Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Mar. 05, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-33810
Entity Registrant Name	American Public Education, Inc.
Entity Incorporation, State Country Name	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, $0.01 par value
Trading Symbol	APEI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 279
Entity Common Stock, Shares Outstanding		17,995,753
Documents Incorporated by Reference	Certain portions of the registrant’s Definitive Proxy Statement for its 2025 Annual Meeting of Stockholders (which is expected to be filed with the Commission within 120 days after the end of the registrant’s 2024 fiscal year) are incorporated by reference into Part III of this Annual Report.
Entity Central Index Key	0001201792
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	McLean, Virginia

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash, cash equivalents, and restricted cash (Note 2)	$ 158,941	$ 144,342
Accounts receivable, net of allowance of $15,359 in 2023 and $19,280 in 2024	62,465	50,973
Prepaid expenses	13,748	13,032
Income tax receivable	949	474
Assets held for sale (Note 6)	24,469	8,561
Total current assets	260,572	217,382
Property and equipment, net	73,383	87,503
Operating lease assets, net	94,776	100,023
Deferred income taxes	47,311	51,360
Intangible assets, net	28,221	31,539
Goodwill	59,593	59,593
Other assets, net	6,247	9,986
Total assets	570,103	557,386
Current liabilities:
Accounts payable	7,847	8,663
Accrued compensation and benefits	20,546	16,711
Accrued liabilities	13,735	11,476
Deferred revenue and student deposits	23,474	23,830
Lease liabilities, current	13,553	13,309
Total current liabilities	79,155	73,989
Lease liabilities, long term	93,645	96,739
Long-term debt, net	93,424	94,682
Total liabilities	266,224	265,410
Commitments and contingencies (Note 14)
Stockholders’ equity:
Preferred Stock, $.01 par value; authorized shares – 10,000,000; Series A Senior Preferred Stock, 400 shares issued or outstanding in 2023 and 2024, respectively. ($138,132 and $117,439 liquidation preference per share, $55,253 and $46,976 in aggregate, for 2023 and 2024, respectively) (Note 13)	39,691	39,691
Common Stock, $.01 par value; authorized shares – 100,000,000; 17,604,371 issued and outstanding in 2023; 17,712,575 issued and outstanding in 2024	177	176
Additional paid-in capital	305,823	299,561
Accumulated other comprehensive income	(7)	1,644
Accumulated deficit	(41,805)	(49,096)
Total stockholders’ equity	303,879	291,976
Total liabilities and stockholders’ equity	$ 570,103	$ 557,386

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Accounts receivable, allowance	$ 19,280	$ 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)	17,712,575	17,604,371
Common stock, outstanding (in shares)	17,712,575	17,604,371
Liquidation Preference	$ 46,976	$ 55,253
Series A Preferred Stock
Preferred stock, shares outstanding (in shares)	400	400
Preferred stock, shares issued (in shares)	400	400
Preferred stock liquidation preference (in dollars per share)	$ 117,439	$ 138,132
Liquidation Preference	$ 46,976	$ 55,253

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 624,559	$ 600,545	$ 606,328
Costs and expenses:
Instructional costs and services	295,703	292,862	288,472
Selling and promotional	128,810	132,955	154,649
General and administrative	141,961	128,239	120,352
Depreciation and amortization	19,303	27,816	32,127
Impairment of goodwill and intangible assets	0	64,000	146,900
Loss on assets held for sale (Note 6)	1,618	2,425	0
Loss on leases (Note 8)	3,715	0	0
Loss on disposals of long-lived assets	383	554	1,176
Total costs and expenses	591,493	648,851	743,676
(Loss) income from operations before interest and income taxes	33,066	(48,306)	(137,348)
Gain on acquisition (Note 3)	0	0	3,828
Interest expense, net	(2,127)	(4,459)	(17,728)
(Loss) income from operations before income taxes	30,939	(52,765)	(151,248)
Income tax (benefit) expense	10,419	(10,715)	(36,276)
Equity investment loss	(4,407)	(5,236)	(21)
Net (loss) income	16,113	(47,286)	(114,993)
Preferred stock dividends	6,056	6,008	48
Net income (loss) available to common stockholders basic	10,057	(53,294)	(115,041)
Net income (loss) available to common stockholders diluted	$ 10,057	$ (53,294)	$ (115,041)
Net (loss) income per common share:
Basic (in dollars per share)	$ 0.57	$ (2.94)	$ (6.10)
Diluted (in dollars per share)	$ 0.55	$ (2.93)	$ (6.08)
Weighted average number of shares outstanding:
Basic (in shares)	17,625	18,112	18,859
Diluted (in shares)	18,149	18,193	18,914

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ 16,113	$ (47,286)	$ (114,993)
Other comprehensive (loss) income, net of tax:
Unrealized gain on hedging derivatives	839	924	4,429
Tax effect	(207)	(227)	(1,094)
Unrealized gain on hedging derivatives, net of taxes	632	697	3,335
Reclassifications of gains to net income	(3,031)	(2,857)	(453)
Tax effect	748	702	112
Reclassifications of gains to net income, net of taxes	(2,283)	(2,155)	(341)
Total other comprehensive income (loss)	(1,651)	(1,458)	2,994
Comprehensive (loss) income	$ 14,462	$ (48,744)	$ (111,999)

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (loss)	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2021		0	18,709,171
Beginning balance at Dec. 31, 2021	$ 415,612	$ 0	$ 187	$ 286,385	$ 108	$ 128,932
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred stock in private offering (in shares)		400
Issuance of preferred stock in private offering	39,691	$ 39,691
Dividends, preferred stock	$ 48					48
Exercise of stock options (in shares)	0
Issuance of common stock under employee benefit plans (in shares)			264,384
Issuance of common stock under employee benefit plans	$ 0		$ 3	(3)
Deemed repurchased shares of common and restricted stock for tax withholding (in shares)			(80,764)
Deemed repurchased shares of common and restricted stock for tax withholding	(1,538)		$ (1)	(1,537)
Stock-based compensation	8,009			8,009
Other comprehensive income (loss)	2,994				2,994
Net (loss) income	(114,993)					(114,993)
Ending balance (in shares) at Dec. 31, 2022		400	18,892,791
Ending balance at Dec. 31, 2022	349,727	$ 39,691	$ 189	292,854	3,102	13,891
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends, preferred stock	$ 6,008					6,008
Exercise of stock options (in shares)	0
Issuance of common stock under employee benefit plans (in shares)			319,201
Issuance of common stock under employee benefit plans	$ 0		$ 3	(3)
Deemed repurchased shares of common and restricted stock for tax withholding (in shares)			(91,855)
Deemed repurchased shares of common and restricted stock for tax withholding	(1,031)		$ (1)	(1,030)
Stock-based compensation	$ 7,740			7,740
Repurchased and retired shares of common stock (in shares)	(1,515,766)		(1,515,766)
Repurchased and retired shares of common stock	$ (9,708)		$ (15)			(9,693)
Other comprehensive income (loss)	(1,458)				(1,458)
Net (loss) income	(47,286)					(47,286)
Ending balance (in shares) at Dec. 31, 2023		400	17,604,371
Ending balance at Dec. 31, 2023	291,976	$ 39,691	$ 176	299,561	1,644	(49,096)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends, preferred stock	$ 6,056					6,056
Exercise of stock options (in shares)	5,796		5,796
Exercise of stock options	$ 67			67
Issuance of common stock under employee benefit plans (in shares)			475,740
Issuance of common stock under employee benefit plans	0		$ 4	(4)
Deemed repurchased shares of common and restricted stock for tax withholding (in shares)			(122,186)
Deemed repurchased shares of common and restricted stock for tax withholding	(1,470)		$ (1)	(1,469)
Stock-based compensation	$ 7,668			7,668
Repurchased and retired shares of common stock (in shares)	(251,146)		(251,146)
Repurchased and retired shares of common stock	$ (2,768)		$ (2)			(2,766)
Other comprehensive income (loss)	(1,651)				(1,651)
Net (loss) income	16,113					16,113
Ending balance (in shares) at Dec. 31, 2024		400	17,712,575
Ending balance at Dec. 31, 2024	$ 303,879	$ 39,691	$ 177	$ 305,823	$ (7)	$ (41,805)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net (loss) income	$ 16,113	$ (47,286)	$ (114,993)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	19,303	27,816	32,127
Amortization and write-off of debt issuance costs	1,480	1,631	6,480
Stock-based compensation	7,668	7,740	8,009
Equity investment loss	4,407	5,236	21
Deferred income taxes	4,049	(16,005)	(41,910)
Loss on assets held for sale	1,618	2,425	0
Loss on disposal of long-lived assets	383	554	1,176
Gain on acquisition	0	0	(3,828)
Impairment of goodwill and intangible assets	0	64,000	146,900
Other	0	0	16
Changes in operating assets and liabilities:
Accounts receivable, net of allowance for bad debt	(11,492)	(8,620)	(2,045)
Prepaid expenses	(716)	(1,623)	354
Income tax receivable/payable	(475)	2,397	2,432
Operating lease assets, net	2,723	3,193	1,373
Other assets	(1,111)	(259)	519
Accounts payable	(816)	4,855	(10,207)
Accrued compensation and benefits	3,835	1,701	(141)
Accrued liabilities	2,259	(2,311)	2,917
Deferred revenue and student deposits	(356)	70	15
Net cash provided by operating activities	48,872	45,514	29,215
Investing activities
Cash paid for acquisition, net of cash acquired	0	0	1,951
Capital expenditures	(21,082)	(13,895)	(16,389)
Proceeds from the sale of real property	0	123	765
Net cash used in investing activities	(21,082)	(13,772)	(13,673)
Financing activities
Cash paid for repurchase of common/restricted stock	(4,238)	(10,739)	(1,538)
Preferred stock dividends paid	(6,056)	(6,005)	0
Cash received from exercise of stock options	67	0	0
Cash received from issuance of preferred stock	0	0	39,691
Cash paid for principal on borrowings and finance leases	(2,964)	(114)	(73,864)
Net cash used in financing activities	(13,191)	(16,858)	(35,711)
Net (decrease) increase in cash, cash equivalents, and restricted cash	14,599	14,884	(20,169)
Cash, cash equivalents, and restricted cash at beginning of period	144,342	129,458	149,627
Cash, cash equivalents, and restricted cash at end of period	158,941	144,342	129,458
Supplemental disclosures of cash flow information
Interest paid	10,725	10,603	12,496
Income taxes paid	$ 6,304	$ 2,417	$ 3,996

Nature of the Business	12 Months Ended
Nature of the Business	Dec. 31, 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, veterans, extended military families, and other 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 enrolled 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 three 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 and presented within “Corporate and Other”. Please refer to “Note 16. Segment Information” for more information on the Company’s reporting segments.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

A summary of the Company’s significant accounting policies follows:

Basis of presentation and accounting. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, 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. 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.

Principles of consolidation. The accompanying consolidated financial statements include the accounts of APEI and its wholly owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation.

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 assumptions 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 $24.3 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 December 31, 2023 and 2024, excluding the restricted certificate of deposit, was $2.7 million and $1.5 million, respectively. Total restricted cash as of December 31, 2023, and 2024, was $27.7 million and $27.0 million, respectively.

Cash and cash equivalents and restricted cash as of December 31, 2023, and 2024, were as follows (in thousands):


	December 31, 2023		December 31, 2024
Cash, cash equivalents, and restricted cash	$	144,342	$	158,941
Less: restricted cash	(27,682)		(27,015)
Total unrestricted cash	$	116,660	$	131,926

Accounts receivable. The Company accounts for receivables in accordance with FASB ASC 310, Receivables. Tuition is recorded as accounts receivable and deferred revenue at the time students begin a course or term. Students may remit tuition payments upon enrollment in a course or term, or they may elect various other payment options with payment terms extending beyond the start of the course or term. These other payment options include payments by sponsors, financial aid, alternative loans, or tuition assistance, or TA, programs, that remit payments directly to the subsidiary institution. HCN also offers extended payment plan options.

When a student remits payment after a course or term has begun, accounts receivable is reduced. If payment is made prior to the start of a course or term, the payment is recorded as a student deposit, and the student is provided access to the course when courses start, in the case of APUS and GSUSA, or allowed to start the term, in the case of RU and HCN. If a payment option is confirmed, the student is allowed to start the course or term. Generally, if no receipt is confirmed or payment option secured, the student will be dropped from the course or not allowed to start the term. Therefore, billed accounts receivable represents charges that have been prepared and sent to students or the applicable third-party payor according to the terms agreed upon in advance.

TA is billed by branch of service on a course-by-course basis when a student starts a course, whereas Title IV programs are billed based on the courses included in a student’s term. Effective January 1, 2024, APUS revised its billing policy for students utilizing TA, which previously ranged from two weeks to five weeks after course start date to nine weeks after the course start date. Billed accounts receivable are considered past due if the invoice has been outstanding for more than 30 days.

Allowance for doubtful accounts. 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 leaves the payment plan program upon graduation or exits the program. Interest charged by HCN on payment plans was not material for the periods presented.

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, properties are recorded at the lower of the carrying value or fair value, less costs to sell, until such time the asset is sold. For additional details regarding assets held for sale, please refer to “Note 6. Assets Held For Sale” in these Consolidated Financial Statements.

Property and equipment. All property and equipment is carried at cost less accumulated depreciation, except the acquired assets of RU and GSUSA, which were recorded at fair value at the respective closing dates of the acquisitions. Depreciation and amortization are calculated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvement depreciation is calculated on a straight-line basis over the estimated useful life of the asset or the term of the lease. For tax purposes, different methods are used. Maintenance and repairs are expensed as incurred, while other costs are capitalized if they extend the useful life of the asset.

The Company capitalizes certain costs for software development in accordance with FASB ASC 350-40, Accounting for the Costs of Computer Software Developed or Obtained for Internal Use, and these costs are classified as property and equipment in the Consolidated Balance Sheets. These costs are amortized over the estimated useful life of five years. The Company also capitalizes certain costs for academic program development and these costs are amortized over an estimated life not to exceed three years.

Leases. The Company accounts for lease arrangements in accordance with FASB ASC 842, Leases. The Company determines if there is a lease at inception. The Company analyzes each lease arrangement to determine whether it should be classified as an operating lease or a finance lease. Lease assets are right-of-use assets, or ROU assets, which represent the right to use an underlying asset for the lease term. Lease liabilities represent the obligation to make lease payments arising from the lease. ROU 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 asset includes all lease payments and excludes lease incentives.

Leases with a term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company has elected to combine lease and non-lease components as a single component when calculating the ROU asset and lease liability.

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. 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, or more frequently if events and 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 finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such assets are not recoverable, a potential 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 7. Goodwill and Intangible Assets” in these Consolidated Financial Statements.

Valuation of long-lived assets. The Company accounts for the valuation of long-lived assets under FASB ASC 360, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC 360 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted cash flows expected to be generated by the asset.

If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell.

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 has the ability to 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 other-than-temporary impairments. Factors the Company considers when evaluating for other-than-temporary impairments 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 on the basis of 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 loss, and the equity investment balance is reduced to its fair value accordingly.

In each reporting period, the Company evaluates its cost method investments for observable prices changes. Factors the Company may consider when evaluating an observable price may include significant changes in the regulatory, economic, or technological environment, changes in the general market condition, 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 third quarter of 2023, the Company evaluated its equity investments for indicators of impairment and concluded the fair value of a cost method investment was less than its carrying amount. As a result, the Company recorded an investment loss of $5.2 million during the third quarter of 2023, on a 2012 cost method investment. This investment loss was due to the investee entering into an agreement to be sold which resulted in no sales proceeds to the Company, and the loss reduced the book value of the cost method investment to zero.

During the first quarter of 2024, the Company evaluated its equity investments for indicators of impairment and concluded the fair value of a cost method investment was less than its carrying amount. As a result, the Company recorded an investment loss of $3.3 million during the first quarter of 2024, on a 2015 cost method investment. This investment loss was 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, the Company recorded an investment loss of $1.1 million, during the second quarter of 2024, on a 2013 equity method investment. The investment loss recorded reduced the book value of the equity method investment to zero.

These investment losses are included in equity investment loss on the Consolidated Statements of Income. There were no indicators of impairment during the year ended December 31, 2022.

Prior to December 31, 2024, the Company’s equity method and cost method investments were included in Other assets, net on the accompanying Consolidated Balance Sheets. As of December 31, 2024, the Company no longer has any investments accounted for under ASC 323 and ASC 321.

Derivatives and hedging. Derivative financial instruments are recorded on the Consolidated Balance Sheets as assets or liabilities and re-measured at fair value at each reporting date. For derivatives designated as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as other comprehensive income and reclassified into earnings in the same period during which the hedged transaction affects earnings.

Deferred revenue and student deposits. Deferred revenue and student deposits at December 31, 2023, and 2024, was $23.8 million and $23.5 million, respectively. Deferred revenue includes payments that have been received from students for courses or terms that are still in process and student deposits represent cash received from students prior to the commencement of a course or term and are refundable to the student in the event the student withdrawals before the start of the course or term.

Series A Senior Preferred Stock. The Company accounts for preferred equity in accordance with FASB ASC 480, Distinguishing Liabilities from Equity, and has classified its Series A Senior Preferred Stock as permanent equity on the accompanying Consolidated Balance Sheets. The Series A Senior Preferred Stock is recorded net of issuance costs. Dividends on the Series A Senior Preferred Stock are presented in preferred stock dividends on the Consolidated Statements of Income. The Series A Senior Preferred Stock is a cumulative, perpetual, redeemable instrument. Dividends will be accrued as contractually obligated and paid upon approval by the Company’s Board of Directors.

Revenue recognition. The Company recognizes revenue in accordance with accounting standard, FASB ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue is recognized when evidence of a contract exists, delivery has occurred or as instructional services are delivered, the price is determinable, and collectability is reasonably assured. Revenue from fees is recognized as information or services are delivered to students, assuming all other revenue recognition criteria are met. For additional information regarding revenue recognition, please refer to “Note 4. Revenue” in these Consolidated Financial Statements.

Advertising costs. Advertising costs are expensed as incurred during the year. Advertising expenses for the years ended December 31, 2022, 2023 and 2024 were $90.5 million, $82.6 million, and $78.6 million, respectively, and are included in selling and promotional expenses in the accompanying Consolidated Statements of Income.

Income taxes. Deferred taxes are determined using the liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. As these differences reverse, they will enter into the determination of future taxable income. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment of such changes.

Under FASB ASC 740, Income Taxes, the Company is required to determine whether uncertain tax positions should be recognized within the Company’s financial statements. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Uncertain tax positions are recognized when a tax position, based solely on its technical merits, is determined more likely than not to not be sustained upon examination. Upon determination, uncertain tax positions are measured to determine the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. An uncertain tax position is reversed if it no longer meets the more likely than not threshold of being sustained. There were no material uncertain tax positions as of December 31, 2023, or 2024. The Company has not recorded any material interest or penalties during any of the years presented.

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, and ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. 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. 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. For additional information regarding stock-based compensation, please refer to “Note 12. Stockholders’ Equity” in these Consolidated Financial Statements.

Net (loss) income per common share. Net income (loss) per common share is calculated by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net income (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.

