AMERICAN PUBLIC EDUCATION, INC.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $31.6M | $16.1M | $-47.3M | $-115.0M | $17.8M | $18.8M | $10.0M | $25.6M |
| Depreciation & Amortization | $16.1M | $19.3M | $27.8M | $32.1M | $17.8M | $13.0M | $15.6M | $17.5M |
| Depreciation | $16.1M | $16.0M | $15.6M | $16.2M | $12.7M | $13.0M | $15.3M | $16.9M |
| Amortization | — | $3.3M | $12.2M | $15.8M | $5.1M | — | — | — |
| Stock-Based Compensation | $8.4M | $7.7M | $7.7M | $8.0M | $7.7M | $7.1M | $6.0M | $7.2M |
| Net Cash from Operating Activities | $62.0M | $48.9M | $45.5M | $29.2M | $16.3M | $44.8M | $38.4M | $44.2M |
| Investing Activities | ||||||||
| Capital Expenditures | $15.9M | $21.1M | $13.9M | $16.4M | $11.8M | $4.9M | $7.3M | $9.4M |
| Business Acquisitions | $2.3M | $0 | $0 | — | — | — | — | — |
| Net Cash from Investing Activities | $4.8M | $-21.1M | $-13.8M | $-13.7M | $-336.7M | $-4.2M | $-7.3M | $-9.4M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $4.3M | $4.2M | $10.7M | $1.5M | $3.0M | $15.7M | $40.5M | $1.8M |
| Net Cash from Financing Activities | $-49.2M | $-13.2M | $-16.9M | $-35.7M | $242.3M | $-15.7M | $-40.5M | $-1.8M |
| Net Change in Cash | $17.6M | $14.6M | $14.9M | $-20.2M | $-78.1M | $24.9M | $-9.4M | $32.9M |
| Free Cash Flow | $46.1M | $27.8M | $31.6M | $12.8M | $4.4M | $39.9M | $31.1M | $34.7M |