Notes to Consolidated Financial Statements
Note 1. 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 to approximately
82,900
students through
two
subsidiary institutions:
|
|
•
|
American Public University System, Inc., or APUS, provides online postsecondary education directed primarily at the needs of the military, military-affiliated, and public service communities through American Military University, or AMU, and American Public University, or APU. APUS is regionally accredited by the Higher Learning Commission and several of its academic programs have specialized accreditation granted by industry-governing organizations.
|
|
|
•
|
National Education Seminars, Inc., which is referred to herein as Hondros College of Nursing, or HCN, provides nursing education to students at
five
campuses in Ohio to serve the needs of the nursing and healthcare communities. HCN is nationally accredited by the Accrediting Bureau for Health Education Schools, or ABHES. In April 2019, HCN began offering classes in its Medical Laboratory Technician program, or MLT Program, at its Cincinnati and Columbus campuses.
|
The Company’s institutions are licensed or otherwise authorized, or are in the process of obtaining such licenses or authorizations, to offer postsecondary education programs by state authorities to the extent the institutions believe such licenses or authorizations are required, and 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
two
reportable segments:
|
|
•
|
American Public Education Segment,
or
APEI Segment.
This segment reflects the operational activities at APUS, other corporate activities, and minority investments.
|
|
|
•
|
Hondros College of Nursing Segment,
or
HCN Segment.
This segment reflects the operational activities of HCN.
|
Note 2. Summary of Significant Accounting Policies
Basis of Presentation and Accounting
The accompanying unaudited, interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP. Certain prior period amounts have been reclassified for comparative purposes to conform to the 2019 presentation.
Principles of Consolidation
The accompanying unaudited, interim Consolidated Financial Statements include accounts of APEI and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation.
Unaudited Interim Financial Information
The unaudited, interim Consolidated Financial Statements do not include all of the information and notes required by GAAP for audited annual financial statement presentations. In the opinion of management, these statements include all adjustments (consisting of normal recurring adjustments) considered necessary to present a fair statement of the Company’s financial position, results of operations, and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the year ending
December 31, 2019
. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Consolidated Financial Statements and accompanying notes in its audited financial statements included in the Annual Report on Form 10-K for the year ended
December 31, 2018
, or the Annual Report.
Use of Estimates
In preparing financial statements in conformity with GAAP, the Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, and various other assumptions that the Company believes are reasonable under the circumstances. Actual results could differ from these estimates.
Restricted Cash
Cash, cash equivalents, and 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 the program participation agreement with ED. Restricted cash on the Company’s Consolidated Balance Sheets as of
March 31, 2019
and
December 31, 2018
was
$1.5 million
and
$1.7 million
, respectively. Changes in restricted cash that represent funds held for students as described above are included in cash flows from operating activities on the Consolidated Statements of Cash Flows because these restricted funds are a core activity of operations.
Leases
In February 2016, the Financial Accounting Standards Board, of FASB, issued Accounting Standards Update, or ASU, No. 2016-02,
Leases (Topic 842)
. This standard requires entities to recognize most operating leases on their balance sheets as right-of-use assets, or ROU assets, with a corresponding lease liability, in addition to disclosing certain key information about leasing arrangements. The Company adopted the standard effective
January 1, 2019
using the cumulative-effect adjustment transition method, which applies the provisions of the standard at the effective date without adjusting the comparative periods presented. The Company adopted the following practical expedients and elected the following accounting policies related to this standard:
|
|
•
|
Carry forward of historical lease classification;
|
|
|
•
|
Short-term lease accounting policy election allowing lessees to not recognize ROU assets and lease liabilities for leases with a term of 12 months or less; and
|
|
|
•
|
Not separate lease and non-lease components for office space and campus leases.
|
The adoption of this standard resulted in the recognition of operating lease ROU assets and corresponding lease liabilities of approximately
$12.1 million
on the Consolidated Balance Sheet as of
January 1, 2019
. There was no impact to the Company’s net income or liquidity as a result of the adoption of this ASU. Disclosures related to the amount, timing, and uncertainty of cash flows arising from leases are included in “Note 4. Leases” below.
