8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 10, 2020

American Public Education, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware	001-33810	01-0724376
(State or other jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

111 W. Congress Street Charles Town, West Virginia	25414
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 304-724-3700

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	APEI	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined  in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act of 1934 (§240.12b-2 of this chapter).

                                                                                                                                                        Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Section 2 – Financial Information

Item 2.02     Results of Operations and Financial Condition.

On August 10, 2020, American Public Education, Inc. issued a press release reporting financial results for the three months ended June 30, 2020.  A copy of American Public Education’s press release is attached to this report as Exhibit 99.1 and is incorporated in this report by reference.  American Public Education has scheduled a conference call and webcast for 5:00 p.m. Eastern time on August 10, 2020 to discuss its financial results, and slides for that call are attached to this report as Exhibit 99.2 and are incorporated in this report by reference.  A copy of the investor fact sheet is attached to this report as Exhibit 99.3 and is incorporated in this report by reference.

Section 9 – Financial Statements and Exhibits

Item 9.01     Financial Statements and Exhibits.

(d)Exhibits

99.1	American Public Education, Inc. press release dated August 10, 2020, reporting financial results for the three months ended June 30, 2020.
99.2	American Public Education, Inc. slides for August 10, 2020 conference call and webcast for the three months ended June 30, 2020.
99.3	American Public Education, Inc. fact sheet posted to its investor relations website on August 10, 2020.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		American Public Education, Inc.
Date:	August 10, 2020	By:	/s/ Richard W. Sunderland, Jr.
			Richard W. Sunderland, Jr., Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

American Public Education Reports Second Quarter 2020 Results

Enrollment Momentum Continues as Net Course Registrations at American Public University System Increased 18% and Student Enrollment at Hondros College of Nursing Increased 14%

Continued Focus on Providing Adult Learners with Quality, Affordable, Flexible and Inclusive Educational Opportunities

CHARLES TOWN, W.V., Aug. 10, 2020 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI) (the "Company") – parent company of online learning provider American Public University System (APUS) and on-ground pre-licensure Hondros College of Nursing (HCN) – announced financial results for the second quarter ended June 30, 2020 that reflected continued momentum in enrollment growth across both institutions and the ongoing turnaround at Hondros.

Second Quarter Highlights:

• Net course registrations by new students at APUS increased 30% year-over-year.
• Total net course registrations increased 18% year-over-year to 89,600.
• New student enrollment at HCN increased 56% year-over-year and total student enrollment increased 14% year-over-year to 1,750.
• Consolidated revenue increased 16.4% year-over-year to $82.1 million, compared to the prior year period.
• Net income increased 35.9% year-over-year to $6.7 million, or $0.45 per share.

"We are incredibly grateful that a growing number of adult learners seeking affordable, safe and uninterrupted access to high-quality higher-education experiences recognize the value of our learning platforms," said Angela Selden, Chief Executive Officer of APEI. "Our institutions were built on the belief that quality education should be accessible to all, not reserved for the few, and this is especially true during this period of great disruption in our economy and in higher education."

"The growth in enrollments in the second quarter as compared to a year ago reflects the ongoing transformation that has been taking place at APEI over the past year. At HCN, we have improved curriculum and made pre-licensure degrees more readily available to individuals interested in the nursing field. At APUS, students looking to improve their future career prospects chose APUS for its affordability and high-quality academic programs."

"Moving forward, we will continue to emphasize helping more adult learners maximize their higher education return on investment (HEROI) with highly relevant programs of study at affordable prices," added Selden. "We believe this approach, combined with the investments we are making in our business operations and in our ongoing technology transformation, will further strengthen our ability to serve learners of all backgrounds with great distinction."

Financial Results:

Total consolidated revenue for the second quarter of 2020 increased by 16.4% to $82.1 million, compared to total revenue of $70.6 million in the second quarter of 2019. The increase was driven by a $10.1 million, or 15.9%, increase in APEI Segment revenue and a $1.4 million, or 20.5%, increase in HCN Segment revenue resulting from increases in student enrollment.