Fair value of financial instruments. The Company measures certain financial assets at fair value for disclosure purposes, as well as on a nonrecurring basis when they are deemed to be other-than-temporary impairments.

Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value:

Level 1 - inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities;

Level 2 - inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly; or

Level 3 - inputs to the valuation techniques that are unobservable for the assets or liabilities.

The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The Company’s cash, cash equivalents, and restricted cash, accounts receivable, accounts payable and accrued liabilities are all short-term in nature. As such, their carrying amounts approximate fair value and fall within Level 1 of the fair value hierarchy. The valuation of the interest rate cap was measured as the present value of all expected future cash flows based on the Term Secured Overnight Financing Rate, or Term SOFR. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparty. As such, the Company’s interest rate cap falls within Level 2 of the fair value hierarchy. The carrying value of long-term debt approximates fair value as it is based on a variable rate index.

Concentration of credit risk. The Company maintains its cash, cash equivalents, and restricted cash in bank deposit accounts with various financial institutions. Cash, cash equivalents, and restricted cash balances may exceed the FDIC insurance limit. The Company has historically not experienced any losses in such accounts.

Recent Accounting Pronouncements. The Company considers the applicability and impact of all ASUs issued by the FASB. ASUs issued but not listed were assessed and determined to be either not applicable or expected to have minimal impact on the Company’s consolidated financial position and/or results of operations.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires the Company to disclose significant segment expenses that are regularly provided

to the chief operating decision-maker, or CODM, and are included within each reported segments operating results. The standard also requires the Company to disclose the total amount of any other items included in segment operating results which were not deemed to be significant expenses for separate disclosure, along with a qualitative description of the composition of these other items. In addition, the standard also requires disclosure of the CODM’s title and position, as well as detail on how the CODM uses the reported measure of segment operating results to evaluate segment performance and allocate resources. The Company adopted this standard effective January 1, 2024, using the retrospective approach. Additional information regarding the Company’s adoption of this standard is located in “Note 16. Segment Information” in these Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, the following for public business entities: (i) enhanced disclosures of specific categories of reconciling items included in the rate reconciliation, as well as additional information for any of these items meeting certain qualitative and quantitative thresholds; (ii) disclosure of the nature, effect and underlying causes of each individual reconciling item disclosed in the rate reconciliation and the judgment used in categorizing them if not otherwise evident; and (iii) enhanced disclosures for income taxes paid, which includes federal, state, and foreign taxes, as well as for individual jurisdictions over a certain quantitative threshold. The guidance is effective for the fiscal years beginning after December 15, 2024, including interim periods within those fiscal years and can be applied on either a prospective or retrospective basis. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures, which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization, and depletion, within relevant income statement captions. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements and related disclosures.

Acquisition Activity

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisition Activity

On January 1, 2022, the GSUSA Closing Date, the Company completed the GSUSA Acquisition pursuant to an Asset Purchase Agreement dated August 10, 2021, by and among American Public Training LLC, and Graduate School USA, or the Seller, for an aggregate purchase price of $1.0 million, subject to working capital adjustments. At closing, the Company received approximately $1.9 million from the Seller, which represented the estimated net working capital at closing net of the initial cash payment to the Seller of $0.5 million which is the purchase price less $0.5 million retained by the Company to secure the indemnification obligations of the Seller. The purchase price reflects the $0.5 million due to the Seller post-closing, and additional adjustments to the estimated net working capital at closing.

The Company applied the acquisition method of accounting to the GSUSA Acquisition, whereby the assets acquired and liabilities assumed were recognized at fair value on the GSUSA Closing Date. There was no goodwill recorded as a result of the GSUSA Acquisition, but an approximate $3.8 million noncash, non-taxable gain on the acquisition was recorded and is included as a separate line item on the Consolidated Statements of Income for the year ended December 31, 2022.

The preliminary opening balance sheet was subject to adjustment based on a final assessment of the fair values of certain acquired assets and liabilities assumed. The Company had up to one year from the GSUSA Closing Date, or the measurement period, to complete the allocation of the purchase price. The Company completed its assessment of the fair value of certain acquired assets and liabilities assumed during the measurement period, and, as a result, during the second quarter of 2022, the Company recorded a $0.7 million decrease in the gain on acquisition in connection with the GSUSA Acquisition based on the final working capital adjustment.

The following table summarizes the components of the consideration along with the purchase price allocation (in thousands):


Purchase Price Allocation	Amount
Cash and cash equivalents	$	1,000
Working capital adjustment	(2,450)
Total consideration	(1,450)

Assets acquired:
Accounts receivable	4,282
Prepaid expenses	1,096
Property and equipment, net	400
Operating lease assets	31,635

Intangible assets	965

Total assets acquired	38,378

Liabilities assumed:
Accounts payable and accrued liabilities	810

Deferred revenue	1,969
Lease liabilities, current	1,179
Lease liabilities, long-term	30,779
Deferred income taxes	1,263
Total liabilities assumed	36,000
Net assets acquired	2,378
Gain on acquisition	$	3,828

The gain on acquisition represents the excess of the fair value of net assets acquired over consideration paid. The consideration paid represents a substantial discount to the book value of GSUSA’s net assets at the GSUSA Closing Date, primarily due to the fair value adjustments related to the trade name, fixed assets, and right-of-use lease assets and liabilities compared to book value. The gain on acquisition was primarily the result of prior financial results, a lack of access to capital by the Seller, and the agreed upon purchase price which reflected the fact that GSUSA needed additional capital to fund operating losses.

The fair value of the identified intangible assets, including customer contracts and relationships and trade name were determined using the income-based approach. The fair value of curricula and accreditation and licensing identified intangible assets were determined using the cost approach. The table below presents a summary of intangible assets acquired and the useful lives of these assets (in thousands):


Intangible Assets	Useful life	Amount
Customer contracts and relationships	2.5 years	$	744
Curricula	3 years	158
Trade name	1 year	35
Accreditation and licensing	2.5 years	28
		$	965

Pro forma financial information relating to the GSUSA Acquisition is not presented because the GSUSA Acquisition did not represent a significant business acquisition for the Company.

For the year ended December 31, 2022, the Company incurred approximately $1.4 million of acquisition-related expenses related to GSUSA. These expenses are included in general and administrative expenses on the Consolidated Statements of Income.

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

The following is a description of principal activities from which the Company generates its revenue.

Instructional services. Instructional services revenue includes tuition, contract training, and technology and laboratory fees. The Company generally recognizes revenue ratably as instructional services are provided over the course or term, which is, for APUS, either an eight- or sixteen-week course, for RU and HCN, a quarterly term, and for GSUSA, the length of the training program. Tuition is charged by course or term, technology fees are charged to APUS students on a per course basis, and technology and laboratory fees are charged to RU and HCN students on a per term basis, when applicable. Generally, instructional services are billed when a course or term begins and paid within thirty days of the bill date. In September 2023, APUS removed the technology fee for undergraduate students.

Graduation fees. APUS graduation fee revenue represents a one-time, non-refundable fee per degree, charged to students upon submission of a program graduation application. Effective April 2023, the fee was increased from $100 to $150 and was increased again in October 2024 from $150 to $250 per degree. This fee covers administrative costs associated with completing a review of the student’s academic and financial standing prior to graduation. The Company recognizes revenue once graduation review services are completed. Generally, graduation fees are billed and paid when the student submits the graduation application.

Textbook and other course material fees. Textbook and other course materials fees represent revenue and fees related to the sale of textbooks and other course materials to RU and HCN students. Revenue is recognized at the beginning of the term when the textbooks and other course materials fees are billed. Payment is generally received within thirty days of the bill date. Sales tax collected from students on the sale of textbooks and other course materials is excluded from revenue.

Other fees. Other fees revenue represents one-time, non-refundable fees such as application, enrollment, transcript, and other miscellaneous fees. Generally, other fees revenue is recognized when the fee is charged to the student, which coincides with the completion of the specific performance obligation to the student.

Prior to September 2023, APUS provided an APUS-funded tuition grant for undergraduate and master’s students who are eligible for TA benefits and their spouses and dependents. In September 2023, APUS removed these tuition grants and instead provided a Preferred Military Rate for undergraduate and master’s level courses for all U.S. active-duty service members, National Guard members, Reservists, and military families. In April 2023, coinciding with APUS tuition increases, APUS added a 10% APUS-funded Veteran Grant for veterans and veteran’s family members, on standard undergraduate and master’s level courses, partially offsetting the tuition increases for veteran students. In April 2024, APUS increased the Veteran Grant on master’s level courses to 15%, and added a 10% APUS-funded Opportunity Grant for veterans and veteran’s family members on standard undergraduate and master’s level courses.

RU also provides an RU-funded tuition grant to support students who are U.S. Military active-duty service members, National Guard, Reserve, retired military and veterans enrolling in a degree, Diploma or Certificate program. RU also extends the grant to eligible spouses and dependents of active-duty military, retired military, and veterans.

HCN provides performance-based grants and offers an institutional affordability grant to students demonstrating financial need to cover the difference between the total cost of tuition and fees less the amount of all eligible financial aid resources. The institutional affordability grant is designed to limit a student’s monthly payment to $200 through an award of up to $200 per month, or $600 per term after consideration of financial aid, employer tuition reimbursement, and other financial resources.

APUS, RU, and HCN tuition grants and scholarships of $68.8 million, $80.7 million, and $29.9 million were provided for the years ended December 31, 2022, 2023, and 2024, respectively, and are included as a reduction to revenue in the accompanying Consolidated Statements of Income.

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 within the reportable segments (in thousands):


	Year Ended December 31, 2022
	APUS		RU		HCN		Corporate and Other		Consolidated
Instructional services, net of grants and scholarships	$	283,079	$	211,253	$	39,505	$	20,865	$	554,702
Graduation fees	1,348		—		—		—		1,348
Textbook and other course materials	—		38,740		6,964		—		45,704
Other fees	701		3,264		609		—		4,574
Total Revenue	$	285,128	$	253,257	$	47,078	$	20,865	$	606,328


	Year Ended December 31, 2023
	APUS		RU		HCN		Corporate and Other		Consolidated
Instructional services, net of grants and scholarships	$	300,794	$	179,699	$	47,998	$	26,220	$	554,711
Graduation fees	1,764		—		—		—		1,764
Textbook and other course materials	—		32,008		8,255		—		40,263
Other fees	745		2,379		683		—		3,807
Total Revenue	$	303,303	$	214,086	$	56,936	$	26,220	$	600,545


	Year Ended December 31, 2024
	APUS		RU		HCN		Corporate and Other		Consolidated
Instructional services, net of grants and scholarships	$	313,924	$	181,975	$	55,830	$	23,958	$	575,687
Graduation fees	2,454		—		—		—		2,454
Textbook and other course materials	—		32,041		10,187		—		42,228
Other fees	671		2,246		1,273		—		4,190
Total Revenue	$	317,049	$	216,262	$	67,290	$	23,958	$	624,559

Corporate and Other includes tuition and contract training revenue earned by GSUSA and the elimination of intersegment revenue. The APUS Segment charges the HCN Segment and corporate employees for the value of courses taken at APUS by HCN Segment employees and corporate employees.

Contract Balances and Performance Obligations

The Company has no contract assets or deferred contract costs as of December 31, 2023, and 2024.

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 December 31, 2023, was $23.8 million and includes $13.8 million in future revenue that has not yet been earned for courses and terms that are in progress, as well as $10.0 million in consideration received in advance for future courses or terms, or student deposits, and represents the Company’s performance obligation to transfer future instructional services to students. Deferred revenue at December 31, 2024, was $23.5 million and includes $14.1 million in future revenue that has not yet been earned for courses and terms that are in progress as well as $9.4 million in student deposits.

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 providing the performance obligations, a contract receivable is created, resulting in accounts receivable on the Company’s Consolidated Balance Sheets. 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.

Refund Policies

The Company provides a stated period of time during which students may withdraw from a course for APUS, or a term for RU and HCN, without further financial obligation resulting in a refund liability. If a student withdraws during the academic term, the Company calculates the portion of tuition that is non-refundable based on the tuition refund policy and the applicable state laws and recognizes it as revenue in the period the withdrawal occurs. For GSUSA, a refund is provided only if the student cancels before the start of a course.

Refund Liability

The Company uses the portfolio approach and applies the expected value method to determine if a refund liability exists. This requires management judgment and the use of estimates and historical data to assess the likelihood and magnitude of a revenue reversal due to a refund liability. Due to the short duration of the courses, and the refund policy described above, any uncertainty regarding a student’s withdrawal is resolved in a short time period. Based on measurement and analysis, the Company determined that a significant reversal in the cumulative amount of revenue recognized is not expected. The Company includes this estimate in the transaction price. The refund liabilities for APUS and GSUSA, which are included in deferred revenue, are not material for all periods presented. APUS and GSUSA update the measurement of the refund liability at the end of each reporting period for changes in expectations, and if the reversal becomes significant, recognizes corresponding adjustments to revenue.

Because RU and HCN’s terms coincide with the Company’s fiscal quarter periods, there are no refund liabilities as of December 31, 2023, and 2024, for RU or HCN.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:


		As of December 31,
	Useful Life	2023		2024
		(in thousands)
Land	—	$	8,268	$	3,161
Building and building improvements	15 - 39 years	40,109		16,715
Leasehold improvements	up to 20 years	42,924		49,828
Office equipment	5 years	1,492		1,879
Computer equipment	3 - 5 years	27,493		25,265
Furniture and fixtures	5 - 7 years	18,493		19,751
Other capital assets	5 years	81		81
Software development	3 - 5 years	72,149		74,173
Program development	3 years	12,236		14,854
		223,245		205,707
Less: accumulated depreciation and amortization		(135,742)		(132,324)
		$	87,503	$	73,383

The Company disposed of long-lived assets resulting in a loss of $1.2 million, $0.6 million, and $0.4 million during the years ended December 31, 2022, 2023, and 2024, respectively. The disposals and losses were primarily related to assets no longer in use. The losses on long-lived assets are included as loss on disposals of long-lived assets in these Consolidated Financial Statements.

For the years ended December 31, 2022, and 2023, the APUS Segment sold certain excess real property and equipment located in Charles Town, West Virginia, for a net sales price of $0.8 million, and $0.1 million, respectively, resulting in a loss on disposals of long-lived assets of $0.4 million, and $0.1 million, respectively. The loss is included in loss on disposals of long-lived assets in these Consolidated Financial Statements.

During the years ended December 31, 2022, 2023, and 2024, the Company recorded depreciation expense of $16.2 million, $15.6 million and $16.0 million, respectively.

Assets Held For Sale	12 Months Ended
Assets Held For Sale	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets Held For Sale	Assets Held For Sale Assets held for sale at December 31, 2023, and 2024, represents excess real properties 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. For the year ended December 31, 2023, the Company estimated the fair value of a building and an undeveloped parcel of land designated as held for sale are $9.0 million, which, after reduction for the estimated cost to sell of approximately $0.4 million, resulted in a loss of $2.4 million. The loss is included in loss on assets held for sale in these Consolidated Financial Statements for the year ended December 31, 2023. During the three months ended December 31, 2024, APUS entered into an agreement to sell the undeveloped parcel of land for $0.5 million which approximates its carrying value. The sale closed in the first quarter of 2025. In the fourth quarter of 2024, APUS entered into an agreement to sell a building currently in use for $16.6 million. As a result, the building was reclassified to held for sale as of December 31, 2024, resulting in a loss of $1.6 million based on the expected net proceeds from the sale, less estimated costs to sell. The loss is included in loss on assets held for sale in these Consolidated Financial Statements for the year ended December 31, 2024. The sale is expected to close in the third quarter of 2025.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

In connection with the acquisitions of RU, HCN, and GSUSA, the Company applied FASB ASC 805, Business Combinations, using the acquisition method of accounting. The Company recorded $217.4 million and $38.6 million of goodwill in connection with the RU and HCN acquisitions, respectively, representing the excess of the purchase price over the fair value of assets acquired and liabilities assumed, including identifiable intangible assets. The Company recorded non-cash impairment charges in 2022 and 2023 for RU, and 2016 and 2019 for HCN, reducing the carrying value of RU and HCN goodwill to $33.0 million and $26.6 million, respectively. There was no goodwill recorded in connection with the acquisition of GSUSA.

The Company accounts for goodwill and indefinite-lived intangible assets 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 for impairment, or more frequently if events and 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 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 second quarter of 2022, the Company concluded it was more likely than not the fair value of the Company’s RU Segment was less than its carrying amount as a result of RU’s under performance compared to projections at the time of acquisition, along with the decline in market value of the Company and comparable companies. Therefore, during the second quarter, the Company proceeded with an interim quantitative impairment test for the RU Segment. The implied fair value of RU Segment goodwill was calculated and compared to the recorded goodwill value. As a result, during the second quarter, the Company recorded a non-cash impairment charge of $131.4 million, and the corresponding tax impact of $36.0 million, to reduce the carrying value of RU Segment goodwill to $86.0 million. The goodwill impairment charge recorded eliminated the difference between the fair value of goodwill and the book value of RU Segment goodwill. During the fourth quarter of 2022, the Company completed its annual assessment of RU Segment goodwill for impairment and determined that the fair value was greater than the carrying value and therefore there was no impairment of RU Segment goodwill as of the valuation date which was October 31.

During the second quarter of 2023, the Company concluded it was more likely than not the fair value of the Company’s 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. Therefore, during the second quarter, the Company proceeded with an interim quantitative impairment test for the RU Segment. The implied fair value of RU Segment goodwill was calculated and compared to the recorded goodwill 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. The impairment charge recorded eliminated the difference between the fair value and book value of RU Segment goodwill. During the fourth quarter of 2023, the Company completed its annual assessment of RU Segment goodwill for impairment and determined that the fair value was greater than the carrying value and therefore there was no impairment of RU Segment goodwill as of the valuation date which was October 31.

For the year ended December 31, 2024, the Company completed its annual assessment of RU goodwill and concluded that RU’s fair value was more than the carrying value. For the years ended December 31, 2022, 2023, and 2024, the Company completed its annual assessment of HCN goodwill and concluded that HCN’s fair value was more than the carrying value; consequently, there was no impairment.

The Company’s annual assessment during the fourth quarter of 2024 concluded that the fair value of RU and HCN exceeded their carrying values by approximately $71.9 million, or 62%, and $8.6 million, or 24%, respectively.

The Company engaged an independent valuation firm to assist with the valuations. The independent valuation firm weights the results of two different valuation methods to determine fair value: (i) discounted cash flow and (ii) guideline public company. Under the discounted cash flow method, fair value was determined by discounting the estimated future cash flows of RU and HCN at their estimated weighted-average cost of capital. Under the guideline public company method, pricing multiples from other public companies in the public higher education market were used to determine the fair value of RU and

HCN. Values derived under the two valuation methods were then weighted to estimate RU and HCN’s enterprise values. The income and cost approaches were used, as applicable, to value the RU and HCN’s indefinite-lived intangible assets.