Investments
The Company accounts for its investments in less than majority owned companies in accordance with FASB Accounting Standards Codification, or ASC, 323,
Investments - Equity Method and Joint Ventures
and
FASB ASC 321,
Investments - Equity Securities
. The Company applies the equity method 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 loss.” Investments that do not meet the equity method requirements are accounted for under ASC 321,
Investments - Equity Securities,
with changes in the fair value of the investment reported in the Consolidated Statements of Income as “Equity investment loss.”
The Company periodically evaluates equity method investments 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 earnings, and the equity investment balance is reduced to its fair value accordingly.
Each reporting period the Company evaluates its cost method investment 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.
On September 30, 2012, the Company made an investment in preferred stock, treated as in-substance common stock, of NWHW Holdings, Inc., or NWHW Holdings, representing approximately
20%
of the fully diluted equity of NWHW Holdings. During the three months ended
March 31, 2019
, the Company determined that it no longer qualified to account for its investment in NWHW Holdings under the equity method of accounting because at this time the Company is unable to exercise significant influence over operating and financial policies of NWHW Holdings. The Company has elected to account for the investment under ASC 321,
Equity Investments
. Earnings or losses that relate to the stock retained and that were previously accrued remain as part of the carrying amount of the investment. As of
March 31, 2019
, the carrying value of the investment was
$5.2 million
.
Stock-based compensation
Stock-based compensation expense related to restricted stock grants is recognized over the vesting period using the straight-line method for the Company’s employees and the graded-vesting method for members of the Board of Directors, and is measured using the Company’s stock price on the date of the grant. The Company estimates forfeitures of stock-based awards at the time of grant and revises such estimates in subsequent periods if actual forfeitures differ from the original estimates. Additionally, 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. 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.
Stock-based compensation expense for the
three
months ended
March 31, 2019
and
2018
is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
(Unaudited)
|
Instructional costs and services
|
$
|
403
|
|
|
$
|
377
|
|
Selling and promotional
|
194
|
|
|
240
|
|
General and administrative
|
1,092
|
|
|
1,226
|
|
Stock-based compensation expense in operating income
|
$
|
1,689
|
|
|
$
|
1,843
|
|
Incentive-based compensation
We provide incentive-based compensation opportunities to certain employees through cash incentive and equity awards. The expense associated with these awards is reflected within our operating expenses. For the years ending December 31, 2019 and 2018, our Compensation Committee has approved an annual incentive arrangement for senior management employees. The aggregate amount of any awards payable is dependent upon the achievement of certain Company financial and operational goals, as well as individual performance goals. Given that the awards are generally contingent upon achieving annual objectives, determination regarding current year incentive awards is not expected to be made until after the results for the year ending
December 31, 2019
are finalized. Because assessing actual performance against many of these objectives cannot generally occur until at or near year-end, determining the amount of expense that we incur in our interim financial statements for incentive-based compensation involves the judgment of management. Amounts accrued are subject to change in future interim periods if actual future financial results or operational performance are better or worse than expected. We recognized an aggregate expense of approximately
$0.6 million
during the
three
month period ended
March 31, 2019
, compared to an aggregate expense of
$1.1 million
for the three months ended
March 31, 2018
associated with our incentive-based compensation plans.
Income Taxes
The Company determines its interim tax provision by applying the estimated income tax rate expected for the full calendar year to income before income taxes for the period adjusted for discrete items.
Recent Accounting Pronouncements
The Company considers the applicability and impact of all ASUs issued by the FASB. All other ASUs issued subsequent to the filing of the Annual Report on March 12, 2019 were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s consolidated financial position and/or results of operations.