Consolidated income from operations before interest income and income taxes in the second quarter of 2020 increased by 59.2% to $9.0 million, compared to $5.7 million in the prior year period. APEI Segment income from operations before interest income and income taxes increased by $2.5 million, compared to the prior year period. APEI Segment income includes a $1.9 million increase in pretax advertising costs as compared to the prior year period, as well as $1.3 million in professional fees associated with inorganic growth opportunities, and $1.0 million in pretax costs related to APEI's information technology transformation project. The HCN Segment reduced its loss from operations before interest income and income taxes to $0.04 million, from a loss of $0.9 million in the prior year period.

Net income for the three months ended June 30, 2020 was $6.7 million, or $0.45 per diluted share, compared to net income of $4.9 million, or $0.30 per diluted share, in the same period of 2019. The weighted average diluted shares outstanding for the second quarter of 2020 and 2019 were approximately 14.9 million and 16.7 million, respectively.

For the six months ended June 30, 2020, total consolidated revenue increased by 8.8% to $156.7 million, compared to total revenue of $144.0 million in the prior year period. The increase was driven by an $11.5 million, or 8.9%, increase in APEI Segment revenue and a $1.3 million, or 8.4%, increase in HCN Segment revenue, both resulting from increases in student enrollment.

Consolidated income from operations before interest income and income taxes for the six months ended June 30, 2020 was $11.7 million, compared to $7.1 million in the prior year period. This increase was driven by a $6.1 million decrease in HCN Segment loss from operations before interest income and income taxes. The HCN Segment loss for the prior year period includes a $5.9 million pretax, non-cash goodwill impairment expense recorded in the first quarter of 2019. APEI Segment income from operations before interest income and income taxes decreased $1.5 million, or 10.3%, compared to the prior year.

Net income for the six months ended June 30, 2020 was $9.1 million, or $0.61 per diluted share, compared to net income of $5.9 million, or $0.36 per diluted share, in the prior year period. The weighted average diluted shares outstanding for the six months ended June 30, 2020 and 2019 were approximately 15.0 million and 16.7 million, respectively.

Total cash and cash equivalents as of June 30, 2020 were approximately $216.0 million, compared to $202.7 million as of December 31, 2019. Capital expenditures were approximately $1.0 million for the three months ended June 30, 2020, compared to $1.4 million in the prior year period. Depreciation and amortization expense was $3.4 million for the three months ended June 30, 2020, compared to $3.9 million in the prior year period.

Registrations and Enrollment:

American Public University System1
For the three months ended June 30,	2020	2019	% Change
Net Course Registrations by New Students	12,100	9,300	30%
Net Course Registrations	89,600	75,900	18%
For the six months ended June 30,
Net Course Registrations by New Students	22,300	19,500	14%
Net Course Registrations	174,400	160,200	9%
As of June 30,
APUS Student Enrollment2	83,700	80,300	4%
Hondros College of Nursing3
For the three months ended June 30,	2020	2019	% Change
New Student Enrollment	490	315	56%
Total Student Enrollment	1,750	1,540	14%

¹APUS Net Course Registrations represent the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty.

²APUS Student Enrollment represents the number of unique active students, including those who are currently on an approved leave of absence, who are currently in class or have completed a course within the past 12 months. Excludes students in doctoral programs. 

³HCN Student Enrollment represents the approximate number of students enrolled in a course after the date by which students may drop a course without financial penalty.   

Third Quarter 2020 Outlook:

The following statements are based on APEI's current expectations. These statements are forward-looking and actual results may differ materially. The Company undertakes no obligation to update publicly any forward-looking statements for any reason unless required by law.

American Public Education anticipates third quarter 2020 consolidated revenue to increase between 10% and 14%, compared to the prior year period. The Company expects diluted earnings per share to be between $0.05 and $0.10 in the third quarter of 2020.

