Strategic Education, Inc. Reports Second Quarter 2022 Results

HERNDON, Va.–(BUSINESS WIRE)–Strategic Education, Inc. (Strategic Education) (NASDAQ: STRA) today announced financial results for the period ended June 30, 2022.

During our second quarter of 2022, demand continued to strengthen in the U.S. within both our U.S. Higher Education and Education Technology Services segments,” said Karl McDonnell, Chief Executive Officer of Strategic Education. “We remain confident in a return to growth within the Australia/New Zealand segment once international student immigration challenges ease in the region.”

STRATEGIC EDUCATION CONSOLIDATED RESULTS

Three Months Ended June 30

  • Revenue decreased 8.6% to $273.6 million compared to $299.2 million for the same period in 2021. Adjusted revenue, which is a non-GAAP financial measure, decreased 9.0% to $273.6 million compared to $300.6 million for the same period in 2021. [Adjusted results for 2021 exclude an adjustment for foreign currency exchange impacts and are therefore not directly comparable to adjusted results previously reported for the three months ended June 30, 2021.] For more details on non-GAAP financial measures, refer to the information in the Non-GAAP Financial Measures section of this press release.

  • Income from operations was $21.9 million or 8.0% of revenue, compared to $26.7 million or 8.9% of revenue for the same period in 2021. Adjusted income from operations, which is a non-GAAP financial measure, was $29.5 million compared to $54.3 million for the same period in 2021. The adjusted operating income margin, which is a non-GAAP financial measure, was 10.8% compared to 18.1% for the same period in 2021.

  • Net income was $15.2 million compared to $20.0 million for the same period in 2021. Adjusted net income, which is a non-GAAP financial measure, was $20.5 million compared to $37.8 million for the same period in 2021.

  • Adjusted EBITDA, which is a non-GAAP financial measure, was $47.9 million compared to $72.4 million for the same period in 2021.

  • Diluted earnings per share was $0.63 compared to $0.83 for the same period in 2021. Adjusted diluted earnings per share, which is a non-GAAP financial measure, decreased to $0.85 from $1.57 for the same period in 2021. Adjusted diluted earnings per share on a constant currency basis, which is a non-GAAP financial measure, was $0.87. Diluted weighted average shares outstanding decreased to 24,063,000 from 24,126,000 for the same period in 2021.

U.S. Higher Education Segment Highlights

  • The U.S. Higher Education segment (USHE) is comprised of Strayer University and Capella University.

  • For the second quarter, student enrollment within USHE decreased 8.6% to 76,728 compared to 83,923 for the same period in 2021.

  • For the second quarter, FlexPath enrollment was 19% of USHE enrollment compared to 18% for the same period in 2021.

  • Revenue decreased 10.5% to $190.0 million in the second quarter of 2022 compared to $212.2 million for the same period in 2021, driven by lower second quarter enrollment and lower revenue-per-student.

  • Income from operations decreased to $11.9 million in the second quarter of 2022 from $32.1 million for the same period in 2021. The operating income margin was 6.2%, compared to 15.1% for the same period in 2021.

Education Technology Services Segment Highlights

  • The Education Technology Services segment (ETS) is comprised primarily of Employer Solutions, Sophia Learning, and Workforce Edge.

  • For the second quarter, employer affiliated enrollment was 24.6% of USHE enrollment compared to 20.5% for the same period in 2021.

  • As of June 30, 2022, Workforce Edge had a total of 45 corporate agreements, collectively employing approximately 1,040,000 employees.

  • Revenue increased 23.9% to $16.0 million in the second quarter of 2022 compared to $12.9 million for the same period in 2021, driven by growth in Sophia Learning subscriptions and employer affiliated enrollment.

  • Income from operations increased to $5.3 million in the second quarter of 2022 from $5.2 million for the same period in 2021. The operating income margin was 33.1%, compared to 40.1% for the same period in 2021.

Australia/New Zealand Segment Highlights

  • The Australia/New Zealand segment (ANZ) is comprised of Torrens University, Think Education, and Media Design School.

