American public education inc (APEI)
CashFlow / TTM
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

11,422

10,013

13,387

20,524

22,061

25,639

24,963

23,830

21,201

21,121

19,597

15,557

18,324

24,155

27,053

33,484

33,961

32,414

34,420

36,505

39,234

40,877

38,077

40,146

41,094

42,034

46,212

46,125

44,616

42,323

42,133

42,248

41,983

40,757

37,379

32,028

30,077

29,868

28,640

28,064

26,353

23,943

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,660

7,476

6,110

3,946

1,353

-505

-285

154

1,220

979

481

359

0

0

0

Depreciation, Depletion and Amortization, Nonproduction

14,883

15,596

16,101

16,626

17,030

17,501

17,774

18,175

18,554

18,776

18,920

19,140

19,239

19,384

20,966

20,947

20,820

20,520

18,398

17,561

16,821

16,121

15,514

14,836

14,190

13,508

12,910

12,294

11,697

11,146

10,631

10,275

9,802

9,239

8,583

7,861

7,187

6,502

5,955

5,550

5,342

5,231

0

0

0

Stock-based compensation

6,021

5,960

6,687

7,059

7,026

7,180

7,508

6,990

6,843

6,246

5,501

5,226

4,955

5,211

5,801

5,851

6,020

5,912

5,761

5,687

5,607

5,369

4,711

4,465

4,165

4,024

3,952

3,871

3,819

3,818

3,639

3,511

3,341

3,189

3,044

2,936

2,912

2,805

2,755

2,613

2,443

2,223

0

0

0

Equity investment loss

22

-1,464

-1,496

-1,824

-1,801

-515

-3,018

-2,663

-2,671

-2,430

155

93

143

703

763

785

728

90

-159

-189

-161

-166

0

0

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-807

-1,973

-1,050

-998

-1,055

-917

-2,218

-3,595

-4,232

-2,494

1,506

-1,215

158

-455

-1,102

2,445

1,183

-160

3,028

4,059

2,640

2,494

-554

-539

382

2,018

3,793

1,804

1,771

161

-3,050

-1,065

-148

-867

1,935

1,584

1,841

1,811

360

601

657

722

0

0

0

Stock issued for director compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