American Public Education expects the following results from its subsidiaries in the third quarter of 2020:

• At APUS, net course registrations by new students are expected to increase between 10% and 14% year-over-year and net course registrations are expected to increase between 8% and 12% year-over-year.
• At HCN, new student enrollment increased approximately 88% and total student enrollment increased approximately 38% year-over-year for the three months ended September 30, 2020.

Webcast:
A live webcast of the Company's second quarter 2020 earnings conference call will be broadcast today at 5:00 p.m. Eastern time. This call will be open to listeners who log in through the Company's investor relations website, www.apei.com.

A replay of the live webcast will also be available starting approximately one hour after the conclusion of the live conference call. The replay will be archived and available to listeners for one year.

About American Public Education
American Public Education, Inc. (Nasdaq: APEI) is a leading provider of higher learning dedicated to preparing students all over the world for excellence in service, leadership and achievement. The Company offers respected, innovative and affordable academic programs and services to students, universities and partner organizations through wholly owned subsidiaries: American Public University System and National Education Seminars Inc., which we refer to in this press release as Hondros College of Nursing. Together, these institutions serve more than 80,000 adult learners worldwide and offer more than 200 degree and certificate programs in fields ranging from homeland security, military studies, intelligence, and criminal justice to technology, business administration, public health, nursing and liberal arts. For additional information, please visit www.apei.com.

Forward Looking Statements
Statements made in this press release regarding American Public Education, Inc., or its subsidiaries, that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about American Public Education, Inc. and the industry. Forward-looking statements can be identified by words such as "anticipate," "believe," "seek," "could," "estimate," "expect," "intend," "may," "plan," "should," "will" and "would." These forward-looking statements include, without limitation, statements regarding expected growth, expected registration and enrollments, expected revenues, earnings and expenses, plans with respect to recent, current and future initiatives, and future impacts of and the Company's response to the COVID-19 pandemic.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, among others, risks related to: the Company's dependence on the effectiveness of its ability to attract students who persist in its institutions' programs; impacts of the COVID-19 pandemic; the Company's ability to effectively market its institutions' programs; adverse effects of changes the Company makes to improve the student experience and enhance the ability to identify and enroll students who are likely to succeed; the Company's ability to maintain strong relationships with the military and maintain enrollments from military students; the Company's ability to comply with regulatory and accrediting agency requirements and to maintain institutional accreditation; the Company's reliance on Department of Defense tuition assistance, Title IV programs, and other sources of financial aid; the Company's dependence on its technology infrastructure; strong competition in the postsecondary education market and from non-traditional offerings; and the various risks described in the "Risk Factors" section and elsewhere in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Report on Form 10-Q for the period ended June 30, 2020, and other filings with the SEC. You should not place undue reliance on any forward-looking statements. The Company undertakes no obligation to update publicly any forward-looking statements for any reason, unless required by law, even if new information becomes available or other events occur in the future.

Contacts:
Richard W. Sunderland, Jr., CPA
Executive Vice President and Chief Financial Officer
304.885.5371