  • For the second quarter, student enrollment within ANZ increased 0.2% to 18,834 compared to 18,800 for the same period in 2021.

  • Revenue decreased 8.8% to $67.5 million in the second quarter of 2022 compared to $74.1 million for the same period in 2021. Adjusted revenue, which is a non-GAAP financial measure, decreased 10.5% to $67.5 million compared to $75.5 million for the same period in 2021.

  • Income from operations was $12.3 million or 18.2% of revenue, compared to $15.6 million or 21.1% of revenue for the same period in 2021. Adjusted income from operations, which is a non-GAAP financial measure, was $12.3 million compared to $17.0 million for the same period in 2021. The adjusted operating income margin, which is a non-GAAP financial measure, was 18.2% compared to 22.6% for the same period in 2021.

Balance Sheet and Cash Flow

At June 30, 2022, Strategic Education had cash, cash equivalents, and marketable securities of $289.7 million, and $141.4 million outstanding under its revolving credit facility. For the first six months of 2022, cash provided by operations was $80.7 million compared to $125.8 million for the same period in 2021. Capital expenditures for the first six months of 2022 were $22.7 million compared to $23.1 million for the same period in 2021. Capital expenditures for 2022 are expected to be approximately $50 million.

For the second quarter of 2022, consolidated bad debt expense as a percentage of revenue was 3.2%, compared to 3.3% of revenue for the same period in 2021.

COMMON STOCK CASH DIVIDEND

Strategic Education announced today that it declared a regular, quarterly cash dividend of $0.60 per share of common stock. This dividend will be paid on September 12, 2022 to shareholders of record as of September 2, 2022.

CONFERENCE CALL WITH MANAGEMENT

Strategic Education will host a conference call to discuss its second quarter 2022 results at 10:00 a.m. (ET) today. This call will be available via webcast. To access the live webcast of the conference call, please go to www.strategiceducation.com in the Investor Relations section 15 minutes prior to the start time of the call to register. An earnings release presentation will also be posted to www.strategiceducation.com in the Investor Relations section. Following the call, the webcast will be archived and available at www.strategiceducation.com in the Investor Relations section. To participate in the live call, investors should register here prior to the call to receive dial-in information and a PIN.

About Strategic Education, Inc.

Strategic Education, Inc. (NASDAQ: STRA) (www.strategiceducation.com) is dedicated to helping advance economic mobility through higher education. We primarily serve working adult students globally through our core focus areas: 1) U.S. Higher Education, including Strayer University and Capella University, each institutionally accredited, and collectively offer flexible and affordable associate, bachelor’s, master’s, and doctoral programs including the Jack Welch Management Institute at Strayer University, and non-degree web and mobile application development courses through Strayer University’s Hackbright Academy and Devmountain; 2) Education Technology Services, developing and maintaining relationships with employers to build education benefits programs providing employees access to affordable and industry-relevant training, certificate, and degree programs, including through Workforce Edge, a full-service education benefits administration solution for employers, and Sophia Learning, enabling education benefits programs through low-cost online general education-level courses that are ACE-recommended for college credit; and 3) Australia/New Zealand, comprised of Torrens University, Think Education, and Media Design School that collectively offer certificate and degree programs in Australia and New Zealand. This portfolio of high quality, innovative, relevant, and affordable programs and institutions helps our students prepare for success in today’s workforce and find a path to bettering their lives.

Forward-Looking Statements

This communication contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as “expect,” “estimate,” “assume,” “believe,” “anticipate,” “may,” “will,” “forecast,” “outlook,” “plan,” “project,” “potential” and other similar words, and include all statements that are not historical facts, including with respect to, among other things, the future financial performance and growth opportunities of Strategic Education; Strategic Education’s plans, strategies and prospects; and future events and expectations. The statements are based on Strategic Education’s current expectations and are subject to a number of assumptions, uncertainties and risks, including but not limited to:

