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WKN: A2JKT3 ISIN: US04530L2034 Ticker-Symbol:  
NASDAQ
07.12.22
22:00 Uhr
0,324 US-Dollar
+0,004
+1,12 %
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GlobeNewswire (Europe)
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Aspen Group Inc.: Aspen Group Reports Revenue of $18.9 million for First Quarter Fiscal 2023

  • Marketing spend decrease in Q4 2022 resulted in modest revenue decline in Q1 2023
  • Restructuring and lower marketing spend expected to reduce total spending by $4.4 million in Q2 and $4.9 million per quarter in Q3 and Q4 of fiscal year 2023
  • Continued corporate overhead controls drive sequential reduction in G&A

NEW YORK, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (Nasdaq: ASPU) ("AGI"), an education technology holding company, today announced financial results for its first quarter fiscal year 2023 ended July 31, 2022.

First Quarter Fiscal Year 2023 Summary Results

 Three Months Ended July 31,
$ in millions, except per share data  2022   2021 
Revenue$18.9  $19.4 
Gross Profit1$8.2  $10.4 
Gross Margin (%)1 43%  54%
Net Income (Loss)$(3.7) $(0.9)
Earnings (Loss) per Share$(0.15) $(0.03)
EBITDA2$(2.2) $0.1 
Adjusted EBITDA2$(1.2) $0.5 

_______________________                                                                                         
1 GAAP gross profit calculation includes marketing and promotional costs, instructional costs and services, and amortization expense of $0.5 million and $0.4 million for the three months ended July 31, 2022 and 2021, respectively.
2 Non-GAAP financial measures. See reconciliations of GAAP to non-GAAP financial measures under "Non-GAAP-Financial Measures" starting on page 5.

"The revenue decline for the fiscal year 2023 first quarter, which is typically our seasonally slowest quarter, reflects the enrollment stoppage at our Pre-Licensure BSN campuses in Arizona and the effect of the $1 million sequential reduction of marketing spend in the prior quarter," said Michael Mathews, Chairman and CEO of AGI. "USU's revenue growth of 12%, primarily due to demand for the MSN-FNP program, partially offset the AU decrease."

"Late in the first fiscal quarter, we initiated a restructuring that reduces AGI's total staff by approximately 15%. The staff reductions are focused on G&A areas throughout the Company, as well as marketing and IT. Additionally, we have dropped our marketing spend in Q2 in all units to a maintenance level spend rate. These restructuring effects are expected to expediently reduce cash used in operations and positions the Company to generate positive operating cash flow in the second half of fiscal 2023."

Mr. Mathews concluded, "As stated on our last earnings call, the Company is currently considering various growth and financing alternatives. On August 18, 2022, we entered into an equity distribution agreement that enables us to issue and sell shares of Aspen Group common stock for aggregate gross proceeds of up to $3.0 million. The facility's primary purpose is to provide the option of additional short-term liquidity while the expected impact of our restructuring program takes effect. In parallel, we have engaged Lampert Capital Advisors to assist with securing an accounts receivable (AR) financing agreement. Until we are able to close an AR financing, the Company plans to maintain its current marketing maintenance spending plan."

Fiscal Q1 2023 Financial and Operational Results (compared to Fiscal Q1 2022)

Revenue decreased 3% to $18.9 million compared to $19.4 million. The following table presents the Company's revenue, both per subsidiary and total:

 Three Months Ended July 31,
  2022 $ Change % Change  2021
AU$11,948,094 $(1,301,558) (10)% $13,249,652
USU 6,945,819  764,476  12%  6,181,343
Revenue$18,893,913 $(537,082) (3)% $19,430,995

AU revenue decreased by $1.3 million or 10%, with the Phoenix BSN Pre-Licensure program accounting for $0.8 million of the decrease. The active student body at AU decreased from 10,911 at July 31, 2021 to 9,133 at July 31, 2022.

USU revenue increased 12% due primarily to USU's MSN-FNP program, the USU degree program with the highest concentration of students and the highest LTV. The active student body at USU decreased from 2,968 at July 31, 2021 to 2,915 at July 31, 2022.

GAAP gross profit decreased 27% to $8.2 million compared to $10.4 million, primarily due to lower revenue, increased instructional costs and services, which is the result of more students entering the core curriculum, and resuming marketing spend at a level consistent with Q3 Fiscal 2022. Gross margin was 43% compared to 54%. AU gross margin was 39% versus 53% of AU revenue, and USU gross margin was 56% versus 60% of USU revenue.