Note 3. Revenue
Disaggregation of Revenue
In the following table, revenue, shown net of grants and scholarships, is disaggregated by type of service provided. The table also includes a reconciliation of the disaggregated revenue with the reportable segments (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2019
|
|
(Unaudited)
|
|
APEI
|
|
HCN
|
|
Intersegment
|
|
Consolidated
|
Instructional services, net of grants and scholarships
|
$
|
65,198
|
|
|
$
|
6,775
|
|
|
$
|
(27
|
)
|
|
$
|
71,946
|
|
Graduation fees
|
310
|
|
|
—
|
|
|
—
|
|
|
310
|
|
Textbook and other course materials
|
—
|
|
|
862
|
|
|
—
|
|
|
862
|
|
Other fees
|
213
|
|
|
110
|
|
|
—
|
|
|
323
|
|
Total Revenue
|
$
|
65,721
|
|
|
$
|
7,747
|
|
|
$
|
(27
|
)
|
|
$
|
73,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2018
|
|
(Unaudited)
|
|
APEI
|
|
HCN
|
|
Intersegment
|
|
Consolidated
|
Instructional services, net of grants and scholarships
|
$
|
65,206
|
|
|
$
|
8,061
|
|
|
$
|
—
|
|
|
$
|
73,267
|
|
Graduation fees
|
276
|
|
|
—
|
|
|
—
|
|
|
276
|
|
Textbook and other course materials
|
—
|
|
|
1,122
|
|
|
—
|
|
|
1,122
|
|
Other fees
|
186
|
|
|
116
|
|
|
—
|
|
|
302
|
|
Total Revenue
|
$
|
65,668
|
|
|
$
|
9,299
|
|
|
$
|
—
|
|
|
$
|
74,967
|
|
Effective January 1, 2019, the APEI Segment began charging the HCN Segment for the value of courses taken by HCN Segment employees at American Public University System. The intersegment revenue elimination is the elimination of this intersegment revenue in consolidation.
Contract Balances and Performance Obligations
The Company has
no
contract assets or deferred contract costs as of
March 31, 2019
and
December 31, 2018
.
The Company recognizes a contract liability, or deferred revenue, when a student begins an online course or term, in the case of APUS, or starts a term, in the case of HCN. Deferred revenue at
March 31, 2019
was
$21.0 million
and includes
$12.7 million
in future revenue that has not yet been earned for courses and terms that are in progress, as well as
$8.3 million
in consideration received in advance for future courses or terms, or student deposits. Deferred revenue at
December 31, 2018
was
$18.3 million
and includes
$9.9 million
in future revenue that has not yet been earned for courses and terms that are in progress, as well as
$8.4 million
in student deposits. Deferred revenue represents the Company’s performance obligation to transfer future instructional services to students. The Company’s remaining performance obligations represent the transaction price allocated to future reporting periods.
The Company has elected, as a practical expedient, not to disclose additional information about unsatisfied performance obligations for contracts with customers that have an expected duration of one year or less.
When the Company begins providing the performance obligation, a contract receivable is created, resulting in accounts receivable on the Company’s Consolidated Balance Sheets. The Company accounts for receivables in accordance with
ASC 310,
Receivables
. The Company uses the portfolio approach, a practical expedient, to evaluate if a contract exists and to assess collectability at the time of contract inception based on historical experience. Contracts are subsequently reviewed for collectability if significant events or circumstances indicate a change.
The allowance for doubtful accounts is based on management’s evaluation of the status of existing accounts receivable. Among other factors, management considers the age of the receivable, the anticipated source of payment and the 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. The Company does not charge interest on past due receivables.
Note 4. 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 APEI Segment leases corporate and administrative office space in Maryland and Virginia under operating leases that expire through June 2023. The HCN Segment leases administrative office space and
five
campuses in Ohio under operating leases that expire through June 2029.
Operating lease assets are ROU assets, which represent the right to use an underlying asset for the lease term, and operating lease liabilities which 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 Sheet at March 31, 2019. 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 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 any lease payments made 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 three months ended
March 31, 2019
was
$617,000
. 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.
At
March 31, 2019
, no leases exist that have not yet commenced and create significant rights and obligations for the Company.
The following tables present information about the amount, timing, and uncertainty of cash flows arising from the Company’s operating leases as of
March 31, 2019
(dollars in thousands):
|
|
|
|
|
Maturity of Lease Liabilities
|
Lease Payments
|
2019 (remaining)
|
$
|
1,849
|
|
2020
|
2,517
|
|
2021
|
2,537
|
|
2022
|
2,481
|
|
2023
|
1,523
|
|
2024
|
566
|
|
2025 and beyond
|
2,239
|
|
Total future minimum lease payments
|
13,712
|
|
Less imputed interest
|
(2,099
|
)
|
Present value of operating lease liabilities
|
$
|
11,613
|
|
|
|
|
|
|
Balance Sheet Classification
|
|
Operating lease liabilities, current
|
$
|
1,925
|
|
Operating lease liabilities, long-term
|
9,688
|
|
Total operating lease liabilities
|
$
|
11,613
|
|
|
|
|
|
Other Information
|
|
Weighted average remaining lease term (in years)
|
6.2
|
|
Weighted average discount rate
|
5.1
|
%
|
Cash
Flows
An initial ROU asset of
$11.8 million
was recognized as a non-cash asset addition with the adoption of the standard. There were
no
additional ROU assets recognized as non-cash asset additions during the three months ended
March 31, 2019
. Cash paid for amounts included in the present value of operating lease liabilities at adoption was
$609,000
during the three months ended
March 31, 2019
and is included in operating cash flows.