  • the pace of student enrollment;
  • Strategic Education’s continued compliance with Title IV of the Higher Education Act, and the regulations thereunder, as well as other federal laws and regulations, institutional accreditation standards and state regulatory requirements;
  • rulemaking and other action by the Department of Education, including without limitation action related to borrower defense to repayment applications, and increased focus by the U.S. Congress on for-profit education institutions;
  • competitive factors;
  • risks associated with the further spread of COVID-19, including the ultimate impact of COVID-19 on people and economies;
  • the impact of regulatory measures or voluntary actions that may be put in place to limit the spread of COVID-19, including restrictions on business operations or social distancing requirements;
  • risks associated with the opening of new campuses;
  • risks associated with the offering of new educational programs and adapting to other changes;
  • risks associated with the acquisition of existing educational institutions, including Strategic Education’s acquisition of Torrens University and associated assets in Australia and New Zealand;
  • the risk that the benefits of the acquisition of Torrens University and associated assets in Australia and New Zealand may not be fully realized or may take longer to realize than expected;
  • the risk that the acquisition of Torrens University and associated assets in Australia and New Zealand may not advance Strategic Education’s business strategy and growth strategy;
  • risks relating to the timing of regulatory approvals;
  • Strategic Education’s ability to implement its growth strategy;
  • the risk that the combined company may experience difficulty integrating employees or operations;
  • risks associated with the ability of Strategic Education’s students to finance their education in a timely manner;
  • general economic and market conditions; and
  • additional factors described in Strategic Education’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Many of these risks, uncertainties and assumptions are beyond Strategic Education’s ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, these forward-looking statements speak only as of the information currently available to Strategic Education on the date they are made, and Strategic Education undertakes no obligation to update or revise forward-looking statements, except as required by law. Actual results may differ materially from those projected in the forward-looking statements.

STRATEGIC EDUCATION, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

 

 

For the three months ended

June 30,

 

For the six months ended

June 30,

 

2021

 

2022

 

2021

 

2022

Revenues

$

299,173

 

$

273,564

 

$

589,509

 

$

532,419

Costs and expenses:

 

 

 

 

 

 

 

Instructional and support costs

 

152,938

 

 

 

147,368

 

 

 

305,743

 

 

 

291,992

 

General and administration

 

93,395

 

 

 

96,722

 

 

 

180,240

 

 

 

191,506

 

Amortization of intangible assets

 

19,392

 

 

 

3,694

 

 

 

38,799

 

 

 

7,432

 

Merger and integration costs

 

1,937

 

 

 

254

 

 

 

2,949

 

 

 

664

 

Restructuring costs

 

4,811

 

 

 

3,661

 

 

 

23,078

 

 

 

5,519

 

Total costs and expenses

 

272,473

 

 

 

251,699

 

 

 

550,809

 

 

 

497,113

 

Income from operations

 

26,700

 

 

 

21,865

 

 

 

38,700

 

 

 

35,306

 

Other income (expense)

 

757

 

 

 

300

 

 

 

2,924

 

 

 

(871

)

Income before income taxes

 

27,457

 

 

 

22,165

 

 

 

41,624

 

 

 

34,435

 

Provision for income taxes

 

7,481

 

 

 

6,945

 

 

 

12,071

 

 

 

12,186

 

Net income

$

19,976

 

 

$

15,220

 

 

$

29,553

 

 

$

22,249

 

Earnings per share:

 

 

 

 

 

 

 

Basic

$

0.83

 

 

$

0.64

 

 

$

1.23

 

 

$

0.93

 

Diluted

$

0.83

 

 

$

0.63

 

 

$

1.22

 

 

$

0.92

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

 

23,975

 

 

 

23,796

 

 

 

23,974

 

 

 

23,872

 

Diluted

 

24,126

 

 

 

24,063

 

 

 

24,139

 

 

 

24,089

 

STRATEGIC EDUCATION, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

 

 

December 31,

2021

 

June 30,

2022

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

268,918

 

$

262,941

Marketable securities

 

6,501

 

 

 

8,854

 

Tuition receivable, net

 

51,277

 

 

 

75,937

 

Income taxes receivable

 

313

 

 

 

 

Other current assets

 

40,777

 

 

 

48,092

 

Total current assets

 