AU instructional costs and services represented 32% of AU revenue, and USU instructional costs and services represented 27% of USU revenue. AU marketing and promotional costs represented 25% of AU revenue, while USU marketing and promotional costs represented 16% of USU revenue.

The following tables present the Company's net (loss) income, both per subsidiary and total:

 Three Months Ended July 31, 2022
 Consolidated AGI Corporate AU USU
Net (loss) income$(3,714,971) $(4,898,587) $(209,429) $1,393,045
Net loss per share$(0.15)      


 Three Months Ended July 31, 2021
 Consolidated AGI Corporate AU USU
Net (loss) income$(870,888) $(4,458,536) $2,334,457 $1,253,191
Net loss per share$(0.03)      

The following tables present a brief summary of the Company's Non-GAAP measures, both per subsidiary and total. See details of these non-GAAP financial measures and reconciliations of GAAP to non-GAAP financial measures under "Non-GAAP-Financial Measures" starting on page 5.

 Three Months Ended July 31, 2022
 Consolidated AGI Corporate AU USU
EBITDA$(2,182,962) $(4,242,266) $549,458  $1,509,846 
EBITDA Margin(12)% NM   5%  22%
Adjusted EBITDA (1,176,700)  (3,657,664)  826,382   1,654,582 
Adjusted EBITDA Margin(6)% NM   7%  24%
        
NM - Not meaningful


       
 Three Months Ended July 31, 2021
 Consolidated AGI Corporate AU USU
EBITDA$91,663  $(4,393,058) $3,146,957  $1,337,764 
EBITDA MarginLess than 1% NM   24%  22%
Adjusted EBITDA 505,920   (3,949,779)  2,968,432   1,487,267 
Adjusted EBITDA Margin 3% NM   22%  24%

Operating Metrics

New Student Enrollments

New student enrollments at AU decreased 46% year-over-year and at USU by 34% year-over-year. New student enrollments were primarily impacted by the enrollment stoppage in the Phoenix pre-licensure program, and the reduction in marketing spend by $1 million over the prior quarter.

New student enrollments for the past five quarters are shown below:

  New Student Quarterly Enrollments
  Q1'22 Q2'22 Q3'22 Q4'22 Q1'23
Aspen University 1,601  1,750  1,301  1,010  868 
USU 675  630  481  525  447 
Total 2,276  2,380  1,782  1,535  1,315 

New student enrollments, bookings and ARPU for Q1'23 versus Q1'22 are shown below (rounding differences may occur):

 First Quarter Bookings1 and Average Revenue Per Enrollment (ARPU)1
 Q1'22 Enrollments Q1'22 Bookings 1 Q1'23 Enrollments Q1'23 Bookings 1 Percent Change Total Bookings & ARPU 1
Aspen University1,601 $23,150,850 868 $10,882,200  
USU675 $12,028,500 447 $7,965,540  
Total2,276 $35,179,350 1,315 $18,847,740         (46)%
ARPU  $15,457   $14,333         (7)%

_____________________
1 "Bookings" are defined by multiplying Lifetime Value (LTV) by new student enrollments for each operating unit. "Average Revenue Per Enrollment" (ARPU) is defined by dividing total Bookings by total new student enrollments for each operating unit.

Total Active Student Body

AGI's active degree-seeking student body, including AU and USU, declined 13% year-over-year to 12,048 from 13,879. AU's total active student body decreased by 16% year-over-year to 9,133 from 10,911. On a year-over-year basis, USU's total active student body decreased by 2% to 2,915 from 2,968.

Total active student body for the past five quarters is shown below:

  Total Active Student Body by Quarter
  Q1'22 Q2'22 Q3'22 Q4'22 Q1'23
Aspen University 10,911  11,184  10,736  10,225  9,133 
USU 2,968  3,134  2,988  3,109  2,915 
Total 13,879  14,318  13,724  13,334  12,048 

Nursing Students

Students seeking nursing degrees were 10,394, or 86% of total active students at both universities. Of the students seeking nursing degrees, 8,910 are RNs studying to earn an advanced degree, including 6,202 at Aspen University and 2,708 at USU. In contrast, the remaining 1,484 nursing students are enrolled in Aspen University's BSN Pre-Licensure program in the Phoenix, Austin, Tampa, Nashville and Atlanta metros. The majority of the year-over-year Aspen University nursing student body decrease is a result of the enrollment stoppage in the Phoenix pre-licensure program.