Changes in the carrying amount of goodwill by reportable segment during the years ended December 31, 2023, and 2024, are as follows (in thousands):


	APUS Segment		RU Segment		HCN Segment		Total Goodwill

Goodwill as of December 31, 2022	$	—	$	86,030	$	26,563	$	112,593

Impairment	—		(53,000)		—		(53,000)

Goodwill as of December 31, 2023	$	—	$	33,030	$	26,563	$	59,593

Impairment	—		—		—		—

Goodwill as of December 31, 2024	$	—	$	33,030	$	26,563	$	59,593

Intangible Assets

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 includes trade name, accreditation, licensing and Title IV, and affiliate agreements. There were no indefinite useful life intangible assets identified as a result of the GSUSA Acquisition.

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. During the years ended December 31, 2022, 2023, and 2024, the Company recorded amortization expense related to definite lived intangible assets of $15.8 million, $12.2 million, and $3.3 million, respectively.

The useful life assigned to each type of intangible asset with a definite useful life was as follows:


			Useful Life
Student contracts and relationships			2.5 years - 6 years
Non-compete agreements			5 years
Curricula			3 years
Accreditation and licensing			2.5 years
Lead conversions			2 years
Student Roster			2 years
Trade name			1 year

During the second and fourth quarters of 2022, the Company concluded it was more likely than not the fair value of the Company’s RU Segment intangible assets was less than its carrying amount as a result of RU’s under performance compared to projections at the time of acquisition, along with the decline in market value of the Company and comparable companies. As a result, the Company completed impairment tests related to the valuation of its RU Segment intangible assets during the second and fourth quarters. The implied fair value of intangible assets was calculated and compared to the recorded value and it was determined the fair value of the accreditation, licensing, and Title IV was $11.0 million, or $13.5 million less than its carrying value during the second quarter, and $9.0 million, or $2.0 million less than the carrying value in the fourth quarter. As a result, the Company recorded non-cash impairment charges of $15.5 million to reduce the carrying value of RU Segment indefinite-lived intangible assets during 2022. The impairment charges recorded eliminated the difference between the fair value of the accreditation, licensing, and Title IV indefinite-lived intangible assets, and the book value.

During the second quarter of 2023, the Company concluded it was more likely than not the fair value of the Company’s RU Segment intangible assets 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. As a result, the Company completed an impairment test related to the valuation of RU Segment intangible assets during the second quarter. The implied fair value of intangible assets was calculated and compared to the recorded value and it was determined the fair value of the RU Segment trade name was $18.5 million, or $8.0 million less than its carrying value, and RU Segment accreditation, licensing, and Title IV was

$6.0 million, or $3.0 million less than the carrying value during the second quarter. As a result, the Company recorded a non-cash impairment charge of $11.0 million to reduce the carrying values of the RU Segment indefinite-lived intangible assets during 2023. 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 the book value.

The Company’s annual assessment completed during the fourth quarter of 2024 concluded that the fair value of RU and HCN’s indefinite-lived intangible assets were more than the carrying values. Accordingly, there were no impairment charges related to indefinite-lived intangible assets recorded during the year ended December 31, 2024.

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 contracts and relationships	4,614		4,465		—		149
Lead conversions	1,500		1,500		—		—
Non-compete agreements	86		86		—		—
Tradename	35		35		—		—
Accreditation and licensing	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

The following table represents the balance of the Company’s intangible assets as of December 31, 2024 (in thousands):


	Gross Carrying Amount		Accumulated Amortization		Impairment		Net Carrying Amount
Finite-lived intangible assets
Student roster	$	20,000	$	20,000	$	—	$	—
Curricula	14,563		14,563		—		—
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 licensing	28		28		—		—
Total finite-lived intangible assets	$	40,826	$	40,826	$	—	$	—
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	$	40,826	$	26,500	$	28,221

Finite-lived intangible assets were amortized in a manner that reflected the estimated economic benefit of the intangible assets and were amortized on a straight-line basis. As of December 31, 2024, all recorded identified intangible assets with a definite useful life related to the acquisitions of RU, HCN, and GSUSA, were fully amortized.

Determining fair value requires judgment and the use of significant estimates and assumptions, including fluctuations in enrollments, revenue growth rates, operating margins, discount rates, and future market conditions, among others. Given the current competitive and regulatory environment and the uncertainties regarding the related impact on the business, there can be no assurance that the estimates and assumptions made for purposes of the Company’s interim and annual goodwill and intangible asset impairment tests will prove to be accurate predictions of the future. If the Company’s assumptions are not realized, the Company may record additional goodwill and intangible asset impairment charges in future periods. It is not possible at this time to determine if any such future impairment charge would result or whether such charge would be material.

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company has operating leases for office space and campus facilities and finance leases for certain copiers and printers.

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 which 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 or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. The Company leases corporate office space in Florida, under an operating lease that expires in January 2026. The RU Segment leases administrative office space in Minneapolis, Minnesota, and leases 20 campuses located in six states under operating leases that expire through March 2034. The HCN Segment leases administrative office space in suburban Columbus,

Ohio, and leases eight campuses located in three states under operating leases that expire through December 2034. GSUSA leases classroom and administrative office space in Washington, D.C. and Honolulu, Hawaii under operating leases that expire through September 2036.

Operating lease assets are ROU assets, which represent the right to use an underlying asset 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 Operating 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 asset includes all lease payments and excludes 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 years ended December 31, 2022, 2023, and 2024, was approximately $19.9 million, $20.7 million, and $18.9 million, 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 years ended December 31, 2022, 2023, and 2024, was $19.5 million, $20.2 million, and $18.5 million, respectively, and is included in operating cash flows.

Loss on leases

During the first quarter of 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 second quarter of 2024, the Company paid a lease termination fee of $1.2 million related to the consolidation of two RU campuses in Minnesota.

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 second quarter of 2024.

The total loss on leases during the year ended December 31, 2024, was $3.7 million and is included in Loss on leases in the Consolidated Statements of Income.

Finance Leases

The Company leases copiers and printers for RU and GSUSA, pursuant to leases that are classified as finance leases and that expire in 2027. The Company pledged the assets financed to secure the outstanding lease obligations. As of December 31, 2024, the total finance lease liability was $0.4 million with an average interest rate of 7.00%. 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, $0.1 million, and $0.2 million for the years ended December 31, 2022, 2023, and 2024, respectively, and is recorded within Depreciation and amortization expense on 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 December 31, 2024 (dollars in thousands):


Maturity of Lease Liabilities	Operating Leases		Finance Leases
2025	$	18,951	$	213
2026	17,911		213
2027	17,021		36
2028	15,699		—
2029	13,602		—
2030 and beyond	53,110		—
Total future minimum lease payments	$	136,294	$	462
Less: imputed interest	(29,524)		(34)
Present value of operating lease liabilities	$	106,770	$	428
Less: lease liabilities, current	(13,364)		(189)
Lease liabilities, long-term	$	93,406	$	239


Balance Sheet Classification
Current
Operating lease liabilities, current	$	13,364
Finance lease liabilities, current	189
Long-term
Operating lease liabilities, long-term	93,406
Finance lease liabilities, long-term	239
Total lease liabilities	$	107,198


Other Information
Weighted average remaining lease term (in years)
Operating leases	8.09
Finance leases	2.16
Weighted average discount rate
Operating leases	5.5	%
Finance leases	7.0	%

Long -Term Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long -Term Debt

Long-Term Debt

In connection with the acquisition of RU, or the Rasmussen Acquisition, 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, the proceeds of which were used as part of the cash consideration for the Rasmussen Acquisition, was fully funded on September 1, 2021, or the RU Closing Date, and 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 December 31, 2023, and 2024, the remaining unamortized deferred financing fees were $4.4 million and $3.0 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 on the Revolving Credit Facility as of December 31, 2023, and 2024.

The Credit Agreement provides the Company with the option, subject to certain conditions, including obtaining commitments from one or more lenders, to increase the total commitments under the Revolving Credit Facility, increase the amount of the Term Loan and/or incur incremental term loan facilities in an aggregate amount not to exceed the sum of (i) the

greater of (a) $91.0 million and (b) an amount equal to consolidated EBITDA on a pro forma basis for the most recently ended four-quarter period (less the aggregate amount of certain other incremental indebtedness permitted to be incurred by APEI, and plus the aggregate amount of voluntary prepayments of certain other incremental indebtedness permitted to be incurred by APEI) and (ii) an amount (a) in the case of secured incremental facilities that rank pari passu with the Facilities, such that the First Lien Net Leverage Ratio would not be greater than 1.50 to 1.00 and the Total Net Leverage Ratio would not be greater than 2.00 to 1.00, (b) in the case of secured incremental facilities that rank junior to the Facilities, such that the Secured Net Leverage Ratio would not be greater than 1.75 to 1.00 and the Total Net Leverage Ratio would not be greater than 2.00 to 1.00, and (c) in the case of unsecured incremental facilities, such that the Total Net Leverage Ratio would not be greater than 2.00 to 1.00 or the Interest Coverage Ratio would not be less than 2.00 to 1.00. The First Lien Net Leverage Ratio, the Secured Net Leverage Ratio and the Total Net Leverage Ratio are each defined in the Credit Agreement and reflect a ratio of (x) in the case of the First Lien Net Leverage Ratio, consolidated first lien indebtedness (net of unrestricted cash and cash equivalents in excess of $50.0 million) to consolidated EBITDA, (y) in the case of the Secured Net Leverage Ratio, consolidated secured indebtedness (net of unrestricted cash and cash equivalents in excess of $50.0 million) to consolidated EBITDA, and (z) in the case of the Total Net Leverage Ratio, consolidated total indebtedness to consolidated EBITDA. The Interest Coverage Ratio is also defined in the Credit Agreement and reflects a ratio of consolidated EBITDA to consolidated interest expense.

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 December 31, 2024, the Facilities borrowing rate was 9.97% 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. APEI is required to make principal payments of the Term Loan on the last day of each quarter in an amount equal to $2.2 million per quarter. During the years ended December 31, 2022, 2023, and 2024, APEI paid $18.7 million, $9.6 million, and $9.4 million, respectively, of interest, amortization of debt issuance costs and unused commitment fees related to its Term Loan and Revolving Credit Facility.

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 until payment of the outstanding principal amount at maturity in September 2027. In addition, as a result of the debt prepayment, the Company wrote off a proportionate amount of unamortized debt issuance costs in the amount of $3.9 million. The write off is recorded in interest expense on the Consolidated Statements of Income for the year ended December 31, 2022.

Subject to certain exceptions, including debt prepayments, the Term Loan contains mandatory prepayment requirements, including with respect to excess cash flow, proceeds of certain asset sales, casualty and condemnation events, and unpermitted debt issuances. With the December 2022 debt prepayment, APEI had no mandatory prepayment obligation for the year ended December 31, 2023. During second quarter of 2024, as a result of the annual 2023 excess cash flow calculation, APEI paid $2.6 million in principal on the Term Loan.

The Facilities are and will be guaranteed by APEI’s subsidiaries and certain of APEI’s future subsidiaries that are required to become a party thereto as guarantors, or Guarantors. The obligations of APEI and the Guarantors are secured by a pledge of substantially all of their respective assets pursuant to the terms of the Collateral Agreement dated as of the RU Closing Date by and among APEI, the Agent and the Guarantors from time to time party thereto, or the Collateral Agreement.

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 December 31, 2024, the Company was in compliance with all debt covenants.

Please refer to “Note 13. Preferred Stock” in these Consolidated Financial Statements for information on certain restrictions placed on the Company’s indebtedness pursuant to the terms of the Company’s Series A Senior Preferred Stock.

Long-term debt consists of the following (in thousands):


	As of December 31,
	2023		2024
Credit agreement	$	99,063	$	96,425
Less: deferred financing fees	(4,381)		(3,001)
	94,682		93,424
Less: current portion	—		—
	$	94,682	$	93,424

Scheduled maturities of long-term debt at December 31, 2024, are as follows (in thousands):


Maturities of Long-Term Debt	Loan Payments




2027	96,425
Total	$	96,425

Derivatives and Hedging

The Company is subject to interest rate risk as 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 the LIBOR rate 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 provided the Company with interest rate protection in the event that the Term SOFR rate exceeded 1.78%. The interest rate cap agreement expired on December 31, 2024.

In January 2025, the Company entered into a new interest rate cap agreement, with a notional value of $50.0 million. This new interest rate cap agreement, designated as a cash flow hedge, provides the Company with interest rate protection in the event that the Term SOFR rate exceeds 5.00%, and is scheduled to expire on June 30, 2026.

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.

For the years ended December 31, 2023, and 2024, the Company reclassified approximately $2.9 million and $3.0 million, respectively, from other comprehensive income to interest expense.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The components of income tax expense were as follows (in thousands):


	Year Ended December 31,
	2022		2023		2024

Current income tax expense:
Federal	$	4,293	$	2,384	$	3,141
State	2,086		2,430		2,688
	6,379		4,814		5,829
Deferred income tax (benefit) expense:
Federal	(36,395)		(12,713)		3,722
State	(6,260)		(2,816)		868
	(42,655)		(15,529)		4,590
Income tax (benefit) expense	$	(36,276)	$	(10,715)	$	10,419

The tax effects of principal temporary differences are as follows (in thousands):


	As of December 31,
	2023		2024

Deferred tax assets
Goodwill and intangibles	$	47,147	$	41,872
Operating lease liability	27,370		26,638
Allowance for doubtful accounts	3,046		3,737
Interest expenses	1,108		—
Restricted stock	1,445		1,801
Accrued vacation and severance	418		475
Investment	2,071		4,098
Other	683		909
Stock option compensation expense	305		38
Deferred revenue	36		—

Total gross deferred tax assets	83,629		79,568
Valuation allowance	(2,160)		(4,409)
Total net deferred tax assets	81,469		75,159
Deferred tax liabilities
Income tax deductible capitalized software development costs	(745)		(534)
Operating lease asset	(24,931)		(23,668)
Property and equipment	(3,722)		(3,597)

Prepaid expenses	(167)		(49)

Other comprehensive income - unrealized gain on interest rate cap	(544)		—
Total deferred tax liabilities	(30,109)		(27,848)
Deferred tax assets, net	$	51,360	$	47,311

At December 31, 2024, the Company had apportioned state net operating loss carryforwards of $6.4 million and federal capital loss carryforwards of $12.8 million, respectively, which are available to offset future taxable income. At December 31, 2023, the Company had apportioned state net operating loss carryforwards of $4.4 million and federal capital loss carryforwards of $7.9 million, respectively, which are available to offset future taxable income. The federal capital loss carryforwards will begin to expire in 2026 while the state net operating loss carryforwards will begin to expire in various years from 2038 through 2044. The amount of state net operating losses that can be carried forward indefinitely is $4.7 million. The

Company’s utilization of net operating loss carryforwards may be subject to annual limitations due to ownership change provisions of Section 382 of Internal Revenue Code of 1986, as amended.

Income tax (benefit) expense differs from the amount of tax determined by applying the United States Federal income tax rates to pretax income and loss due to the application of state apportionment laws, permanent tax differences, and other temporary differences (in thousands):


	Year Ended December 31,
	2022				2023				2024
	Amount		%		Amount		%		Amount		%

Tax expense at statutory rate	$	(31,778)	21.00	%	$	(12,180)	21.00	%	$	5,572	21.00	%
State taxes, net	(4,163)		2.75	%	(1,084)		1.87	%	2,205		8.31	%
Permanent differences	318		(0.21)	%	270		(0.47)	%	502		1.89	%
Loss on equity investment	—		—	%	—		—	%	(812)		(3.06)	%

Equity-based compensation benefits	479		(0.32)	%	837		(1.44)	%	194		0.73	%
Gain on acquisition	(947)		0.63	%	—		—	%	—		—	%


Valuation allowance	(197)		0.13	%	1,614		(2.78)	%	2,249		8.48	%
Other	12		(0.01)	%	(172)		0.29	%	509		1.92	%
	$	(36,276)	23.97	%	$	(10,715)	18.47	%	$	10,419	39.27	%

Permanent differences in the table above are mainly attributable to executive and stock compensation, and nondeductible meals and entertainment expenses.

There were no material uncertain tax positions as of December 31, 2022, 2023, or 2024. Interest and penalties associated with uncertain income tax positions would be classified as income tax expense. The Company has not recorded any material interest or penalties during any of the years presented.

The Company is subject to U.S. federal income taxes as well as income tax of multiple state jurisdictions. For U.S. federal and state tax purposes, tax years 2021-2023 remain open to examination.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Other Employee Benefits

12 Months Ended

Dec. 31, 2024

Postemployment Benefits [Abstract]

Other Employee Benefits

The Company has established a tax deferred 401(k) retirement plan that provides retirement benefits to its eligible employees. Participants may elect to contribute up to 60% of their gross annual earnings not to exceed ERISA and Internal Revenue Service limits. The plan provides for Company discretionary profit-sharing contributions at matching percentages. The Company made discretionary contributions to the plan of $6.2 million, $6.3 million, and $6.4 million for the years ended December 31, 2022, 2023, and 2024, respectively.

The Company has established the ESPP with quarterly enrollment periods. Eligible participants may only enter the plan and establish their withholdings at the start of an enrollment period. Participating employees may withdraw from the plan and end payroll deductions at any time up to five days before the share purchase date and funds will be returned to them. Under the ESPP, participating employees may purchase shares of the Company’s common stock, subject to certain limitations, at 85% of its fair market value on the last day of the quarterly period. The total value of contributions per participant may not exceed $21,000 annually or the value of the common stock purchased per participant cannot exceed $25,000. In 2014, 2020, and again in 2023, the Company’s stockholders approved amendments to the plan increasing the number of shares available for purchase by participating employees and extended the term of the ESPP. Effective December 31, 2023, the Company elected to suspend the ESPP. Beginning January 1, 2024, eligible employees may no longer purchase shares of the Company’s common stock through the ESPP until such time as the Company reinstates the plan.

Shares purchased in the open market for issuance to employees pursuant to the plan for the years ended December 31, 2022, and 2023, were as follows:


Purchase Date	Shares	Common Stock Fair Value		Purchase Price		Compensation Expense
March 31, 2022	9,112	$	21.24	$	18.05	$	29,031
June 30, 2022	12,380	$	16.16	$	13.74	$	30,009
September 30, 2022	23,407	$	9.14	$	7.77	$	32,091
December 31, 2022	15,947	$	12.86	$	10.93	$	30,762
Total/Weighted Average	60,846	$	13.36	$	11.35	$	121,893
March 31, 2023	20,002	$	5.42	$	4.61	$	16,262
June 30, 2023	41,729	$	4.74	$	4.03	$	29,669
September 30, 2023	34,332	$	4.71	$	4.00	$	24,256
December 31, 2023	16,488	$	9.96	$	8.47	$	24,633
Total/Weighted Average	112,551	$	5.62	$	4.77	$	94,820

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Stock Incentive Plans

The American Public Education, Inc. 2017 Omnibus Incentive Plan, or 2017 Incentive Plan, became effective on May 12, 2017, or the Effective Date. Upon effectiveness of the 2017 Incentive Plan, the Company ceased making awards under the American Public Education, Inc. 2011 Omnibus Incentive Plan, or the 2011 Incentive Plan. The 2017 Incentive Plan allows the Company to grant up to 1,675,000 shares, as well as shares of the Company’s common stock that were available for issuance under the 2011 Incentive Plan as of the Effective Date. In addition, the number of shares of common stock available under the 2017 Incentive Plan was increased from time to time by the number of shares subject to outstanding awards granted under the 2011 Incentive Plan that terminate by expiration, forfeiture, cancellation or otherwise without issuance of such shares following the Effective Date. On May 15, 2020, the Company’s stockholders approved an amendment to the 2017 Incentive Plan to increase the number of shares available for issuance thereunder by 1,425,000 and to extend the term of the 2017 Plan to May 15, 2030, as well as to clarify limitations on repricing. On May 20, 2022, the Company’s stockholders approved an amendment to the 2017 Incentive Plan to increase the number of shares available for issuance thereunder by 1,125,000 and to clarify provisions on vesting in dividends or dividend equivalent rights paid on unvested awards and the determination of fair market value. On May 19, 2023, the Company’s stockholders approved an amendment to increase the number of shares available for issuance thereunder by 1,200,000. Grants under the 2017 Incentive Plan generally vest over a period of three years and the Company recognizes compensation expense over that period. The 2017 Incentive Plan includes a provision that allows individuals who have reached certain service and retirement eligibility criteria on the date of grant an accelerated service period of one year. The Company recognizes compensation expense for these individuals over the accelerated one year period. As of December 31, 2024, all shares subject to outstanding awards are under the 2017 Incentive Plan.