Note 5. Goodwill and Intangible Assets
During the three months ended March 31, 2019, the Company completed a qualitative assessment to determine if an interim goodwill impairment test was necessary. The Company concluded it was more likely than not the fair value of HCN was less than its carrying amount as a result of circumstances that included HCN’s underperformance against 2019 internal targets and overall 2019 financial performance. Therefore, the Company proceeded with a quantitative impairment test as of March 31, 2019. The implied fair value of goodwill was calculated and compared to the recorded goodwill, and the Company determined the fair value of goodwill was
$28.0 million
, or
$5.9 million
less than its carrying value. There was
no
impairment of the intangible assets. As a result, the Company recorded a pretax, non-cash charge of
$5.9 million
to reduce the carrying value of its goodwill in our HCN Segment.
The Company utilized an independent valuation firm to determine the fair value of HCN. The independent valuation firm weighted the results of four different valuation methods: (1) discounted cash flows; (2) guideline company; (3) guideline transaction for comparable transactions; and (4) guideline transaction for private equity transactions. Under the income approach, fair value was determined based on estimated discounted future cash flows of HCN. The cash flows were discounted by an estimated risk weighted-average cost of capital, which was intended to reflect the overall level of inherent risk of HCN. Under the market approach, pricing terms from other transactions in the higher education market were used to determine the value of HCN. Values derived under the four valuation methods were then weighted to estimate HCN’s enterprise value.
The goodwill impairment charge recorded in the quarter ended March 31, 2019 eliminated the difference between the fair value of goodwill and the book value of goodwill. As such, future changes, including minor changes in revenue, operating income, valuation multiples, discount rates, and other inputs to the valuation process may result in future impairment charges and those charges could be material.
Determining the fair value of HCN requires judgment and the use of significant estimates and assumptions, including fluctuations in enrollments, revenue growth rates, operating margins, discount rates and future economic market conditions, among others. Given the current competitive and regulatory environment, and the uncertainties regarding the related impact on HCN’s business, there can be no assurance that the estimates and assumptions made for purposes of the Company’s interim and annual goodwill 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 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.
For additional information on goodwill and intangible assets see the Company’s Consolidated Financial Statements and accompanying notes in its audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2018.
Note 6. Net Income Per Common Share
Basic net income per common share is based on the weighted average number of shares of common stock outstanding during the period. Diluted net income per common share increases the shares used in the per share calculation by the dilutive effects of restricted stock awards. The table below reflects the calculation of the weighted average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted net income per common share.
|
|
|
|
|
|
|
|
Three Months Ended
|
|
March 31,
|
|
2019
|
|
2018
|
|
(Unaudited)
|
Basic weighted average shares outstanding
|
16,533
|
|
|
16,360
|
|
Effect of dilutive restricted stock
|
129
|
|
|
174
|
|
Diluted weighted average shares outstanding
|
16,662
|
|
|
16,534
|
|
Share awards are not included in the computation of diluted net income per share when their effect is anti-dilutive. There were
37,738
and
36,861
anti-dilutive restricted stock awards excluded from the calculation for the
three
months ended
March 31, 2019
and
2018
, respectively.
Note 7. Segment Information
The Company has
two
operating segments that are managed in the following reportable segments:
•
American Public Education Segment
, or
APEI Segment
; and
•
Hondros College of Nursing Segment
, or
HCN Segment
.
In accordance with FASB ASC 280,
Segment Reporting
, the chief operating decision-maker has been identified as the Company’s Chief Executive Officer. The Company’s Chief Executive Officer reviews operating results to make decisions about allocating resources and assessing performance for the APEI and HCN Segments.