Nursing student body for the past five quarters is shown below:

  Nursing Student Body by Quarter
  Q1'22 Q2'22 Q3'22 Q4'22 Q1'23
Aspen University 9,269  9,531  9,116  8,632  7,686 
USU 2,789  2,911  2,773  2,890  2,708 
Total 12,058  12,442  11,889  11,522  10,394 

Liquidity

At July 31, 2022, the Company had unrestricted cash of $2.4 million and restricted cash of $6.4 million. Cash flow used in operations was $3.6 million. Approximately $2.2 million of the cash used in operations is attributed to our EBITDA loss and $1.2 million is attributed to changes in working capital primarily related to increases in short-term and long-term monthly payment plan accounts receivable. We also had approximately $500,000 in capital expenditures during the quarter. Management believes the restructuring plan initiated late in the first quarter positions the Company to generate positive operating cash flow in the second half of fiscal 2023.

Conference Call

Aspen Group, Inc. will host a conference call to discuss its first quarter fiscal 2023 results and business outlook on Tuesday, September 13, 2022, at 4:30 p.m. ET. Aspen Group, Inc. will issue a press release reporting results after the market closes on that day. The conference call can be accessed by dialing toll-free (877) 704-4453 (U.S.) or (201) 389-0920 (International), passcode 13732189.

Subsequent to the call, a transcript of the audio cast will be available from the Company's website at www.aspu.com. There will also be a seven-day dial-in replay which can be accessed by dialing toll-free (844) 512-2921 (U.S.) or (412) 317-6671 (International), passcode 13732189.

For additional information on the financial statements and performance, please refer to the Aspen Group, Inc. Form 10-Q for the first quarter of fiscal year 2023 and Q1 2023 Financial Results Presentation published on the Company's website at www.aspu.com, on the Presentations page under Company Info.

Non-GAAP - Financial Measures

This press release includes both financial measures in accordance with Generally Accepted Accounting Principles, or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental to, and should not be considered as alternatives to net income (loss), operating income (loss), and cash flow from operating activities, liquidity or any other financial measures. They may not be indicative of the historical operating results of AGI nor are they intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP.

Our management uses and relies on EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. We believe that management, analysts, and shareholders benefit from referring to the following non-GAAP financial measures to evaluate and assess our core operating results from period-to-period after removing the impact of items that affect comparability. Our management recognizes that the non-GAAP financial measures have inherent limitations because of the excluded items described below.

We have included a reconciliation of our non-GAAP financial measures to the most comparable financial measures calculated in accordance with GAAP. We believe that providing the non-GAAP financial measures, together with the reconciliation to GAAP, helps investors make comparisons between AGI and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measure and the corresponding GAAP measure provided by each company under applicable SEC rules.

AGI defines Adjusted EBITDA as EBITDA excluding: (1) bad debt expense; (2) stock-based compensation; and (3) non-recurring charges. The following table presents a reconciliation of net loss to EBITDA and Adjusted EBITDA and of net income (loss) margin to the Adjusted EBITDA margin:

 Three Months Ended July 31,
  2022   2021 
Net loss$(3,714,971) $(870,888)
Interest expense, net 580,580   32,132 
Taxes 30,321   151,010 
Depreciation and amortization 921,108   779,409 
EBITDA (2,182,962)  91,663 
Bad debt expense 350,000   350,000 
Stock-based compensation 46,330   542,712 
Non-recurring charges - Severance 125,000   19,665 
Non-recurring charges (income) - Other 484,932   (498,120)
Adjusted EBITDA$(1,176,700) $505,920 
Net loss Margin (20)%  (4)%
Adjusted EBITDA Margin (6)%  3%

The following tables present a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA and of net income (loss) margin to the Adjusted EBITDA margin by business unit:

 Three Months Ended July 31, 2022
 Consolidated AGI Corporate AU USU
Net income (loss)$(3,714,971) $(4,898,587) $(209,429) $1,393,045 
Interest expense, net 580,580   581,279   (578)  (121)
Taxes 30,321   5,600   14,721   10,000 
Depreciation and amortization 921,108   69,442   744,744   106,922 
EBITDA (2,182,962)  (4,242,266)  549,458   1,509,846 
Bad debt expense 350,000      225,000   125,000 
Stock-based compensation 46,330   (25,330)  51,924   19,736 
Non-recurring charges - Severance 125,000   125,000       
Non-recurring (income) charges - Other 484,932   484,932       
Adjusted EBITDA$(1,176,700) $(3,657,664) $826,382  $1,654,582 
                
