I've had a look at the books at a few different types of training style companies and the economics are always grim. It's one of those businesses where to the outsider, it's impossible to believe they're not spinning off unbelievable amounts of cash but they are always pretty marginal.

As additional evidence for this, the number of 1B+ exits in this space can be counted on one hand. General Assembly, for example, was acquired for ~$400M and it was one of the largest players. There was a player from Utah whose name eludes me now that had a, I think, ~$2B exit but that might be the only one.