Restricted Stock and Restricted Stock Unit Awards

The fair value of the Company’s restricted stock and restricted stock unit awards is calculated based on the closing price of the Company’s stock on the date of grant. The estimated fair value of these awards is recognized as stock-based compensation expense and is expensed over the vesting period using the straight-line method for Company employees and the graded-vesting method for members of the Company’s Board of Directors. 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. The Company also 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 table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2022:


	Number of Shares	Weighted Average Grant Price and Fair Value
Non vested, December 31, 2021	506,787	$	27.68
Shares granted	617,830	20.10
Vested shares	(267,554)	27.29
Shares forfeited	(187,390)	24.20
Non vested, December 31, 2022	669,673	$	22.00

The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2023:


	Number of Shares	Weighted Average Grant Price and Fair Value
Non vested, December 31, 2022	669,673	$	22.00
Shares granted	831,746	11.83
Vested shares	(319,225)	22.03
Shares forfeited	(130,030)	17.53
Non vested, December 31, 2023	1,052,164	$	14.74

The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2024:


	Number of Shares	Weighted Average Grant Price and Fair Value
Non vested, December 31, 2023	1,052,164	$	14.74
Shares granted	595,976	10.71
Vested shares	(475,116)	14.89
Shares forfeited	(66,768)	14.60
Non vested, December 31, 2024	1,106,256	$	12.63

For the years ended December 31, 2022, 2023, and 2024, there were 490,127, 885,080, and 0 shares of anti-dilutive restricted stock or restricted stock units, respectively, excluded in the computation of diluted net income per common share.

At December 31, 2024, total unrecognized compensation expense in the amount of $6.8 million relates to non-vested restricted stock and restricted stock units, which will be recognized over a weighted average period of 1.6 years.

As a result of termination of employment, the Company accepted the following common shares for forfeiture: 181,801 shares for $4,339,191 in 2022, 110,632 shares for $1,866,736 in 2023, and 33,788 shares for $380,948 in 2024.

Option Awards

The fair value of each option award is estimated at the date of grant using a Black-Scholes option-pricing model. 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. Estimates of fair value are subjective and are not intended to predict actual future events, and

subsequent events are not necessarily indicative of the reasonableness of the original estimates of fair value made under ASC 718. Options currently outstanding vest ratably over a period of three years and expire ten years from the date of grant.

The table below sets forth stock option activity for the year ended December 31, 2022:


	Number of Options	Weighted Average Exercise Price		Weighted Average Contractual Life (years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding, December 31, 2021	101,520	$	26.65	8.39	$	—
Options granted	56,249	13.90		10	$	—
Awards exercised	—	—
Options forfeited	(24,181)	27.99
Outstanding, December 31, 2022	133,588	$	21.04	8.09	$	37
Exercisable, December 31, 2022	58,782	$	25.19	6.59	$	—

The table below sets forth stock option activity for the year ended December 31, 2023:


	Number of Options	Weighted Average Exercise Price		Weighted Average Contractual Life (years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding, December 31, 2022	133,588	$	21.04	8.09	$	37
Options granted	33,762	6.71		10	$	—
Awards exercised	—	—
Options forfeited	(3,968)	26.20
Outstanding, December 31, 2023	163,382	$	17.95	7.73	$	119
Exercisable, December 31, 2023	83,644	$	23.16	6.78	$	—

The table below sets forth stock option activity for the year ended December 31, 2024:


	Number of Options	Weighted Average Exercise Price		Weighted Average Contractual Life (years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding, December 31, 2023	163,382	$	17.95	7.73	$	119
Options granted	—	—		—	$	—
Awards exercised	(5,796)	11.60
Options forfeited	(4,616)	5.36
Outstanding, December 31, 2024	152,970	$	18.57	6.64	$	799
Exercisable, December 31, 2024	116,332	$	21.10	6.25	$	397

The following table sets forth the assumptions used in calculating the fair value at the date of grant of each option award granted for the years ended December 31, 2022, and 2023. There were no options granted during the year ended December 31, 2024:


	Year Ended December 31,
	2022			2023
Expected volatility	48.08		%	53.50		%
Expected dividends	—		%	—		%
Expected term, in years	10			10
Risk-free interest rate	2.95		%	3.49		%
Weighted-average fair value of options granted during the year	$	8.53		$	4.44

For the years ended December 31, 2022, 2023, and 2024, there were 133,588, 163,382, and 109,638 anti-dilutive stock options, respectively, excluded from the calculation of diluted net income per share.

At December 31, 2024, total unrecognized compensation expense in the amount of $0.1 million relates to non-vested stock options, which will be recognized over a weighted average period of 0.8 years.

Stock-Based Compensation Expense

For the years ended December 31, 2022, 2023, and 2024, the Company recognized stock-based compensation expense as follows:


	Year Ended December 31,
	2022		2023		2024
	(In thousands)
Instructional costs and services	$	1,254	$	895	$	808
Selling and promotional	823		490		562
General and administrative	5,932		6,355		6,298
Total stock-based compensation expense	$	8,009	$	7,740	$	7,668

The Company recognized income tax benefits of $1.5 million, $1.1 million, and $1.9 million from vested restricted stock and restricted stock units for the years ended December 31, 2022, 2023, and 2024, respectively.

Repurchase

The Company’s Board of Directors has approved a stock repurchase program for common stock, under which the Company can annually purchase up to the cumulative number of shares issued or deemed issued in that year under the equity incentive and stock purchase plans. Repurchases may be made from time to time in the open market at prevailing market prices or in privately negotiated transactions based on business and market conditions. The stock repurchase program does not obligate the Company to repurchase any shares, may be suspended or discontinued at any time, and is funded using available cash.

On May 2, 2019, the Company’s Board of Directors authorized the repurchase of up to $35.0 million of the Company’s shares of common stock, and on December 5, 2019, the Board approved an additional authorization of up to $25.0 million of shares, of which approximately $8.4 million remained available at December 31, 2022. Further, on November 27, 2023, the Company’s Board of Directors authorized a new program to repurchase up to an additional $10.0 million of shares of the Company’s common stock. Subject to market conditions, applicable legal requirements, and other factors, the repurchases under these authorizations may be made from time to time in the open market or in privately negotiated transactions, in transactions structured through investment banking institutions, or a combination thereof. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of shares under these authorizations. The authorizations do not obligate the Company to acquire any shares, and purchases may be commenced or suspended at any time based on market conditions and other factors the Company deem appropriate. The amount and timing of repurchases are subject to a variety of factors, including liquidity, cash flow, stock price and general business and market conditions. The authorization under this program is in addition to the Company’s repurchase program under which the Company may annually purchase up to the cumulative number of shares issued or deemed issued in that year under its equity incentive and stock purchase plan.

The Company’s credit agreement includes restrictions on its ability to repurchase its common stock, and the terms of the Series A Senior Preferred Stock require the consent of the holders of at least 60% of the then outstanding shares of the Series A Senior Preferred Stock in order for the Company to repurchase more than $30.0 million of its common stock in the aggregate.

During the year ended December 31, 2022, the Company did not repurchase shares of common stock.

During the years ended December 31, 2023, and 2024, the Company repurchased 1,515,766 and 251,146 shares of common stock for $9.7 million and $2.8 million, respectively. Effective February 1, 2024, the Company ceased purchases under the November 2023 purchase authorization, and, as of December 31, 2024, the Company has $6.0 million remaining under this share repurchase authorization.

During the years ended December 31, 2022, 2023, and 2024, the Company was deemed to have repurchased 80,764, 91,855, and 122,186 shares, respectively, of common stock forfeited by employees to satisfy minimum tax-withholding requirements in connection with the vesting of restricted stock grants. These repurchases were not part of the stock repurchase programs authorized by the Company’s Board of Directors as described above.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Preferred Stock

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

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 the annual rate which is equal to Term SOFR (selected by the Company for each divided period), plus 10.00%. On the 30-month anniversary of issuance, the dividend rate spread shall increase by 2.00% per annum and shall increase by 0.50% per annum at the beginning of each full fiscal quarter thereafter. The dividend rate spread increases 6.00% in the event of default, a change of control, or other non-compliance as noted in the related Certificate of Designation and the purchase agreement for the shares of Series A Senior Preferred Stock, or the Purchase Agreement. Other than an increase in the dividend rate spread relating to default, in no event will the dividend rate spread exceed SOFR plus 25.00%. As of December 31, 2024, the dividend rate was 14.32% based on a three-month dividend period. Dividend periods will be monthly, every three months or every six months, at the Company’s option, and the Company currently anticipates using a three-month period. Dividends will be paid, after declaration by the Company’s Board of Directors, for each dividend period. If the Company selects a six-month dividend period, an interim dividend payment will be required for each three-month period therein. During the years ended December 31, 2023, and 2024, $6.0 million and $6.1 million of dividends were declared and paid on the Series A Senior Preferred Stock, respectively.

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 $55.3 million and $47.0 million of December 31, 2023, and 2024, 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 December 31, 2023, and 2024, the make-whole payment included in the Liquidation Preference was $12.3 million and $4.0 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 December 31, 2023		As of December 31, 2024

Series A Senior Preferred Stock (plus accrued and unpaid dividends)	$	40,072	$	40,068
Make whole payment	12,266		3,993
Early redemption premium	2,915		2,915
Liquidation Preference	$	55,253	$	46,976

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. However, holders of our Series A Senior Preferred Stock have certain consent rights that limit our ability to obtain debt or preferred stock financing or take certain other corporate actions. 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 to 1.00, (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.

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	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 may be involved in legal matters in the normal course of its business.

Concentration

12 Months Ended

Dec. 31, 2024

Risks and Uncertainties [Abstract]

Concentration

Students utilize various payment sources and programs to finance their education expenses, including funds from: Department of Defense, or DoD, TA programs, education benefit programs administered by the U.S. Department of Veteran’s Affairs, or VA, and federal student aid from Title IV programs, as well as cash and other sources. As of December 31, 2024, approximately 65% of APUS students self-reported that they served in the military on active duty at the time of initial enrollment. Active-duty military students generally take fewer courses per year on average than non-military students.

A summary of APUS Segment revenue derived from students by primary funding source is as follows:


	Year Ended December 31,
	2022	2023	2024
DoD tuition assistance programs	47%	48%	46%
VA education benefits	21%	22%	24%
Title IV programs	18%	17%	17%
Cash and other sources	13%	13%	13%

A summary of RU Segment revenue derived from students by primary funding source is as follows:


	Year Ended December 31,
	2022	2023	2024
Title IV programs	74%	75%	76%
Cash and other sources	24%	23%	22%
VA education benefits	2%	2%	2%

A summary of HCN Segment revenue derived from students by primary funding source is as follows:


	Year Ended December 31,
	2022	2023	2024
Title IV programs	80%	82%	84%
Cash and other sources	18%	16%	15%
VA education benefits	2%	2%	1%

Reductions in or changes to TA, VA education benefits, Title IV programs and other payment sources could have a significant impact on the Company’s operations and financial condition.

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

The Company’s Chief Executive Officer, as the CODM, organizes the company, manages resource allocations, and measures performance among three operating and reportable segments: APUS; RU; and HCN. Corporate and Other includes GSUSA revenue and expenses, and unallocated corporate activity and eliminations to reconcile segment results to the Consolidated Financial Statements. GSUSA does not meet the quantitative thresholds to qualify as a reportable segment.

The CODM reviews information about each reportable segment’s revenue and categorized expenses, and allocates resources to, and measures the performance of, each reportable segment using reportable segment operating income (loss). The CODM does not evaluate reportable segment asset or liability information.

A summary of financial information by reportable segment is as follows (in thousands):


	Year Ended December 31,
	2022	2023	2024
	(In thousands)
APUS Segment
Revenue	285,128	303,303	317,049
Instructional costs and services	97,549	97,246	103,745
Selling and promotional	65,634	57,580	58,563
General and administrative	56,204	55,992	58,807
Other (1)	7,289	8,059	6,512
Income from operations before interest and income taxes	58,452	84,426	89,422
RU Segment
Revenue	253,257	214,086	216,262
Instructional costs and services	143,443	140,861	133,448
Selling and promotional	79,182	66,571	58,682
General and administrative	25,833	25,401	30,324
Other (2)	171,356	84,828	15,606
Loss from operations before interest and income taxes	(166,557)	(103,575)	(21,798)
HCN Segment
Revenue	47,078	56,936	67,290
Instructional costs and services	33,603	38,582	43,795
Selling and promotional	5,148	4,312	6,923
General and administrative	11,371	14,182	15,989
Other (3)	967	1,256	1,705
Loss from operations before interest and income taxes	(4,011)	(1,396)	(1,122)

Corporate and Other
Revenue	20,865	26,220	23,958
Instructional costs and services	13,877	16,173	14,715
Selling and promotional	4,685	4,492	4,642
General and administrative	26,944	32,664	36,841
Other (4)	591	652	1,196
Loss from operations before interest and income taxes	(25,232)	(27,761)	(33,436)

Total reportable segment revenue	585,463	574,325	600,601
Corporate and other revenue	20,865	26,220	23,958
Total consolidated revenue	606,328	600,545	624,559
Total reportable segment (loss) income from operations before interest and income taxes	(112,116)	(20,545)	66,502
Corporate and other (loss) from operations before interest and income taxes	(25,232)	(27,761)	(33,436)
Total consolidated (loss) income from operations before interest and income taxes	(137,348)	(48,306)	33,066

(1) Includes loss on assets held for sale, loss on disposal of long lived assets and depreciation and amortization expense.

(2) Includes impairment of goodwill and intangible assets, loss on leases, loss on disposal of long lived assets and depreciation and amortization expense.

(3) Includes loss on disposal of long lived assets and depreciation and amortization expense.

(4) Includes loss on disposal of long lived assets and depreciation and amortization expense.


	Year Ended December 31,
	2022	2023	2024
	(In thousands)
Depreciation and amortization
APUS Segment	6,373	5,284	4,828
RU Segment	24,206	20,627	11,577
HCN Segment	958	1,253	1,704
Total reportable segment depreciation and amortization	31,537	27,164	18,109
Corporate and Other	590	652	1,194
Total consolidated depreciation and amortization	32,127	27,816	19,303
Interest expense, net
APUS Segment	219	1,882	1,563
RU Segment	79	11	(6)
HCN Segment	23	95	216
Total reportable segment interest expense, net	321	1,988	1,773
Corporate and Other	(18,049)	(6,447)	(3,900)
Total consolidated interest expense, net	(17,728)	(4,459)	(2,127)
Income tax (benefit) expense
APUS Segment	16,465	23,530	24,577
RU Segment	(41,651)	(26,103)	(5,519)
HCN Segment	(1,026)	(211)	(62)
Total reportable segment income tax (benefit) expense	(26,212)	(2,784)	18,996
Corporate and Other	(10,064)	(7,931)	(8,577)
Total consolidated income tax (benefit) expense	(36,276)	(10,715)	10,419

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Quarterly Financial Summary (unaudited)

12 Months Ended

Dec. 31, 2024

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Summary (unaudited)

The following unaudited consolidated interim financial information presented should be read in conjunction with other information included in the Company’s Consolidated Financial Statements. In the opinion of management, the following unaudited consolidated financial information reflects all adjustments necessary for the fair presentation of the results of interim periods. Historical results are not necessarily indicative of the results of operations to be expected for future periods. The following tables set forth selected unaudited quarterly financial information for each of the Company’s last eight quarters:


	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
	(in thousands, except per share data)
2023
Revenue	$	149,689	$	147,214	$	150,838	$	152,804
Income (loss) from operations before income taxes	(7,149)		(66,365)		5,608		15,141
Net income (loss) available to common stockholders	(7,197)		(52,719)		(4,853)		11,475
Net income (loss) per common share:
Basic	$	(0.38)	$	(2.94)	$	(0.27)	$	0.65
Diluted	$	(0.38)	$	(2.93)	$	(0.27)	$	0.64
2024
Revenue	$	154,432	$	152,895	$	153,122	$	164,110
Income (loss) from operations before income taxes	5,056		1,435		3,498		20,950
Net income (loss) available to common stockholders	(1,019)		(1,160)		731		11,505
Net income (loss) per common share:
Basic	$	(0.06)	$	(0.07)	$	0.04	$	0.65
Diluted	$	(0.06)	$	(0.06)	$	0.04	$	0.63

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II Valuation and Qualifying Accounts

AMERICAN PUBLIC EDUCATION, INC.

