American Public Education (APEI) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-33810
Entity Registrant Name	AMERICAN PUBLIC EDUCATION, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0724376
Entity Address, Address Line One	111 West Congress Street,
Entity Address, City or Town	Charles Town,
Entity Address, State or Province	WV
Entity Address, Postal Zip Code	25414
City Area Code	304
Local Phone Number	724-3700
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	APEI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,701,671
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001201792
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash, cash equivalents, and restricted cash (Note 2)	$ 156,191	$ 144,342
Accounts receivable, net of allowance of $19,547 in 2024 and $15,359 in 2023	38,830	50,973
Prepaid expenses	15,834	13,032
Income tax receivable	4,079	474
Assets held for sale	8,561	8,561
Total current assets	223,495	217,382
Property and equipment, net	92,463	87,503
Operating lease assets, net	99,723	100,023
Deferred income taxes	51,111	51,360
Intangible assets, net	29,025	31,539
Goodwill	59,593	59,593
Other assets, net	5,293	9,986
Total assets	560,703	557,386
Current liabilities:
Accounts payable	6,999	8,663
Accrued compensation and benefits	17,397	16,711
Accrued liabilities	16,607	11,476
Deferred revenue and student deposits	25,623	23,830
Lease liabilities, current	12,249	13,309
Total current liabilities	78,875	73,989
Lease liabilities, long-term	100,381	96,739
Long-term debt, net	92,752	94,682
Total liabilities	272,008	265,410
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $.01 par value; 10,000,000 shares authorized; 400 shares issued and outstanding in 2024 and 2023, respectively ($128,071 and $138,132 liquidation preference per share, $51,228 and $55,253 in aggregate, for 2024 and 2023, respectively) (Note 11)	39,691	39,691
Common stock, $.01 par value; 100,000,000 shares authorized; 17,670,026 issued and outstanding in 2024; 17,604,371 issued and outstanding in 2023	177	176
Additional paid-in capital	302,001	299,561
Accumulated other comprehensive income	867	1,644
Accumulated deficit	(54,041)	(49,096)
Total stockholders’ equity	288,695	291,976
Total liabilities and stockholders’ equity	$ 560,703	$ 557,386

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Accounts receivable, allowance	$ 19,547	$ 15,359
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	17,670,026	17,604,371
Common stock, outstanding (in shares)	17,670,026	17,604,371
Preferred stock, shares outstanding (in shares)	400	400
Preferred stock, shares issued (in shares)	400	400
Preferred stock liquidation preference (in dollars per share)	$ 128,071	$ 138,132
Liquidation Preference	$ 51,228	$ 55,253
Series A Preferred Stock
Liquidation Preference	$ 51,200	$ 55,300

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 152,895	$ 147,214	$ 307,327	$ 296,903
Costs and expenses:
Instructional costs and services	76,216	74,998	148,641	148,887
Selling and promotional	33,838	32,966	66,294	72,890
General and administrative	34,426	32,533	70,703	66,022
Depreciation and amortization	5,232	7,953	10,360	15,709
Impairment of goodwill and intangible assets	0	64,000	0	64,000
Loss on leases (Note 4)	779	0	3,715	0
Loss on disposals of long-lived assets	184	32	212	33
Total costs and expenses	150,675	212,482	299,925	367,541
Income (loss) from operations before interest and income taxes	2,220	(65,268)	7,402	(70,638)
Interest expense, net	(785)	(1,097)	(911)	(2,876)
Income (loss) before income taxes	1,435	(66,365)	6,491	(73,514)
Income tax (benefit) expense	(16)	(15,137)	1,197	(16,551)
Equity investment loss	(1,080)	(4)	(4,407)	(9)
Net income (loss)	371	(51,232)	887	(56,972)
Preferred stock dividends	1,531	1,487	3,066	2,944
Net loss available to common stockholders basic	(1,160)	(52,719)	(2,179)	(59,916)
Net loss available to common stockholders diluted	$ (1,160)	$ (52,719)	$ (2,179)	$ (59,916)
Loss per common share:
Basic (in dollars per share)	$ (0.07)	$ (2.94)	$ (0.12)	$ (3.25)
Diluted (in dollars per share)	$ (0.06)	$ (2.93)	$ (0.12)	$ (3.23)
Weighted average number of common shares:
Basic (in shares)	17,627	17,932	17,568	18,457
Diluted (in shares)	18,134	17,991	17,986	18,531

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 371	$ (51,232)	$ 887	$ (56,972)
Other comprehensive (loss) income, net of tax:
Unrealized gain on hedging derivatives	141	1,037	537	1,009
Tax effect	(35)	(256)	(133)	(250)
Unrealized gain on hedging derivatives, net of taxes	106	781	404	759
Reclassification of gains to net income	(784)	(702)	(1,571)	(1,304)
Tax effect	195	174	390	323
Reclassifications of gains to net income, net of taxes	(589)	(528)	(1,181)	(981)
Total other comprehensive (loss) income	(483)	253	(777)	(222)
Comprehensive (loss) income	$ (112)	$ (50,979)	$ 110	$ (57,194)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		400	18,892,791
Beginning balance at Dec. 31, 2022	$ 349,727	$ 39,691	$ 189	$ 292,854	$ 3,102	$ 13,891
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock dividends	(1,457)					(1,457)
Issuance of common stock under employee benefit plans (in shares)			245,638
Issuance of common stock under employee benefit plans	0		$ 3	(3)
Deemed repurchased shares of common and restricted stock for tax withholding (in shares)			(85,023)
Deemed repurchased shares of common and restricted stock for tax withholding	(995)		$ (1)	(994)
Stock-based compensation	2,224			2,224
Repurchased and retired shares of common stock (in shares)			(75,000)
Repurchased and retired shares of common stock	(371)		$ (1)	1		(371)
Other comprehensive gain (loss)	(475)				(475)
Net income (loss)	(5,740)					(5,740)
Ending balance (in shares) at Mar. 31, 2023		400	18,978,406
Ending balance at Mar. 31, 2023	342,913	$ 39,691	$ 190	294,082	2,627	6,323
Beginning balance (in shares) at Dec. 31, 2022		400	18,892,791
Beginning balance at Dec. 31, 2022	349,727	$ 39,691	$ 189	292,854	3,102	13,891
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive gain (loss)	(222)
Net income (loss)	(56,972)
Ending balance (in shares) at Jun. 30, 2023		400	17,770,389
Ending balance at Jun. 30, 2023	284,880	$ 39,691	$ 178	296,142	2,880	(54,011)
Beginning balance (in shares) at Mar. 31, 2023		400	18,978,406
Beginning balance at Mar. 31, 2023	342,913	$ 39,691	$ 190	294,082	2,627	6,323
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock dividends	(1,487)					(1,487)
Issuance of common stock under employee benefit plans (in shares)			53,756
Issuance of common stock under employee benefit plans	0		$ 1	(1)
Deemed repurchased shares of common and restricted stock for tax withholding (in shares)			(1,416)
Deemed repurchased shares of common and restricted stock for tax withholding	(7)			(7)
Stock-based compensation	2,068			2,068
Repurchased and retired shares of common stock (in shares)			(1,260,357)
Repurchased and retired shares of common stock	(7,628)		$ (13)			(7,615)
Other comprehensive gain (loss)	253				253
Net income (loss)	(51,232)					(51,232)
Ending balance (in shares) at Jun. 30, 2023		400	17,770,389
Ending balance at Jun. 30, 2023	284,880	$ 39,691	$ 178	296,142	2,880	(54,011)
Beginning balance (in shares) at Dec. 31, 2023		400	17,604,371
Beginning balance at Dec. 31, 2023	291,976	$ 39,691	$ 176	299,561	1,644	(49,096)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock dividends	(1,535)					(1,535)
Issuance of common stock under employee benefit plans (in shares)			331,781
Issuance of common stock under employee benefit plans	0		$ 3	(3)
Deemed repurchased shares of common and restricted stock for tax withholding (in shares)			(113,911)
Deemed repurchased shares of common and restricted stock for tax withholding	(1,340)		$ (1)	(1,339)
Stock-based compensation	1,918			1,918
Repurchased and retired shares of common stock (in shares)			(251,146)
Repurchased and retired shares of common stock	(2,768)		$ (2)			(2,766)
Other comprehensive gain (loss)	(294)				(294)
Net income (loss)	516					516
Ending balance (in shares) at Mar. 31, 2024		400	17,571,095
Ending balance at Mar. 31, 2024	288,473	$ 39,691	$ 176	300,137	1,350	(52,881)
Beginning balance (in shares) at Dec. 31, 2023		400	17,604,371
Beginning balance at Dec. 31, 2023	291,976	$ 39,691	$ 176	299,561	1,644	(49,096)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive gain (loss)	(777)
Net income (loss)	887
Ending balance (in shares) at Jun. 30, 2024		400	17,670,026
Ending balance at Jun. 30, 2024	288,695	$ 39,691	$ 177	302,001	867	(54,041)
Beginning balance (in shares) at Mar. 31, 2024		400	17,571,095
Beginning balance at Mar. 31, 2024	288,473	$ 39,691	$ 176	300,137	1,350	(52,881)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock dividends	(1,531)					(1,531)
Exercise of stock options (in shares)			5,796
Exercise of stock options	67			67
Issuance of common stock under employee benefit plans (in shares)			94,961
Issuance of common stock under employee benefit plans	1		$ 1
Deemed repurchased shares of common and restricted stock for tax withholding (in shares)			(1,826)
Deemed repurchased shares of common and restricted stock for tax withholding	(26)			(26)
Stock-based compensation	1,823			1,823
Other comprehensive gain (loss)	(483)				(483)
Net income (loss)	371					371
Ending balance (in shares) at Jun. 30, 2024		400	17,670,026
Ending balance at Jun. 30, 2024	$ 288,695	$ 39,691	$ 177	$ 302,001	$ 867	$ (54,041)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income (loss)	$ 887	$ (56,972)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	10,360	15,709
Amortization of debt issuance costs	758	840
Stock-based compensation	3,741	4,292
Equity investment loss	4,407	9
Deferred income taxes	249	(17,333)
Loss on disposals of long-lived assets	212	33
Impairment of goodwill and intangible assets	0	64,000
Changes in operating assets and liabilities:
Accounts receivable, net of allowance for bad debt	12,143	11,894
Prepaid expenses	(2,802)	(4,007)
Income tax receivable/payable	(3,605)	(827)
Operating leases, net	3,045	2,784
Other assets	(541)	(718)
Accounts payable	(1,664)	1,849
Accrued compensation and benefits	686	2,707
Accrued liabilities	3,529	(554)
Deferred revenue and student deposits	1,793	4,793
Net cash provided by operating activities	33,198	28,499
Investing activities
Capital expenditures	(11,416)	(6,553)
Net cash used in investing activities	(11,416)	(6,553)
Financing activities
Cash paid for repurchase of common stock	(4,133)	(9,001)
Cash received from exercise of stock options	67	0
Preferred stock dividends paid	(3,066)	(2,943)
Cash paid for principal on borrowings and finance leases	(2,801)	(57)
Net cash used in financing activities	(9,933)	(12,001)
Net increase in cash, cash equivalents, and restricted cash	11,849	9,945
Cash, cash equivalents, and restricted cash at beginning of period	144,342	129,458
Cash, cash equivalents, and restricted cash at end of period	156,191	139,403
Supplemental disclosure of cash flow information
Interest paid	5,433	5,143
Income taxes paid	$ 4,297	$ 1,535

