How is APUS making more profits as their enrollment stays flat or declines?
"As of September 30, 2018, APUS student enrollment increased 1.4% to 82,200 students, compared to the second quarter of 2018. APUS student enrollment decreased by approximately 3%, compared to the prior year."
https://seekingalpha.com/pr/17324638-american-public-education-reports-third-quarter-2018-results