Schedule II

Valuation and Qualifying Accounts


	Balance at Beginning of Period		Additions/ (Reductions)		Write-Offs		Balance at End of Period
	(in thousands)
Year ended December 31, 2024:
American Public University System Segment	$	2,770	$	2,281	$	(2,058)	$	2,993
Rasmussen University Segment	3,922		8,348		(7,626)		4,644
Hondros College of Nursing Segment	8,130		7,211		(4,963)		10,378
Corporate and Other	537		728		—		1,265
Allowance for receivables	$	15,359	$	18,568	$	(14,647)	$	19,280
Year ended December 31, 2023:
American Public University System Segment	$	1,711	$	2,694	$	(1,635)	$	2,770
Rasmussen University Segment	4,547		8,694		(9,319)		3,922
Hondros College of Nursing Segment	6,938		5,691		(4,499)		8,130
Corporate and Other	132		405		—		537
Allowance for receivables	$	13,328	$	17,484	$	(15,453)	$	15,359
Year ended December 31, 2022:
American Public University System Segment	$	1,750	$	1,658	$	(1,697)	$	1,711
Rasmussen University Segment	3,444		8,657		(7,554)		4,547
Hondros College of Nursing Segment	6,202		4,706		(3,970)		6,938
Corporate and Other1	—		132		—		132
Allowance for receivables	$	11,396	$	15,153	$	(13,221)	$	13,328

1Corporate and Other includes activity for GSUSA as of January 1, 2022.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net (loss) income	$ 16,113	$ (47,286)	$ (114,993)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The performance, reliability, and security of the networks and technology infrastructure we use or rely on is critical to our operations, our institutions’ reputation, and our ability to attract and retain students. We have developed what we believe to be a robust cybersecurity program that incorporates a process of identifying and managing cybersecurity risks across the enterprise. As part of our cybersecurity risk management process, we identify risk by reviewing the elements within our technology stack and processes, including a full scan and identification process designed to cover all APEI’s digital and physical assets within the organization, covering hardware, software, data, and personnel. Assets are documented and assessed for their value, factoring in their significance and potential cost if compromised. We conduct a threat assessment for both internal (e.g., employees, contractors, etc.) and external (e.g., hackers, malware, etc.) cybersecurity threats, and we have established plans and actions to detect unauthorized activities. We engage third-party consultants to perform assessments, including annual penetration testing, and we maintain a risk register. The risk register includes documentation of identified risks, the potential impact and likelihood of occurrence, mitigation efforts and the required enterprise level response. Each of the identified risks is given a risk classification from low to high depending on the probability of occurrence and the severity of impact. At least annually, we conduct tabletop exercises to simulate various attacks, enhancing our preparedness against potential threats. These tabletop exercises are conducted with the support of third-party cybersecurity experts. We perform continuous monitoring and detection of our systems, networks, and data repositories for suspicious activities by leveraging a third-party that provides 24x7 comprehensive monitoring of activity that is outside the normal patterns for our day-to-day operations. Our information security team works to stay up to date on threat intelligence through partnerships with outside agencies. We accumulate security event data into our security information and event management, or SIEM, tool that tracks and monitors events providing a comprehensive view of how to respond to various threats. We also have an internal information technology audit team that routinely scans the environment and documents our compliance efforts with regulations and standards that govern our business, such as the Sarbanes-Oxley Act, the Payment Card Industry Data Security Standard (PCI-DSS), the Health Insurance Portability and Accountability Act, FERPA, and the Gramm-Leach-Bliley Act Safeguards Rule. Cybersecurity threats continue to evolve with the use of emerging technologies, such as AI. These threats can disrupt operations, compromise sensitive data, and erode trust. We strive to make sure that employees and contractors are up to date with their responsibility and understand the importance of their contributions to staying cyber secure through a robust training and education program. Employees and contractors are responsible for taking mandated cyber training on an annual basis. We also run phishing exercises on a routine basis to help ensure employees and contractors can recognize and report inappropriate activity and social engineering attempts. We have a process of continuous improvement by incorporating lessons learned from attempted attacks and feedback from phishing exercises, among other learnings. We also have a third-party risk management process pursuant to which new and existing vendors undergo a structured review of their controls and systems, as well as a periodic review from our security team to help ensure vendors protect our data and systems. We seek to require our third-party vendors contractually to maintain a level of security that is acceptable to us. We have not experienced any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or that we believe are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. We maintain specific insurance coverage to mitigate losses associated with certain cybersecurity incidents that impact our or our third parties’ information technology and information systems, but there can be no assurance that coverage would be adequate in relation to any incurred losses. Our cybersecurity risk management process is a standalone process, but it is integrated with and informs our overall enterprise risk management program.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The performance, reliability, and security of the networks and technology infrastructure we use or rely on is critical to our operations, our institutions’ reputation, and our ability to attract and retain students. We have developed what we believe to be a robust cybersecurity program that incorporates a process of identifying and managing cybersecurity risks across the enterprise. As part of our cybersecurity risk management process, we identify risk by reviewing the elements within our technology stack and processes, including a full scan and identification process designed to cover all APEI’s digital and physical assets within the organization, covering hardware, software, data, and personnel. Assets are documented and assessed for their value, factoring in their significance and potential cost if compromised. We conduct a threat assessment for both internal (e.g., employees, contractors, etc.) and external (e.g., hackers, malware, etc.) cybersecurity threats, and we have established plans and actions to detect unauthorized activities.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	We have established structured processes and mechanisms, including incident reporting and escalation, and a comprehensive incident response and communication plan, in the event of a cybersecurity incident. These plans consist of internal reporting and communication, including to the Chief Executive Officer, Chief Financial Officer, and General Counsel, and, as appropriate, management, as well as external reporting, including notifying the Board of Directors, and proper agencies as appropriate. The Chief Information Officer and the Chief Information Security Officer report significant risks from cybersecurity threats, the level of risk, and any material cybersecurity incidents to the Board of Directors, as well as annually review with the Board of Directors the budget, utilization of systems, processes, and controls in place to address cybersecurity risks and management. The Chief Information Officer and/or the Chief Information Security Officer update the Board of Directors no less than quarterly on significant developments in these areas.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Chief Information Officer and Chief Information Security Officer have the primary responsibility for assessing and managing our material risks from cybersecurity threats. Both the Chief Information Officer and Chief Information Security Officer have extensive experience in running and managing a cybersecurity program both in commercial enterprises and government agencies. In assessing and managing our material risks from cybersecurity threats the Chief Information Officer and Chief Information Security Officer utilize real time monitoring tools, alerts, and dashboards, proactively hunt for threats, and assess capabilities through penetration testing and table top exercises, as well as access and utilize third party resources.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	APEI’s Information Security Steering Committee, or the Steering Committee, consisting of the Chief Information Officer, Chief Information Security Officer, Chief Financial Officer, General Counsel, and the Chief Human Resources Officer, provides a level of oversight over our cybersecurity program. The Steering Committee meets quarterly and is briefed, among other things, on our cybersecurity program, how we are mitigating risks, any notable events that occurred, and phishing campaign results. In addition, the Steering Committee reviews the program for the proper funding and staffing of the information technology security department as well as alignment of the program with our strategic objectives. The Steering Committee reviews and ratifies security policies and helps ensure the proper controls are in place and being followed. The Steering Committee is a critical element to review the cybersecurity program against applicable federal and state regulations and its progress for planned improvements. Our Chief Information Officer and Chief Information Security Officer have the primary responsibility for assessing and managing our material risks from cybersecurity threats. Both the Chief Information Officer and Chief Information Security Officer have extensive experience in running and managing a cybersecurity program both in commercial enterprises and government agencies. In assessing and managing our material risks from cybersecurity threats the Chief Information Officer and Chief Information Security Officer utilize real time monitoring tools, alerts, and dashboards, proactively hunt for threats, and assess capabilities through penetration testing and table top exercises, as well as access and utilize third party resources.
Cybersecurity Risk Role of Management [Text Block]	Our Chief Information Officer and Chief Information Security Officer have the primary responsibility for assessing and managing our material risks from cybersecurity threats. Both the Chief Information Officer and Chief Information Security Officer have extensive experience in running and managing a cybersecurity program both in commercial enterprises and government agencies. In assessing and managing our material risks from cybersecurity threats the Chief Information Officer and Chief Information Security Officer utilize real time monitoring tools, alerts, and dashboards, proactively hunt for threats, and assess capabilities through penetration testing and table top exercises, as well as access and utilize third party resources. We have established structured processes and mechanisms, including incident reporting and escalation, and a comprehensive incident response and communication plan, in the event of a cybersecurity incident. These plans consist of internal reporting and communication, including to the Chief Executive Officer, Chief Financial Officer, and General Counsel, and, as appropriate, management, as well as external reporting, including notifying the Board of Directors, and proper agencies as appropriate. The Chief Information Officer and the Chief Information Security Officer report significant risks from cybersecurity threats, the level of risk, and any material cybersecurity incidents to the Board of Directors, as well as annually review with the Board of Directors the budget, utilization of systems, processes, and controls in place to address cybersecurity risks and management. The Chief Information Officer and/or the Chief Information Security Officer update the Board of Directors no less than quarterly on significant developments in these areas. For more information on our information technology investments and their effects on our results of operations, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Overview,” and for more information regarding risks related to our information technology, refer to “Risk Factors – Risks Related to Our Technology Infrastructure”.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Information Officer and Chief Information Security Officer have the primary responsibility for assessing and managing our material risks from cybersecurity threats. Both the Chief Information Officer and Chief Information Security Officer have extensive experience in running and managing a cybersecurity program both in commercial enterprises and government agencies. In assessing and managing our material risks from cybersecurity threats the Chief Information Officer and Chief Information Security Officer utilize real time monitoring tools, alerts, and dashboards, proactively hunt for threats, and assess capabilities through penetration testing and table top exercises, as well as access and utilize third party resources.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Both the Chief Information Officer and Chief Information Security Officer have extensive experience in running and managing a cybersecurity program both in commercial enterprises and government agencies. In assessing and managing our material risks from cybersecurity threats the Chief Information Officer and Chief Information Security Officer utilize real time monitoring tools, alerts, and dashboards, proactively hunt for threats, and assess capabilities through penetration testing and table top exercises, as well as access and utilize third party resources.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	APEI’s Information Security Steering Committee, or the Steering Committee, consisting of the Chief Information Officer, Chief Information Security Officer, Chief Financial Officer, General Counsel, and the Chief Human Resources Officer, provides a level of oversight over our cybersecurity program. The Steering Committee meets quarterly and is briefed, among other things, on our cybersecurity program, how we are mitigating risks, any notable events that occurred, and phishing campaign results. In addition, the Steering Committee reviews the program for the proper funding and staffing of the information technology security department as well as alignment of the program with our strategic objectives. The Steering Committee reviews and ratifies security policies and helps ensure the proper controls are in place and being followed. The Steering Committee is a critical element to review the cybersecurity program against applicable federal and state regulations and its progress for planned improvements. Our Chief Information Officer and Chief Information Security Officer have the primary responsibility for assessing and managing our material risks from cybersecurity threats. Both the Chief Information Officer and Chief Information Security Officer have extensive experience in running and managing a cybersecurity program both in commercial enterprises and government agencies. In assessing and managing our material risks from cybersecurity threats the Chief Information Officer and Chief Information Security Officer utilize real time monitoring tools, alerts, and dashboards, proactively hunt for threats, and assess capabilities through penetration testing and table top exercises, as well as access and utilize third party resources. We have established structured processes and mechanisms, including incident reporting and escalation, and a comprehensive incident response and communication plan, in the event of a cybersecurity incident. These plans consist of internal reporting and communication, including to the Chief Executive Officer, Chief Financial Officer, and General Counsel, and, as appropriate, management, as well as external reporting, including notifying the Board of Directors, and proper agencies as appropriate. The Chief Information Officer and the Chief Information Security Officer report significant risks from cybersecurity threats, the level of risk, and any material cybersecurity incidents to the Board of Directors, as well as annually review with the Board of Directors the budget, utilization of systems, processes, and controls in place to address cybersecurity risks and management. The Chief Information Officer and/or the Chief Information Security Officer update the Board of Directors no less than quarterly on significant developments in these areas.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of presentation and accounting	Basis of presentation and accounting. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP.
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. 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.
Principles of consolidation	Principles of consolidation. The accompanying consolidated financial statements include the accounts of APEI and its wholly owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation.
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 assumptions 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. 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 $24.3 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.
Accounts receivable	Accounts receivable. The Company accounts for receivables in accordance with FASB ASC 310, Receivables. Tuition is recorded as accounts receivable and deferred revenue at the time students begin a course or term. Students may remit tuition payments upon enrollment in a course or term, or they may elect various other payment options with payment terms extending beyond the start of the course or term. These other payment options include payments by sponsors, financial aid, alternative loans, or tuition assistance, or TA, programs, that remit payments directly to the subsidiary institution. HCN also offers extended payment plan options. When a student remits payment after a course or term has begun, accounts receivable is reduced. If payment is made prior to the start of a course or term, the payment is recorded as a student deposit, and the student is provided access to the course when courses start, in the case of APUS and GSUSA, or allowed to start the term, in the case of RU and HCN. If a payment option is confirmed, the student is allowed to start the course or term. Generally, if no receipt is confirmed or payment option secured, the student will be dropped from the course or not allowed to start the term. Therefore, billed accounts receivable represents charges that have been prepared and sent to students or the applicable third-party payor according to the terms agreed upon in advance. TA is billed by branch of service on a course-by-course basis when a student starts a course, whereas Title IV programs are billed based on the courses included in a student’s term. Effective January 1, 2024, APUS revised its billing policy for students utilizing TA, which previously ranged from two weeks to five weeks after course start date to nine weeks after the course start date. Billed accounts receivable are considered past due if the invoice has been outstanding for more than 30 days. Allowance for doubtful accounts. 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 leaves the payment plan program upon graduation or exits the program. Interest charged by HCN on payment plans was not material for the periods presented.
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, properties are recorded at the lower of the carrying value or fair value, less costs to sell, until such time the asset is sold. For additional details regarding assets held for sale, please refer to “Note 6. Assets Held For Sale” in these Consolidated Financial Statements.
Property and equipment	Property and equipment. All property and equipment is carried at cost less accumulated depreciation, except the acquired assets of RU and GSUSA, which were recorded at fair value at the respective closing dates of the acquisitions. Depreciation and amortization are calculated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvement depreciation is calculated on a straight-line basis over the estimated useful life of the asset or the term of the lease. For tax purposes, different methods are used. Maintenance and repairs are expensed as incurred, while other costs are capitalized if they extend the useful life of the asset. The Company capitalizes certain costs for software development in accordance with FASB ASC 350-40, Accounting for the Costs of Computer Software Developed or Obtained for Internal Use, and these costs are classified as property and equipment in the Consolidated Balance Sheets. These costs are amortized over the estimated useful life of five years. The Company also capitalizes certain costs for academic program development and these costs are amortized over an estimated life not to exceed three years.
Leases	Leases. The Company accounts for lease arrangements in accordance with FASB ASC 842, Leases. The Company determines if there is a lease at inception. The Company analyzes each lease arrangement to determine whether it should be classified as an operating lease or a finance lease. Lease assets are right-of-use assets, or ROU assets, which represent the right to use an underlying asset for the lease term. Lease liabilities represent the obligation to make lease payments arising from the lease. ROU 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 asset includes all lease payments and excludes lease incentives. Leases with a term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company has elected to combine lease and non-lease components as a single component when calculating the ROU asset and lease liability.
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. 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, or more frequently if events and 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 finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such assets are not recoverable, a potential 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 7. Goodwill and Intangible Assets” in these Consolidated Financial Statements.
Valuation of long-lived assets	Valuation of long-lived assets. The Company accounts for the valuation of long-lived assets under FASB ASC 360, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC 360 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell.
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 has the ability to 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 other-than-temporary impairments. Factors the Company considers when evaluating for other-than-temporary impairments 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 on the basis of 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 loss, and the equity investment balance is reduced to its fair value accordingly. In each reporting period, the Company evaluates its cost method investments for observable prices changes. Factors the Company may consider when evaluating an observable price may include significant changes in the regulatory, economic, or technological environment, changes in the general market condition, 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 third quarter of 2023, the Company evaluated its equity investments for indicators of impairment and concluded the fair value of a cost method investment was less than its carrying amount. As a result, the Company recorded an investment loss of $5.2 million during the third quarter of 2023, on a 2012 cost method investment. This investment loss was due to the investee entering into an agreement to be sold which resulted in no sales proceeds to the Company, and the loss reduced the book value of the cost method investment to zero. During the first quarter of 2024, the Company evaluated its equity investments for indicators of impairment and concluded the fair value of a cost method investment was less than its carrying amount. As a result, the Company recorded an investment loss of $3.3 million during the first quarter of 2024, on a 2015 cost method investment. This investment loss was 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, the Company recorded an investment loss of $1.1 million, during the second quarter of 2024, on a 2013 equity method investment. The investment loss recorded reduced the book value of the equity method investment to zero. These investment losses are included in equity investment loss on the Consolidated Statements of Income. There were no indicators of impairment during the year ended December 31, 2022. Prior to December 31, 2024, the Company’s equity method and cost method investments were included in Other assets, net on the accompanying Consolidated Balance Sheets. As of December 31, 2024, the Company no longer has any investments accounted for under ASC 323 and ASC 321.
Derivatives and hedging	Derivatives and hedging. Derivative financial instruments are recorded on the Consolidated Balance Sheets as assets or liabilities and re-measured at fair value at each reporting date. For derivatives designated as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as other comprehensive income and reclassified into earnings in the same period during which the hedged transaction affects earnings.
Deferred revenue and student deposits and Revenue recognition	Deferred revenue and student deposits. Deferred revenue and student deposits at December 31, 2023, and 2024, was $23.8 million and $23.5 million, respectively. Deferred revenue includes payments that have been received from students for courses or terms that are still in process and student deposits represent cash received from students prior to the commencement of a course or term and are refundable to the student in the event the student withdrawals before the start of the course or term. Series A Senior Preferred Stock. The Company accounts for preferred equity in accordance with FASB ASC 480, Distinguishing Liabilities from Equity, and has classified its Series A Senior Preferred Stock as permanent equity on the accompanying Consolidated Balance Sheets. The Series A Senior Preferred Stock is recorded net of issuance costs. Dividends on the Series A Senior Preferred Stock are presented in preferred stock dividends on the Consolidated Statements of Income. The Series A Senior Preferred Stock is a cumulative, perpetual, redeemable instrument. Dividends will be accrued as contractually obligated and paid upon approval by the Company’s Board of Directors. Revenue recognition. The Company recognizes revenue in accordance with accounting standard, FASB ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue is recognized when evidence of a contract exists, delivery has occurred or as instructional services are delivered, the price is determinable, and collectability is reasonably assured. Revenue from fees is recognized as information or services are delivered to students, assuming all other revenue recognition criteria are met. For additional information regarding revenue recognition, please refer to “Note 4. Revenue” in these Consolidated Financial Statements.
Advertising costs	Advertising costs. Advertising costs are expensed as incurred during the year.
Income taxes	Income taxes. Deferred taxes are determined using the liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. As these differences reverse, they will enter into the determination of future taxable income. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment of such changes. Under FASB ASC 740, Income Taxes, the Company is required to determine whether uncertain tax positions should be recognized within the Company’s financial statements. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Uncertain tax positions are recognized when a tax position, based solely on its technical merits, is determined more likely than not to not be sustained upon examination. Upon determination, uncertain tax positions are measured to determine the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. An uncertain tax position is reversed if it no longer meets the more likely than not threshold of being sustained. There were no material uncertain tax positions as of December 31, 2023, or 2024. The Company has not recorded any material interest or penalties during any of the years presented.
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, and ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. 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. 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. For additional information regarding stock-based compensation, please refer to “Note 12. Stockholders’ Equity” in these Consolidated Financial Statements.
Net (loss) income per common share	Net (loss) income per common share. Net income (loss) per common share is calculated by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net income (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.
Fair value of financial instruments	Fair value of financial instruments. The Company measures certain financial assets at fair value for disclosure purposes, as well as on a nonrecurring basis when they are deemed to be other-than-temporary impairments. Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: Level 1 - inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities; Level 2 - inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly; or Level 3 - inputs to the valuation techniques that are unobservable for the assets or liabilities. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s cash, cash equivalents, and restricted cash, accounts receivable, accounts payable and accrued liabilities are all short-term in nature. As such, their carrying amounts approximate fair value and fall within Level 1 of the fair value hierarchy. The valuation of the interest rate cap was measured as the present value of all expected future cash flows based on the Term Secured Overnight Financing Rate, or Term SOFR. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparty. As such, the Company’s interest rate cap falls within Level 2 of the fair value hierarchy. The carrying value of long-term debt approximates fair value as it is based on a variable rate index.
Concentration of credit risk	Concentration of credit risk. The Company maintains its cash, cash equivalents, and restricted cash in bank deposit accounts with various financial institutions. Cash, cash equivalents, and restricted cash balances may exceed the FDIC insurance limit. The Company has historically not experienced any losses in such accounts.
Recent accounting pronouncements	Recent Accounting Pronouncements. The Company considers the applicability and impact of all ASUs issued by the FASB. ASUs issued but not listed were assessed and determined to be either not applicable or expected to have minimal impact on the Company’s consolidated financial position and/or results of operations. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires the Company to disclose significant segment expenses that are regularly provided to the chief operating decision-maker, or CODM, and are included within each reported segments operating results. The standard also requires the Company to disclose the total amount of any other items included in segment operating results which were not deemed to be significant expenses for separate disclosure, along with a qualitative description of the composition of these other items. In addition, the standard also requires disclosure of the CODM’s title and position, as well as detail on how the CODM uses the reported measure of segment operating results to evaluate segment performance and allocate resources. The Company adopted this standard effective January 1, 2024, using the retrospective approach. Additional information regarding the Company’s adoption of this standard is located in “Note 16. Segment Information” in these Consolidated Financial Statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, the following for public business entities: (i) enhanced disclosures of specific categories of reconciling items included in the rate reconciliation, as well as additional information for any of these items meeting certain qualitative and quantitative thresholds; (ii) disclosure of the nature, effect and underlying causes of each individual reconciling item disclosed in the rate reconciliation and the judgment used in categorizing them if not otherwise evident; and (iii) enhanced disclosures for income taxes paid, which includes federal, state, and foreign taxes, as well as for individual jurisdictions over a certain quantitative threshold. The guidance is effective for the fiscal years beginning after December 15, 2024, including interim periods within those fiscal years and can be applied on either a prospective or retrospective basis. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures, which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization, and depletion, within relevant income statement captions. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements and related disclosures.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Restricted Cash And Cash Equivalents