Nature of the Business

Nature of the Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	Nature of the Business American Public Education, Inc., or APEI, which together with its subsidiaries is referred to as the “Company,” is a provider of online and campus-based postsecondary education and career learning to students through the following subsidiary institutions: • American Public University System, Inc., or APUS, provides online postsecondary education directed primarily at the needs of the military, military-affiliated, public service and service-minded communities through American Military University, or AMU, and American Public University, or APU. APUS is institutionally accredited by the Higher Learning Commission, or HLC. • Rasmussen College, LLC, which is referred to herein as Rasmussen University, or RU, a nursing- and health sciences-focused institution, provides postsecondary education to students at 20 campuses in six states and online. RU is institutionally accredited by HLC. • National Education Seminars, Inc., which is referred to herein as Hondros College of Nursing, or HCN, provides nursing education to students at eight campuses in three states. HCN is institutionally accredited by the Accrediting Bureau for Health Education Schools, or ABHES. • American Public Training LLC, which is referred to herein as Graduate School USA, or GSUSA, provides career learning and leadership training in-person and online to the federal workforce. GSUSA is accredited by the Accrediting Council for Continuing Education and Training, or ACCET. The Company’s subsidiary institutions are licensed or otherwise authorized by state authorities to offer education programs to the extent the institutions believe such licenses or authorizations are required, and APUS, RU, and HCN are certified by the United States Department of Education, or ED, to participate in student financial aid programs authorized under Title IV of the Higher Education Act of 1965, as amended, or Title IV programs. The Company’s operations are organized into the following reportable segments: • American Public University System Segment, or APUS Segment. This segment reflects the operational activities of APUS. • Rasmussen University Segment, or RU Segment . This segment reflects the operational activities of RU. • Hondros College of Nursing Segment, or HCN Segment. This segment reflects the operational activities of HCN. Adjustments to reconcile segment results to the Consolidated Financial Statements are included in Corporate and Other. These adjustments include unallocated corporate activity and eliminations, and the operational activities of GSUSA. GSUSA operates as a stand-alone subsidiary of APEI but does not meet the quantitative thresholds to qualify as a reportable segment and does not have other requisite characteristics as a reportable segment. Therefore, GSUSA’s results are combined with and presented within Corporate and Other.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies A summary of the Company’s significant accounting policies follows: Basis of Presentation and Accounting The accompanying unaudited, interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP. Business Combinations The Company accounts for business combinations in accordance with Financial Accounting Standards Board Accounting Standards Codification 805, Business Combinations , or FASB ASC 805, which requires the acquisition method to be used for all business combinations. Under ASC 805, the assets and liabilities of an acquired company are reported at business fair value along with the fair value of acquired intangible assets at the date of acquisition. Principles of Consolidation The accompanying unaudited interim Consolidated Financial Statements include the accounts of APEI and its wholly owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. Unaudited Interim Consolidated Financial Information The unaudited interim Consolidated Financial Statements do not include all the information and notes required by GAAP for audited annual financial statement presentations. In the opinion of management, these statements include all adjustments (consisting of normal recurring adjustments) considered necessary to present a fair statement of the Company’s financial position, results of operations, and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for future periods, including the year ending December 31, 2024. This Quarterly Report on Form 10-Q, or this Quarterly Report, should be read in conjunction with the Consolidated Financial Statements and accompanying notes in its audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, or the Annual Report. Use of Estimates In preparing financial statements in conformity with GAAP, the Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions and various other assumptions that the Company believes are reasonable under the circumstances. Actual results may differ from those estimates under different assumptions or conditions, and the impact of such differences may be material to the Consolidated Financial Statements. Cash and Cash Equivalents The Company considers all short-term highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of demand deposits with financial institutions, money market funds, and U.S. Treasury bills. Cash and cash equivalents are Level 1 assets in the fair value reporting hierarchy. Restricted Cash Restricted cash includes funds held for students for unbilled educational services that were received from Title IV programs. As a trustee of these Title IV program funds, the Company is required to maintain and restrict these funds pursuant to the terms of the program participation agreement with ED. Restricted cash also includes a $24.9 million restricted certificate of deposit to secure a letter of credit for the benefit of ED on behalf of RU in connection with RU’s 2020 composite score, which is used by ED for determining compliance with financial responsibility standards, being below the minimum required. Restricted cash on the Consolidated Balance Sheets as of June 30, 2024, and December 31, 2023, excluding the restricted certificate of deposit, was $1.5 million and $2.7 million, respectively. Total restricted cash as of June 30, 2024, and December 31, 2023, was $26.4 million and $27.7 million, respectively. Cash and cash equivalents and restricted cash as of June 30, 2024, and December 31, 2023, were as follows (in thousands): As of June 30, 2024 As of December 31, 2023 (Unaudited) Cash, cash equivalents, and restricted cash $ 156,191 $ 144,342 Less: restricted cash (26,394) (27,682) Total unrestricted cash $ 129,797 $ 116,660 Assets Held for Sale Assets held for sale represent excess real property located in Charles Town, West Virginia for the Company’s APUS Segment. Long-lived assets are classified as held for sale when the assets are expected to be sold within the next 12 months and meet the other relevant held for sale criteria. As such, the property is recorded at the lower of the carrying value or fair value, less costs to sell, until such time the asset is sold. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed and the fair value assigned to identifiable intangible assets. Goodwill is not amortized. The Company accounts for goodwill and indefinite-lived intangible assets in accordance with FASB ASC 350, Intangibles Goodwill and Other , and Accounting Standards Update, or ASU, 2017-04, Intangibles – Goodwill and Other (Topic 350) : Simplifying the Test for Goodwill Impairment . The Company’s goodwill and intangible assets are deductible for tax purposes. The Company annually assesses goodwill for impairment in the fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill might be impaired. Goodwill impairment testing consists of an optional qualitative assessment as well as a quantitative test. The quantitative test compares the fair value of a reporting unit to its carrying value. If the carrying value of the reporting unit is greater than zero and its fair value is greater than its carrying amount, there is no impairment. If the carrying value is greater than the fair value, the difference between the two values is recorded as an impairment. Indefinite-lived and finite-lived intangible assets acquired in business combinations are recorded at fair value on the acquisition date. Finite-lived intangible assets are amortized on a straight-line basis over the estimated useful life of the asset. The Company reviews its intangible assets for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such assets are not recoverable, an impairment loss is recognized to the extent the carrying amount of the assets exceeds the fair value of the assets. For additional details regarding goodwill and intangible assets, please refer to “Note 5. Goodwill and Intangible Assets” in these Consolidated Financial Statements. Investments The Company accounts for its investments in less than majority owned companies in accordance with FASB ASC 323, Investments – Equity Method and Joint Ventures and FASB ASC 321, Investments – Equity Securities . The Company applies ASC 323 to investments when it can exercise significant influence but does not control the operating and financial policies of the company. This is generally represented by equity ownership of at least 20 percent but not more than 50 percent. Investments accounted for under the equity method are initially recorded at cost and subsequently adjusted by the Company’s share of equity in income or losses after the date of acquisition. The pro rata share of the operating results of the investee is reported in the Consolidated Statements of Income as equity investment income or loss. Investments that do not meet the equity method requirements are accounted for using the cost method under ASC 321 with changes in the fair value of the investment reported in the Consolidated Statements of Income as equity investment income or loss. The Company periodically evaluates its equity method investment for indicators of an other-than-temporary impairment. Factors the Company considers when evaluating for an other-than-temporary impairment include the duration and severity of the impairment, the reasons for the decline in value, and the potential recovery period. For an investee with impairment indicators, the Company measures fair value based on discounted cash flows or other appropriate valuation methods. If it is probable that the Company will not recover the carrying amount of the investment, the impairment is considered other-than-temporary and recorded in equity investment income or loss, and the equity investment balance is reduced to its fair value accordingly. In each reporting period, the Company evaluates its cost method investment for observable price changes. Factors the Company may consider when evaluating an observable price change may include significant changes in the regulatory, economic or technological environment, changes in general market conditions, bona fide offers to purchase or sell similar investments, and other criteria. Management must exercise significant judgment in evaluating the potential impairment of its equity investments. During the first quarter of 2024, the Company evaluated its equity investments for indicators of impairment and concluded the fair value of the cost method investment was less than its carrying amount. As a result, during the three months ended March 31, 2024, the Company recorded an investment loss of $3.3 million on a 2015 cost method investment, which is included in equity investment loss in the Consolidated Statements of Income and is due to the investee entering into a new convertible debt agreement that resulted in the conversion of the Company’s preferred stock holdings in the investee into common shares, and the dilution of the Company’s ownership percentage. The investment loss recorded reduced the book value of the cost method investment to zero. During the second quarter of 2024, the Company sold its remaining equity method investment back to the investee, as it was no longer considered a strategic investment. As a result, during the three months ended June 30, 2024, the Company recorded an investment loss of $1.1 million on a 2013 equity method investment, which is included in equity investment loss in the Consolidated Statements of Income. The investment loss recorded reduced the book value of the equity method investment to zero, and at June 30, 2024, the Company no longer has any investments accounted for under ASC 323 and ASC 321. At December 31, 2023, the Company’s equity investments were included in Other assets, net on the accompanying Consolidated Balance Sheets. Stock-based Compensation The Company accounts for stock-based compensation in accordance with FASB ASC 718, Stock Compensation , which requires companies to expense share-based compensation based on fair value. Stock-based payments may include incentive stock options or non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, performance shares, performance units, cash-based awards, other stock-based awards, including unrestricted shares, or any combination of the foregoing. Stock-based compensation cost is recognized as expense generally over a three-year vesting period using the straight-line method for employees and the graded-vesting method for members of the Company’s Board of Directors, or the Board. It is measured using the Company’s closing stock price on the date of the grant. An accelerated one-year period is used to recognize stock-based compensation cost for employees who have reached certain service and retirement eligibility criteria on the date of grant. The fair value of each option award is estimated at the date of grant using a Black-Scholes option-pricing model that uses certain assumptions. The Company makes assumptions with respect to expected stock price volatility based on the average historical volatility of the Company’s common stock. In addition, the Company determines the risk-free interest rate by selecting the U.S. Treasury constant maturity for the same maturity as the estimated life of the option quoted on an investment basis in effect at the time of grant for that business day. Judgment is required in estimating the percentage of share-based awards that are expected to vest, and in the case of performance stock units, or PSUs, the level of performance that will be achieved and the number of shares that will be earned. The Company estimates forfeitures of share-based awards at the time of grant and revises such estimates in subsequent periods if actual forfeitures differ from original estimates. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. If actual results differ significantly from these estimates, stock-based compensation expense could be higher or lower and have a material impact on the Company’s Consolidated Financial Statements. Estimates of fair value are subjective and are not intended to predict actual future events, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made under ASC 718. Stock-based compensation expense for the three months ended June 30, 2024, and 2023 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Unaudited) (Unaudited) Instructional costs and services $ 197 $ 258 $ 420 $ 537 Selling and promotional 130 188 269 417 General and administrative 1,496 1,622 3,052 3,338 Total stock-based compensation expense $ 1,823 $ 2,068 $ 3,741 $ 4,292 Incentive-based Compensation The Company provides incentive-based compensation opportunities to certain employees through cash incentive and equity awards. The expense associated with these awards is reflected within the Company’s operating expenses. For the years ending December 31, 2024, and 2023, the Management Development and Compensation Committee of the Board approved annual incentive arrangements for senior management employees. The aggregate amount of awards payable, if any, is dependent upon the achievement of certain Company financial and operational goals and the satisfaction of individual performance goals. Given that the awards are generally contingent upon achieving annual objectives, final determination of the current year incentive awards cannot be made until after the results for the year are finalized. The Company recognizes the estimated fair value of performance-based restricted stock units by assuming the satisfaction of any performance-based objectives at the “target” level, which is the most probable outcome determined for accounting purposes at the time of grant and multiplying the corresponding number of shares earned based upon such achievement by the closing price of the Company’s stock on the date of grant. To the extent performance goals are not met, compensation cost is not ultimately recognized against the goals and, to the extent previously recognized, compensation cost is reversed. Amounts accrued are subject to change in future interim periods if actual future financial results or operational performance are better or worse than expected. During the three and six months ended June 30, 2024, the Company recognized an aggregate incentive-based compensation expense of $1.9 million and $3.8 million, respectively, compared to an aggregate expense of $1.8 million and $3.8 million for the three and six months ended June 30, 2023, respectively. Income Taxes The Company accounts for income taxes in accordance with FASB ASC 740, Accounting for Income Taxes . The Company determines its interim tax provision by applying the estimated income tax rate expected for the full calendar year to income before income taxes for the period adjusted for discrete items. For the three and six months ended June 30, 2023, the Company elected to utilize the actual effective tax rate as allowed by FASB ASC 740, Accounting for Income Taxes . The Company calculated the interim tax provision for the three and six months ended June 30, 2023, as if it was the annual period and determined the income tax expense or benefit on that basis. The Company believed that the actual effective tax rate for the three and six months ended June 30, 2023, was a better estimate than the annual effective tax rate, as the annual effective tax rate method was highly sensitive to insignificant changes to estimated annual income tax expense or benefit. Recent Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued by the FASB. All ASUs issued subsequent to the filing of the Annual Report on March 5, 2024, were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s consolidated financial position and/or results of operations.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenue In the following table, revenue, shown net of grants and scholarships, is disaggregated by type of service provided. The table also includes a reconciliation of the disaggregated revenue with the reportable segments (in thousands): Three Months Ended June 30, 2024 (Unaudited) APUS RU HCN Corporate and Other Consolidated Instructional services, net of grants and scholarships $ 76,419 $ 44,735 $ 13,689 $ 6,404 $ 141,247 Graduation fees 459 — — — 459 Textbook and other course materials — 7,782 2,399 — 10,181 Other fees 170 517 321 — 1,008 Total Revenue $ 77,048 $ 53,034 $ 16,409 $ 6,404 $ 152,895 Three Months Ended June 30, 2023 (Unaudited) APUS RU HCN Corporate and Other Consolidated Instructional services, net of grants and scholarships $ 72,923 $ 43,513 $ 12,116 $ 7,420 $ 135,972 Graduation fees 388 — — — 388 Textbook and other course materials — 7,890 2,004 — 9,894 Other fees 246 568 146 — 960 Total Revenue $ 73,557 $ 51,971 $ 14,266 $ 7,420 $ 147,214 Six Months Ended June 30, 2024 (Unaudited) APUS RU HCN Corporate and Other Consolidated Instructional services, net of grants and scholarships $ 156,224 $ 89,412 $ 27,289 $ 10,598 $ 283,523 Graduation fees 1,119 — — — 1,119 Textbook and other course materials — 15,693 4,952 — 20,645 Other fees 361 1,064 615 — 2,040 Total Revenue $ 157,704 $ 106,169 $ 32,856 $ 10,598 $ 307,327 Six Months Ended June 30, 2023 (Unaudited) APUS RU HCN Corporate and Other Consolidated Instructional services, net of grants and scholarships $ 146,345 $ 91,709 $ 23,097 $ 12,524 $ 273,675 Graduation fees 757 — — — 757 Textbook and other course materials — 16,597 3,998 — 20,595 Other fees 433 1,132 311 — 1,876 Total Revenue $ 147,535 $ 109,438 $ 27,406 $ 12,524 $ 296,903 Corporate and Other includes tuition and contract training revenue earned by GSUSA and the elimination of intersegment revenue for courses taken by employees of one segment at other segments. Contract Balances and Performance Obligations The Company had no contract assets or deferred contract costs as of June 30, 2024, and December 31, 2023. The Company recognizes a contract liability, or deferred revenue, when a student begins a course, in the case of APUS and GSUSA, or starts a term, in the case of RU and HCN. Deferred revenue at June 30, 2024, was $25.6 million and included $14.8 million in future revenue that had not yet been earned for courses and terms that were in progress, as well as $10.8 million in consideration received in advance for future courses or terms, or student deposits. Deferred revenue at December 31, 2023, was $23.8 million and included $13.8 million in future revenue that had not yet been earned for courses and terms that were in progress, as well as $10.0 million in student deposits. Deferred revenue represents the Company’s performance obligation to transfer future instructional services to students. The Company’s remaining performance obligations represent the transaction price allocated to future reporting periods. The Company has elected, as a practical expedient, not to disclose additional information about unsatisfied performance obligations for contracts with students that have an expected duration of one year or less. When the Company begins performing its obligations, a contract receivable is created, resulting in accounts receivable on the Consolidated Balance Sheets. The Company accounts for receivables in accordance with FASB ASC 310, Receivables . The Company uses the portfolio approach, a practical expedient, to evaluate if a contract exists and to assess collectability at the time of contract inception based on historical experience. Contracts are subsequently reviewed for collectability if significant events or circumstances indicate a change. The allowance for doubtful accounts is based on management’s evaluation of the status of existing accounts receivable. Among other factors, management considers the age of the receivable, the anticipated source of payment, and historical allowance considerations. Consideration is also given to any specific known risk areas among the existing accounts receivable balances. Recoveries of receivables previously written off are recorded when received. APUS, RU, and GSUSA do not charge interest on past due accounts receivable. HCN charges interest on payment plans when a student graduates or otherwise exits the program. Interest charged by HCN on payment plans was immaterial for the periods presented.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases The Company’s principal leasing activities include leases for facilities, which are classified as operating leases, and leases for copiers and printers, which are classified as finance leases. Leases are classified as operating leases unless they meet any of the criteria below to be classified as a finance lease: • the lease transfers ownership of the asset at the end of the lease; • the lease grants an option to purchase the asset that the lessee is expected to exercise; • the lease term reflects a major part of the asset’s economic life; • the present value of the lease payments equals or exceeds the fair value of the asset; or • the asset is specialized with no alternative use to the lessor at the end of the term. Operating Leases The Company has operating leases for office space and campus facilities. Some leases include options to terminate or extend for one Operating lease assets are right-of-use, or ROU, assets, which represent the right to use the underlying assets for the lease term. Operating lease liabilities represent the obligation to make lease payments arising from the lease. Operating leases are included in the Operating lease assets, net, and Lease liabilities, current and long-term, on the Consolidated Balance Sheets. These assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. When the lease does not provide an implicit interest rate, the Company uses an incremental borrowing rate based on information available at lease commencement to determine the present value of the lease payments. The ROU assets include all remaining lease payments and exclude lease incentives. Lease expense for operating leases is recognized on a straight-line basis over the lease term. There are no variable lease payments. Lease expense for the three and six months ended June 30, 2024 was $4.3 million and $9.5 million, respectively, compared to $5.1 million and $10.4 million for the three and six months ended June 30, 2023, respectively. These costs are primarily related to long-term operating leases, but also include amounts for short-term leases with terms greater than 30 days that are not material. Cash paid for amounts included in the present value of operating lease liabilities during the three and six months ended June 30, 2024 was $3.7 million and $8.2 million, respectively, compared to $5.1 million and $10.1 million for the three and six months ended June 30, 2023, respectively, and is included in operating cash flows. Loss on leases During the three months ended March 31, 2024, the Company elected to terminate its RU Segment lease for a planned Dallas, Texas campus. The Company paid a lease termination fee of $2.2 million and recorded a loss of $2.1 million as a result of this lease termination. Additionally, during the three months ended June 30, 2024, the Company paid a lease termination fee of $1.2 million related to the consolidation of two RU campuses in Minnesota. As a result of the lease termination, and the consolidation of the RU campuses, during the three and six months ended June 30, 2024, the Company recorded a loss on leases of $0.4 million and $1.2 million, respectively. In May 2024, RU notified the Wisconsin Educational Approval Program that it intends to voluntarily close two Wisconsin campuses, effective December 31, 2025, and 2026, respectively. As a result, the Company recorded a lease impairment of $0.4 million during the three months ended June 30, 2024. During the three and six months ended June 30, 2024, the total loss on leases was $0.8 million and $3.7 million, respectively, and is included in Loss on leases in the Consolidated Statements of Income. Finance Leases The Company leases copiers and printers pursuant to leases that are classified as finance leases and that expire in 2027. The Company pledged the assets financed to secure the outstanding leases. As of June 30, 2024, the total finance lease liability was $0.6 million, with an average interest rate of 6.70%. The ROU assets are recorded within Property and equipment, net on the Consolidated Balance Sheets. Lease amortization expense associated with the Company’s finance leases was approximately $0.1 million for both the three and six months ended June 30, 2024, and $30,000 and $0.1 million for the three and six months ended June 30, 2023, respectively, and is recorded in Depreciation and amortization expense in the Consolidated Statements of Income. The following tables present information about the amount and timing of cash flows arising from the Company’s operating and finance leases as of June 30, 2024 (dollars in thousands): Maturity of Lease Liabilities (Unaudited) Operating Leases Finance Leases 2024 (remaining) 8,402 163 2025 18,954 213 2026 17,914 213 2027 17,025 36 2028 15,695 — 2029 13,521 — 2030 and beyond 52,833 — Total future minimum lease payments $ 144,344 $ 625 Less: imputed interest (32,287) (52) Present value of operating lease liabilities $ 112,057 $ 573 Less: lease liabilities, current (12,011) (238) Lease liabilities, long-term $ 100,046 $ 335 Balance Sheet Classification (Unaudited) Current: Operating lease liabilities, current $ 12,011 Finance lease liabilities, current 238 Long-term: Operating lease liabilities, long-term 100,046 Finance lease liabilities, long-term 335 Total lease liabilities $ 112,630 Other Information (Unaudited) Weighted average remaining lease term (in years): Operating leases 8.41 Finance leases 2.45 Weighted average discount rate: Operating leases 5.4 % Finance leases 6.7 %

