"We expect that the University’s enrollment will continue declining as we implement our currently planned initiatives, although we expect the rate of decline to moderate compared to the rate during fiscal year 2016. We do not expect the University’s enrollment to increase prior to fiscal year 2019."
"...We are closing underutilized or unnecessary University of Phoenix campus locations, reducing our workforce as necessary, streamlining and, where appropriate, automating our administrative and student facing services, outsourcing administrative and other services, evaluating the scope of our academic programs and delaying the implementation of certain of University of Phoenix’s transformation initiatives. Also, we have engaged outside advisors to assist us in identifying and effectuating these cost reduction initiatives. We have significantly reduced our operating costs over recent periods and further significant reductions are increasingly challenging. There is no assurance that we will be able to reduce costs to align with University of Phoenix’s reduced enrollment and revenue, especially if the University’s near term enrollment declines more than anticipated. Although we seek to effect these cost reductions in a manner that does not adversely impact the quality of our services to students, given the magnitude of these changes, they could result in near term disruption to our business which may further decrease our enrollment and revenues.... "
https://www.sec.gov/Archives/edgar/data/929887/000092988717000007/apol-nov30201610q.htm