Cash and cash equivalents and restricted cash as of December 31, 2023, and 2024, were as follows (in thousands):


	December 31, 2023		December 31, 2024
Cash, cash equivalents, and restricted cash	$	144,342	$	158,941
Less: restricted cash	(27,682)		(27,015)
Total unrestricted cash	$	116,660	$	131,926

Acquisition Activity (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Identifiable Assets Acquired and Liabilities Assumed Based on the Fair Values

The following table summarizes the components of the consideration along with the purchase price allocation (in thousands):


Purchase Price Allocation	Amount
Cash and cash equivalents	$	1,000
Working capital adjustment	(2,450)
Total consideration	(1,450)

Assets acquired:
Accounts receivable	4,282
Prepaid expenses	1,096
Property and equipment, net	400
Operating lease assets	31,635

Intangible assets	965

Total assets acquired	38,378

Liabilities assumed:
Accounts payable and accrued liabilities	810

Deferred revenue	1,969
Lease liabilities, current	1,179
Lease liabilities, long-term	30,779
Deferred income taxes	1,263
Total liabilities assumed	36,000
Net assets acquired	2,378
Gain on acquisition	$	3,828

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The fair value of the identified intangible assets, including customer contracts and relationships and trade name were determined using the income-based approach. The fair value of curricula and accreditation and licensing identified intangible assets were determined using the cost approach. The table below presents a summary of intangible assets acquired and the useful lives of these assets (in thousands):


Intangible Assets	Useful life	Amount
Customer contracts and relationships	2.5 years	$	744
Curricula	3 years	158
Trade name	1 year	35
Accreditation and licensing	2.5 years	28
		$	965

Revenue (Tables)

12 Months Ended

Dec. 31, 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 within the reportable segments (in thousands):


	Year Ended December 31, 2022
	APUS		RU		HCN		Corporate and Other		Consolidated
Instructional services, net of grants and scholarships	$	283,079	$	211,253	$	39,505	$	20,865	$	554,702
Graduation fees	1,348		—		—		—		1,348
Textbook and other course materials	—		38,740		6,964		—		45,704
Other fees	701		3,264		609		—		4,574
Total Revenue	$	285,128	$	253,257	$	47,078	$	20,865	$	606,328


	Year Ended December 31, 2023
	APUS		RU		HCN		Corporate and Other		Consolidated
Instructional services, net of grants and scholarships	$	300,794	$	179,699	$	47,998	$	26,220	$	554,711
Graduation fees	1,764		—		—		—		1,764
Textbook and other course materials	—		32,008		8,255		—		40,263
Other fees	745		2,379		683		—		3,807
Total Revenue	$	303,303	$	214,086	$	56,936	$	26,220	$	600,545


	Year Ended December 31, 2024
	APUS		RU		HCN		Corporate and Other		Consolidated
Instructional services, net of grants and scholarships	$	313,924	$	181,975	$	55,830	$	23,958	$	575,687
Graduation fees	2,454		—		—		—		2,454
Textbook and other course materials	—		32,041		10,187		—		42,228
Other fees	671		2,246		1,273		—		4,190
Total Revenue	$	317,049	$	216,262	$	67,290	$	23,958	$	624,559

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:


		As of December 31,
	Useful Life	2023		2024
		(in thousands)
Land	—	$	8,268	$	3,161
Building and building improvements	15 - 39 years	40,109		16,715
Leasehold improvements	up to 20 years	42,924		49,828
Office equipment	5 years	1,492		1,879
Computer equipment	3 - 5 years	27,493		25,265
Furniture and fixtures	5 - 7 years	18,493		19,751
Other capital assets	5 years	81		81
Software development	3 - 5 years	72,149		74,173
Program development	3 years	12,236		14,854
		223,245		205,707
Less: accumulated depreciation and amortization		(135,742)		(132,324)
		$	87,503	$	73,383

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill by reportable segment during the years ended December 31, 2023, and 2024, are as follows (in thousands):


	APUS Segment		RU Segment		HCN Segment		Total Goodwill

Goodwill as of December 31, 2022	$	—	$	86,030	$	26,563	$	112,593

Impairment	—		(53,000)		—		(53,000)

Goodwill as of December 31, 2023	$	—	$	33,030	$	26,563	$	59,593

Impairment	—		—		—		—

Goodwill as of December 31, 2024	$	—	$	33,030	$	26,563	$	59,593

Schedule of Identified Intangible Assets with Definite Life

The useful life assigned to each type of intangible asset with a definite useful life was as follows:


			Useful Life
Student contracts and relationships			2.5 years - 6 years
Non-compete agreements			5 years
Curricula			3 years
Accreditation and licensing			2.5 years
Lead conversions			2 years
Student Roster			2 years
Trade name			1 year

Schedule of Intangible Assets and Goodwill

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 contracts and relationships	4,614		4,465		—		149
Lead conversions	1,500		1,500		—		—
Non-compete agreements	86		86		—		—
Tradename	35		35		—		—
Accreditation and licensing	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

The following table represents the balance of the Company’s intangible assets as of December 31, 2024 (in thousands):


	Gross Carrying Amount		Accumulated Amortization		Impairment		Net Carrying Amount
Finite-lived intangible assets
Student roster	$	20,000	$	20,000	$	—	$	—
Curricula	14,563		14,563		—		—
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 licensing	28		28		—		—
Total finite-lived intangible assets	$	40,826	$	40,826	$	—	$	—
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	$	40,826	$	26,500	$	28,221

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2024 (dollars in thousands):


Maturity of Lease Liabilities	Operating Leases		Finance Leases
2025	$	18,951	$	213
2026	17,911		213
2027	17,021		36
2028	15,699		—
2029	13,602		—
2030 and beyond	53,110		—
Total future minimum lease payments	$	136,294	$	462
Less: imputed interest	(29,524)		(34)
Present value of operating lease liabilities	$	106,770	$	428
Less: lease liabilities, current	(13,364)		(189)
Lease liabilities, long-term	$	93,406	$	239


Balance Sheet Classification
Current
Operating lease liabilities, current	$	13,364
Finance lease liabilities, current	189
Long-term
Operating lease liabilities, long-term	93,406
Finance lease liabilities, long-term	239
Total lease liabilities	$	107,198

Schedule of Information Related to Leases


Other Information
Weighted average remaining lease term (in years)
Operating leases	8.09
Finance leases	2.16
Weighted average discount rate
Operating leases	5.5	%
Finance leases	7.0	%

Long -Term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consists of the following (in thousands):


	As of December 31,
	2023		2024
Credit agreement	$	99,063	$	96,425
Less: deferred financing fees	(4,381)		(3,001)
	94,682		93,424
Less: current portion	—		—
	$	94,682	$	93,424

Schedule of Maturities of Long-term Debt

Scheduled maturities of long-term debt at December 31, 2024, are as follows (in thousands):


Maturities of Long-Term Debt	Loan Payments




2027	96,425
Total	$	96,425

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Topic 210
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax expense were as follows (in thousands):


	Year Ended December 31,
	2022		2023		2024

Current income tax expense:
Federal	$	4,293	$	2,384	$	3,141
State	2,086		2,430		2,688
	6,379		4,814		5,829
Deferred income tax (benefit) expense:
Federal	(36,395)		(12,713)		3,722
State	(6,260)		(2,816)		868
	(42,655)		(15,529)		4,590
Income tax (benefit) expense	$	(36,276)	$	(10,715)	$	10,419

Schedule of Tax Effects of Principal Temporary Differences

The tax effects of principal temporary differences are as follows (in thousands):


	As of December 31,
	2023		2024

Deferred tax assets
Goodwill and intangibles	$	47,147	$	41,872
Operating lease liability	27,370		26,638
Allowance for doubtful accounts	3,046		3,737
Interest expenses	1,108		—
Restricted stock	1,445		1,801
Accrued vacation and severance	418		475
Investment	2,071		4,098
Other	683		909
Stock option compensation expense	305		38
Deferred revenue	36		—

Total gross deferred tax assets	83,629		79,568
Valuation allowance	(2,160)		(4,409)
Total net deferred tax assets	81,469		75,159
Deferred tax liabilities
Income tax deductible capitalized software development costs	(745)		(534)
Operating lease asset	(24,931)		(23,668)
Property and equipment	(3,722)		(3,597)

Prepaid expenses	(167)		(49)

Other comprehensive income - unrealized gain on interest rate cap	(544)		—
Total deferred tax liabilities	(30,109)		(27,848)
Deferred tax assets, net	$	51,360	$	47,311

Schedule of Difference of Income Tax Expense from the United States Federal Income Tax Rates

Income tax (benefit) expense differs from the amount of tax determined by applying the United States Federal income tax rates to pretax income and loss due to the application of state apportionment laws, permanent tax differences, and other temporary differences (in thousands):


	Year Ended December 31,
	2022				2023				2024
	Amount		%		Amount		%		Amount		%

Tax expense at statutory rate	$	(31,778)	21.00	%	$	(12,180)	21.00	%	$	5,572	21.00	%
State taxes, net	(4,163)		2.75	%	(1,084)		1.87	%	2,205		8.31	%
Permanent differences	318		(0.21)	%	270		(0.47)	%	502		1.89	%
Loss on equity investment	—		—	%	—		—	%	(812)		(3.06)	%

Equity-based compensation benefits	479		(0.32)	%	837		(1.44)	%	194		0.73	%
Gain on acquisition	(947)		0.63	%	—		—	%	—		—	%


Valuation allowance	(197)		0.13	%	1,614		(2.78)	%	2,249		8.48	%
Other	12		(0.01)	%	(172)		0.29	%	509		1.92	%
	$	(36,276)	23.97	%	$	(10,715)	18.47	%	$	10,419	39.27	%

Other Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Postemployment Benefits [Abstract]

Schedule of Shares Purchased in Open Market for Employees

Shares purchased in the open market for issuance to employees pursuant to the plan for the years ended December 31, 2022, and 2023, were as follows:


Purchase Date	Shares	Common Stock Fair Value		Purchase Price		Compensation Expense
March 31, 2022	9,112	$	21.24	$	18.05	$	29,031
June 30, 2022	12,380	$	16.16	$	13.74	$	30,009
September 30, 2022	23,407	$	9.14	$	7.77	$	32,091
December 31, 2022	15,947	$	12.86	$	10.93	$	30,762
Total/Weighted Average	60,846	$	13.36	$	11.35	$	121,893
March 31, 2023	20,002	$	5.42	$	4.61	$	16,262
June 30, 2023	41,729	$	4.74	$	4.03	$	29,669
September 30, 2023	34,332	$	4.71	$	4.00	$	24,256
December 31, 2023	16,488	$	9.96	$	8.47	$	24,633
Total/Weighted Average	112,551	$	5.62	$	4.77	$	94,820

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Summary of Restricted Stock and Restricted Stock Units Activity

The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2022:


	Number of Shares	Weighted Average Grant Price and Fair Value
Non vested, December 31, 2021	506,787	$	27.68
Shares granted	617,830	20.10
Vested shares	(267,554)	27.29
Shares forfeited	(187,390)	24.20
Non vested, December 31, 2022	669,673	$	22.00

The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2023:


	Number of Shares	Weighted Average Grant Price and Fair Value
Non vested, December 31, 2022	669,673	$	22.00
Shares granted	831,746	11.83
Vested shares	(319,225)	22.03
Shares forfeited	(130,030)	17.53
Non vested, December 31, 2023	1,052,164	$	14.74

The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2024:


	Number of Shares	Weighted Average Grant Price and Fair Value
Non vested, December 31, 2023	1,052,164	$	14.74
Shares granted	595,976	10.71
Vested shares	(475,116)	14.89
Shares forfeited	(66,768)	14.60
Non vested, December 31, 2024	1,106,256	$	12.63

Summary of Status of Stock Incentive Plans and Changes During Periods

The table below sets forth stock option activity for the year ended December 31, 2022:


	Number of Options	Weighted Average Exercise Price		Weighted Average Contractual Life (years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding, December 31, 2021	101,520	$	26.65	8.39	$	—
Options granted	56,249	13.90		10	$	—
Awards exercised	—	—
Options forfeited	(24,181)	27.99
Outstanding, December 31, 2022	133,588	$	21.04	8.09	$	37
Exercisable, December 31, 2022	58,782	$	25.19	6.59	$	—

The table below sets forth stock option activity for the year ended December 31, 2023:


	Number of Options	Weighted Average Exercise Price		Weighted Average Contractual Life (years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding, December 31, 2022	133,588	$	21.04	8.09	$	37
Options granted	33,762	6.71		10	$	—
Awards exercised	—	—
Options forfeited	(3,968)	26.20
Outstanding, December 31, 2023	163,382	$	17.95	7.73	$	119
Exercisable, December 31, 2023	83,644	$	23.16	6.78	$	—

The table below sets forth stock option activity for the year ended December 31, 2024:


	Number of Options	Weighted Average Exercise Price		Weighted Average Contractual Life (years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding, December 31, 2023	163,382	$	17.95	7.73	$	119
Options granted	—	—		—	$	—
Awards exercised	(5,796)	11.60
Options forfeited	(4,616)	5.36
Outstanding, December 31, 2024	152,970	$	18.57	6.64	$	799
Exercisable, December 31, 2024	116,332	$	21.10	6.25	$	397

Summary of Fair Value at the Date of Grant


	Year Ended December 31,
	2022			2023
Expected volatility	48.08		%	53.50		%
Expected dividends	—		%	—		%
Expected term, in years	10			10
Risk-free interest rate	2.95		%	3.49		%
Weighted-average fair value of options granted during the year	$	8.53		$	4.44

Summary of Stock-Based Compensation

For the years ended December 31, 2022, 2023, and 2024, the Company recognized stock-based compensation expense as follows:


	Year Ended December 31,
	2022		2023		2024
	(In thousands)
Instructional costs and services	$	1,254	$	895	$	808
Selling and promotional	823		490		562
General and administrative	5,932		6,355		6,298
Total stock-based compensation expense	$	8,009	$	7,740	$	7,668

Preferred Stock (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023		As of December 31, 2024

Series A Senior Preferred Stock (plus accrued and unpaid dividends)	$	40,072	$	40,068
Make whole payment	12,266		3,993
Early redemption premium	2,915		2,915
Liquidation Preference	$	55,253	$	46,976

Concentration (Tables)

12 Months Ended

Dec. 31, 2024

Risks and Uncertainties [Abstract]

Summary of Segment Revenues

A summary of APUS Segment revenue derived from students by primary funding source is as follows:


	Year Ended December 31,
	2022	2023	2024
DoD tuition assistance programs	47%	48%	46%
VA education benefits	21%	22%	24%
Title IV programs	18%	17%	17%
Cash and other sources	13%	13%	13%

A summary of RU Segment revenue derived from students by primary funding source is as follows:


	Year Ended December 31,
	2022	2023	2024
Title IV programs	74%	75%	76%
Cash and other sources	24%	23%	22%
VA education benefits	2%	2%	2%

A summary of HCN Segment revenue derived from students by primary funding source is as follows:


	Year Ended December 31,
	2022	2023	2024
Title IV programs	80%	82%	84%
Cash and other sources	18%	16%	15%
VA education benefits	2%	2%	1%

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Financial Information by Reportable Segment

A summary of financial information by reportable segment is as follows (in thousands):


	Year Ended December 31,
	2022	2023	2024
	(In thousands)
APUS Segment
Revenue	285,128	303,303	317,049
Instructional costs and services	97,549	97,246	103,745
Selling and promotional	65,634	57,580	58,563
General and administrative	56,204	55,992	58,807
Other (1)	7,289	8,059	6,512
Income from operations before interest and income taxes	58,452	84,426	89,422
RU Segment
Revenue	253,257	214,086	216,262
Instructional costs and services	143,443	140,861	133,448
Selling and promotional	79,182	66,571	58,682
General and administrative	25,833	25,401	30,324
Other (2)	171,356	84,828	15,606
Loss from operations before interest and income taxes	(166,557)	(103,575)	(21,798)
HCN Segment
Revenue	47,078	56,936	67,290
Instructional costs and services	33,603	38,582	43,795
Selling and promotional	5,148	4,312	6,923
General and administrative	11,371	14,182	15,989
Other (3)	967	1,256	1,705
Loss from operations before interest and income taxes	(4,011)	(1,396)	(1,122)

Corporate and Other
Revenue	20,865	26,220	23,958
Instructional costs and services	13,877	16,173	14,715
Selling and promotional	4,685	4,492	4,642
General and administrative	26,944	32,664	36,841
Other (4)	591	652	1,196
Loss from operations before interest and income taxes	(25,232)	(27,761)	(33,436)

Total reportable segment revenue	585,463	574,325	600,601
Corporate and other revenue	20,865	26,220	23,958
Total consolidated revenue	606,328	600,545	624,559
Total reportable segment (loss) income from operations before interest and income taxes	(112,116)	(20,545)	66,502
Corporate and other (loss) from operations before interest and income taxes	(25,232)	(27,761)	(33,436)
Total consolidated (loss) income from operations before interest and income taxes	(137,348)	(48,306)	33,066

(1) Includes loss on assets held for sale, loss on disposal of long lived assets and depreciation and amortization expense.

(2) Includes impairment of goodwill and intangible assets, loss on leases, loss on disposal of long lived assets and depreciation and amortization expense.

(3) Includes loss on disposal of long lived assets and depreciation and amortization expense.

(4) Includes loss on disposal of long lived assets and depreciation and amortization expense.

