American Public Education Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	31.91	16.11	-47.29	-114.99	17.75	18.82
Depreciation & Amortization	15.89	19.3	27.82	32.13	17.83	12.98
Other Amortization	1.38	1.48	1.63	6.48	0.89	-
Loss (Gain) From Sale of Assets	6.41	2	2.98	1.18	1.28	0.85
Asset Writedown & Restructuring Costs	-	-	64	146.9	-	-
Loss (Gain) on Equity Investments	-	4.41	5.24	0.02	0.83	0.01
Stock-Based Compensation	8.3	7.67	7.74	8.01	7.65	7.08
Other Operating Activities	10.47	4.05	-16.01	-45.72	5.55	-0.79
Change in Accounts Receivable	-3.39	-11.49	-8.62	-2.05	-7.64	-6.33
Change in Accounts Payable	-1.58	-0.82	4.86	-10.21	8.03	-0.09
Change in Unearned Revenue	-1.06	-0.36	0.07	0.02	-23.06	4.68
Change in Income Taxes	-2.27	-0.48	2.4	2.43	-5.48	1.94
Change in Other Net Operating Assets	9.05	6.99	0.7	5.02	-7.36	5.66
Operating Cash Flow	75.12	48.87	45.51	29.22	16.27	44.81
Operating Cash Flow Growth	70.21%	7.38%	55.79%	79.62%	-63.70%	16.78%
Capital Expenditures	-15.15	-21.08	-13.9	-16.39	-11.83	-4.93
Cash Acquisitions	-	-	-	1.95	-325.51	-
Sale (Purchase) of Real Estate	22.96	-	0.12	0.77	0.67	0.77
Investing Cash Flow	7.1	-21.08	-13.77	-13.67	-336.67	-4.16
Long-Term Debt Issued	-	-	-	-	175	-
Long-Term Debt Repaid	-	-2.96	-0.11	-73.86	-2.19	-
Net Debt Issued (Repaid)	-0.24	-2.96	-0.11	-73.86	172.81	-
Issuance of Common Stock	0.27	0.07	-	-	86.21	-
Repurchase of Common Stock	-3.94	-4.24	-10.74	-1.54	-3.03	-15.71
Preferred Dividends Paid	-4.21	-6.06	-6.01	-	-	-
Dividends Paid	-4.21	-6.06	-6.01	-	-	-
Other Financing Activities	-	-	-	-	-13.64	-
Financing Cash Flow	-51.32	-13.19	-16.86	-35.71	242.34	-15.71
Net Cash Flow	30.9	14.6	14.88	-20.17	-78.06	24.95
Free Cash Flow	59.97	27.79	31.62	12.83	4.44	39.88
Free Cash Flow Growth	172.42%	-12.11%	146.52%	189.07%	-88.88%	28.18%
Free Cash Flow Margin	9.16%	4.45%	5.27%	2.11%	1.06%	12.39%
Free Cash Flow Per Share	3.23	1.53	1.75	0.68	0.24	2.65
Cash Interest Paid	9.81	10.73	10.6	12.5	3.68	-
Cash Income Tax Paid	6.67	6.3	2.42	4	7.46	5.9
Levered Free Cash Flow	81.61	7.28	20.84	18.3	-9.73	39.64
Unlevered Free Cash Flow	82.52	7.13	22	22.9	-7.94	39.64
Change in Working Capital	0.75	-6.15	-0.6	-4.78	-35.52	5.86

Source: S&P Global Market Intelligence. Standard template. Financial Sources.