American Public Education's (NASDAQ:APEI) Financial Performance Surpasses Earnings, Shows Promising Cash Conversion

American Public Education's (APEI) earnings announcement was disappointing, but analysis reveals a positive accrual ratio, indicating good cash conversion and free cash flow exceeding profit. The company's free cash flow improved over the last year, despite statutory profit being impacted by unusual items worth $7.3m. This suggests that the profit numbers may not be entirely reflective of the company's financial performance.