7 unchanged sentences
The graph below matches the cumulative five-year total return of holders of American Public Education, Inc.'s common stock with the cumulative total returns of the S&P 500 index, the NASDAQ Composite index and a customized peer group of five companies that includes:
−Removed: Adtalem Global Education Inc, Grand Canyon Education Inc, Perdoceo Education Corp
−Removed: (formerly known as Career Education Corporation), Strategic Education Inc and Zovio, Inc.
+Added: Adtalem Global Education Inc., Grand Canyon Education Inc., Perdoceo Education Corp (formerly known as Career Education Corporation), Strategic Education Inc., and Zovio, Inc.
(formally known as Bridgepoint Education, Inc.).
−Removed: National American University Holdings, Inc., which was included in the performance graph in our annual report for the year ended December 31, 2018, has been removed from the performance graph in this Annual Report as a result of its delisting from Nasdaq.
The graph assumes that the value of the investment in our common stock, in each index, and in the peer group (including reinvestment of dividends) was $100 on December 31, 2015 and tracks the value of those investments, respectively, through December 31, 2020.
−Removed: December 31, 2014
−Removed: December 31, 2015
−Removed: December 31, 2016
−Removed: December 31, 2017
−Removed: December 31, 2018
−Removed: December 31, 2019
+Added: December 31, 2015 December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020
+Added: APEI 100.00 131.92 134.61 152.93 147.18 163.78
+Added: S&P 500 100.00 111.96 136.40 130.42 171.49 203.04
NASDAQ Composite 100.00 108.87 141.13 137.12 187.44 271.64
+Added: Peer Group 100.00 143.13 191.99 210.12 222.60 186.09
The stock price performance included in the graph and table above is not necessarily indicative of future stock price performance.
1 unchanged sentence
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
−Removed: On May 2, 2019, our Board of Directors authorized the repurchase of up to $35.0 million of our common stock, and on December 5, 2019, our Board approved an additional authorization to repurchase up to $25.0 million of shares.
−Removed: Subject to market conditions, applicable legal requirements, and other factors, the repurchases may be made from time to time in the open
−Removed: market or in privately negotiated transactions.
+Added: On May 2, 2019, our Board of Directors authorized the repurchase of up to $35.0 million of shares of our common stock, and on December 5, 2019, our Board approved an additional authorization to repurchase up to $25.0 million of shares of our common stock.
+Added: Subject to market conditions, applicable legal requirements, and other factors, the repurchases may be made from time to time in the open market or in privately negotiated transactions.
The authorization does not obligate us to acquire any shares, and purchases may be commenced or suspended at any time based on market conditions and other factors as we deem appropriate.
3 unchanged sentences
Stockholders’ Equity - Repurchase.”
−Removed: Total Number of Shares Purchased
−Removed: Average Price Paid per Share
−Removed: Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
−Removed: Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
+Added: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) (3)
2 unchanged sentences
December 1, 2020 – December 31, 2020 — — — 331,841 8,396,734
+Added: Total — $ — — 331,841 $ 8,396,734
(1) On December 9, 2011, our Board of Directors approved a stock repurchase program for our common stock, under which we could annually purchase up to the cumulative number of shares issued or deemed issued in that year under our equity incentive and stock purchase plans.
1 unchanged sentence
The stock repurchase program does not obligate us to repurchase any shares, may be suspended or discontinued at any time, and is funded using our available cash.
−Removed: On May 2, 2019, our Board of Directors authorized the repurchase of up to $35.0 million of our common stock, and on December 5, 2019, our Board approved an additional authorization of up to $25.0 million of shares.
+Added: (2) On May 2, 2019, our Board of Directors authorized the repurchase of up to $35.0 million of shares of our common stock, and on December 5, 2019, our Board approved an additional authorization of up to $25.0 million of shares.
We may purchase shares at management’s discretion in the open market, in privately negotiated transactions, in transactions structured through investment banking institutions, or a combination of the foregoing.
