"In the first quarter of 2018, net course registrations by new students at APUS declined 11% and total net course registrations declined 4% compared to the prior year period. However net course registrations by returning students only declined by 3% year-over-year. We believe that the difference in the rate of decline of registrations by new students and that of returning students, relates at least in part to continued improvements in student persistence and our quality mix of students."
https://seekingalpha.com/article/4171499-american-public-educations-apei-ceo-wallace-boston-q1-2018-results-earnings-call-transcript