2,420

2,182

-

-

-

346

-2,252

3,851

-1,967

-6,340

2,896

-1,458

3,994

-385

-4,160

2,405

-983

294

2,512

2,413

117

95

-761

2,592

-903

418

-282

2,152

885

-1,827

Income tax payable

-

-

-

-

-

-

-

-

-

1,710

0

0

-559

559

-682

0

0

-

-

-

-

-

-

-1,928

1,928

-

-

-

-

-

-

-

1,688

-

-

-

4,423

-

-

-

4,679

-

-

-

1,617

Deferred revenue and student deposits

2,548

-3,182

1,554

-1,969

2,713

-3,881

2,257

-2,023

2,305

-2,620

1,192

-2,372

2,535

-4,249

2,961

-3,971

640

-7,273

11,157

-2,367

-64

-3,458

4,047

-3,263

1,650

-7,728

2,952

-3,263

3,296

-2,841

4,514

-2,974

1,194

-1,232

4,481

196

3,624

-734

3,604

1,432

309

-693

4,324

-250

1,197

Net cash provided by operating activities

11,522

6,434

8,216

15,825

7,895

18,624

5,989

9,322

10,244

18,679

12,988

11,217

5,054

13,326

13,901

8,735

20,052

14,204

20,077

15,585

7,146

13,860

24,945

9,776

12,449

5,215

19,559

14,037

20,603

18,428

11,798

7,849

14,849

22,938

21,826

5,799

19,875

14,242

14,682

3,969

14,185

13,921

10,189

6,383

6,263

Investing activities
Investing activities
Payments to Acquire Property, Plant, and Equipment

1,869

3,104

1,194

1,372

1,585

4,081

1,790

1,893

1,666

8,253

2,754

2,111

1,670

6,729

2,766

3,765

3,139

6,438

6,801

7,475

5,288

9,338

6,043

4,603

4,612

5,556

4,172

4,974

5,947

6,504

9,562

12,371

6,577

11,151

6,978

3,199

3,597

8,480

5,497

4,766

3,711

3,000

3,364

2,640

1,754

Notes receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-6,380

0

0

380

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capitalized program development costs and other assets

-

-

-

-

-

-

-

-

-

-

1,103

1,275

627

-

-

-

-

299

228

600

138

30

94

823

128

49

32

75

88

-44

100

163

109

87

108

52

60

200

115

127

131

214

339

327

157

Equity investments

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

950

3,552

26

293

0

-20

10

1,510

120

0

0

0

4,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-1,869

-3,104

-1,194

-1,372

-1,585

-4,081

-1,790

-1,893

-1,666

-5,548

-3,857

-1,893

-2,297

-4,421

-437

-4,519

-4,171

-10,063

-7,056

-8,593

-5,426

-2,968

-6,147

-6,936

-5,240

-49,961

-4,204

-5,049

-10,035

-6,460

-22,412

-12,534

-6,686

-11,238

-7,086

-3,251

-3,657

-8,680

-5,612

-4,893

-3,842

-3,214

-3,703

-2,967

-1,911

Financing activities
Financing activities
Cash paid for repurchase of common stock

15,554

10,693

17,752

9,548

2,513

8

200

0

1,615

183

2

0

1,402

218

0

0

630

12,246

3,006

15,390

4,668

3,955

0

13,109

2,647

6,190

439

2,024

5,770

2,733

4,791

4,480

3,857

-1

2,843

5,361

1,542

10,999

9,175

1

65

-

-

-

1

Cash received from issuance of common stock

-

-

-

-

-

-

-

-

-

-2

2

0

98

91

21

7

0

-

-

-

-

81

94

316

45

1,594

475

474

769

3,124

89

78

767

0

222

250

438

-

-

496

337

135

56

240

209

Excess tax expense from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-118

114

-116

-1,000

-16

61

-215

-349

-

-

-

253

382

273

128

82

981

164

-26

1,747

-1

684

536

64

115

328

1,058

53

456

131

490

694

Net cash used in financing activities

-15,554

-10,693

-17,752

-9,548

-2,513

-8

-200

0

-1,615

-185

0

0

-1,304

-245

135

-109

-1,630

-12,236

-2,916

-15,605

-5,017

-3,897

40

-12,719

-2,349

-4,214

309

-1,422

-4,919

1,372

-4,538

-4,428

-1,343

0

-1,937

-4,575

-1,040

-10,806

-8,637

1,553

325

371

187

731

902

Net (decrease) increase in cash, cash equivalents, and restricted cash

-5,901

-7,363

-10,730

4,905

3,797

14,535

3,999

7,429

6,963

12,946

9,131

9,324

1,453

8,660

13,599

4,107

14,251

-8,095

10,105

-8,613

-3,297

6,995

18,838

-9,879

4,860

-48,960

15,664

7,566

5,649

13,340

-15,152

-9,113

6,820

11,700

12,803

-2,027

15,178

-5,244

433

629

10,668

11,078

6,673

4,147

5,254

Supplemental disclosure of cash flow information
Income taxes paid

21

2,270

940

4,761

48

2,671

4,632

5,409

0

2,308

2,548

1,928

6,052

1,743

2,676

5,262

6,956

3,791

5,103

3,858

5,285

6,535

3,958

10,726

412

6,029

8,757

6,149

79

16,450

0

10,144

257

6,236

5,808

10,394

181

2,604

4,212

9,850

153

1,603

4,254

7,012

63