367,786

 

 

 

395,824

 

Property and equipment, net

 

150,589

 

 

 

141,736

 

Right-of-use lease assets

 

149,587

 

 

 

132,961

 

Marketable securities, non-current

 

23,377

 

 

 

17,939

 

Intangible assets, net

 

276,380

 

 

 

266,078

 

Goodwill

 

1,285,864

 

 

 

1,256,428

 

Other assets

 

52,297

 

 

 

49,295

 

Total assets

$

2,305,880

 

 

$

2,260,261

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued expenses

$

95,518

 

 

$

85,210

 

Income taxes payable

 

 

 

 

4,379

 

Contract liabilities

 

73,232

 

 

 

121,035

 

Lease liabilities

 

27,005

 

 

 

25,009

 

Total current liabilities

 

195,755

 

 

 

235,633

 

Long-term debt

 

141,630

 

 

 

141,437

 

Deferred income tax liabilities

 

44,595

 

 

 

38,614

 

Lease liabilities, non-current

 

162,821

 

 

 

145,841

 

Other long-term liabilities

 

47,089

 

 

 

46,815

 

Total liabilities

 

591,890

 

 

 

608,340

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Common stock, par value $0.01; 32,000,000 shares authorized; 24,592,098 and 24,637,268 shares issued and outstanding at December 31, 2021 and June 30, 2022, respectively

 

246

 

 

 

246

 

Additional paid-in capital

 

1,529,969

 

 

 

1,513,509

 

Accumulated other comprehensive income (loss)

 

9,203

 

 

 

(28,009

)

Retained earnings

 

174,572

 

 

 

166,175

 

Total stockholders’ equity

 

1,713,990

 

 

 

1,651,921

 

Total liabilities and stockholders’ equity

$

2,305,880

 

 

$

2,260,261

 

STRATEGIC EDUCATION, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

For the six months ended

June 30,

 

2021

 

2022

Cash flows from operating activities:

 

 

 

Net income

$

29,553

 

 

$

22,249

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Amortization of deferred financing costs

 

276

 

 

 

276

 

Amortization of investment discount/premium

 

40

 

 

 

28

 

Depreciation and amortization

 

66,624

 

 

 

33,436

 

Deferred income taxes

 

(10,499

)

 

 

(4,909

)

Stock-based compensation

 

8,068

 

 

 

10,597

 

Impairment of right-of-use lease assets

 

17,015

 

 

 

1,121

 

Changes in assets and liabilities:

 

 

 

Tuition receivable, net

 

(28,947

)

 

 

(25,162

)

Other assets

 

(9,308

)

 

 

(2,354

)

Accounts payable and accrued expenses

 

(7,835

)

 

 

(8,113

)

Income taxes payable and income taxes receivable

 

5,444

 

 

 

4,913

 

Contract liabilities

 

58,937

 

 

 

51,901

 

Other liabilities

 

(3,537

)

 

 

(3,307

)

Net cash provided by operating activities

 

125,831

 

 

 

80,676

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

 

(23,138

)

 

 

(22,688

)

Proceeds from marketable securities

 

5,595

 

 

 

2,100

 

Other investments

 

(262

)

 

 

(223

)

Net cash used in investing activities

 

(17,805

)

 

 

(20,811

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Common dividends paid

 

(29,549

)

 

 

(29,886

)

Net payments for stock awards

 

(2,283

)

 

 

(2,881

)

Repurchase of common stock

 

(2,904

)

 

 

(24,972

)

Net cash used in financing activities

 

(34,736

)

 

 

(57,739

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

(1,396

)

 

 

(4,981

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

71,894

 

 

 

(2,855

)

Cash, cash equivalents, and restricted cash — beginning of period

 

202,020

 

 

 

279,212

 

Cash, cash equivalents, and restricted cash — end of period

$

273,914

 

 

$

276,357

 

STRATEGIC EDUCATION, INC.