Christopher L. Symanoskie, IRC
Vice President, Investor Relations
703.334.3880

American Public Education, Inc.
Consolidated Statement of Income
(In thousands, except per share data)
	Three Months Ended
	June 30,
	2020		2019
	(unaudited)
Revenues	$	82,127	$	70,560
Costs and expenses:
Instructional costs and services		30,744		28,725
Selling and promotional		17,056		14,087
General and administrative		21,737		18,123
Loss on disposals of long-lived assets		158		4
Depreciation and amortization		3,391		3,943
Total costs and expenses		73,086		64,882
Income from operations before interest income and income taxes		9,041		5,678
Interest income, net		179		1,135
Income before income taxes		9,220		6,813
Income tax expense		2,532		1,898
Equity investment income		1		6
Net income	$	6,689	$	4,921
Net income per common share:
Basic	$	0.45	$	0.30
Diluted	$	0.45	$	0.30
Weighted average number of common shares:
Basic		14,789		16,512
Diluted		14,948		16,653
	Three Months Ended
Segment Information:	June 30,
	2020		2019
Revenues:
American Public Education, Inc.	$	73,547	$	63,448
Hondros College of Nursing	$	8,602	$	7,141
Intersegment Elimination1	$	(22)	$	(29)
Income (loss) from operations before interest income and income taxes:
American Public Education, Inc.	$	9,077	$	6,589
Hondros College of Nursing	$	(35)	$	(910)
Intersegment Elimination1	$	(1)	$	(1)
	Six Months Ended
	June 30,
	2020		2019
	(unaudited)
Revenues	$	156,743	$	144,001
Costs and expenses:
Instructional costs and services		59,974		56,640
Selling and promotional		35,242		29,134
General and administrative		42,740		37,188
Loss on disposals of long-lived assets		324		130
Impairment of Goodwill		—		5,855
Depreciation and amortization		6,729		7,994
Total costs and expenses		145,009		136,941
Income from operations before interest income and income taxes		11,734		7,060
Interest income, net		881		2,188
Income before income taxes		12,615		9,248
Income tax expense		3,506		1,835
Equity investment income (loss)		—		(1,481)
Net income	$	9,109	$	5,932
Net income per common share:
Basic	$	0.61	$	0.36
Diluted	$	0.61	$	0.36
Weighted average number of common shares:
Basic		14,907		16,522
Diluted		15,026		16,671
	Six Months Ended
Segment Information:	June 30,
	2020		2019
Revenues:
American Public Education, Inc.	$	140,641	$	129,169
Hondros College of Nursing	$	16,141	$	14,888
Intersegment Elimination1	$	(39)	$	(56)
Income (loss) from operations before interest income and income taxes:
American Public Education, Inc.	$	12,655	$	14,111
Hondros College of Nursing	$	(921)	$	(7,056)
Intersegment Elimination1	$	—	$	5

1.The APEI Segment charges the HCN Segment for the value of courses taken by HCN Segment employees at APUS. The intersegment elimination represents the elimination of this intersegment revenue in consolidation.

EX-99.2

Second Quarter Results August 2020 PRESENTED BY Angela Selden President and CEO Richard Sunderland, CPA Executive VP and CFO PURPOSE MADE POSSIBLETM Exhibit 99.2

Safe Harbor Statement Statements made in this presentation regarding American Public Education, Inc., or its subsidiaries, that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections about American Public Education, Inc. and the industry. These forward-looking statements are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Forward-looking statements can be identified by words such as “anticipate,” “believe,” “seek,” “could,” “estimate,” “expect,” “intend,” “plan,” “may,” “should,” “will” and “would.” These forward-looking statements include, without limitation, statements regarding expected growth, expected registrations, enrollments, expected revenues, expenses and earnings, and plans with respect to recent, current and future initiatives (including our marketing initiative, efforts to grow our institutions, and information technology modernization/transformation), investments and partnerships, and the future impacts of and the Company’s response to the COVID-19 pandemic. Actual results could differ materially from those expressed or implied by these forward-looking statements as a result of various factors, including the various risks described in the “Risk Factors” section and elsewhere in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Report on Form 10-Q for the period ended June 30, 2020, and other filings with the SEC, including risks related to the COVID-19 pandemic. The Company undertakes no obligation to update publicly any forward-looking statements for any reason, unless required by law, even if new information becomes available or other events occur in the future.

The original vision of our founder, a Marine Corps veteran, is alive and well at APEI. We continue to put student outcomes and flexible, inclusive academic experiences at the center of all we do. We are proud that a growing number of adult learners who seek affordable, safe, and uninterrupted access to high-quality higher-education experiences recognize the value of our learning platforms. As of June 30, 2020: APEI’s mission is to help adult learners of all backgrounds obtain the skills they need to achieve their purpose and maximize their higher education return on investment. We call that HEROITM. APEI: Purpose Made PossibleTM 83,700 adult learners 98,000+ alumni worldwide 1,750 nursing students 6,000+ alumni nurses #1 provider to active duty military #2 provider to veterans