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets In connection with its acquisitions of RU and HCN, the Company applied FASB ASC 805 and recorded goodwill of $217.4 million and $38.6 million, respectively, representing the excess of the purchase price over the fair value of assets acquired and liabilities assumed, including identifiable intangible assets. The Company later recorded non-cash impairment charges for RU and HCN Segment goodwill reducing the carrying value to $33.0 million and $26.6 million, respectively. There was no goodwill recorded in connection with the acquisition of GSUSA. There is no goodwill recorded in the APUS Segment. In addition to goodwill, in connection with the acquisitions of RU and HCN, the Company recorded identified intangible assets with an indefinite useful life in the aggregate amount of $51.0 million and $3.7 million, respectively, which include trade name, accreditation, licensing, and Title IV, and affiliate agreements. The Company later recorded non-cash impairment charges reducing the carrying value of RU Segment indefinite-lived intangible assets to $24.5 million. There were no indefinite-lived intangible assets recorded in conjunction with the acquisition of GSUSA. There are no indefinite-lived intangible assets in the APUS Segment. The Company recorded $35.5 million, $4.4 million, and $1.0 million of identified intangible assets with a definite useful life in connection with the acquisitions of RU, HCN and GSUSA, respectively. There are no definite-lived intangible assets in the APUS Segment. The Company recorded amortization expense related to definite-lived intangible assets of $1.3 million and $2.5 million for the three and six months ended June 30, 2024, respectively, compared to $4.0 million and $7.9 million for the three and six months ended June 30, 2023, respectively. The Company accounts for goodwill and intangible assets with an indefinite life in accordance with FASB ASC 350, Intangibles Goodwill and Other , and ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The Company annually assesses goodwill and indefinite-lived intangible assets for impairment, or more frequently if events or changes in circumstances indicate that goodwill and indefinite-lived intangible assets might be impaired. Impairment testing consists of an optional qualitative assessment as well as a quantitative test. The quantitative test compares the fair value of the reporting unit to its carrying value. If the carrying value of the reporting unit is greater than zero and its fair value is greater than its carrying amount, there is no impairment. If the carrying value is greater than the fair value, the difference between the two values is recorded as an impairment. During the three months ended June 30, 2024, in connection with the preparation of this Quarterly Report, the Company performed a qualitative assessment for potential impairment of the RU and HCN Segment goodwill and indefinite-lived intangible assets. As part of the assessment, the Company considered the events and circumstances expressly required by ASC 350, in addition to other entity-specific factors. Factors considered included RU and HCN’s financial and enrollment performance against internal targets, economic factors, and the continued favorable growth outlook for nursing education. After completing the qualitative review of goodwill and indefinite-lived intangible assets for the RU and HCN Segments, the Company concluded it was more likely than not that the fair value of each of the RU and HCN Segments was more than the respective carrying value, and therefore no quantitative impairment test and no impairment charge was necessary. During the three months ended June 30, 2023, the Company completed a qualitative assessment of RU and HCN Segment goodwill to determine if an interim goodwill impairment testing was necessary. This evaluation included consideration of enrollment trends and financial performance, as well as industry and market conditions. The Company concluded it was more likely than not the fair value of the RU Segment was less than its carrying amount resulting from RU’s underperformance when compared to 2023 internal targets, projected enrollment trends, the decline in financial performance projected for the remainder of 2023, as compared to prior projections, and the Company’s market value. There were no indicators of impairment at HCN. As a result, the Company completed a quantitative impairment test related to the valuation of its RU Segment goodwill during the second quarter of 2023. The implied fair value of RU Segment goodwill was calculated and compared to the recorded value. As a result, the Company recorded a non-cash impairment charge of $53.0 million and the corresponding tax impact of $15.8 million to reduce the carrying value of RU Segment goodwill to $33.0 million during the three months ended June 30, 2023. The impairment charge recorded eliminated the difference between the fair value and book value of RU Segment goodwill. The Company also evaluated events and circumstances related to the valuation of its intangible assets recorded within the RU and HCN Segments to determine if there were indicators of impairment. The Company concluded there were indicators of impairment during the three months ended June 30, 2023 of the RU Segment intangible assets. There were no indicators of impairment at HCN. As a result, the Company recorded a non-cash impairment charge of $11.0 million to reduce the carrying values of the RU Segment trade name and RU Segment accreditation, licensing and Title IV indefinite-lived intangible assets during the second quarter of 2023 to $18.5 million and $6.0 million, respectively. The impairment charge recorded eliminated the difference between the fair value of the trade name and accreditation, licensing, and Title IV indefinite lived intangible assets, and their book values. In total, the Company recorded non-cash impairment charges of $64.0 million during the three months ended June 30, 2023 related to RU Segment goodwill and intangible assets, and the corresponding tax impact. The Company’s 2023 annual quantitative assessment for impairment concluded that the fair value of RU and HCN Segments exceeded their carrying values by approximately $32.4 million, or 25%, and $7.4 million, or 21%, respectively. The following table summarizes the changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2024 (in thousands): APUS Segment RU Segment HCN Segment Total Goodwill (Unaudited) Goodwill as of December 31, 2023 $ — $ 33,030 $ 26,563 $ 59,593 Goodwill acquired — — — — Impairment — — — $ — Goodwill as of June 30, 2024 $ — $ 33,030 $ 26,563 $ 59,593 The following table represents the balance of the Company’s intangible assets as of June 30, 2024 (in thousands): Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount (Unaudited) Finite-lived intangible assets Student roster $ 20,000 $ 20,000 $ — $ — Curricula 14,563 13,759 — 804 Student and customer contracts and relationships 4,614 4,614 — — Lead conversions 1,500 1,500 — — Non-compete agreements 86 86 — — Tradename 35 35 — — Accreditation and licenses 28 28 — — Total finite-lived intangible assets $ 40,826 $ 40,022 $ — $ 804 Indefinite-lived intangible assets Trade name 28,498 — 8,000 20,498 Accreditation, licensing, and Title IV 26,186 — 18,500 7,686 Affiliation agreements 37 — — 37 Total indefinite-lived intangible assets 54,721 — 26,500 28,221 Total intangible assets $ 95,547 $ 40,022 $ 26,500 $ 29,025 The following table represents the balance of the Company’s intangible assets as of December 31, 2023 (in thousands): Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Finite-lived intangible assets Student roster $ 20,000 $ 20,000 $ — $ — Curricula 14,563 11,400 — 3,163 Student and customer contracts and relationships 4,614 4,465 — 149 Lead conversions 1,500 1,500 — — Non-compete agreements 86 86 — — Tradename 35 35 — — Accreditation and licenses 28 22 — 6 Total finite-lived intangible assets $ 40,826 $ 37,508 $ — $ 3,318 Indefinite-lived intangible assets Trade name 28,498 — 8,000 20,498 Accreditation, licensing, and Title IV 26,186 — 18,500 7,686 Affiliation agreements 37 — — 37 Total indefinite-lived intangible assets 54,721 — 26,500 28,221 Total intangible assets $ 95,547 $ 37,508 $ 26,500 $ 31,539 For additional information on goodwill and intangible assets, see the Consolidated Financial Statements and accompanying notes in the Annual Report.