Summary of Financial Information


	Year Ended December 31,
	2022	2023	2024
	(In thousands)
Depreciation and amortization
APUS Segment	6,373	5,284	4,828
RU Segment	24,206	20,627	11,577
HCN Segment	958	1,253	1,704
Total reportable segment depreciation and amortization	31,537	27,164	18,109
Corporate and Other	590	652	1,194
Total consolidated depreciation and amortization	32,127	27,816	19,303
Interest expense, net
APUS Segment	219	1,882	1,563
RU Segment	79	11	(6)
HCN Segment	23	95	216
Total reportable segment interest expense, net	321	1,988	1,773
Corporate and Other	(18,049)	(6,447)	(3,900)
Total consolidated interest expense, net	(17,728)	(4,459)	(2,127)
Income tax (benefit) expense
APUS Segment	16,465	23,530	24,577
RU Segment	(41,651)	(26,103)	(5,519)
HCN Segment	(1,026)	(211)	(62)
Total reportable segment income tax (benefit) expense	(26,212)	(2,784)	18,996
Corporate and Other	(10,064)	(7,931)	(8,577)
Total consolidated income tax (benefit) expense	(36,276)	(10,715)	10,419

Quarterly Financial Summary (unaudited) (Tables)

12 Months Ended

Dec. 31, 2024

Quarterly Financial Information Disclosure [Abstract]

Schedule of Unaudited Quarterly Financial Information

The following tables set forth selected unaudited quarterly financial information for each of the Company’s last eight quarters:


	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
	(in thousands, except per share data)
2023
Revenue	$	149,689	$	147,214	$	150,838	$	152,804
Income (loss) from operations before income taxes	(7,149)		(66,365)		5,608		15,141
Net income (loss) available to common stockholders	(7,197)		(52,719)		(4,853)		11,475
Net income (loss) per common share:
Basic	$	(0.38)	$	(2.94)	$	(0.27)	$	0.65
Diluted	$	(0.38)	$	(2.93)	$	(0.27)	$	0.64
2024
Revenue	$	154,432	$	152,895	$	153,122	$	164,110
Income (loss) from operations before income taxes	5,056		1,435		3,498		20,950
Net income (loss) available to common stockholders	(1,019)		(1,160)		731		11,505
Net income (loss) per common share:
Basic	$	(0.06)	$	(0.07)	$	0.04	$	0.65
Diluted	$	(0.06)	$	(0.06)	$	0.04	$	0.63

Nature of the Business (Details)	12 Months Ended
Nature of the Business (Details)	Dec. 31, 2024 state segment campus
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	3
RU Segment
Segment Reporting Information [Line Items]
Number of campuses \| campus	20
Number of states with campuses \| state	6
HCN
Segment Reporting Information [Line Items]
Number of campuses \| campus	8
Number of states with campuses \| state	3

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 27.0	$ 27.7
Restricted cash, excluding certificates of deposit	1.5	$ 2.7
Restricted certificate of deposit \| U.S. Department of Education (ED)
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 24.3

Significant Accounting Policies - Summary of Restricted Cash And Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash, cash equivalents, and restricted cash	$ 158,941	$ 144,342	$ 129,458	$ 149,627
Less: restricted cash	(27,015)	(27,682)
Total unrestricted cash	$ 131,926	$ 116,660

Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2024
Software development
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Software development \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Program development
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Program development \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years

Significant Accounting Policies - Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Equity securities, realized loss		$ 3.3	$ 5.2
Book value of cost method investment		$ 0.0	$ 0.0
Equity method investment, non-cash impairment	$ 1.1
Carrying value of equity method investment	$ 0.0

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
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+ Details

Significant Accounting Policies - Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue and student deposits	$ 23,474	$ 23,830
Future Courses
Disaggregation of Revenue [Line Items]
Deferred revenue and student deposits	$ 23,500	$ 23,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Advertising expenses	$ 78.6	$ 82.6	$ 90.5

Significant Accounting Policies - Stock-based Compensation (Details)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Award vesting period	3 years
Period of accelerated service	1 year

Acquisition Activity - Narrative (Details) - USD ($)		3 Months Ended	12 Months Ended
Acquisition Activity - Narrative (Details) - USD ($)	Jan. 01, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill			$ 112,593,000	$ 59,593,000	$ 59,593,000
Business Combination Bargain Purchase Gain Recognized Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	Consolidated Statements of Income for the year ended December 31, 2022
Acquisition-related expenses			$ 1,400,000
Graduate School USA
Business Acquisition [Line Items]
Aggregate purchase price	$ 1,000,000
Net working capital	1,900,000
Initial cash payment	500,000
Consideration retained by acquirer	500,000
Cash consideration for Rasmussen Acquisition	500,000
Goodwill	0
Gain on acquisition	$ 3,828,000
Reduction of gain on acquisition		$ 700,000

Acquisition Activity - Assets Acquired and Liabilities (Details) - Graduate School USA $ in Thousands	Jan. 01, 2022 USD ($)
Business Acquisition [Line Items]
Cash and cash equivalents	$ 1,000
Working capital adjustment	(2,450)
Total consideration	(1,450)
Assets acquired:
Accounts receivable	4,282
Prepaid expenses	1,096
Property and equipment, net	400
Operating lease assets	31,635
Intangible assets	965
Total assets acquired	38,378
Liabilities assumed:
Accounts payable and accrued liabilities	810
Deferred revenue	1,969
Lease liabilities, current	1,179
Lease liabilities, long-term	30,779
Deferred income taxes	1,263
Total liabilities assumed	36,000
Net assets acquired	2,378
Gain on acquisition	$ 3,828

Acquisition Activity - Schedule of Fair Value of Identified Intangible Assets Acquired (Details) $ in Thousands	Jan. 01, 2022 USD ($)
Business Acquisition [Line Items]
Identified intangible assets with finite useful life	$ 965
Customer contracts and relationships
Business Acquisition [Line Items]
Useful life	2 years 6 months
Identified intangible assets with finite useful life	$ 744
Curricula
Business Acquisition [Line Items]
Useful life	3 years
Identified intangible assets with finite useful life	$ 158
Trade name
Business Acquisition [Line Items]
Useful life	1 year
Identified intangible assets with finite useful life	$ 35
Accreditation and licensing
Business Acquisition [Line Items]
Useful life	2 years 6 months
Identified intangible assets with finite useful life	$ 28

Revenue - Narrative (Details) - USD ($)	1 Months Ended				3 Months Ended	12 Months Ended
Revenue - Narrative (Details) - USD ($)	Oct. 31, 2024	Sep. 30, 2024	Apr. 30, 2024	Apr. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Scholarship assistance						$ 29,900,000	$ 80,700,000	$ 68,800,000
Contract assets						0	0
Deferred revenue and student deposits						23,474,000	23,830,000
APUS
Business Acquisition [Line Items]
Graduation fee per degree	$ 250	$ 150		$ 150	$ 100
Veteran Grant \| APUS
Business Acquisition [Line Items]
Tuition grant, percentage funded by subsidiary				10.00%
Veteran Grant, Mater's Level \| APUS
Business Acquisition [Line Items]
Tuition grant, percentage funded by subsidiary			15.00%
Veteran Grant, Opportunity Grant \| APUS
Business Acquisition [Line Items]
Tuition grant, percentage funded by subsidiary			10.00%
Affordability Grant \| HCN
Business Acquisition [Line Items]
Institutional affordability grant, limit to student's monthly payment						200
Institutional affordability grant, maximum award, per month						200
Institutional affordability grant, maximum award, per term						600
Future Courses
Business Acquisition [Line Items]
Deferred revenue and student deposits						23,500,000	23,800,000
Student deposit amount						9,400,000	10,000,000.0
Courses in Progress
Business Acquisition [Line Items]
Student deposit amount						14,100,000	13,800,000
HCN
Business Acquisition [Line Items]
Refund liability						$ 0	$ 0
Instructional services, net of grants and scholarships
Business Acquisition [Line Items]
Number of days of bill date to receive payment						30 days
Instructional services, net of grants and scholarships \| HCN
Business Acquisition [Line Items]
Term of instruction						3 months
Instructional services, net of grants and scholarships \| RU
Business Acquisition [Line Items]
Term of instruction						3 months
Instructional services, net of grants and scholarships \| APUS \| Minimum
Business Acquisition [Line Items]
Term of instruction						56 days
Instructional services, net of grants and scholarships \| APUS \| Maximum
Business Acquisition [Line Items]
Term of instruction						112 days
Textbook and other course materials \| HCN
Business Acquisition [Line Items]
Number of days of bill date to receive payment						30 days

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenue	$ 164,110	$ 153,122	$ 152,895	$ 154,432	$ 152,804	$ 150,838	$ 147,214	$ 149,689	$ 624,559	$ 600,545	$ 606,328
Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue									575,687	554,711	554,702
Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue									2,454	1,764	1,348
Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue									42,228	40,263	45,704
Other fees
Disaggregation of Revenue [Line Items]
Total Revenue									4,190	3,807	4,574
Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenue									600,601	574,325	585,463
Corporate and Other
Disaggregation of Revenue [Line Items]
Total Revenue									23,958	26,220	20,865
Corporate and Other \| Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue									23,958	26,220	20,865
Corporate and Other \| Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue									0	0	0
Corporate and Other \| Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue									0	0	0
Corporate and Other \| Other fees
Disaggregation of Revenue [Line Items]
Total Revenue									0	0	0
APUS \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenue									317,049	303,303	285,128
APUS \| Operating Segments \| Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue									313,924	300,794	283,079
APUS \| Operating Segments \| Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue									2,454	1,764	1,348
APUS \| Operating Segments \| Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue									0	0	0
APUS \| Operating Segments \| Other fees
Disaggregation of Revenue [Line Items]
Total Revenue									671	745	701
RU \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenue									216,262	214,086	253,257
RU \| Operating Segments \| Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue									181,975	179,699	211,253
RU \| Operating Segments \| Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue									0	0	0
RU \| Operating Segments \| Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue									32,041	32,008	38,740
RU \| Operating Segments \| Other fees
Disaggregation of Revenue [Line Items]
Total Revenue									2,246	2,379	3,264
HCN \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenue									67,290	56,936	47,078
HCN \| Operating Segments \| Instructional services, net of grants and scholarships
Disaggregation of Revenue [Line Items]
Total Revenue									55,830	47,998	39,505
HCN \| Operating Segments \| Graduation fees
Disaggregation of Revenue [Line Items]
Total Revenue									0	0	0
HCN \| Operating Segments \| Textbook and other course materials
Disaggregation of Revenue [Line Items]
Total Revenue									10,187	8,255	6,964
HCN \| Operating Segments \| Other fees
Disaggregation of Revenue [Line Items]
Total Revenue									$ 1,273	$ 683	$ 609

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 205,707	$ 223,245
Less: accumulated depreciation and amortization	(132,324)	(135,742)
Property and equipment, net	73,383	87,503
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,161	8,268
Building and building improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 16,715	40,109
Building and building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	15 years
Building and building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	39 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 49,828	42,924
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	20 years
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,879	1,492
Useful Life	5 years
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 25,265	27,493
Computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	3 years
Computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 19,751	18,493
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	7 years
Other capital assets
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 81	81
Useful Life	5 years
Software development
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 74,173	72,149
Useful Life	5 years
Software development \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	3 years
Software development \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Program development
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 14,854	$ 12,236
Useful Life	3 years
Program development \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	3 years

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Loss on disposal of long-lived assets	$ 383	$ 554	$ 1,176
Depreciation expense	$ 16,000	15,600	16,200
APUS
Property, Plant and Equipment [Line Items]
Loss on disposal of long-lived assets		100	400
Net sales price		$ 100	$ 800

Assets Held For Sale (Details) - USD ($) $ in Thousands	12 Months Ended
Assets Held For Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Period expected for sales to finalize (in months)	12 months
Fair value of assets held for sale		$ 9,000
Estimated cost to sell		400
Loss on sale of assets		2,400
Assets held for sale (Note 6)	$ 24,469	8,561
Loss on assets held for sale	1,618	2,425	$ 0
APUS Segment \| Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale (Note 6)		$ 500
APUS Segment \| Additional Real Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale (Note 6)	$ 16,600

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended			12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021	Sep. 01, 2021
Business Acquisition [Line Items]
Goodwill			$ 59,593,000	$ 112,593,000		$ 59,593,000	$ 59,593,000	$ 112,593,000
Impairment of goodwill and intangible assets						0	53,000,000
Identified intangible assets with finite useful life									$ 965,000
Amortization						3,300,000	12,200,000	15,800,000
Impairment						26,500,000	26,500,000
Accreditation and licensing
Business Acquisition [Line Items]
Impairment						18,500,000	18,500,000
RU Segment
Business Acquisition [Line Items]
Goodwill						33,000,000					$ 217,400,000
Impairment of goodwill and intangible assets	$ 53,000,000	$ 131,400,000
Goodwill, impairment loss, tax effect	15,800,000	36,000,000
Fair value exceeding carrying value						$ 71,900,000
Fair value exceeding carrying value (in percent)						62.00%
Identified intangible assets with finite useful life						$ 35,500,000
RU Segment \| Accreditation and licensing
Business Acquisition [Line Items]
Fair value of intangible assets	6,000,000	$ 9,000,000	18,500,000	11,000,000	$ 9,000,000		18,500,000	11,000,000
Impairment	$ 3,000,000		$ 8,000,000	$ 13,500,000	$ 2,000,000		$ 11,000,000	$ 15,500,000
HCN
Business Acquisition [Line Items]
Goodwill						26,600,000				$ 38,600,000
Fair value exceeding carrying value						$ 8,600,000
Fair value exceeding carrying value (in percent)						24.00%
Indefinite-lived intangible assets acquired										$ 3,700,000	$ 51,000,000
Identified intangible assets with finite useful life						$ 4,400,000
Graduate School USA
Business Acquisition [Line Items]
Goodwill									$ 0
Identified intangible assets with finite useful life						$ 1,000,000

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance			$ 59,593	$ 112,593
Impairment			0	(53,000)
Ending balance			59,593	59,593
APUS Segment
Goodwill [Roll Forward]
Beginning balance			0	0
Impairment			0	0
Ending balance			0	0
RU Segment
Goodwill [Roll Forward]
Beginning balance			33,030	86,030
Impairment			0	(53,000)
Ending balance	$ 33,000	$ 86,000	33,030	33,030
HCN Segment
Goodwill [Roll Forward]
Beginning balance			26,563	26,563
Impairment			0	0
Ending balance			$ 26,563	$ 26,563

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Goodwill and Intangible Assets - Schedule of Identified Intangible Assets with Definite Life (Details)	Dec. 31, 2024
Student contracts and relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	2 years 6 months
Student contracts and relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	6 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years
Curricula
Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years
Accreditation and licensing
Finite-Lived Intangible Assets [Line Items]
Useful Life	2 years 6 months
Lead conversions
Finite-Lived Intangible Assets [Line Items]
Useful Life	2 years
Student Roster
Finite-Lived Intangible Assets [Line Items]
Useful Life	2 years
Trade name
Finite-Lived Intangible Assets [Line Items]
Useful Life	1 year

Goodwill and Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 40,826	$ 40,826
Accumulated Amortization	40,826	37,508
Net Carrying Amount	0	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
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment of goodwill and intangible assets	Impairment of goodwill and intangible assets
Total intangible assets, net	$ 28,221	$ 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 contracts and relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	4,614	4,614
Accumulated Amortization	4,614	4,465
Net Carrying Amount	0	149
Non-compete agreements
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	86	86
Accumulated Amortization	86	86
Net Carrying Amount	0	0
Curricula
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	14,563	14,563
Accumulated Amortization	14,563	11,400
Net Carrying Amount	0	3,163
Accreditation and licensing
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	28	28
Accumulated Amortization	28	22
Net Carrying Amount	0	6
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
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
Trade name
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	35	35
Accumulated Amortization	35	35
Net Carrying Amount	$ 0	$ 0

Leases - Narrative (Details)	1 Months Ended	3 Months Ended		12 Months Ended
Leases - Narrative (Details)	May 31, 2024 campus	Jun. 30, 2024 USD ($) campus	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) state campus	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Extension term				1 year
Variable lease payment				$ 0
Lease expense				18,900,000	$ 20,700,000	$ 19,900,000
Cash paid for amounts included in operating lease liabilities				18,500,000	20,200,000	19,500,000
Loss on lease termination				3,715,000	0	0
Present value of operating lease liabilities				$ 428,000
Interest rate				7.00%
Finance lease expense				$ 200,000	$ 100,000	$ 100,000
RU Segment
Property, Plant and Equipment [Line Items]
Number of campuses \| campus				20
Number of states \| state				6
RU Segment \| TEXAS
Property, Plant and Equipment [Line Items]
Lease termination fee			$ 2,200,000
Loss on lease termination			$ 2,100,000
RU Segment \| MINNESOTA
Property, Plant and Equipment [Line Items]
Lease termination fee		$ 1,200,000
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 - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Leases
2025	$ 18,951
2026	17,911
2027	17,021
2028	15,699
2029	13,602
2030 and beyond	53,110
Total future minimum lease payments	136,294
Less: imputed interest	(29,524)
Present value of operating lease liabilities	106,770
Less: lease liabilities, current	(13,364)
Lease liabilities, long-term	93,406
Finance Leases
2025	213
2026	213
2027	36
2028	0
2029	0
2030 and beyond	0
Total future minimum lease payments	462
Less: imputed interest	(34)
Present value of operating lease liabilities	428
Less: lease liabilities, current	(189)
Lease liabilities, long-term	$ 239

Leases - Other Information (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Current
Operating lease liabilities, current	$ 13,364
Finance lease liabilities, current	189
Long-term
Operating lease liabilities, long-term	93,406
Finance lease liabilities, long-term	239
Total lease liabilities	$ 107,198
Operating leases, weighted average remaining lease term	8 years 1 month 2 days
Finance leases, weighted average remaining lease term	2 years 1 month 28 days
Operating lease weighted average discount rate percent	5.50%
Finance lease weighted average discount rate percent	7.00%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, current
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, 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