Net income (loss) Margin (20)%  NM   (2)%  20%
Adjusted EBITDA Margin (6)%  NM   7%  24%

________________________________
NM - Not meaningful

 Three Months Ended July 31, 2021
 Consolidated AGI Corporate AU USU
Net income (loss)$(870,888) $(4,458,536) $2,334,457  $1,253,191 
Interest expense, net 32,132   33,272   (1,000)  (140)
Taxes 151,010   1,163   149,807   40 
Depreciation and amortization 779,409   31,043   663,693   84,673 
EBITDA 91,663   (4,393,058)  3,146,957   1,337,764 
Bad debt expense 350,000      250,000   100,000 
Stock-based compensation 542,712   443,279   69,595   29,838 
Non-recurring charges - Severance 19,665         19,665 
Non-recurring charges - Other (498,120)     (498,120)   
Adjusted EBITDA$505,920  $(3,949,779) $2,968,432  $1,487,267 
                
Net income (loss) Margin (4)%  NM   18%  20%
Adjusted EBITDA Margin 3%  NM   22%  24%

Definitions

Lifetime Value ("LTV") - is calculated as the weighted average total amount of tuition and fees paid by every new student that enrolls in the Company's universities, after giving effect to attrition.

Bookings - is defined by multiplying LTV by new student enrollments for each operating unit.

Average Revenue per Enrollment ("ARPU") - is defined by dividing total bookings by total enrollments.

Adjusted EBITDA Margin - is defined as Adjusted EBITDA divided by revenue. We believe Adjusted EBITDA margin is useful for management, analysts and investors as this measure allows for a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA margin has certain limitations in that it does not take into account the impact to our consolidated statement of operations of certain expenses.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including the expected continued reduction in expenses, achieving positive operating cash flow in the second half of fiscal 2023, and closing an accounts receivable facility. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the demand of nursing students for our programs, our graduates' future NCLEX first time pass rates, our failure to favorably resolve the Arizona regulatory issues, student attrition, national and local economic factors, competition from nursing schools in local markets, the competitive impact from the trend of major non-profit universities using online education and consolidation among our competitors, and a myriad of risks which may affect our ability to close an accounts receivable financing ranging from locating a willing lender to contractual difficulties including covenants which prevent us from closing a facility. Other risks are included in our filings with the SEC including our Form 10-K for the year ended April 30, 2022, as amended by the Form 10-Q for the fiscal quarter ended July 31, 2022. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

About Aspen Group, Inc.

Aspen Group, Inc. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again.

Investor Relations Contact

Kim Rogers
Managing Director
Hayden IR
385-831-7337 
Kim@HaydenIR.com

GAAP Financial Statements

ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

 July 31, 2022 April 30, 2022
 (Unaudited)  
Assets   
Current assets:   
Cash and cash equivalents$2,374,224  $6,482,750 
Restricted cash 6,433,397   6,433,397 
Accounts receivable, net of allowance of $3,653,072 and $3,460,288, respectively 24,699,267   24,359,241 
Prepaid expenses 1,745,565   1,358,635 
Other current assets 988,641   748,568 
Total current assets 36,241,094   39,382,591 
    
Property and equipment:   
Computer equipment and hardware 1,570,850   1,516,475 
Furniture and fixtures 2,197,920   2,193,261 
Leasehold improvements 7,179,896   7,179,896 
Instructional equipment 756,568   715,652 
Software 10,661,079   10,285,096 
Construction in progress 3,000   2,100 
  22,369,313   21,892,480 
Less: accumulated depreciation and amortization (9,294,089)  (8,395,001)
Total property and equipment, net 13,075,224   13,497,479 
Goodwill 5,011,432   5,011,432 
Intangible assets, net 7,900,000   7,900,000 
Courseware, net 267,526   274,047 
Long-term contractual accounts receivable 12,429,962   11,406,525 
Deferred financing costs 302,834   369,902 
Operating lease right-of-use assets, net 12,361,707   12,645,950 
Deposits and other assets 566,244   578,125 
Total assets$88,156,023  $91,066,051 


ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (CONTINUED)

 July 31, 2022 April 30, 2022
 (Unaudited)  
Liabilities and Stockholders' Equity   
Liabilities:   
Current liabilities:   
Accounts payable$1,851,533  $1,893,287 
Accrued expenses 3,146,956   2,821,432 
Deferred revenue 6,245,530   5,889,911 
Due to students 3,963,709   4,063,811 
Operating lease obligations, current portion 2,123,914   2,036,570 
Other current liabilities 751,349   130,262 
Total current liabilities 18,082,991   16,835,273 
    