5 unchanged sentences
SELECTED FINANCIAL DATA
−Removed: The following table sets forth our selected consolidated financial and operating data as of the dates and for the periods indicated.
−Removed: You should read this data together with “Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our Consolidated Financial Statements and related notes, included elsewhere in this Annual Report.
−Removed: The selected consolidated statement of operations data for each of the years in the three-year period ended December 31, 2019 , and the selected Consolidated Balance Sheet data as of December 31, 2018 and 2019 have been derived from our audited Consolidated Financial Statements, which are included elsewhere in this Annual Report.
−Removed: The selected consolidated statements of operations data for the years ended December 31, 2015 and 2016 , and selected Consolidated Balance Sheet data as of December 31, 2015 , 2016 , and 2017 , have been derived from our audited Consolidated Financial Statements not included in this Annual Report.
−Removed: Historical results are not necessarily indicative of the results of operations that should be expected in future periods.
−Removed: Year Ended December 31,
−Removed: (In thousands, except per share and registration data)
−Removed: Statement of Operations Data:
−Removed: Costs and expenses:
−Removed: Instructional costs and services
−Removed: Selling and promotional
−Removed: General and administrative
−Removed: Loss on disposals of long-lived assets
−Removed: Impairment of goodwill
−Removed: Depreciation and amortization
−Removed: Total costs and expenses
−Removed: Income from operations before interest income and income taxes
−Removed: Interest income, net
−Removed: Income from operations before income taxes
−Removed: Income tax expense
−Removed: Equity investment income (loss)
−Removed: Net income per common share:
−Removed: Weighted average number of common shares outstanding:
−Removed: Net cash provided by operating activities
−Removed: Capital expenditures
−Removed: Stock-based compensation
−Removed: APUS net course registrations (2)
−Removed: HCN student enrollment (3)
−Removed: As of December 31,
−Removed: (In thousands)
−Removed: Consolidated Balance Sheet Data:
−Removed: Cash, cash equivalents, and restricted cash
−Removed: Working capital (4)
−Removed: Stockholders’ equity
−Removed: Year Ended December 31,
−Removed: (In thousands)
−Removed: Interest income, net
−Removed: Income tax expense
−Removed: Equity investment (income)/loss
−Removed: Depreciation and amortization
−Removed: EBITDA from operations (5)
−Removed: Effective January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers .
−Removed: The Company elected to adopt the accounting change using a modified retrospective approach.
−Removed: The impact of adoption on the Company’s Consolidated Statement of Income for the years ended December 31, 2018 and 2019 was not material.
−Removed: For additional details refer to “Note 3.
−Removed: Revenue” below in our Consolidated Financial Statements.
−Removed: APUS net course registrations represent the aggregate number of courses for which students remain enrolled after the date by which they may drop a course without financial penalty.
−Removed: 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 for the ending quarter in the annual period.
−Removed: Working capital is calculated by subtracting total current liabilities from total current assets.
−Removed: Earnings before interest, taxes, and depreciation and amortization, or EBITDA, consists of net income, less interest (income) net, plus income tax expense, less equity investment (income)/loss, plus depreciation expense.
−Removed: The company uses EBITDA as a supplementary measurement of operating performance.
−Removed: EBITDA is not a recognized measurement under U.S.
−Removed: generally accepted accounting principles and may not be comparable to other companies.
−Removed: EBITDA has additional limitations as it is not intended to measure free cash flow or certain cash payments including taxes.
−Removed: We believe EBITDA may be useful to investors evaluating our operating performance because it is widely used to measure a company’s operating performance without regard to certain non-cash expenses, including depreciation expense and expenses that are not reflective of our core operating results over time.
−Removed: We believe EBITDA, when combined with other measures of financial performance, may present a view of corporate performance exclusive of a company’s capital structure and provides management useful information to measure our performance.
+Added: Intentionally omitted.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.