American Public Education Balance Sheet

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
Cash & Equivalents	191.35	131.93	116.66	102.52	122.63	226.49
Cash & Short-Term Investments	191.35	131.93	116.66	102.52	122.63	226.49
Cash Growth	41.30%	13.09%	13.79%	-16.40%	-45.86%	12.43%
Accounts Receivable	43.91	62.47	50.97	42.35	36.03	17.65
Other Receivables	7.63	0.95	0.47	2.87	5.3	-
Receivables	51.54	63.41	51.45	45.22	41.33	17.65
Prepaid Expenses	14.43	13.75	13.03	11.41	11.68	6.47
Restricted Cash	1.8	27.02	27.68	26.94	27	1.2
Other Current Assets	-	24.47	8.56	-	-	-
Total Current Assets	259.11	260.57	217.38	186.09	202.64	251.81
Property, Plant & Equipment	132.34	168.16	187.53	209.76	180.36	77.18
Goodwill	59.59	59.59	59.59	112.59	243.49	26.56
Other Intangible Assets	28.22	28.22	31.54	54.73	85.08	3.72
Long-Term Deferred Tax Assets	40.08	47.31	51.36	35.36	-	-
Other Long-Term Assets	5.96	6.25	9.99	16.52	14.04	11.75
Total Assets	525.3	570.1	557.39	615.06	725.61	371.02
Accounts Payable	7.71	7.85	8.66	3.81	13.5	3.76
Accrued Expenses	48.06	34.28	28.19	28.79	25.95	26.63
Current Portion of Long-Term Debt	-	-	-	-	8.75	-
Current Portion of Leases	11.67	13.55	13.31	14.4	13.71	2.39
Current Income Taxes Payable	-	-	-	-	-	0.18
Current Unearned Revenue	23.95	23.47	23.83	23.76	21.78	22.1
Total Current Liabilities	91.39	79.16	73.99	70.76	83.68	55.06
Long-Term Debt	94.37	93.42	94.68	93.15	151.77	-
Long-Term Leases	60.2	93.65	96.74	101.42	69.49	6.46
Long-Term Deferred Tax Liabilities	-	-	-	-	5.06	2.58
Total Liabilities	245.96	266.22	265.41	265.33	310	64.09
Common Stock	0.18	0.18	0.18	0.19	0.19	0.15
Additional Paid-In Capital	308.29	305.82	299.56	292.85	286.39	195.6
Retained Earnings	-29.11	-41.81	-49.1	13.89	128.93	111.18
Comprehensive Income & Other	-0.03	-0.01	1.64	3.1	0.11	-
Total Common Equity	279.34	264.19	252.29	310.04	415.61	306.93
Shareholders' Equity	279.34	303.88	291.98	349.73	415.61	306.93
Total Liabilities & Equity	525.3	570.1	557.39	615.06	725.61	371.02
Total Debt	166.24	200.62	204.73	208.97	243.71	8.85
Net Cash (Debt)	25.1	-68.7	-88.07	-106.45	-121.09	217.64
Net Cash Growth	-	-	-	-	-	14.75%
Net Cash Per Share	1.35	-3.79	-4.86	-5.64	-6.63	14.46
Filing Date Shares Outstanding	18.09	18	17.51	19.03	18.86	18.64
Total Common Shares Outstanding	18.08	17.71	17.6	18.89	18.71	14.81
Working Capital	167.72	181.42	143.39	115.33	118.96	196.75
Book Value Per Share	15.45	14.92	14.33	16.41	22.21	20.73
Tangible Book Value	191.52	176.37	161.15	142.71	87.04	276.64
Tangible Book Value Per Share	10.59	9.96	9.15	7.55	4.65	18.68
Land	-	3.16	8.27	8.8	8.95	9.02
Buildings	-	16.72	40.11	50.59	51.94	53.31
Machinery	-	46.9	47.48	43.04	39.08	29.26
Leasehold Improvements	-	49.83	42.92	37.16	30.34	1.57

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