A summary of financial information by reportable segment is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
|
(Unaudited)
|
Revenue:
|
|
|
|
American Public Education Segment
|
$
|
65,721
|
|
|
$
|
65,668
|
|
Hondros College of Nursing Segment
|
7,747
|
|
|
9,299
|
|
Intersegment elimination
|
(27
|
)
|
|
—
|
|
Total Revenue
|
$
|
73,441
|
|
|
$
|
74,967
|
|
Depreciation and amortization:
|
|
|
|
American Public Education Segment
|
$
|
3,782
|
|
|
$
|
4,168
|
|
Hondros College of Nursing Segment
|
269
|
|
|
354
|
|
Total Depreciation and amortization
|
$
|
4,051
|
|
|
$
|
4,522
|
|
Income (loss) from operations before interest income and income taxes:
|
|
|
|
American Public Education Segment
|
$
|
7,522
|
|
|
$
|
5,130
|
|
Hondros College of Nursing Segment
|
(6,146
|
)
|
|
1,032
|
|
Intersegment elimination
|
6
|
|
|
—
|
|
Total Income from operations before interest income and income taxes
|
$
|
1,382
|
|
|
$
|
6,162
|
|
Interest income, net:
|
|
|
|
American Public Education Segment
|
$
|
1,047
|
|
|
$
|
485
|
|
Hondros College of Nursing Segment
|
6
|
|
|
8
|
|
Total Interest income, net
|
$
|
1,053
|
|
|
$
|
493
|
|
Income tax expense (benefit):
|
|
|
|
American Public Education Segment
|
$
|
1,666
|
|
|
$
|
1,621
|
|
Hondros College of Nursing Segment
|
(1,729
|
)
|
|
244
|
|
Total Income tax expense (benefit)
|
$
|
(63
|
)
|
|
$
|
1,865
|
|
Capital expenditures:
|
|
|
|
American Public Education Segment
|
$
|
1,345
|
|
|
$
|
1,633
|
|
Hondros College of Nursing Segment
|
240
|
|
|
33
|
|
Total Capital expenditures
|
$
|
1,585
|
|
|
$
|
1,666
|
|
A summary of the Company’s consolidated assets by reportable segment is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
As of March 31, 2019
|
|
As of December 31, 2018
|
|
(Unaudited)
|
|
|
Assets:
|
|
|
|
American Public Education Segment
|
$
|
326,768
|
|
|
$
|
322,523
|
|
Hondros College of Nursing Segment
|
50,979
|
|
|
48,435
|
|
Total Assets
|
$
|
377,747
|
|
|
$
|
370,958
|
|
Note 8. Commitments and
Contingencies
The Company accrues for costs associated with contingencies including, but not limited to, regulatory compliance and legal matters when such costs are probable and can be reasonably estimated. Liabilities established to provide for contingencies are adjusted as further information develops, circumstances change, or contingencies are resolved. The Company bases these accruals on management’s estimate of such costs, which may vary from the ultimate costs and expenses, associated with any such contingency.
From time to time the Company may be involved in legal matters in the normal course of its business.
Note 9. Concentration
APUS students utilize various payment sources and programs to finance their educational expenses, including funds from: Department of Defense, or DoD, tuition assistance programs; federal student aid from Title IV programs; and education benefit programs administered by the U.S. Department of Veterans Affairs, or VA, education benefit programs; as well as cash and other sources. Reductions in or changes to DoD tuition assistance, Title IV programs, VA education benefits, and other payment sources could have a significant impact on the Company’s operations. As of
March 31, 2019
approximately
55%
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 APEI Segment revenue derived from students by primary funding source for the
three
months ended
March 31, 2019
and
2018
is included in the table below (unaudited):
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
DoD tuition assistance programs
|
39%
|
|
37%
|
Title IV programs
|
24%
|
|
26%
|
VA education benefits
|
23%
|
|
24%
|
Cash and other sources
|
14%
|
|
13%
|
A summary of HCN Segment revenue derived from students by primary funding source for the
three
months ended
March 31, 2019
and
2018
is included in the table below (unaudited):
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
Title IV programs
|
80%
|
|
82%
|
Cash and other sources
|
18%
|
|
15%
|
VA education benefits
|
2%
|
|
3%
|