UNAUDITED SEGMENT REPORTING

(in thousands)

 

 

For the three months ended

June 30,

 

For the six months ended

June 30,

 

2021

 

2022

 

2021

 

2022

Revenues:

 

 

 

 

 

 

 

U.S. Higher Education

$

212,207

 

 

$

190,026

 

 

$

438,754

 

 

$

385,792

 

Australia/New Zealand

 

74,060

 

 

 

67,543

 

 

 

125,325

 

 

 

116,055

 

Education Technology Services

 

12,906

 

 

 

15,995

 

 

 

25,430

 

 

 

30,572

 

Consolidated revenues

$

299,173

 

 

$

273,564

 

 

$

589,509

 

 

$

532,419

 

Income from operations:

 

 

 

 

 

 

 

U.S. Higher Education

$

32,059

 

 

$

11,851

 

 

$

79,813

 

 

$

27,334

 

Australia/New Zealand

 

15,601

 

 

 

12,321

 

 

 

12,652

 

 

 

11,572

 

Education Technology Services

 

5,180

 

 

 

5,302

 

 

 

11,061

 

 

 

10,015

 

Amortization of intangible assets

 

(19,392

)

 

 

(3,694

)

 

 

(38,799

)

 

 

(7,432

)

Merger and integration costs

 

(1,937

)

 

 

(254

)

 

 

(2,949

)

 

 

(664

)

Restructuring costs

 

(4,811

)

 

 

(3,661

)

 

 

(23,078

)

 

 

(5,519

)

Consolidated income from operations

$

26,700

 

 

$

21,865

 

 

$

38,700

 

 

$

35,306

 

Non-GAAP Financial Measures

In our press release and schedules, we report certain financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States of America («GAAP»). We discuss management’s reasons for reporting these non-GAAP measures below, and the press release schedules that follow reconcile the most directly comparable GAAP measure to each non-GAAP measure that we reference. Although management evaluates and presents these non-GAAP measures for the reasons described below, please be aware that these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for revenue, total costs and expenses, income from operations, operating margin, income before income taxes, net income, earnings per share or any other comparable financial measure prescribed by GAAP. In addition, we may calculate and/or present these non-GAAP financial measures differently than measures with the same or similar names that other companies report, and as a result, the non-GAAP measures we report may not be comparable to those reported by others.

Management uses certain non-GAAP measures to evaluate financial performance because those non-GAAP measures allow for period-over-period comparisons of the Company’s ongoing operations before the impact of certain items described below. Management believes this information is useful to investors to compare the Company’s results of operations period-over-period. These measures are Adjusted Revenue, Adjusted Total Costs and Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Income Before Income Taxes, Adjusted Net Income, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), Adjusted EBITDA and Adjusted Diluted Earnings Per Share (EPS). We define Adjusted Revenue, Adjusted Total Costs and Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Income Before Income Taxes, Adjusted Net Income, and Adjusted Diluted EPS to exclude (1) a purchase accounting adjustment to record acquired contract liabilities at fair value as a result of the Company’s acquisition of Torrens University and associated assets in Australia and New Zealand, and amortization and depreciation expense related to intangible assets and software assets associated with the Company’s merger with Capella Education Company and the Company’s acquisition of Torrens University and associated assets in Australia and New Zealand, (2) integration expenses associated with the Company’s merger with Capella Education Company and the Company’s acquisition of Torrens University and associated assets in Australia and New Zealand, (3) severance costs and right-of-use lease asset impairment charges associated with the Company’s restructuring, (4) income/loss recognized from the Company’s investments in partnership interests and other investments, and (5) discrete tax adjustments utilizing adjusted effective income tax rates of 29.5% and 30.0% for the three months ended June 30, 2021 and 2022, respectively. To illustrate currency impacts to operating results, Adjusted Revenue, Adjusted Total Costs and Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Income Before Income Taxes, Adjusted Net Income, and Adjusted Diluted EPS for the three months ended June 30, 2022 are also presented on a constant currency basis utilizing an exchange rate of 0.77 Australian Dollars to U.S. Dollars, which was the average exchange rate for the same period in 2021. We define EBITDA as net income before other income, the provision for income taxes, depreciation and amortization, and from this amount in arriving at Adjusted EBITDA we also exclude stock-based compensation expense, amortization expense associated with deferred implementation costs incurred in cloud computing arrangements, a purchase accounting adjustment to record acquired contract liabilities at fair value, and the amounts in (2) and (3) above. These non-GAAP measures are reconciled to the most directly comparable GAAP measures in the sections that follow. Non-GAAP measures should not be viewed as substitutes for GAAP measures.