APUS: Higher Education Return on Investment (HEROI)TM Low or No APUS-Incurred Student Loan Debt Per credit hour cost has increased only $35 since 2001 $0 for books and materials for most students since 2001 The APUS Book Grant has provided learners with $142M in savings with no-cost course materials today for all undergraduate and doctoral students, as well as well as all military-tuition-grant-eligible students. Accepting over 3.5M student transfer credits since 2001 Undergraduate degrees 60% lower than average 4 year public in-state tuition and fees (and not including transfer credits)6 Includes alumni who graduated with an associate’s, bachelor’s or master’s degree from APUS as of December 31, 2019. Student loan debt is defined as student loans and private education loans and considers tuition, fees, living expenses and book costs associated with courses taken at APUS. In a November 2019 study of 4,500 institutions by Georgetown University’s Center of Education and the Workforce, APUS programs rank #93 overall for 40-year net present value or in the top 2% nationally. Students starting in 2020 - non-military 27%, military 55% and military-affiliated 44%. As of December 31, 2019. APUS 2019 1-year alumni survey. All 2019 responses included. Source: https://usafacts.org/articles/college-tuition-has-increased-but-whats-the-actual-cost/ 72% graduates with no APUS- incurred student loan debt1 Relevant, High-Quality Programs for Career Advancement Over 225 programs relevant to today’s workplace 67% of full-time faculty have their highest degree in their fields 48% of new students referred by others APUS ranked in top 2% among approximately 4,500 higher education institutions for 40-year return on education investment Top 2% among colleges in delivering value to students2 100% of alumni surveyed would recommend APUS to a friend or colleague5 $35 Per credit cost increase since 2001 with most students also receiving free books & materials 48% of new students referred by others3 67% of full-time faculty have a terminal degree in their field4

Hondros: “A Better Way to Become a Nurse” “1+1” Laddered Programs of Study Relevant to the Workplace Concept-Based Curriculum High definition simulation labs 85+ healthcare partnerships provide clinical access for students 45+ employer partnerships providing tiered pricing to maximize employer tuition reimbursement Institutional Affordability Grants Focuses on underserved communities Matching funds to reduce total cost Limits payments to $200 per month* Become an LPN Start without prerequisites or wait lists Clinical experience in second quarter Graduate in as few as 12 months Become an RN Start as LPN or non-nursing transfer student with a Direct Entry option Graduate in as few as 15 months * After consideration of financial aid and other resources. Maximums apply. “I felt like I owed it to myself to go back to school and accomplish my goals. I made excuses for years, but I finally came to HCN. And I brought my mom with me! Hondros offered a flexible schedule with day and night classes. I pursued Hondros for my ADN (RN) because of the good experience I had with the (L)PN program and the relationships I have with my instructors. The staff is very helpful!” Jessica Hillman, ADN student

Grow APUS Enrollments. Net course registrations by new students at APUS increased year-over-year in each primary funding category, including FSA. APEI Second Quarter Results & Priorities Enhance the Student Experience. APUS continued to rollout its cloud-based learning management system and plans to complete a full implementation by early 2021. Elevate Affordability Message. APUS launched a new marketing campaign elevating our message of affordability and ROI for learners. Grow Hondros Enrollments. New student enrollment increased 56% year-over-year reflecting continued progress on the institution’s enrollment recovery plan, now transitioning to a long-term growth plan. TA (Tuition Assistance) +30.7% Other (Cash & Other) +28.5% VA (Veterans Benefits) +10.9% FSA (Federal Student Aid) -1.5% Total +18.1% APUS Net Course Registrations by Primary Funding Source: Three Months Ended June 30, 2020 New Executive Leadership including SVP Strategy, SVP HR New Board Members Transform APEI. Moved Hondros Coursework to Virtual Learning due to COVID-19. Transitioned enrolled students to virtual learning. Labs and clinicals conducted on-ground following Ohio Dept of Health guidelines Exploring Inorganic Growth Opportunities Funding Source ‘20 vs ‘19 % Change

