AMERICAN PUBLIC EDUCATION, INC.
Cash Flow Statement
| Line Item | FY2009 | FY2008 | FY2007 |
|---|---|---|---|
| Operating Activities | |||
| Net Income | $23.9M | $16.2M | $8.8M |
| Depreciation & Amortization | $5.2M | $4.2M | $2.8M |
| Depreciation | $5.1M | — | — |
| Amortization | — | — | — |
| Stock-Based Compensation | $2.2M | $1.7M | $1.0M |
| Net Cash from Operating Activities | $36.8M | $29.8M | $17.5M |
| Investing Activities | |||
| Capital Expenditures | $10.8M | $10.0M | $6.8M |
| Business Acquisitions | — | — | — |
| Net Cash from Investing Activities | $-11.8M | $-10.9M | $-7.2M |
| Financing Activities | |||
| Dividends Paid | — | — | $93.8M |
| Stock Repurchases | $220.0K | — | — |
| Net Cash from Financing Activities | $2.2M | $1.9M | $4.9M |
| Net Change in Cash | $27.2M | $20.8M | $15.3M |
| Free Cash Flow | $26.0M | $19.7M | $10.7M |