Loss Per Common Share

Loss Per Common Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Loss Per Common Share	Loss Per Common Share Loss per common share is calculated by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net loss available to common stockholders is net income (loss) adjusted for preferred stock dividends declared. Diluted loss per common share is calculated by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding, increased by the shares used in the per share calculation by the dilutive effects of restricted stock and option awards. The table below reflects the calculation of loss per common share and the weighted average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted loss per common share (in thousands, expect per share amounts). Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Unaudited) (Unaudited) Loss per common share Net income (loss) 371 (51,232) $ 887 $ (56,972) Preferred Stock Dividend 1,531 1,487 3,066 2,944 Net loss available to common shareholders (1,160) (52,719) $ (2,179) $ (59,916) Basic weighted average shares outstanding 17,627 17,932 17,568 18,457 Loss per common share $ (0.07) $ (2.94) $ (0.12) $ (3.25) Diluted loss per common share Net loss available to common shareholders $ (1,160) $ (52,719) $ (2,179) $ (59,916) Basic weighted average shares outstanding 17,627 17,932 17,568 18,457 Effect of dilutive restricted stock and options 507 59 418 74 Diluted weighted average shares outstanding 18,134 17,991 17,986 18,531 Diluted loss per common share $ (0.06) $ (2.93) $ (0.12) $ (3.23) The table below reflects a summary of securities that could potentially dilute basic loss per common share in future periods that were not included in the computation of diluted loss per share because the effect would have been antidilutive (in thousands). Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Unaudited) (Unaudited) Antidilutive securities: Stock options 110 163 132 163 Restricted shares 27 966 73 966 Total antidilutive securities 137 1,129 205 1,129

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt In connection with the acquisition of RU, APEI, as borrower, entered into a Credit Agreement with Macquarie Capital Funding LLC, or the Credit Agreement, as administrative agent and collateral agent, or the Agent, Macquarie Capital USA Inc. and Truist Securities, Inc., as lead arrangers and joint bookrunners, and certain lenders party thereto, or the Lenders. The Credit Agreement provides for (i) a senior secured term loan facility in an aggregate original principal amount of $175.0 million, or the Term Loan, with a scheduled maturity date of September 1, 2027 and (ii) a senior secured revolving loan facility in an aggregate commitment amount of $20.0 million, or the Revolving Credit Facility, and, together with the Term Loan, is referred to as the Facilities, with a scheduled maturity date of September 1, 2026, the full capacity of which may be utilized for the issuance of letters of credit. The Revolving Credit Facility also includes a $5.0 million sub-facility for swing line loans. The Term Loan is presented net of deferred financing fees on the Consolidated Balance Sheets. Deferred financing fees are being amortized using the effective interest method over the term of the Term Loan. As of June 30, 2024, and December 31, 2023, the remaining unamortized deferred financing fees were $3.7 million and $4.4 million, respectively. Deferred financing fees of $0.5 million related to the Revolving Credit Facility were recorded as an asset and are being amortized to interest expense over the term of the Revolving Credit Facility. There were no borrowings outstanding under the Revolving Credit Facility as of June 30, 2024, and December 31, 2023. In June 2023, in connection with the cessation of publication of the London Interbank Offered Rate, or LIBOR, the Credit Agreement was amended to change the applicable floating index rate at which interest on borrowings under the Facilities would accrue from LIBOR to Term Secured Overnight Financing Rate, or Term SOFR (as defined in the Credit Agreement, as amended), a forward-looking term rate. Outstanding borrowings under the Facilities bear interest at a per annum rate equal to Term SOFR (plus a credit spread adjustment ranging from 0.11448% to 0.42826% depending on the interest period selected by APEI and subject to a 0.75% floor after giving effect to such adjustment) plus 5.50%, which shall increase by an additional 2.00% on all past due obligations if APEI fails to pay any amount when due. As of June 30, 2024, the Facilities’ borrowing rate was 10.94%, excluding any offset from the interest rate cap agreement described below. An unused commitment fee in the amount of 0.50% is payable quarterly in arrears based on the average daily unused amount of the commitments under the Revolving Credit Facility. Interest expense, including offsets from the interest rate cap agreement, was $1.9 million and $3.9 million for the three and six months ended June 30, 2024, respectively, compared to $1.9 million and $3.8 million for the three and six months ended June 30, 2023, respectively. In December 2022, APEI made prepayments totaling $65.0 million on the Term Loan. With this prepayment, APEI is not required to make quarterly principal payments on the Term Loan until payment of the outstanding principal amount at maturity in September 2027, subject to certain exceptions, including with respect to annual excess cash flows, proceeds from the sale of certain assets, casualty and condemnation events, and prohibited debt issuances. During the three months ended June 30, 2024, as a result of the annual 2023 excess cash flow calculation, APEI paid $2.6 million in principal on the Term Loan. The Credit Agreement contains customary affirmative and negative covenants, including limitations on APEI’s and its subsidiaries’ abilities, among other things, to incur additional debt, grant or permit additional liens, make investments and acquisitions, merge or consolidate with others, dispose of assets, pay dividends and distributions, and enter into affiliate transactions, in each case, subject to certain exceptions, as well as customary representations, warranties, events of default, and remedies upon default, including acceleration and rights to foreclose on the collateral securing the Facilities. In addition, the Credit Agreement contains a financial covenant that requires APEI to maintain a Total Net Leverage Ratio of no greater than 2.00 to 1.00. As of June 30, 2024, APEI was in compliance with all debt covenants. For additional information on certain restrictions placed on the Company’s indebtedness pursuant to the terms of the Company’s Series A Senior Preferred Stock, please refer to “Note 11. Preferred Stock” in these Consolidated Financial Statements. Long-term debt consists of the following as of June 30, 2024, and December 31, 2023 (in thousands): As of June 30, 2024 As of December 31, 2023 (Unaudited) Credit agreement $ 96,425 $ 99,063 Deferred financing fees (3,673) (4,381) Total debt 92,752 94,682 Less: Current portion — — Long-Term Debt $ 92,752 $ 94,682 Scheduled maturities of long-term debt at June 30, 2024, are as follows (in thousands): Maturities of Long-Term Debt (Unaudited) Loan Payments 2027 $ 96,425 Total $ 96,425 Derivatives and Hedging The Company is subject to interest rate risk, including because all outstanding borrowings under the Credit Agreement are subject to a variable rate of interest. On September 30, 2021, the Company entered into an interest rate cap agreement to manage its exposure to the variable rate of interest with a total notional value of $87.5 million. This interest rate cap agreement, designated as a cash flow hedge, provided the Company with interest rate protection in the event LIBOR exceeded 2.0%. The interest rate cap was effective October 1, 2021, and was scheduled to expire on January 1, 2025. In connection with cessation of publication of LIBOR, the Company terminated its existing interest rate cap agreement and entered into a new interest rate cap agreement that transitioned the benchmark rate to Term SOFR, effective June 30, 2023. The new interest rate cap agreement was structured in a way that there was no change in the value to the Company and provides the Company with interest rate protection in the event that the Term SOFR rate exceeds 1.78%. The new interest rate cap agreement will expire on December 31, 2024. Changes in the fair value of the interest rate cap designated as a hedging instrument that effectively offset the variability of cash flows associated with the Company’s variable-rate long-term debt obligations are reported in accumulated other comprehensive income. These amounts subsequently are reclassified into interest expense as a yield adjustment of the hedged interest payments in the same period in which the related interest affects earnings. At June 30, 2024, and December 31, 2023, the fair value of the interest rate cap totaled $1.5 million and $2.6 million, respectively, and was recorded in Other assets, net on the Consolidated Balance Sheets. The unrealized gains of $0.5 million and $0.9 million are included in accumulated other comprehensive income as of June 30, 2024, and December 31, 2023, respectively. During the three and six months ended June 30, 2024, the Company reclassified $0.8 million and $1.6 million, respectively, from accumulated other comprehensive income to interest expense, compared to $0.7 million and $1.3 million for the three and six months ended June 30, 2023, respectively. The Company estimates that approximately $1.5 million will be reclassified from accumulated other comprehensive income into interest expense during the next six months.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three reportable segments: the APUS Segment, the RU Segment, and the HCN Segment. GSUSA does not meet the quantitative thresholds to qualify as a reportable segment; therefore, its operational activities are presented below within Corporate and Other. Adjustments to reconcile segment results to the Consolidated Financial Statements, including unallocated corporate activity and eliminations are also included in Corporate and Other. In accordance with FASB ASC 280, Segment Reporting , the chief operating decision-maker has been identified as the Company’s Chief Executive Officer. The Company’s Chief Executive Officer reviews operating results to make decisions about allocating resources and assessing performance for the APUS, RU, and HCN Segments. A summary of financial information by reportable segment is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Unaudited) (Unaudited) Revenue: APUS Segment $ 77,048 $ 73,557 $ 157,704 $ 147,535 RU Segment 53,034 51,971 106,169 109,438 HCN Segment 16,409 14,266 32,856 27,406 Corporate and Other 6,404 7,420 10,598 12,524 Total Revenue $ 152,895 $ 147,214 $ 307,327 $ 296,903 Depreciation and amortization: APUS Segment $ 1,215 $ 1,291 $ 2,455 $ 2,691 RU Segment 3,331 6,195 6,615 12,122 HCN Segment 365 323 687 613 Corporate and Other 321 144 603 283 Total Depreciation and amortization $ 5,232 $ 7,953 $ 10,360 $ 15,709 Income (loss) from operations before interest and income taxes: APUS Segment $ 18,291 $ 18,941 $ 41,378 $ 36,015 RU Segment (8,826) (77,274) (17,792) (90,138) HCN Segment (744) (235) (1,048) (1,538) Corporate and Other (6,501) (6,700) (15,136) $ (14,977) Total income (loss) from operations before interest and income taxes $ 2,220 $ (65,268) $ 7,402 $ (70,638) Interest income (expense): APUS Segment $ 468 $ 669 $ 880 $ 829 RU Segment (10) — (10) 1 HCN Segment 27 23 52 42 Corporate and Other (1,270) (1,789) (1,833) (3,748) Total Interest expense, net $ (785) $ (1,097) $ (911) $ (2,876) Income tax expense (benefit): APUS Segment $ 7,364 $ 4,207 $ 14,845 $ 9,720 RU Segment (3,366) (18,224) (6,097) (22,178) HCN Segment (258) 160 (329) (185) Corporate and Other (3,756) (1,280) (7,222) (3,908) Total Income tax expense (benefit) $ (16) $ (15,137) $ 1,197 $ (16,551) Capital expenditures: APUS Segment $ 829 $ 1,349 $ 1,430 $ 1,649 RU Segment 1,005 1,279 3,752 3,285 HCN Segment 2,434 205 4,656 1,032 Corporate and Other 930 514 1,578 587 Total Capital Expenditures $ 5,198 $ 3,347 $ 11,416 $ 6,553 A summary of the Company’s consolidated assets by reportable segment is as follows (in thousands): As of June 30, 2024 As of December 31, 2023 (Unaudited) Assets: APUS Segment $ 101,649 $ 108,749 RU Segment 210,966 220,901 HCN Segment 75,108 60,270 Corporate and Other 172,980 167,466 Total Assets $ 560,703 $ 557,386