16.4% Consolidated Revenue $82.1M 50.8%1 Diluted EPS $0.45 300bps Y/Y Improvement in EBIT Margin Consolidated revenue increased by 16.4% to $82.1 million, compared to $70.6 million in the same period of 2019. The increase was primarily driven by increases in enrollment at both APUS and HCN. Net income of $6.7 million, or $0.45 per diluted share, compared to net income of $4.9 million, or $0.30 per diluted share, in the prior year period. Total cash and cash equivalents as of June 30, 2020 were approximately $216.0 million, compared to $202.7 million as of December 31, 2019. Consolidated bad debt expense was $1.0 million, or 1.2% of revenue, compared to $0.9 million, or 1.3% of revenue in the prior year period. APEI Second Quarter 2020 Financial Summary $13.3M Cash and Equivalents $216.0M 7 1) The prior year period includes a $5.9 million pretax, non-cash goodwill impairment expense recorded in the first quarter of 2019.

APEI Outlook Third Quarter 2020 Approximate Y/Y Change APUS Net course registrations1 by new students +10% to +14% APUS Net course registrations1 +8% to +12% HCN New student enrollment2 +88% HCN Student enrollment2 +38% APEI Consolidated revenue +10% to +14% APEI Consolidated net income per share $0.05 to $0.10 These statements are based on current expectations. These statements are forward-looking and actual results may differ materially. APUS Net course registrations represent the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty. HCN Student enrollment represents the total number of students enrolled in a course after the date by which students may drop a course without financial penalty.

Thank you

Three Months Ended June 30, 2020 2019 COSTS AND EXPENSES Instructional costs and services 37.4% 40.7% Selling and promotional 20.8% 20.0% General and administrative 26.5% 25.7% Loss on disposals of long-lived assets 0.2% — Depreciation and amortization 4.1% 5.6% Total costs and expenses 89.0% 92.0% Appendix

EX-99.3

Exhibit 99.3

Apei AMERICAN PUBLIC EDUCATION, INC. 97% APUS ALUMNI SURVEYED Respondents indicated that APUS programs met their overall expectations.2 A leading provider of higher education for adult learners, American Public Education Inc. (APEI) offers affordable, accessible, relevant and quality academic programs and services to students, universities and partner organizations through its wholly owned subsidiaries American Public University System (APUS) and National Education Seminars Inc., which we refer to as Hondros College of Nursing (HCN). NOTE: Past performance is not indicative of future results. Additional information, including important details about risk factors, can be found in APEI’s filings with the U.S. Securities and Exchange Commission, www.sec.gov. Chris Symanoskie, IRC, Vice President, Investor Relations 703-334-3880 or csymanoskie@apei.com 1. APUS, 2019 1-year Alumni Survey 2. APUS, 2019 End of Program Survey JUNE 2020 TICKER: APEI EXCHANGE: NASDAQ Total Assets (in thousands) Net Cash Provided by Operating Activities (in thousands) Revenue (in thousands) Net Income Attributable to Common Stockholders (in thousands) 45+ HCN RELATIONSHIPS with healthcare employers 100K+ APUS ALUMNI 6K+ HCN ALUMNI 100% APUS ALUMNI SURVEY Respondents would recommend AMU/APU to a friend or colleague.1 2019...................$286,270 2018...................$297,687 2017...................$299,248 2016...................$313,139 2019...................$25,639 2018...................$21,121 2017...................$24,155 2016...................$32,414 2019...................$359,395 2018...................$370,958 2017...................$399,038 2016...................$315,620 2019...................$38,370 2018...................$44,179 2017...................$47,938 2016...................$56,014