STRATEGIC EDUCATION, INC.

UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

ADJUSTED REVENUE, ADJUSTED TOTAL COSTS AND EXPENSES, ADJUSTED INCOME FROM

OPERATIONS, ADJUSTED INCOME BEFORE INCOME TAXES, ADJUSTED NET INCOME, AND ADJUSTED

EPS

(in thousands, except per share data)

 

 

 

 

 

For the three months ended June 30, 2021

Non-GAAP Adjustments

 

 

 

 

As Reported

(GAAP)

 

Purchase

accounting

adjustments(1)

 

Merger and

integration

costs(2)

 

Restructuring

costs(3)

 

Income from

other

investments(4)

 

Tax

adjustments(5)

 

As Adjusted

(Non-GAAP)

Revenues

 

$

299,173

 

$

1,423

 

$

 

$

 

$

 

$

 

$

300,596

Total costs and expenses

 

$

272,473

 

 

$

(19,392

)

 

$

(1,937

)

 

$

(4,811

)

 

$

 

 

$

 

 

$

246,333

 

Income from operations

 

$

26,700

 

 

$

20,815

 

 

$

1,937

 

 

$

4,811

 

 

$

 

 

$

 

 

$

54,263

 

Operating margin

 

 

8.9

%

 

 

 

 

 

 

 

 

 

 

 

 

18.1

%

Income before income taxes

 

$

27,457

 

 

$

20,815

 

 

$

1,937

 

 

$

4,811

 

 

$

(1,398

)

 

$

 

 

$

53,622

 

Net income

 

$

19,976

 

 

$

20,815

 

 

$

1,937

 

 

$

4,811

 

 

$

(1,398

)

 

$

(8,312

)

 

$

37,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

Diluted

 

$

0.83

 

 

 

 

 

 

 

 

 

 

 

 

$

1.57

 

Weighted average shares outstanding:

Diluted

 

 

24,126

 

 

 

 

 

 

 

 

 

 

 

 

 

24,126

 

   

 

 

 

 

For the three months ended June 30, 2022

Non-GAAP Adjustments

 

 

 

 

As Reported

(GAAP)

 

Purchase

accounting

adjustments(1)

 

Merger and

integration

costs(2)

 

Restructuring

costs(3)

 

Income from

other

investments(4)

 

Tax

adjustments(5)

 

As Adjusted

(Non-GAAP)

Revenues

 

$

273,564

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

273,564

 

Total costs and expenses

 

$

251,699

 

 

$

(3,694

)

 

$

(254

)

 

$

(3,661

)

 

$

 

 

$

 

 

$

244,090

 

Income from operations

 

$

21,865

 

 

$

3,694

 

 

$

254

 

 

$

3,661

 

 

$

 

 

$

 

 

$

29,474

 

Operating margin

 

 

8.0

%

 

 

 

 

 

 

 

 

 

 

 

 

10.8

%

Income before income taxes

 

$

22,165

 

 

$

3,694

 

 

$

254

 

 

$

3,661

 

 

$

(526

)

 

$

 

 

$

29,248

 

Net income

 

$

15,220

 

 

$

3,694

 

 

$

254

 

 

$

3,661

 

 

$

(526

)

 

$

(1,829

)

 

$

20,474

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

Diluted

 

$

0.63

 

 

 

 

 

 

 

 

 

 

 

 

$

0.85

 

Weighted average shares outstanding:

Diluted

 

 

24,063

 

 

 

 

 

 

 

 

 

 

 

 

 

24,063

 

Contacts

Terese Wilke

Director of Investor Relations

Strategic Education, Inc.

(612) 977-6331

terese.wilke@strategiced.com

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