116

116

133

139

139

141

141

163

174

187

199

189

186

0

0

0

Loss on disposals of long-lived assets

-596

-556

-524

-326

-880

-882

-1,417

-1,611

-1,731

-2,093

-1,658

-6,413

-6,199

-5,970

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment of goodwill

1,481

7,336

7,336

5,855

5,855

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-114

-145

-105

-105

-301

-302

-321

-584

-371

-353

-631

-321

-331

-329

178

158

140

133

145

89

100

90

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-7,606

-2,734

-5,332

-586

6,179

6,923

6,885

798

1,724

187

511

-263

-2,360

-968

-3,039

734

-681

1,787

2,293

-2,741

-4,105

-3,390

-2,192

-1,364

-677

-2,720

-19,773

-4,444

1,111

929

19,358

6,162

5,313

3,176

2,349

561

1,836

1,759

958

4,771

232

2,835

0

0

0

Prepaid expenses

2,865

1,149

520

1,548

-897

560

-1,144

-955

-387

-571

1,020

1,474

656

-1,102

-4,275

-1,155

-426

-64

3,090

569

241

512

2,212

924

1,393

1,262

324

-7

-711

-1,080

-1,010

-193

879

1,112

1,522

2,321

1,788

1,312

1,114

599

1,037

837

0

0

0

Income tax receivable/payable

759

859

1,054

2,200

-883

898

-5,664

-8,286

-3,275

0

-425

306

3,252

0

-34

2,176

-966

-2,029

1,216

-205

1,947

-1,186

-1,891

843

-386

-1,738

-1,476

-1,778

386

3,350

253

1,250

0

823

711

-1,191

0

-83

-1,403

-966

0

-443

0

0

0

Operating leases, net

200

-120

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other assets

117

-550

-59

-18

-241

-71

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable

2,603

-5,564

-338

-1,623

-2,549

266

-738

135

115

1,991

-606

-543

-2,334

589

0

0

0

-

-

-

-6,160

-534

-506

2,395

-3,051

-5,903

-6,833

-6,480

1,992

933

8,132

6,354

3,093

6,896

4,329

3,382

5,675

2,666

1,827

1,900

552

1,810

0

0

0

Accrued compensation and benefits

4,361

653

1,357

-1,188

-2,575

3,298

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued liabilities

-1,071

3,672

3,758

2,589

3,054

875

2,212

3,054

4,485

-740

-3,689

-5,941

-8,716

-3,751

0

0

0

-

-

-

-22

-6,708

-1,560

-6,869

-908

5,047

-2,009

1,854

-3,123

-2,444

4,228

4,236

5,336

5,137

1,864

2,043

1,023

1,346

1,825

1,385

3,173

928

0

0

0

Income tax payable

-

-

-

-

-

-

-

-

-

1,151

0

-682

-682

-123

0

0

0

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

0

-

-

-

0

-

-

-

0

-

-

-

0

Deferred revenue and student deposits

-1,049

-884

-1,583

-880

-934

-1,342

-81

-1,146

-1,495

-1,265

-2,894

-1,125

-2,724

-4,619

-7,643

553

2,157

1,453

5,268

-1,842

-2,738

-1,024

-5,294

-6,389

-6,389

-4,743

144

1,706

1,995

-107

1,502

1,469

4,639

7,069

7,567

6,690

7,926

4,611

4,652

5,372

3,690

4,578

0

0

0

Net cash provided by operating activities

41,997

38,370

50,560

48,333

41,830

44,179

44,234

51,233

53,128

47,938

42,585

43,498

41,016

56,014

56,892

63,068

69,918

57,012

56,668

61,536

55,727

61,030

52,385

46,999

51,260

59,414

72,627

64,866

58,678

52,924

57,434

67,462

65,412

70,438

61,742

54,598

52,768

47,078

46,757

42,264

44,678

36,756

0

0

0

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

7,539

7,255

8,232

8,828

9,349

9,430

13,602

14,566

14,784

14,788

13,264

13,276

14,930

16,399

16,108

20,143

23,853

26,002

28,902

28,144

25,272

24,596

20,814

18,943

19,314

20,649

21,597

26,987

34,384

35,014

39,661

37,077

27,905

24,925

22,254

20,773

22,340

22,454

16,974

14,841

12,715

10,758

0

0

0

Notes receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-6,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capitalized program development costs and other assets

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

1,265

996

862

1,085

1,075

1,094

1,032

284

244

151

219

307

328

459

467

356

307

420

427

502

573

587

811

1,011

1,037

0

0

0

Equity investments

-

-

-

-

-

-

-

-

-

-

-

-

-

950

4,502

4,528

4,821

3,871

299

283

1,500

1,620

1,640

1,630

120

4,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-7,539

-7,255

-8,232

-8,828

-9,349

-9,430

-10,897

-12,964

-12,964

-13,595

-12,468

-9,048

-11,674

-13,548

-19,190

-25,809

-29,883

-31,138

-24,043

-23,134

-21,477

-21,291

-68,284

-66,341

-64,454

-69,249

-25,748

-43,956

-51,441

-48,092

-52,870

-37,544

-28,261

-25,232

-22,674

-21,200

-22,842

-23,027

-17,561

-15,652

-13,726

-11,795

0

0

0

Financing activities
Financing activities
Cash paid for repurchase of common stock

53,547

40,506

29,821

12,269

2,721

1,823

1,998

1,800

1,800

1,587

1,622

1,620

1,620

848

12,876

15,882

31,272

35,310

27,019

24,013

21,732

19,711

21,946

22,385

11,300

14,423

10,966

15,318

17,774

15,861

13,127

11,179

12,060

9,745

20,745

27,077

21,717

20,240

0

0

0

-

-

-

0

Cash received from issuance of common stock

-

-

-

-

-

-

-

-

-

98

191

210

217

119

0

0

0

-

-

-

-

536

2,049

2,430

2,588

3,312

4,842

4,456

4,060

4,058

934

1,067

1,239

910

0

0

0

-

-

1,024

768

640

0

0

0

Excess tax expense from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,120

-1,018

-1,071

-1,170

-519

0

0

0

-

-

-

1,036

865

1,464

1,355

1,201

2,866

1,884

2,404

2,966

1,283

1,399

1,043

1,565

1,554

1,895

1,698

1,130

1,771

0

0

0

Net cash used in financing activities

-53,547

-40,506

-29,821

-12,269

-2,721

-1,823

-2,000

-1,800

-1,800

-1,489

-1,549

-1,414

-1,523

-1,849

-13,840

-16,891

-32,387

-35,774

-27,435

-24,479

-21,593

-18,925

-19,242

-18,973

-7,676

-10,246

-4,660

-9,507

-12,513

-8,937

-10,309

-7,708

-7,855

-7,552

-18,358

-25,058

-18,930

-17,565

-6,388

2,436

1,614

2,191

0

0

0

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

-19,089

-9,391

12,507

27,236

29,760

32,926

31,337

36,469

38,364

32,854

28,568

33,036

27,819

40,617

23,862

20,368

7,648

-9,900

5,190

13,923

12,657

20,814

-35,141

-38,315

-20,870

-20,081

42,219

11,403

-5,276

-4,105

-5,745

22,210

29,296

37,654

20,710

8,340

10,996

6,486

22,808

29,048

32,566

27,152

0

0

0

Supplemental disclosure of cash flow information
Income taxes paid

7,992

8,019

8,420

12,112

12,760

12,712

12,349

10,265

6,784

12,836

12,271

12,399

15,733

16,637

18,685

21,112

19,708

18,037

20,781

19,636

26,504

21,631

21,125

25,924

21,347

21,014

31,435

22,678

26,673

26,851

16,637

22,445

22,695

22,619

18,987

17,391

16,847

16,819

15,818

15,860

13,022

12,932

0

0

0