AMU APU 1. APUS Net Course Registrations represent the approximate aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty. 2. APUS Student Enrollment represents the number of unique active students, including those who are currently on an approved leave of absence, who are currently in class or have completed a course within the past 12 months. Excludes students in doctoral programs. APUS Student Enrollment as of March 31, 2020, includes 1,899 students whose last 8-week course started 1/7/2019 and ended in early March 2019. 3. Includes alumni who graduated with an Associate’s, Bachelor’s or Master’s degree from APUS as of December 31, 2019. Student loan debt is defined as student loans and private education loans and considers tuition, fees, living expenses, and book costs associated with courses taken at APUS. 4. HCN Student Enrollment represents the total number of students enrolled in a course after the date by which students may drop a course without financial penalty. 5. As of June 30, 2020. 6. Georgetown University Center on Education and Workforce, A First Try at ROI: Ranking 4,500 Colleges, 2019. 7. Undergraduate students who completed an associate or bachelor’s degree in 2018 and returned for a second degree at any level. 8. Students starting in 2019. 88% of Students Are Working Adults Avg. Age of Students: 32 years Avg. Undergraduate Class Size: 19 students Avg. Graduate Class Size: 8 students Gender Diversity: 61% male / 34% female / 5% unreported Over 200 Degree and Certificate Programs 1,800 Faculty Members 108,700 conferred degrees and certificates At-A-Glance5 Enrollment and Registrations1 Enrollment by Degree Level5 Bachelor’s Master’s Associate’s All Others 58% 9% 17% 16% Enrollment by School5 Security & Global Sudies Science, Technology, Engineering & Math Education Arts & Humanities Health Science Business 24% 13% 23% 16% 22% 2% 44% 15% 21% 20% TA VA FSA Other Registrations by Primary Funding Source For the three months ended June 30, 2020 American Public University System1 An online institution of higher learning serving the needs of military, public service and civilian communities through American Military University (AMU) and American Public University (APU). Return on Investment for Learners APUS programs rank #93 nationally, or in the top 2%, for return on student investment.6 72% of AMU and APU alumni have graduated with no APUS-incurred student loan debt.3 Student Satisfaction 30% of APUS alumni returned for a 2nd degree7 48% of APUS students were referred by others8 For the three months ended June 30, 2020 2019 % Change Net Course Registrations by New Students 12,100 9,300 30% Net Course Registrations 89,600 75,900 18% For the six months ended June 30, Net Course Registrations by New Students 22,300 19,500 14% Net Course Registrations 174,400 160,200 9% As of June 30, 2020 2019 % Change APUS Student Enrollment2 83,700 80,300 4%

HONDROS COLLEGE OF NURSING 1. HCN Student Enrollment represents the total number of students enrolled in a course after the date by which students may drop a course without financial penalty. 2. Tuition for alumni of HCN’s Practical Nursing program is $23,790. 3. For the twelve months ended December 31, 2019. Hondros College of Nursing Serving the needs of nurses and the healthcare community online and through campus locations in Cincinnati, Cleveland, Columbus, Dayton, Toledo, and Indianapolis. For the three months ended March 31, 2020 2019 % Change New Student Enrollment 490 315 56% Total Student Enrollment 1,750 1,540 14% Approximate Cost (Tuition & Fees) of Degree Completion Practical Nursing $19,700 Associate Degree in Nursing $28,500 Alumni tuition is $24,5222 Student Enrollment1 At-A-Glance3 ¢ Avg. Age of Students: 30 years ¢ Gender Ratio: 93% female / 7% male ¢ Avg. Class Size: 15 students Graduates3 ¢ 6,000+ alumni Enrollment by Program3 For the full year ended December 31, 2019. Licensed Practical Nurse Associate’s Degree in Nursing RN—Bachelor of Science in Nursing (Discontinued) 54% 44% 2%

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Document And Entity Information	Aug. 10, 2020
Cover [Abstract]
Entity Registrant Name	American Public Education, Inc.
Document Type	8-K
Amendment Flag	false
Entity Central Index Key	0001201792
Document Period End Date	Aug. 10, 2020
Entity Emerging Growth Company	false
Entity File Number	001-33810
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0724376
Entity Address, Address Line One	111 W. Congress Street
Entity Address, City or Town	Charles Town
Entity Address, State or Province	WV
Entity Address, Postal Zip Code	25414
City Area Code	304
Local Phone Number	724-3700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Security 12b Title	Common Stock
Trading Symbol	APEI
Security Exchange Name	NASDAQ