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company accrues for costs associated with contingencies, including, but not limited to, regulatory compliance and legal matters, when such costs are probable and can be reasonably estimated. Liabilities established to provide for contingencies are adjusted as further information develops, circumstances change, or contingencies are resolved. The Company bases these accruals on management’s estimate of such costs, which may vary from the ultimate costs and expenses, associated with any such contingency. From time to time, the Company is involved in legal matters in the normal course of its business.

Concentration

Concentration	6 Months Ended
	Jun. 30, 2024
Risks and Uncertainties [Abstract]
Concentration	Concentration The Company’s students utilize various payment sources and programs to finance their education expenses, including funds from: the U.S. Department of Defense, or DoD, tuition assistance programs, or TA; education benefit programs administered by the U.S. Department of Veterans Affairs, or VA; federal student aid from Title IV programs; and cash and other sources. A summary of APUS Segment revenue derived from students by primary funding source is as follows: Three Months Ended June 30, Six Months Ended June 30, (Unaudited) (Unaudited) 2024 2023 2024 2023 DoD tuition assistance programs 45% 47% 47% 48% VA education benefits 24% 22% 24% 22% Title IV programs 17% 17% 16% 17% Cash and other sources 14% 14% 13% 13% A summary of RU Segment revenue derived from students by primary funding source is as follows: Three Months Ended June 30, Six Months Ended June 30, (Unaudited) (Unaudited) 2024 2023 2024 2023 Title IV programs 76% 75% 76% 74% Cash and other sources 22% 24% 23% 24% VA education benefits 2% 1% 1% 2% A summary of HCN Segment revenue derived from students by primary funding source is as follows: Three Months Ended June 30, Six Months Ended June 30, (Unaudited) (Unaudited) 2024 2023 2024 2023 Title IV programs 83% 79% 83% 79% Cash and other sources 16% 19% 16% 20% VA education benefits 1% 2% 1% 1%

Preferred Stock

Preferred Stock	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Preferred Stock	Preferred Stock On December 28, 2022, APEI issued $40 million of the Series A Senior Preferred Stock, $0.01 par value per share, to affiliates of existing common stockholders of the Company. The Series A Senior Preferred Stock has cumulative dividends that accrue daily at an annual rate that is equal to SOFR The Series A Senior Preferred Stock has no stated maturity, is not convertible, is not subject to any mandatory redemption, sinking fund or other similar provisions, and will remain outstanding unless redeemed at the Company’s option. The Company has the right to redeem the Series A Senior Preferred Stock pro rata in whole or in part at the price per share equal to the liquidation preference, or the Liquidation Preference, plus any applicable early premium amount noted in the Certificate of Designation and Purchase Agreement. The Liquidation Preference of $51.2 million and $55.3 million as of June 30, 2024, and December 31, 2023, respectively, is based on the occurrence of a liquidation event, which is also considered an event of default as defined in the Certificate of Designation. The Liquidation Preference includes an early redemption premium amount and a make-whole payment for any redemption of the securities prior to June 30, 2025. As of June 30, 2024, and December 31, 2023, the make-whole payment included in the Liquidation Preference was $8.2 million and $12.3 million, respectively. The make-whole payment included in the Liquidation Preference will be reduced quarterly until June 30, 2025, at which time it will be eliminated. Events of default trigger an increase of the dividend rate spread of 6.00% and an early premium amount, as defined in the Certificate of Designation. The following table lists the components of the liquidation preference for the periods presented below (in thousands): As of June 30, 2024 As of December 31, 2023 (Unaudited) Series A Senior Preferred Stock (plus accrued and unpaid dividends) $ 40,072 $ 40,072 Make whole payment 8,241 12,266 Early redemption premium 2,915 2,915 Liquidation Preference $ 51,228 $ 55,253 The Series A Senior Preferred Stock has no voting rights for directors or otherwise, except as required by law or with respect to certain protective provisions. Without the consent of at least 60% of the then outstanding shares of Series A Senior Preferred Stock, with certain exceptions, the Company may not, among other things, (i) incur any indebtedness if such incurrence would cause the Company’s Total Net Leverage Ratio (as defined in the Purchase Agreement) to exceed 0.75:1, (ii) issue any capital stock senior to or pari passu with the Series A Senior Preferred Stock, (iii) declare or pay any cash dividends on the Company’s common stock, or (iv) repurchase more than an aggregate of $30 million of the Company’s common stock.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 371	$ 516	$ (51,232)	$ (5,740)	$ 887	$ (56,972)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Accounting	Basis of Presentation and Accounting
Business Combinations	Business Combinations The Company accounts for business combinations in accordance with Financial Accounting Standards Board Accounting Standards Codification 805, Business Combinations , or FASB ASC 805, which requires the acquisition method to be used for all business combinations. Under ASC 805, the assets and liabilities of an acquired company are reported at business fair value along with the fair value of acquired intangible assets at the date of acquisition.
Principles of Consolidation	Principles of Consolidation The accompanying unaudited interim Consolidated Financial Statements include the accounts of APEI and its wholly owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation.
Unaudited Interim Consolidated Financial Information	Unaudited Interim Consolidated Financial Information The unaudited interim Consolidated Financial Statements do not include all the information and notes required by GAAP for audited annual financial statement presentations. In the opinion of management, these statements include all adjustments (consisting of normal recurring adjustments) considered necessary to present a fair statement of the Company’s financial position, results of operations, and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for future periods, including the year ending December 31, 2024. This Quarterly Report on Form 10-Q, or this Quarterly Report, should be read in conjunction with the Consolidated Financial Statements and accompanying notes in its audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, or the Annual Report.
Use of Estimates	Use of Estimates In preparing financial statements in conformity with GAAP, the Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions and various other assumptions that the Company believes are reasonable under the circumstances. Actual results may differ from those estimates under different assumptions or conditions, and the impact of such differences may be material to the Consolidated Financial Statements.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short-term highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of demand deposits with financial institutions, money market funds, and U.S. Treasury bills. Cash and cash equivalents are Level 1 assets in the fair value reporting hierarchy.
Restricted Cash	Restricted Cash
Assets Held for Sale	Assets Held for Sale Assets held for sale represent excess real property located in Charles Town, West Virginia for the Company’s APUS Segment. Long-lived assets are classified as held for sale when the assets are expected to be sold within the next 12 months and meet the other relevant held for sale criteria. As such, the property is recorded at the lower of the carrying value or fair value, less costs to sell, until such time the asset is sold.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed and the fair value assigned to identifiable intangible assets. Goodwill is not amortized. The Company accounts for goodwill and indefinite-lived intangible assets in accordance with FASB ASC 350, Intangibles Goodwill and Other , and Accounting Standards Update, or ASU, 2017-04, Intangibles – Goodwill and Other (Topic 350) : Simplifying the Test for Goodwill Impairment . The Company’s goodwill and intangible assets are deductible for tax purposes. The Company annually assesses goodwill for impairment in the fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill might be impaired. Goodwill impairment testing consists of an optional qualitative assessment as well as a quantitative test. The quantitative test compares the fair value of a reporting unit to its carrying value. If the carrying value of the reporting unit is greater than zero and its fair value is greater than its carrying amount, there is no impairment. If the carrying value is greater than the fair value, the difference between the two values is recorded as an impairment. Indefinite-lived and finite-lived intangible assets acquired in business combinations are recorded at fair value on the acquisition date. Finite-lived intangible assets are amortized on a straight-line basis over the estimated useful life of the asset. The Company reviews its intangible assets for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such assets are not recoverable, an impairment loss is recognized to the extent the carrying amount of the assets exceeds the fair value of the assets. For additional details regarding goodwill and intangible assets, please refer to “Note 5. Goodwill and Intangible Assets” in these Consolidated Financial Statements.
Investments	Investments The Company accounts for its investments in less than majority owned companies in accordance with FASB ASC 323, Investments – Equity Method and Joint Ventures and FASB ASC 321, Investments – Equity Securities . The Company applies ASC 323 to investments when it can exercise significant influence but does not control the operating and financial policies of the company. This is generally represented by equity ownership of at least 20 percent but not more than 50 percent. Investments accounted for under the equity method are initially recorded at cost and subsequently adjusted by the Company’s share of equity in income or losses after the date of acquisition. The pro rata share of the operating results of the investee is reported in the Consolidated Statements of Income as equity investment income or loss. Investments that do not meet the equity method requirements are accounted for using the cost method under ASC 321 with changes in the fair value of the investment reported in the Consolidated Statements of Income as equity investment income or loss. The Company periodically evaluates its equity method investment for indicators of an other-than-temporary impairment. Factors the Company considers when evaluating for an other-than-temporary impairment include the duration and severity of the impairment, the reasons for the decline in value, and the potential recovery period. For an investee with impairment indicators, the Company measures fair value based on discounted cash flows or other appropriate valuation methods. If it is probable that the Company will not recover the carrying amount of the investment, the impairment is considered other-than-temporary and recorded in equity investment income or loss, and the equity investment balance is reduced to its fair value accordingly. In each reporting period, the Company evaluates its cost method investment for observable price changes. Factors the Company may consider when evaluating an observable price change may include significant changes in the regulatory, economic or technological environment, changes in general market conditions, bona fide offers to purchase or sell similar investments, and other criteria. Management must exercise significant judgment in evaluating the potential impairment of its equity investments. During the first quarter of 2024, the Company evaluated its equity investments for indicators of impairment and concluded the fair value of the cost method investment was less than its carrying amount. As a result, during the three months ended March 31, 2024, the Company recorded an investment loss of $3.3 million on a 2015 cost method investment, which is included in equity investment loss in the Consolidated Statements of Income and is due to the investee entering into a new convertible debt agreement that resulted in the conversion of the Company’s preferred stock holdings in the investee into common shares, and the dilution of the Company’s ownership percentage. The investment loss recorded reduced the book value of the cost method investment to zero.
Stock-based Compensation	Stock-based Compensation The Company accounts for stock-based compensation in accordance with FASB ASC 718, Stock Compensation , which requires companies to expense share-based compensation based on fair value. Stock-based payments may include incentive stock options or non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, performance shares, performance units, cash-based awards, other stock-based awards, including unrestricted shares, or any combination of the foregoing. Stock-based compensation cost is recognized as expense generally over a three-year vesting period using the straight-line method for employees and the graded-vesting method for members of the Company’s Board of Directors, or the Board. It is measured using the Company’s closing stock price on the date of the grant. An accelerated one-year period is used to recognize stock-based compensation cost for employees who have reached certain service and retirement eligibility criteria on the date of grant. The fair value of each option award is estimated at the date of grant using a Black-Scholes option-pricing model that uses certain assumptions. The Company makes assumptions with respect to expected stock price volatility based on the average historical volatility of the Company’s common stock. In addition, the Company determines the risk-free interest rate by selecting the U.S. Treasury constant maturity for the same maturity as the estimated life of the option quoted on an investment basis in effect at the time of grant for that business day. Judgment is required in estimating the percentage of share-based awards that are expected to vest, and in the case of performance stock units, or PSUs, the level of performance that will be achieved and the number of shares that will be earned. The Company estimates forfeitures of share-based awards at the time of grant and revises such estimates in subsequent periods if actual forfeitures differ from original estimates. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. If actual results differ significantly from these estimates, stock-based compensation expense could be higher or lower and have a material impact on the Company’s Consolidated Financial Statements. Estimates of fair value are subjective and are not intended to predict actual future events, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made under ASC 718. Stock-based compensation expense for the three months ended June 30, 2024, and 2023 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Unaudited) (Unaudited) Instructional costs and services $ 197 $ 258 $ 420 $ 537 Selling and promotional 130 188 269 417 General and administrative 1,496 1,622 3,052 3,338 Total stock-based compensation expense $ 1,823 $ 2,068 $ 3,741 $ 4,292 Incentive-based Compensation
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with FASB ASC 740, Accounting for Income Taxes . The Company determines its interim tax provision by applying the estimated income tax rate expected for the full calendar year to income before income taxes for the period adjusted for discrete items. For the three and six months ended June 30, 2023, the Company elected to utilize the actual effective tax rate as allowed by FASB ASC 740, Accounting for Income Taxes . The Company calculated the interim tax provision for the three and six months ended June 30, 2023, as if it was the annual period and determined the income tax expense or benefit on that basis. The Company believed that the actual effective tax rate for the three and six months ended June 30, 2023, was a better estimate than the annual effective tax rate, as the annual effective tax rate method was highly sensitive to insignificant changes to estimated annual income tax expense or benefit.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued by the FASB. All ASUs issued subsequent to the filing of the Annual Report on March 5, 2024, were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s consolidated financial position and/or results of operations.
Commitments and Contingencies	Commitments and Contingencies The Company accrues for costs associated with contingencies, including, but not limited to, regulatory compliance and legal matters, when such costs are probable and can be reasonably estimated. Liabilities established to provide for contingencies are adjusted as further information develops, circumstances change, or contingencies are resolved. The Company bases these accruals on management’s estimate of such costs, which may vary from the ultimate costs and expenses, associated with any such contingency.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Restricted Cash And Cash Equivalents	Cash and cash equivalents and restricted cash as of June 30, 2024, and December 31, 2023, were as follows (in thousands): As of June 30, 2024 As of December 31, 2023 (Unaudited) Cash, cash equivalents, and restricted cash $ 156,191 $ 144,342 Less: restricted cash (26,394) (27,682) Total unrestricted cash $ 129,797 $ 116,660
Schedule of Stock-based Compensation Cost Charged Against Income	Stock-based compensation expense for the three months ended June 30, 2024, and 2023 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Unaudited) (Unaudited) Instructional costs and services $ 197 $ 258 $ 420 $ 537 Selling and promotional 130 188 269 417 General and administrative 1,496 1,622 3,052 3,338 Total stock-based compensation expense $ 1,823 $ 2,068 $ 3,741 $ 4,292