Long-term debt, net 14,909,625   14,875,735 
Operating lease obligations, less current portion 16,279,324   16,809,319 
Total liabilities 49,271,940   48,520,327 
    
Commitments and contingencies   
    
Stockholders' equity:   
Preferred stock, $0.001 par value; 1,000,000 shares authorized,   
0 issued and 0 outstanding at July 31, 2022 and April 30, 2022     
Common stock, $0.001 par value; 60,000,000 shares authorized,   
25,357,764 issued and 25,202,278 outstanding at July 31, 2022   
25,357,764 issued and 25,202,278 outstanding at April 30, 2022 25,358   25,358 
Additional paid-in capital 112,134,894   112,081,564 
Treasury stock (155,486 at both July 31, 2022 and April 30, 2022) (1,817,414)  (1,817,414)
Accumulated deficit (71,458,755)  (67,743,784)
Total stockholders' equity 38,884,083   42,545,724 
Total liabilities and stockholders' equity$88,156,023  $91,066,051 

ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 Three Months Ended July 31,
  2022   2021 
Revenue$18,893,913  $19,430,995 
    
Operating expenses:   
Cost of revenue (exclusive of depreciation and amortization shown separately below) 10,205,551   8,593,568 
General and administrative 10,532,020   10,946,477 
Bad debt expense 350,000   350,000 
Depreciation and amortization 921,108   779,409 
Total operating expenses 22,008,679   20,669,454 
    
Operating loss (3,114,766)  (1,238,459)
    
Other income (expense):   
Interest expense (581,293)  (33,539)
Other income, net 11,409   552,120 
Total other (expense) income, net (569,884)  518,581 
    
Loss before income taxes (3,684,650)  (719,878)
    
Income tax expense 30,321   151,010 
    
Net loss$(3,714,971) $(870,888)
    
Net loss per share - basic and diluted$(0.15) $(0.03)
    
Weighted average number of common stock outstanding - basic and diluted 25,202,278   25,070,072 

ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 Three Months Ended July 31,
  2022   2021 
Cash flows from operating activities:   
Net loss$(3,714,971) $(870,888)
Adjustments to reconcile net loss to net cash used in operating activities:   
Bad debt expense 350,000   350,000 
Depreciation and amortization 921,108   779,409 
Stock-based compensation 46,330   542,712 
Amortization of warrant-based cost 7,000   11,458 
Amortization of deferred financing costs 67,068    
Amortization of debt discounts 33,890   8,334 
Loss on asset disposition    1,144 
Non-cash lease (benefit) expense (158,410)  8,307 
Tenant improvement allowances received from landlords    86,591 
Changes in operating assets and liabilities:   
Accounts receivable (1,713,462)  (1,879,318)
Prepaid expenses (386,930)  163,615 
Other current assets (240,073)  54,639 
Accounts receivable, other    45,329 
Deposits and other assets 11,883   10,852 
Accounts payable (41,754)  161,243 
Accrued expenses 325,524   320,375 
Due to students (100,102)  157,708 
Deferred revenue 355,619   (2,133,927)
Other current liabilities 621,087   (250,074)
Net cash used in operating activities (3,616,193)  (2,432,491)
Cash flows from investing activities:   
Purchases of courseware and accreditation (15,500)  (131,669)
Purchases of property and equipment (476,833)  (847,213)
Net cash used in investing activities (492,333)  (978,882)
Cash flows from financing activities:   
Proceeds from stock options exercised    22,548 
Net cash provided by financing activities    22,548 


ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)

 Three Months Ended July 31,
  2022   2021 
Net decrease in cash, cash equivalents and restricted cash$        (4,108,526) $        (3,388,825)
Cash, cash equivalents and restricted cash at beginning of period 12,916,147   13,666,079 
Cash, cash equivalents and restricted cash at end of period$8,807,621  $10,277,254 
    
Supplemental disclosure cash flow information:   
Cash paid for interest$416,164  $24,384 
Cash paid for income taxes$4,721  $98,105 
    

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying consolidated balance sheet to the total amounts shown in the accompanying unaudited consolidated statements of cash flows:

 July 31,
  2022  2021
Cash and cash equivalents$2,374,224 $6,554,423
Restricted cash 6,433,397  3,722,831
Total cash, cash equivalents and restricted cash$8,807,621 $10,277,254

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