Long -Term Debt - Narrative (Details)	1 Months Ended		3 Months Ended		6 Months Ended	12 Months Ended
Long -Term Debt - Narrative (Details)	Jun. 30, 2023	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 31, 2025 USD ($)	Sep. 30, 2021 USD ($)
Debt Instrument, Redemption [Line Items]
Long-term debt			$ 93,424,000			$ 93,424,000	$ 94,682,000
Maximum total net leverage ratio			2.00			2.00
Debt instrument prepayments						$ 2,964,000	114,000	$ 73,864,000
Unamortized debt issuance costs, write-off		$ 3,900,000
Reclassification out of Accumulated Other Comprehensive Income
Debt Instrument, Redemption [Line Items]
Interest expense						3,000,000	2,900,000
Interest Rate Cap
Debt Instrument, Redemption [Line Items]
Derivative notional amount										$ 87,500,000
Interest Rate Cap \| Subsequent Event
Debt Instrument, Redemption [Line Items]
Derivative notional amount									$ 50,000,000
LIBOR \| Interest Rate Cap
Debt Instrument, Redemption [Line Items]
Derivative, cap interest rate										2.00%
SOFR \| Interest Rate Cap
Debt Instrument, Redemption [Line Items]
Derivative, cap interest rate	1.78%				1.78%
SOFR \| Interest Rate Cap \| Subsequent Event
Debt Instrument, Redemption [Line Items]
Derivative, cap interest rate									5.00%
Secured Debt
Debt Instrument, Redemption [Line Items]
Adjusted EBITDA amount			$ 50,000,000			$ 50,000,000
Floor interest rate						9.97%
Line of Credit
Debt Instrument, Redemption [Line Items]
Adjusted EBITDA amount			50,000,000			$ 50,000,000
Line of Credit \| Revolving Credit Facility
Debt Instrument, Redemption [Line Items]
Current borrowing capacity			20,000,000.0			20,000,000.0
Principal amount			91,000,000			91,000,000
Less: deferred financing fees			500,000			500,000
Long-term debt			$ 0			$ 0	0
First Lien net leverage ratio			1.50			1.50
Maximum total net leverage ratio			2.00			2.00
Maximum secured net leverage ratio			1.75			1.75
Minimum interest coverage ratio			2.00			2.00
Senior Secured Term Loan Facility \| Secured Debt
Debt Instrument, Redemption [Line Items]
Principal amount of debt			$ 175,000,000.0			$ 175,000,000.0
Less: deferred financing fees			3,001,000			$ 3,001,000	4,381,000
Commitment fee percentage						0.50%
Principal payment amount			2,200,000
Debt issuance costs, and unused commitment fees						$ 9,400,000	$ 9,600,000	$ 18,700,000
Debt instrument prepayments		$ 65,000,000		$ 2,600,000
Senior Secured Term Loan Facility \| Secured Debt \| Revolving Credit Facility
Debt Instrument, Redemption [Line Items]
Credit spread on variable interest rate	5.50%
Floor interest rate	0.75%
Additional credit spread on variable interest rate, past due obligations	2.00%				2.00%
Senior Secured Term Loan Facility \| Secured Debt \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument, Redemption [Line Items]
Credit spread on variable interest rate	0.42826%				0.11448%
Subfacility For Swing Line Loans \| Line of Credit \| Revolving Credit Facility
Debt Instrument, Redemption [Line Items]
Principal amount			$ 5,000,000.0			$ 5,000,000.0

Long -Term Debt - Long term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Credit agreement	$ 96,425
Long-term debt	93,424	$ 94,682
Less: current portion	0	0
Long-term debt, net	93,424	94,682
Senior Secured Term Loan Facility \| Secured Debt
Debt Instrument [Line Items]
Credit agreement	96,425	99,063
Less: deferred financing fees	$ (3,001)	$ (4,381)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Long -Term Debt - Maturities of long term debt (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2027	$ 96,425
Total	$ 96,425

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current income tax expense:
Federal	$ 3,141	$ 2,384	$ 4,293
State	2,688	2,430	2,086
Current income tax expense	5,829	4,814	6,379
Deferred income tax (benefit) expense:
Federal	3,722	(12,713)	(36,395)
State	868	(2,816)	(6,260)
Deferred tax expense	4,590	(15,529)	(42,655)
Income tax (benefit) expense	$ 10,419	$ (10,715)	$ (36,276)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Income Taxes - Schedule of Tax Effects of Principal Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Goodwill and intangibles	$ 41,872	$ 47,147
Operating lease liability	26,638	27,370
Allowance for doubtful accounts	3,737	3,046
Interest expenses	0	1,108
Restricted stock	1,801	1,445
Accrued vacation and severance	475	418
Investment	4,098	2,071
Other	909	683
Stock option compensation expense	38	305
Deferred revenue	0	36
Total gross deferred tax assets	79,568	83,629
Valuation allowance	(4,409)	(2,160)
Total net deferred tax assets	75,159	81,469
Deferred tax liabilities
Income tax deductible capitalized software development costs	(534)	(745)
Operating lease asset	(23,668)	(24,931)
Property and equipment	(3,597)	(3,722)
Prepaid expenses	(49)	(167)
Other comprehensive income - unrealized gain on interest rate cap	0	(544)
Total deferred tax liabilities	(27,848)	(30,109)
Deferred tax assets, net	$ 47,311	$ 51,360

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
State
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 6.4	$ 4.4
Operating loss carried forward indefinitely	4.7
Federal
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 12.8	$ 7.9

Income Taxes - Schedule of Difference of Income Tax Expense from the United States Federal Income Tax Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amount
Tax expense at statutory rate	$ 5,572	$ (12,180)	$ (31,778)
State taxes, net	2,205	(1,084)	(4,163)
Permanent differences	502	270	318
Loss on equity investment	(812)	0	0
Equity-based compensation benefits	194	837	479
Gain on acquisition	0	0	(947)
Valuation allowance	2,249	1,614	(197)
Other	509	(172)	12
Income tax (benefit) expense	$ 10,419	$ (10,715)	$ (36,276)
Percentage
Tax expense at statutory rate	21.00%	21.00%	21.00%
State taxes, net	8.31%	1.87%	2.75%
Permanent differences	1.89%	(0.47%)	(0.21%)
Loss on equity investment	(3.06%)	0.00%	0.00%
Equity-based compensation benefits	0.73%	(1.44%)	(0.32%)
Gain on acquisition	0.00%	0.00%	0.63%
Valuation allowance	8.48%	(2.78%)	0.13%
Other	1.92%	0.29%	(0.01%)
Total percentage	39.27%	18.47%	23.97%

Other Employee Benefits - Narrative (Details) - USD ($)	12 Months Ended
Other Employee Benefits - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of gross annual earnings (up to)	60.00%
Discretionary contributions	$ 6,400,000	$ 6,300,000	$ 6,200,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payroll deduction period (up to)	5 days
Percentage of fair market value	85.00%
Threshold amount of total amount of contributions	$ 21,000
Threshold amount of common stock	$ 25,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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+ Details

Other Employee Benefits - Schedule of Shares Purchased in Open Market for Employees (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation Expense									$ 7,668,000	$ 7,740,000	$ 8,009,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares (in shares)	16,488	34,332	41,729	20,002	15,947	23,407	12,380	9,112		112,551	60,846
Common Stock Fair Value (in dollars per share)	$ 9.96	$ 4.71	$ 4.74	$ 5.42	$ 12.86	$ 9.14	$ 16.16	$ 21.24		$ 5.62	$ 13.36
Purchase Price (in dollars per share)	$ 8.47	$ 4.00	$ 4.03	$ 4.61	$ 10.93	$ 7.77	$ 13.74	$ 18.05		$ 4.77	$ 11.35
Compensation Expense	$ 24,633	$ 24,256	$ 29,669	$ 16,262	$ 30,762	$ 32,091	$ 30,009	$ 29,031		$ 94,820	$ 121,893

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity - Narrative (Details) - USD ($)				12 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	May 19, 2023	May 20, 2022	May 15, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 27, 2023	Dec. 05, 2019	May 02, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Period of accelerated service				1 year
Total income tax benefit				$ 1,900,000	$ 1,100,000	$ 1,500,000
Stock repurchase program, amount authorized									$ 35,000,000.0
Stock repurchase program, additional authorized amount							$ 10,000,000	$ 25,000,000.0
Remaining purchase amount				$ 6,000,000		$ 8,400,000
Stock repurchased (in shares)				251,146	1,515,766
Repurchase of common stock, amount				$ 2,768,000	$ 9,708,000
Deemed repurchased (in shares)				122,186	91,855	80,764
Restricted by Consent of Shareholders
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, amount authorized				$ 30,000,000
Repurchase of common stock, subject to stockholder approval, minimum percentage				60.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive securities (in shares)				109,638	163,382	133,588
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive securities (in shares)				0	885,080	490,127
Total unrecognized compensation expense				$ 6,800,000
Weighted average period				1 year 7 months 6 days
Shares forfeited (in shares)				33,788	110,632	181,801
Dollar amount for shares forfeited				$ 380,948	$ 1,866,736	$ 4,339,191
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Total unrecognized compensation expense				$ 100,000
Weighted average period				9 months 18 days
Award expiration period				10 years
2017 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to grant (up to) (in shares)				1,675,000
Award vesting period				3 years
Period of accelerated service				1 year
Amended American Public Education, Inc. 2017 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance (in shares)	1,200,000	1,125,000	1,425,000

Stockholders' Equity - Summary of Restricted Stock and Restricted Stock Units Activity (Details) - Restricted Stock and Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Beginning balance (in shares)	1,052,164	669,673	506,787
Shares granted (in shares)	595,976	831,746	617,830
Vested shares (in shares)	(475,116)	(319,225)	(267,554)
Shares forfeited (in shares)	(66,768)	(130,030)	(187,390)
Ending balance (in shares)	1,106,256	1,052,164	669,673
Weighted Average Grant Price and Fair Value
Beginning balance (in dollars per share)	$ 14.74	$ 22.00	$ 27.68
Shares granted (in dollars per share)	10.71	11.83	20.10
Vested shares (in dollars per share)	14.89	22.03	27.29
Shares forfeited (in dollars per share)	14.60	17.53	24.20
Ending balance (in dollars per share)	$ 12.63	$ 14.74	$ 22.00

Stockholders' Equity - Summary of Status of Stock Incentive Plans and Changes During Periods (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Options
Beginning balance (in shares)	163,382	133,588	101,520
Options granted (in shares)	0	33,762	56,249
Awards exercised (in shares)	(5,796)	0	0
Options forfeited (in shares)	(4,616)	(3,968)	(24,181)
Ending balance (in shares)	152,970	163,382	133,588	101,520
Number of options exercisable (in shares)	116,332	83,644	58,782
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 17.95	$ 21.04	$ 26.65
Options granted (in dollars per share)	0	6.71	13.90
Awards exercised (in dollars per share)	11.60	0	0
Options forfeited (in dollars per share)	5.36	26.20	27.99
Ending balance (in dollars per share)	18.57	17.95	21.04	$ 26.65
Weighted average exercise price exercisable (in dollars per share)	$ 21.10	$ 23.16	$ 25.19
Weighted Average Contractual Life (years)
Weighted average contractual life outstanding	6 years 7 months 20 days	7 years 8 months 23 days	8 years 1 month 2 days	8 years 4 months 20 days
Weighted average contractual life granted		10 years	10 years
Weighted average contractual life exercisable	6 years 3 months	6 years 9 months 10 days	6 years 7 months 2 days
Aggregate intrinsic value outstanding	$ 799	$ 119	$ 37	$ 0
Aggregate intrinsic value exercisable	$ 397	$ 0	$ 0

Stockholders' Equity - Summary of Fair Value at the Date of Grant (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Expected volatility	53.50%	48.08%
Expected dividends	0.00%	0.00%
Expected term, in years	10 years	10 years
Risk-free interest rate	3.49%	2.95%
Weighted-average fair value of options granted during the year (in dollars per share)	$ 4.44	$ 8.53

Stockholders' Equity - Summary of Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total stock-based compensation expense	$ 7,668	$ 7,740	$ 8,009
Instructional costs and services
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total stock-based compensation expense	808	895	1,254
Selling and promotional
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total stock-based compensation expense	562	490	823
General and administrative
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total stock-based compensation expense	$ 6,298	$ 6,355	$ 5,932

Preferred Stock - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 28, 2022 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Preferred stock dividend rate percentage		14.32%
Dividends, preferred stock		$ 6,056	$ 6,008	$ 48
Liquidation Preference		46,976	55,253
Make whole payment		3,993	12,266
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	2.00%
Increase to quarterly preferred stock dividend rate	0.50%
Liquidation Preference		$ 46,976	$ 55,253
Preferred stock, liquidation preference, dividend rate spread		6.00%
Percentage of outstanding shares with certain exceptions	60.00%
Ratio of indebtedness to net capital	0.75
Payments for repurchase of common stock	$ 30,000
Series A Preferred Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, dividend period		3 months
Series A Preferred Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, dividend period		6 months
Series A Preferred Stock \| Equipment Trust Certificate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock dividend, interest rate spread	10.00%
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	6.00%
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	25.00%

Preferred Stock - Schedule Of Components Of The Liquidation Preference (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Series A Senior Preferred Stock (plus accrued and unpaid dividends)	$ 40,068	$ 40,072
Make whole payment	3,993	12,266
Early redemption premium	2,915	2,915
Liquidation Preference	$ 46,976	$ 55,253

Concentration - Narrative (Details)	Dec. 31, 2024
APUS Segment
Concentration Risk [Line Items]
Percentage of students	65.00%

Concentration - Summary of Segment Revenue Derived from Students by Primary Funding Source (Details) - Revenue - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
APUS \| DoD tuition assistance programs
Concentration Risk [Line Items]
Concentration risk percentage	46.00%	48.00%	47.00%
APUS \| VA education benefits
Concentration Risk [Line Items]
Concentration risk percentage	24.00%	22.00%	21.00%
APUS \| Title IV programs
Concentration Risk [Line Items]
Concentration risk percentage	17.00%	17.00%	18.00%
APUS \| Cash and other sources
Concentration Risk [Line Items]
Concentration risk percentage	13.00%	13.00%	13.00%
RU Segment \| VA education benefits
Concentration Risk [Line Items]
Concentration risk percentage	2.00%	2.00%	2.00%
RU Segment \| Title IV programs
Concentration Risk [Line Items]
Concentration risk percentage	76.00%	75.00%	74.00%
RU Segment \| Cash and other sources
Concentration Risk [Line Items]
Concentration risk percentage	22.00%	23.00%	24.00%
HCN Segment \| VA education benefits
Concentration Risk [Line Items]
Concentration risk percentage	1.00%	2.00%	2.00%
HCN Segment \| Title IV programs
Concentration Risk [Line Items]
Concentration risk percentage	84.00%	82.00%	80.00%
HCN Segment \| Cash and other sources
Concentration Risk [Line Items]
Concentration risk percentage	15.00%	16.00%	18.00%

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

Segment Information - Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Revenue	$ 164,110	$ 153,122	$ 152,895	$ 154,432	$ 152,804	$ 150,838	$ 147,214	$ 149,689	$ 624,559	$ 600,545	$ 606,328
Instructional costs and services									295,703	292,862	288,472
Selling and promotional									128,810	132,955	154,649
General and administrative									141,961	128,239	120,352
(Loss) income from operations before interest and income taxes									33,066	(48,306)	(137,348)
Operating Segments
Segment Reporting Information [Line Items]
Total Revenue									600,601	574,325	585,463
(Loss) income from operations before interest and income taxes									66,502	(20,545)	(112,116)
Operating Segments \| APUS Segment
Segment Reporting Information [Line Items]
Total Revenue									317,049	303,303	285,128
Instructional costs and services									103,745	97,246	97,549
Selling and promotional									58,563	57,580	65,634
General and administrative									58,807	55,992	56,204
Other									6,512	8,059	7,289
(Loss) income from operations before interest and income taxes									89,422	84,426	58,452
Operating Segments \| RU Segment
Segment Reporting Information [Line Items]
Total Revenue									216,262	214,086	253,257
Instructional costs and services									133,448	140,861	143,443
Selling and promotional									58,682	66,571	79,182
General and administrative									30,324	25,401	25,833
Other									15,606	84,828	171,356
(Loss) income from operations before interest and income taxes									(21,798)	(103,575)	(166,557)
Operating Segments \| HCN Segment
Segment Reporting Information [Line Items]
Total Revenue									67,290	56,936	47,078
Instructional costs and services									43,795	38,582	33,603
Selling and promotional									6,923	4,312	5,148
General and administrative									15,989	14,182	11,371
Other									1,705	1,256	967
(Loss) income from operations before interest and income taxes									(1,122)	(1,396)	(4,011)
Corporate and Other
Segment Reporting Information [Line Items]
Total Revenue									23,958	26,220	20,865
Instructional costs and services									14,715	16,173	13,877
Selling and promotional									4,642	4,492	4,685
General and administrative									36,841	32,664	26,944
Other									1,196	652	591
(Loss) income from operations before interest and income taxes									$ (33,436)	$ (27,761)	$ (25,232)

Segment Information - Summary of Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 19,303	$ 27,816	$ 32,127
Interest expense, net	(2,127)	(4,459)	(17,728)
Income tax (benefit) expense	10,419	(10,715)	(36,276)
Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	18,109	27,164	31,537
Interest expense, net	1,773	1,988	321
Income tax (benefit) expense	18,996	(2,784)	(26,212)
Operating Segments \| APUS Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	4,828	5,284	6,373
Interest expense, net	1,563	1,882	219
Income tax (benefit) expense	24,577	23,530	16,465
Operating Segments \| RU Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	11,577	20,627	24,206
Interest expense, net	(6)	11	79
Income tax (benefit) expense	(5,519)	(26,103)	(41,651)
Operating Segments \| HCN Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	1,704	1,253	958
Interest expense, net	216	95	23
Income tax (benefit) expense	(62)	(211)	(1,026)
Corporate and Other
Segment Reporting Information [Line Items]
Depreciation and amortization	1,194	652	590
Interest expense, net	(3,900)	(6,447)	(18,049)
Income tax (benefit) expense	$ (8,577)	$ (7,931)	$ (10,064)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Quarterly Financial Summary (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 164,110	$ 153,122	$ 152,895	$ 154,432	$ 152,804	$ 150,838	$ 147,214	$ 149,689	$ 624,559	$ 600,545	$ 606,328
Income (loss) from operations before income taxes	20,950	3,498	1,435	5,056	15,141	5,608	(66,365)	(7,149)	30,939	(52,765)	(151,248)
Net income (loss) available to common stockholders basic	11,505	731	(1,160)	(1,019)	11,475	(4,853)	(52,719)	(7,197)	10,057	(53,294)	(115,041)
Net income (loss) available to common stockholders diluted	$ 11,505	$ 731	$ (1,160)	$ (1,019)	$ 11,475	$ (4,853)	$ (52,719)	$ (7,197)	$ 10,057	$ (53,294)	$ (115,041)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.65	$ 0.04	$ (0.07)	$ (0.06)	$ 0.65	$ (0.27)	$ (2.94)	$ (0.38)	$ 0.57	$ (2.94)	$ (6.10)
Diluted (in dollars per share)	$ 0.63	$ 0.04	$ (0.06)	$ (0.06)	$ 0.64	$ (0.27)	$ (2.93)	$ (0.38)	$ 0.55	$ (2.93)	$ (6.08)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for receivables
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 15,359	$ 13,328	$ 11,396
Additions/ (Reductions)	18,568	17,484	15,153
Write-Offs	(14,647)	(15,453)	(13,221)
Balance at End of Period	19,280	15,359	13,328
APUS Segment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	2,770	1,711	1,750
Additions/ (Reductions)	2,281	2,694	1,658
Write-Offs	(2,058)	(1,635)	(1,697)
Balance at End of Period	2,993	2,770	1,711
RU Segment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	3,922	4,547	3,444
Additions/ (Reductions)	8,348	8,694	8,657
Write-Offs	(7,626)	(9,319)	(7,554)
Balance at End of Period	4,644	3,922	4,547
HCN Segment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	8,130	6,938	6,202
Additions/ (Reductions)	7,211	5,691	4,706
Write-Offs	(4,963)	(4,499)	(3,970)
Balance at End of Period	10,378	8,130	6,938
Corporate and Other
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	537	132	0
Additions/ (Reductions)	728	405	132
Write-Offs	0	0	0
Balance at End of Period	$ 1,265	$ 537	$ 132