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	In the following table, revenue, shown net of grants and scholarships, is disaggregated by type of service provided. The table also includes a reconciliation of the disaggregated revenue with the reportable segments (in thousands): Three Months Ended June 30, 2024 (Unaudited) APUS RU HCN Corporate and Other Consolidated Instructional services, net of grants and scholarships $ 76,419 $ 44,735 $ 13,689 $ 6,404 $ 141,247 Graduation fees 459 — — — 459 Textbook and other course materials — 7,782 2,399 — 10,181 Other fees 170 517 321 — 1,008 Total Revenue $ 77,048 $ 53,034 $ 16,409 $ 6,404 $ 152,895 Three Months Ended June 30, 2023 (Unaudited) APUS RU HCN Corporate and Other Consolidated Instructional services, net of grants and scholarships $ 72,923 $ 43,513 $ 12,116 $ 7,420 $ 135,972 Graduation fees 388 — — — 388 Textbook and other course materials — 7,890 2,004 — 9,894 Other fees 246 568 146 — 960 Total Revenue $ 73,557 $ 51,971 $ 14,266 $ 7,420 $ 147,214 Six Months Ended June 30, 2024 (Unaudited) APUS RU HCN Corporate and Other Consolidated Instructional services, net of grants and scholarships $ 156,224 $ 89,412 $ 27,289 $ 10,598 $ 283,523 Graduation fees 1,119 — — — 1,119 Textbook and other course materials — 15,693 4,952 — 20,645 Other fees 361 1,064 615 — 2,040 Total Revenue $ 157,704 $ 106,169 $ 32,856 $ 10,598 $ 307,327 Six Months Ended June 30, 2023 (Unaudited) APUS RU HCN Corporate and Other Consolidated Instructional services, net of grants and scholarships $ 146,345 $ 91,709 $ 23,097 $ 12,524 $ 273,675 Graduation fees 757 — — — 757 Textbook and other course materials — 16,597 3,998 — 20,595 Other fees 433 1,132 311 — 1,876 Total Revenue $ 147,535 $ 109,438 $ 27,406 $ 12,524 $ 296,903 Corporate and Other includes tuition and contract training revenue earned by GSUSA and the elimination of intersegment revenue for courses taken by employees of one segment at other segments.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Minimum Rental Commitments	The following tables present information about the amount and timing of cash flows arising from the Company’s operating and finance leases as of June 30, 2024 (dollars in thousands): Maturity of Lease Liabilities (Unaudited) Operating Leases Finance Leases 2024 (remaining) 8,402 163 2025 18,954 213 2026 17,914 213 2027 17,025 36 2028 15,695 — 2029 13,521 — 2030 and beyond 52,833 — Total future minimum lease payments $ 144,344 $ 625 Less: imputed interest (32,287) (52) Present value of operating lease liabilities $ 112,057 $ 573 Less: lease liabilities, current (12,011) (238) Lease liabilities, long-term $ 100,046 $ 335 Balance Sheet Classification (Unaudited) Current: Operating lease liabilities, current $ 12,011 Finance lease liabilities, current 238 Long-term: Operating lease liabilities, long-term 100,046 Finance lease liabilities, long-term 335 Total lease liabilities $ 112,630
Schedule of Information Related to Leases	Other Information (Unaudited) Weighted average remaining lease term (in years): Operating leases 8.41 Finance leases 2.45 Weighted average discount rate: Operating leases 5.4 % Finance leases 6.7 %

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table summarizes the changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2024 (in thousands): APUS Segment RU Segment HCN Segment Total Goodwill (Unaudited) Goodwill as of December 31, 2023 $ — $ 33,030 $ 26,563 $ 59,593 Goodwill acquired — — — — Impairment — — — $ — Goodwill as of June 30, 2024 $ — $ 33,030 $ 26,563 $ 59,593
Schedule of Intangible Assets and Goodwill	The following table represents the balance of the Company’s intangible assets as of June 30, 2024 (in thousands): Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount (Unaudited) Finite-lived intangible assets Student roster $ 20,000 $ 20,000 $ — $ — Curricula 14,563 13,759 — 804 Student and customer contracts and relationships 4,614 4,614 — — Lead conversions 1,500 1,500 — — Non-compete agreements 86 86 — — Tradename 35 35 — — Accreditation and licenses 28 28 — — Total finite-lived intangible assets $ 40,826 $ 40,022 $ — $ 804 Indefinite-lived intangible assets Trade name 28,498 — 8,000 20,498 Accreditation, licensing, and Title IV 26,186 — 18,500 7,686 Affiliation agreements 37 — — 37 Total indefinite-lived intangible assets 54,721 — 26,500 28,221 Total intangible assets $ 95,547 $ 40,022 $ 26,500 $ 29,025 The following table represents the balance of the Company’s intangible assets as of December 31, 2023 (in thousands): Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Finite-lived intangible assets Student roster $ 20,000 $ 20,000 $ — $ — Curricula 14,563 11,400 — 3,163 Student and customer contracts and relationships 4,614 4,465 — 149 Lead conversions 1,500 1,500 — — Non-compete agreements 86 86 — — Tradename 35 35 — — Accreditation and licenses 28 22 — 6 Total finite-lived intangible assets $ 40,826 $ 37,508 $ — $ 3,318 Indefinite-lived intangible assets Trade name 28,498 — 8,000 20,498 Accreditation, licensing, and Title IV 26,186 — 18,500 7,686 Affiliation agreements 37 — — 37 Total indefinite-lived intangible assets 54,721 — 26,500 28,221 Total intangible assets $ 95,547 $ 37,508 $ 26,500 $ 31,539

Loss Per Common Share (Tables)

Loss Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Loss Per Share	The table below reflects the calculation of loss per common share and the weighted average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted loss per common share (in thousands, expect per share amounts). Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Unaudited) (Unaudited) Loss per common share Net income (loss) 371 (51,232) $ 887 $ (56,972) Preferred Stock Dividend 1,531 1,487 3,066 2,944 Net loss available to common shareholders (1,160) (52,719) $ (2,179) $ (59,916) Basic weighted average shares outstanding 17,627 17,932 17,568 18,457 Loss per common share $ (0.07) $ (2.94) $ (0.12) $ (3.25) Diluted loss per common share Net loss available to common shareholders $ (1,160) $ (52,719) $ (2,179) $ (59,916) Basic weighted average shares outstanding 17,627 17,932 17,568 18,457 Effect of dilutive restricted stock and options 507 59 418 74 Diluted weighted average shares outstanding 18,134 17,991 17,986 18,531 Diluted loss per common share $ (0.06) $ (2.93) $ (0.12) $ (3.23)
Schedule of Antidilutive Securities	The table below reflects a summary of securities that could potentially dilute basic loss per common share in future periods that were not included in the computation of diluted loss per share because the effect would have been antidilutive (in thousands). Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Unaudited) (Unaudited) Antidilutive securities: Stock options 110 163 132 163 Restricted shares 27 966 73 966 Total antidilutive securities 137 1,129 205 1,129

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consists of the following as of June 30, 2024, and December 31, 2023 (in thousands): As of June 30, 2024 As of December 31, 2023 (Unaudited) Credit agreement $ 96,425 $ 99,063 Deferred financing fees (3,673) (4,381) Total debt 92,752 94,682 Less: Current portion — — Long-Term Debt $ 92,752 $ 94,682
Schedule of Maturities of Long-term Debt	Scheduled maturities of long-term debt at June 30, 2024, are as follows (in thousands): Maturities of Long-Term Debt (Unaudited) Loan Payments 2027 $ 96,425 Total $ 96,425

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Segment	A summary of financial information by reportable segment is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Unaudited) (Unaudited) Revenue: APUS Segment $ 77,048 $ 73,557 $ 157,704 $ 147,535 RU Segment 53,034 51,971 106,169 109,438 HCN Segment 16,409 14,266 32,856 27,406 Corporate and Other 6,404 7,420 10,598 12,524 Total Revenue $ 152,895 $ 147,214 $ 307,327 $ 296,903 Depreciation and amortization: APUS Segment $ 1,215 $ 1,291 $ 2,455 $ 2,691 RU Segment 3,331 6,195 6,615 12,122 HCN Segment 365 323 687 613 Corporate and Other 321 144 603 283 Total Depreciation and amortization $ 5,232 $ 7,953 $ 10,360 $ 15,709 Income (loss) from operations before interest and income taxes: APUS Segment $ 18,291 $ 18,941 $ 41,378 $ 36,015 RU Segment (8,826) (77,274) (17,792) (90,138) HCN Segment (744) (235) (1,048) (1,538) Corporate and Other (6,501) (6,700) (15,136) $ (14,977) Total income (loss) from operations before interest and income taxes $ 2,220 $ (65,268) $ 7,402 $ (70,638) Interest income (expense): APUS Segment $ 468 $ 669 $ 880 $ 829 RU Segment (10) — (10) 1 HCN Segment 27 23 52 42 Corporate and Other (1,270) (1,789) (1,833) (3,748) Total Interest expense, net $ (785) $ (1,097) $ (911) $ (2,876) Income tax expense (benefit): APUS Segment $ 7,364 $ 4,207 $ 14,845 $ 9,720 RU Segment (3,366) (18,224) (6,097) (22,178) HCN Segment (258) 160 (329) (185) Corporate and Other (3,756) (1,280) (7,222) (3,908) Total Income tax expense (benefit) $ (16) $ (15,137) $ 1,197 $ (16,551) Capital expenditures: APUS Segment $ 829 $ 1,349 $ 1,430 $ 1,649 RU Segment 1,005 1,279 3,752 3,285 HCN Segment 2,434 205 4,656 1,032 Corporate and Other 930 514 1,578 587 Total Capital Expenditures $ 5,198 $ 3,347 $ 11,416 $ 6,553
Schedule of Consolidated Assets by Reportable Segment	A summary of the Company’s consolidated assets by reportable segment is as follows (in thousands): As of June 30, 2024 As of December 31, 2023 (Unaudited) Assets: APUS Segment $ 101,649 $ 108,749 RU Segment 210,966 220,901 HCN Segment 75,108 60,270 Corporate and Other 172,980 167,466 Total Assets $ 560,703 $ 557,386

Concentration (Tables)

Concentration (Tables)	6 Months Ended
	Jun. 30, 2024
Risks and Uncertainties [Abstract]
Schedule of Segment Revenues	A summary of APUS Segment revenue derived from students by primary funding source is as follows: Three Months Ended June 30, Six Months Ended June 30, (Unaudited) (Unaudited) 2024 2023 2024 2023 DoD tuition assistance programs 45% 47% 47% 48% VA education benefits 24% 22% 24% 22% Title IV programs 17% 17% 16% 17% Cash and other sources 14% 14% 13% 13% A summary of RU Segment revenue derived from students by primary funding source is as follows: Three Months Ended June 30, Six Months Ended June 30, (Unaudited) (Unaudited) 2024 2023 2024 2023 Title IV programs 76% 75% 76% 74% Cash and other sources 22% 24% 23% 24% VA education benefits 2% 1% 1% 2% A summary of HCN Segment revenue derived from students by primary funding source is as follows: Three Months Ended June 30, Six Months Ended June 30, (Unaudited) (Unaudited) 2024 2023 2024 2023 Title IV programs 83% 79% 83% 79% Cash and other sources 16% 19% 16% 20% VA education benefits 1% 2% 1% 1%

Preferred Stock (Tables)

Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Components of The Liquidation Preference	The following table lists the components of the liquidation preference for the periods presented below (in thousands): As of June 30, 2024 As of December 31, 2023 (Unaudited) Series A Senior Preferred Stock (plus accrued and unpaid dividends) $ 40,072 $ 40,072 Make whole payment 8,241 12,266 Early redemption premium 2,915 2,915 Liquidation Preference $ 51,228 $ 55,253

Nature of the Business (Details

Nature of the Business (Details)	6 Months Ended
	Jun. 30, 2024 campus state
RU Segment
Segment Reporting Information [Line Items]
Number of campuses | campus	20
Number of states | state	6
HCN Segment
Segment Reporting Information [Line Items]
Number of campuses | campus	8
Number of states | state	3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 26.4	$ 27.7
Restricted cash, excluding certificates of deposit	1.5	$ 2.7
Certificates of Deposit | U.S. Department of Education
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 24.9

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Restricted Cash And Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash, cash equivalents, and restricted cash	$ 156,191	$ 144,342	$ 139,403	$ 129,458
Less: restricted cash	(26,394)	(27,682)
Total unrestricted cash	$ 129,797	$ 116,660

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Assets Held for Sale (Details)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Period expected for sales to finalize (in months)	12 months

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Accounting Policies [Abstract]
Equity method investment impairments	$ 1.1	$ 3.3
Cost method investments, book value	0
Investments	$ 0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Stock-based Compensation Narrative (Details)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Award vesting period	3 years
Period of accelerated service	1 year

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Schedule of Stock-based Compensation Cost Charged Against Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,823	$ 2,068	$ 3,741	$ 4,292
Instructional costs and services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	197	258	420	537
Selling and promotional
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	130	188	269	417
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,496	$ 1,622	$ 3,052	$ 3,338

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Incentive-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense in operating income	$ 1,823	$ 2,068	$ 3,741	$ 4,292
Incentive-Based Compensation Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense in operating income	$ 1,900	$ 1,800	$ 3,800	$ 3,800

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 152,895	$ 147,214	$ 307,327	$ 296,903
Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue	141,247	135,972	283,523	273,675
Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue	459	388	1,119	757
Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue	10,181	9,894	20,645	20,595
Other fees
Disaggregation of Revenue [Line Items]
Total Revenue	1,008	960	2,040	1,876
Corporate and Other
Disaggregation of Revenue [Line Items]
Total Revenue	6,404	7,420	10,598	12,524
Corporate and Other | Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue	6,404	7,420	10,598	12,524
Corporate and Other | Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue	0	0	0	0
Corporate and Other | Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue	0	0	0	0
Corporate and Other | Other fees
Disaggregation of Revenue [Line Items]
Total Revenue	0	0	0	0
APUS | Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenue	77,048	73,557	157,704	147,535
APUS | Operating Segments | Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue	76,419	72,923	156,224	146,345
APUS | Operating Segments | Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue	459	388	1,119	757
APUS | Operating Segments | Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue	0	0	0	0
APUS | Operating Segments | Other fees
Disaggregation of Revenue [Line Items]
Total Revenue	170	246	361	433
RU | Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenue	53,034	51,971	106,169	109,438
RU | Operating Segments | Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue	44,735	43,513	89,412	91,709
RU | Operating Segments | Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue	0	0	0	0
RU | Operating Segments | Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue	7,782	7,890	15,693	16,597
RU | Operating Segments | Other fees
Disaggregation of Revenue [Line Items]
Total Revenue	517	568	1,064	1,132
HCN | Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenue	16,409	14,266	32,856	27,406
HCN | Operating Segments | Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue	13,689	12,116	27,289	23,097
HCN | Operating Segments | Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue	0	0	0	0
HCN | Operating Segments | Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue	2,399	2,004	4,952	3,998
HCN | Operating Segments | Other fees
Disaggregation of Revenue [Line Items]
Total Revenue	$ 321	$ 146	$ 615	$ 311

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Contract assets	$ 0	$ 0
Deferred revenue	25,623,000	23,830,000
Courses in Progress
Disaggregation of Revenue [Line Items]
Future revenue	14,800,000	13,800,000
Future Courses
Disaggregation of Revenue [Line Items]
Future revenue	$ 10,800,000	$ 10,000,000

Leases - Narrative (Details)

Leases - Narrative (Details)	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2024 campus	Feb. 29, 2024 USD ($)	Jun. 30, 2024 USD ($) campus	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) campus state	Jun. 30, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Extension term (or more)					1 year
Variable lease payments					$ 0
Lease expense			$ 4,300,000	$ 5,100,000	9,500,000	$ 10,400,000
Cash paid for amounts included in operating lease liabilities			3,700,000	5,100,000	8,200,000	10,100,000
Loss on lease termination			779,000	0	3,715,000	0
Present value of operating lease liabilities			$ 573,000		$ 573,000
Interest rate			6.70%		6.70%
Finance lease expense			$ 100,000	$ 30,000	$ 100,000	$ 100,000
RU Segment
Property, Plant and Equipment [Line Items]
Number of campuses | campus					20
Number of states | state					6
Lease termination fee		$ 2,200,000	1,200,000
Loss on lease termination		$ 2,100,000	$ (400,000)		$ (1,200,000)
RU Segment | Minnesota
Property, Plant and Equipment [Line Items]
Number of consolidated campuses | campus			2
RU Segment | Wisconsin
Property, Plant and Equipment [Line Items]
Number of campuses to be closed | campus	2
Lease impairment			$ 400,000
HCN Segment
Property, Plant and Equipment [Line Items]
Number of campuses | campus					8
Number of states | state					3

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Operating Leases
2024 (remaining)	$ 8,402
2025	18,954
2026	17,914
2027	17,025
2028	15,695
2029	13,521
2030 and beyond	52,833
Total future minimum lease payments	144,344
Less: imputed interest	(32,287)
Present value of operating lease liabilities	112,057
Less: lease liabilities, current	(12,011)
Lease liabilities, long-term	100,046
Finance Leases
2024 (remaining)	163
2025	213
2026	213
2027	36
2028	0
2029	0
2030 and beyond	0
Total future minimum lease payments	625
Less: imputed interest	(52)
Present value of operating lease liabilities	573
Less: lease liabilities, current	(238)
Lease liabilities, long-term	$ 335

Leases - Schedule of Informatio

Leases - Schedule of Information Related to Leases (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Current:
Operating lease liabilities, current	$ 12,011
Finance lease liabilities, current	238
Long-term:
Operating lease liabilities, long-term	100,046
Finance lease liabilities, long-term	335
Total lease liabilities	$ 112,630
Operating leases, weighted average remaining lease term	8 years 4 months 28 days
Finance leases, weighted average remaining lease term	2 years 5 months 12 days
Operating lease weighted average discount rate percent	5.40%
Finance lease weighted average discount rate percent	6.70%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease Liability, Current
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease Liability, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, long-term
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, long-term

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2021	Sep. 01, 2021	Aug. 10, 2021
Business Acquisition [Line Items]
Goodwill	$ 59,593,000		$ 59,593,000		$ 59,593,000
Intangible assets, net	29,025,000		29,025,000		31,539,000
Amortization	1,300,000	$ 4,000,000	2,500,000	$ 7,900,000
Impairment charge			0
Impairment			26,500,000		26,500,000
Impairment of goodwill and intangible assets	0	64,000,000	0	64,000,000
Accreditation, Licensing And Title IV
Business Acquisition [Line Items]
Impairment			18,500,000		18,500,000
RU Segment
Business Acquisition [Line Items]
Goodwill	33,000,000	33,000,000	33,000,000	33,000,000			$ 217,400,000
Indefinite-lived intangible assets acquired							$ 51,000,000
Intangible assets, net	24,500,000		24,500,000
Identified intangible assets	35,500,000		35,500,000
Impairment charge		53,000,000
Goodwill, impairment loss, tax effect		15,800,000
Impairment of goodwill and intangible assets		64,000,000
Fair value exceeding carrying value					$ 32,400,000
Fair value exceeding carrying value (in percent)					25%
RU Segment | Accreditation, Licensing And Title IV
Business Acquisition [Line Items]
Impairment		11,000,000
Fair value of intangible assets		6,000,000		6,000,000
RU Segment | Trade Name
Business Acquisition [Line Items]
Fair value of intangible assets		$ 18,500,000		$ 18,500,000
HCN Segment
Business Acquisition [Line Items]
Goodwill	26,600,000		26,600,000			$ 38,600,000
Indefinite-lived intangible assets acquired						$ 3,700,000
Identified intangible assets	4,400,000		4,400,000
Fair value exceeding carrying value					$ 7,400,000
Fair value exceeding carrying value (in percent)					21%
GSUSA Segment
Business Acquisition [Line Items]
Goodwill								$ 0
Intangible assets, net	0		0
Identified intangible assets	1,000,000		1,000,000
APUS Segment
Business Acquisition [Line Items]
Goodwill	0		0
Intangible assets, net	0		0
Identified intangible assets	$ 0		$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 59,593
Goodwill acquired	0
Impairment	0
Ending balance	59,593
APUS Segment
Goodwill [Roll Forward]
Beginning balance	0
Goodwill acquired	0
Impairment	0
Ending balance	0
RU Segment
Goodwill [Roll Forward]
Beginning balance	33,030
Goodwill acquired	0
Impairment	0
Ending balance	33,030
HCN Segment
Goodwill [Roll Forward]
Beginning balance	26,563
Goodwill acquired	0
Impairment	0
Ending balance	$ 26,563

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 40,826	$ 40,826
Accumulated Amortization	40,022	37,508
Net Carrying Amount	804	3,318
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross carrying amount, before impairment	54,721	54,721
Impairment	26,500	26,500
Gross/net carrying amount	28,221	28,221
Total intangible assets, Gross	95,547	95,547
Total intangible assets, Impairment	26,500	26,500
Total intangible assets, net	29,025	31,539
Trade name
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross carrying amount, before impairment	28,498	28,498
Impairment	8,000	8,000
Gross/net carrying amount	20,498	20,498
Accreditation, licensing, and Title IV
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross carrying amount, before impairment	26,186	26,186
Impairment	18,500	18,500
Gross/net carrying amount	7,686	7,686
Affiliation agreements
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross carrying amount, before impairment	37	37
Gross/net carrying amount	37	37
Student roster
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	20,000	20,000
Accumulated Amortization	20,000	20,000
Net Carrying Amount	0	0
Curricula
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	14,563	14,563
Accumulated Amortization	13,759	11,400
Net Carrying Amount	804	3,163
Student and customer contracts and relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	4,614
Accumulated Amortization	4,614
Net Carrying Amount	0
Student and customer contracts and relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount		4,614
Accumulated Amortization		4,465
Net Carrying Amount		149
Lead conversions
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	1,500	1,500
Accumulated Amortization	1,500	1,500
Net Carrying Amount	0	0
Non-compete agreements
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	86	86
Accumulated Amortization	86	86
Net Carrying Amount	0	0
Tradename
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	35	35
Accumulated Amortization	35	35
Net Carrying Amount	0	0
Accreditation and licenses
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	28	28
Accumulated Amortization	28	22
Net Carrying Amount	$ 0	$ 6

Loss Per Common Share - Schedul

Loss Per Common Share - Schedule of Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Loss per common share
Net income (loss)	$ 371	$ 516	$ (51,232)	$ (5,740)	$ 887	$ (56,972)
Preferred stock dividends	1,531		1,487		3,066	2,944
Net loss available to common shareholders	$ (1,160)		$ (52,719)		$ (2,179)	$ (59,916)
Basic weighted average shares outstanding (in shares)	17,627		17,932		17,568	18,457
Loss per common share (in dollars per share)	$ (0.07)		$ (2.94)		$ (0.12)	$ (3.25)
Diluted loss per common share
Net loss available to common shareholders	$ (1,160)		$ (52,719)		$ (2,179)	$ (59,916)
Basic weighted average shares outstanding (in shares)	17,627		17,932		17,568	18,457
Effect of dilutive restricted stock and options (in shares)	507		59		418	74
Diluted weighted average shares outstanding (in shares)	18,134		17,991		17,986	18,531
Diluted loss per common share (in dollars per share)	$ (0.06)		$ (2.93)		$ (0.12)	$ (3.23)

Loss Per Common Share - Sched_2

Loss Per Common Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options (in shares)	137	1,129	205	1,129
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options (in shares)	110	163	132	163
Restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options (in shares)	27	966	73	966

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2021 USD ($)
Debt Instrument, Redemption [Line Items]
Long-term debt			$ 92,752,000		$ 92,752,000		$ 94,682,000
Interest expense, debt			$ 1,900,000	$ 1,900,000	3,900,000	$ 3,800,000
Repayments of long-term debt					$ 2,801,000	57,000
Maximum total net leverage ratio			2		2
Unrealized gain on hedging derivatives			$ 141,000	1,037,000	$ 537,000	1,009,000
Reclassification out of Accumulated Other Comprehensive Income
Debt Instrument, Redemption [Line Items]
Interest expense			800,000	$ 700,000	1,600,000	$ 1,300,000
Interest expense expected to be reclassified over the next 12 months					1,500,000
Interest Rate Cap
Debt Instrument, Redemption [Line Items]
Derivative notional amount								$ 87,500,000
Derivative asset, fair value			1,500,000		1,500,000		2,600,000
Unrealized gain on hedging derivatives					$ 500,000		900,000
Interest Rate Cap | SOFR
Debt Instrument, Redemption [Line Items]
Spread on derivative instrument	1.78%			1.78%		1.78%
Interest Rate Cap | LIBOR
Debt Instrument, Redemption [Line Items]
Spread on derivative instrument								2%
Secured Debt
Debt Instrument, Redemption [Line Items]
Floor interest rate					10.94%
Line of Credit | Revolving Credit Facility
Debt Instrument, Redemption [Line Items]
Current borrowing capacity			20,000,000		$ 20,000,000
Deferred financing fees			500,000		500,000
Long-term debt			0		0		0
Senior Secured Term Loan Facility | Secured Debt
Debt Instrument, Redemption [Line Items]
Principal amount of debt			175,000,000		175,000,000
Deferred financing fees, net			3,700,000		3,700,000		4,400,000
Deferred financing fees			3,673,000		$ 3,673,000		$ 4,381,000
Commitment fee percentage					0.50%
Repayments of long-term debt		$ 65,000,000	2,600,000
Senior Secured Term Loan Facility | Secured Debt | Revolving Credit Facility
Debt Instrument, Redemption [Line Items]
Applicable interest rate	5.50%
Floor interest rate	0.75%
Additional credit spread on variable interest rate, past due obligations	2%			2%		2%
Senior Secured Term Loan Facility | Secured Debt | Revolving Credit Facility | SOFR | Minimum
Debt Instrument, Redemption [Line Items]
Applicable interest rate	0.11448%
Senior Secured Term Loan Facility | Secured Debt | Revolving Credit Facility | SOFR | Maximum
Debt Instrument, Redemption [Line Items]
Applicable interest rate	0.42826%
Subfacility For Swing Line Loans | Line of Credit | Revolving Credit Facility
Debt Instrument, Redemption [Line Items]
Principal amount			$ 5,000,000		$ 5,000,000

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Credit agreement	$ 96,425
Total debt	92,752	$ 94,682
Less: Current portion	0	0
Long-Term Debt	92,752	94,682
Senior Secured Term Loan Facility | Secured Debt
Debt Instrument [Line Items]
Credit agreement	96,425	99,063
Deferred financing fees	$ (3,673)	$ (4,381)

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2027	$ 96,425
Total	$ 96,425

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Schedule

Segment Information - Schedule of Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Total Revenue	$ 152,895	$ 147,214	$ 307,327	$ 296,903
Depreciation and amortization:
Total Depreciation and amortization	5,232	7,953	10,360	15,709
Income (loss) from operations before interest and income taxes:
Total income (loss) from operations before interest and income taxes	2,220	(65,268)	7,402	(70,638)
Interest income (expense):
Total Interest expense, net	(785)	(1,097)	(911)	(2,876)
Income tax expense (benefit):
Total Income tax expense (benefit)	(16)	(15,137)	1,197	(16,551)
Capital expenditures:
Total Capital Expenditures	5,198	3,347	11,416	6,553
Corporate and Other
Revenue:
Total Revenue	6,404	7,420	10,598	12,524
Depreciation and amortization:
Total Depreciation and amortization	321	144	603	283
Income (loss) from operations before interest and income taxes:
Total income (loss) from operations before interest and income taxes	(6,501)	(6,700)	(15,136)	(14,977)
Interest income (expense):
Total Interest expense, net	(1,270)	(1,789)	(1,833)	(3,748)
Income tax expense (benefit):
Total Income tax expense (benefit)	(3,756)	(1,280)	(7,222)	(3,908)
Capital expenditures:
Total Capital Expenditures	930	514	1,578	587
APUS Segment | Operating Segments
Revenue:
Total Revenue	77,048	73,557	157,704	147,535
Depreciation and amortization:
Total Depreciation and amortization	1,215	1,291	2,455	2,691
Income (loss) from operations before interest and income taxes:
Total income (loss) from operations before interest and income taxes	18,291	18,941	41,378	36,015
Interest income (expense):
Total Interest expense, net	468	669	880	829
Income tax expense (benefit):
Total Income tax expense (benefit)	7,364	4,207	14,845	9,720
Capital expenditures:
Total Capital Expenditures	829	1,349	1,430	1,649
RU Segment | Operating Segments
Revenue:
Total Revenue	53,034	51,971	106,169	109,438
Depreciation and amortization:
Total Depreciation and amortization	3,331	6,195	6,615	12,122
Income (loss) from operations before interest and income taxes:
Total income (loss) from operations before interest and income taxes	(8,826)	(77,274)	(17,792)	(90,138)
Interest income (expense):
Total Interest expense, net	(10)	0	(10)	1
Income tax expense (benefit):
Total Income tax expense (benefit)	(3,366)	(18,224)	(6,097)	(22,178)
Capital expenditures:
Total Capital Expenditures	1,005	1,279	3,752	3,285
HCN Segment | Operating Segments
Revenue:
Total Revenue	16,409	14,266	32,856	27,406
Depreciation and amortization:
Total Depreciation and amortization	365	323	687	613
Income (loss) from operations before interest and income taxes:
Total income (loss) from operations before interest and income taxes	(744)	(235)	(1,048)	(1,538)
Interest income (expense):
Total Interest expense, net	27	23	52	42
Income tax expense (benefit):
Total Income tax expense (benefit)	(258)	160	(329)	(185)
Capital expenditures:
Total Capital Expenditures	$ 2,434	$ 205	$ 4,656	$ 1,032

Segment Information - Schedul_2

Segment Information - Schedule of Consolidated Assets by Reportable Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Total Assets	$ 560,703	$ 557,386
Corporate and Other
Assets:
Total Assets	172,980	167,466
APUS Segment | Operating Segments
Assets:
Total Assets	101,649	108,749
RU Segment | Operating Segments
Assets:
Total Assets	210,966	220,901
HCN Segment | Operating Segments
Assets:
Total Assets	$ 75,108	$ 60,270

Concentration - Schedule of Seg

Concentration - Schedule of Segment Revenues (Details) - Revenue - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
APUS Segment | DoD tuition assistance programs
Concentration Risk [Line Items]
Concentration risk percentage	45%	47%	47%	48%
APUS Segment | VA education benefits
Concentration Risk [Line Items]
Concentration risk percentage	24%	22%	24%	22%
APUS Segment | Title IV programs
Concentration Risk [Line Items]
Concentration risk percentage	17%	17%	16%	17%
APUS Segment | Cash and other sources
Concentration Risk [Line Items]
Concentration risk percentage	14%	14%	13%	13%
RU Segment | VA education benefits
Concentration Risk [Line Items]
Concentration risk percentage	2%	1%	1%	2%
RU Segment | Title IV programs
Concentration Risk [Line Items]
Concentration risk percentage	76%	75%	76%	74%
RU Segment | Cash and other sources
Concentration Risk [Line Items]
Concentration risk percentage	22%	24%	23%	24%
HCN Segment | VA education benefits
Concentration Risk [Line Items]
Concentration risk percentage	1%	2%	1%	1%
HCN Segment | Title IV programs
Concentration Risk [Line Items]
Concentration risk percentage	83%	79%	83%	79%
HCN Segment | Cash and other sources
Concentration Risk [Line Items]
Concentration risk percentage	16%	19%	16%	20%

Preferred Stock - Narrative (De

Preferred Stock - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Dec. 28, 2022 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01		$ 0.01
Preferred Stock, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Preferred stock dividend rate percentage				15.33%
Dividends, preferred stock		$ 1,500	$ 1,500	$ 3,000	$ 2,900
Liquidation Preference		51,228		51,228		$ 55,253
Make whole payment		8,241		$ 8,241		12,266
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, dividend period				3 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, dividend period				6 months
Series A Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock value, issued	$ 40,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01
Preferred stock, period until dividend rate increase	30 months
Increase to annual preferred stock dividend rate	2%
Increase to quarterly preferred stock dividend rate	0.50%
Liquidation Preference		51,200		$ 51,200		55,300
Make whole payment		$ 8,200		$ 8,200		$ 12,300
Preferred stock, liquidation preference, dividend rate spread		6%		6%
Percentage of outstanding shares with certain exceptions	60%
Ratio of indebtedness to net capital	0.75
Payments for repurchase of common stock	$ 30,000
Series A Preferred Stock | Equipment Trust Certificate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock dividend, interest rate spread	10%
Series A Preferred Stock | Equipment Trust Certificate | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock dividend, interest rate spread	6%
Series A Preferred Stock | Equipment Trust Certificate | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock dividend, interest rate spread	25%

Preferred Stock - Schedule of C

Preferred Stock - Schedule of Components of The Liquidation Preference (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Series A Senior Preferred Stock (plus accrued and unpaid dividends)	$ 40,072	$ 40,072
Make whole payment	8,241	12,266
Early redemption premium	2,915	2,915
Liquidation Preference	$ 51,228	$ 55,253