Strategic Education, Inc. Reports Second Quarter 2020 Results

HERNDON, Va.–(BUSINESS WIRE)–Strategic Education, Inc. (Strategic Education) (NASDAQ: STRA) today announced financial results for the period ended June 30, 2020.

Karl McDonnell, Chief Executive Officer of Strategic Education said, “We are very proud of our staff and faculty’s ongoing commitment to help our students continue their educational journeys during the second quarter of 2020. As our organization continues to adapt to the challenges presented by the COVID-19 pandemic, we remain focused on maintaining the highest level of educational quality and access while investing in strategies and opportunities to support our mission of advancing career and economic mobility for all.”

UPDATE ON IMPACT OF PANDEMIC

The Company continues to take action to ensure the health and well-being of its students and employees during the ongoing pandemic. Current measures taken, which have been informed by guidance from the Centers for Disease Control and Prevention (CDC) and other public health and government authorities, include:

  • Continuing 100% work from home for campus and most corporate office staff
  • Continued closure of all Strayer University campuses and Capella University Campus Centers
  • Shifting Strayer University’s on-ground campus class schedule to fully online through the Fall 2020 term (Capella University classes are already entirely online)
  • Postponing large student events, such as graduation ceremonies, and restructuring or rescheduling most Capella University residencies through the Summer 2020 term
  • Limiting all non-essential employee travel, large meetings, and events

The Company is continuing to provide financial relief to students and employer partners as they experience the negative impact of the pandemic. These measures, which include payment flexibility, scholarship opportunities, and other pricing relief, are likely to result in a full-year revenue-per-student decline of approximately one percent.

Finally, the Company maintains a solid financial foundation, with over $500 million in cash, $250 million of undrawn credit, and projected continued quarterly cash generation. Accordingly, the Company has maintained the position that it will not accept any financial support from the Federal or state pandemic related relief programs.

STRATEGIC EDUCATION CONSOLIDATED RESULTS

Three Months Ended June 30

  • Revenue increased 4.4% to $255.8 million compared to $245.1 million for the same period in 2019.
  • Income from operations was $46.4 million or 18.1% of revenue, compared to $27.6 million or 11.3% of revenue for the same period in 2019. Income from operations in 2020 includes $15.4 million of amortization expense related to assets acquired in the merger with Capella Education Company and $1.2 million in costs associated with the merger with Capella Education Company, and transaction expenses associated with potential future business combinations. Income from operations in 2019 included $15.4 million of amortization expense related to assets acquired in the merger with Capella Education Company and $3.0 million in costs associated with the merger with Capella Education Company. Adjusted income from operations, which is a non-GAAP financial measure and excludes the aforementioned expenses, was $63.0 million in 2020 compared to $46.0 million for the same period in 2019. The adjusted operating income margin was 24.6% compared to 18.8% for the same period in 2019. For more details on non-GAAP financial measures, refer to the information in the Non-GAAP Financial Measures section of this press release.
  • Net income, which includes the items described above, and also includes income from partnership interests and other investments, and certain discrete tax adjustments, was $34.2 million in 2020 compared to $24.4 million for the same period in 2019. Adjusted net income was $45.4 million compared to $35.2 million for the same period in 2019.
  • Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $72.6 million in 2020 compared to $54.1 million in 2019. Adjusted EBITDA, which excludes merger costs and stock-based compensation expense, was $77.7 million compared to $60.3 million for the same period in 2019.
  • Diluted earnings per share was $1.55 compared to $1.10 for the same period in 2019. Adjusted diluted earnings per share increased to $2.06 from $1.59 for the same period in 2019. Diluted weighted average shares outstanding decreased to 22,012,000 from 22,109,000 for the same period in 2019.

Strayer University Segment Highlights

  • For the second quarter, student enrollment at Strayer University increased 6% to 53,782 compared to 50,713 for the same period in 2019. New student enrollment for the period decreased 4% and continuing student enrollment for the period increased 8%.
  • Revenue increased 4.8% to $138.1 million in the second quarter of 2020 compared to $131.7 million for the same period in 2019, driven by higher second quarter enrollment.
  • Income from operations increased to $35.8 million in the second quarter of 2020 from $24.4 million for the same period in 2019. The operating income margin was 25.9%, compared to 18.5% for the same period in 2019.
  • During the second quarter, the Company completed a new Strayer University campus in Corpus Christi, Texas.

Capella University Segment Highlights

  • For the second quarter, student enrollment at Capella University increased 1% to 39,341 compared to 38,979 for the same period in 2019. New student enrollment for the period increased 1% and continuing student enrollment for the period increased 1%.
  • FlexPath continued to be a significant driver of new and total enrollment growth in the second quarter of 2020, and is 37% of Capella University’s bachelor’s and master’s degrees total enrollment.
  • Revenue increased 3.9% to $117.8 million in the second quarter of 2020 compared to $113.4 million for the same period in 2019, driven by higher second quarter enrollment and revenue-per-student.
  • Income from operations increased to $27.2 million in the second quarter of 2020 from $21.6 million for the same period in 2019. The operating income margin was 23.1%, compared to 19.0% for the same period in 2019.

BALANCE SHEET AND CASH FLOW

At June 30, 2020, Strategic Education had cash, cash equivalents, and marketable securities of $525.3 million, and no debt. For the first six months of 2020, cash provided by operations was $111.9 million compared to $103.1 million for the same period in 2019. Capital expenditures for the first six months of 2020 were $25.5 million compared to $18.9 million for the same period in 2019. Capital expenditures for 2020 are expected to be at the lower end of our estimate of between $40 million and $45 million.

Consolidated bad debt expense as a percentage of revenue was 4.7% for the second quarter of 2020 and 2019. Bad debt expense for the quarter includes additional reserves to account for projected deterioration in collections performance in 2020 due to the pandemic.

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 14, 2020 to shareholders of record as of September 4, 2020.

CONFERENCE CALL WITH MANAGEMENT

Strategic Education will host a conference call to discuss its second quarter 2020 earnings results at 10:00 a.m. (ET) today. To participate in the live call, investors should dial (877) 303-9047 ten minutes prior to the start time. In addition, the 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 prior to the start time of the call. Following the call, the webcast will be archived and available at www.strategiceducation.com in the Investor Relations section.

About Strategic Education

Strategic Education (NASDAQ: STRA) (www.strategiceducation.com) is dedicated to enabling economic mobility with education. We serve working adult students through a range of educational opportunities that include: Strayer University and Capella University (separate institutions that are each regionally accredited), which collectively offer flexible and affordable associate, bachelor’s, master’s, and doctoral programs; a Top-25 Princeton Review-ranked online MBA program through the Jack Welch Management Institute at Strayer University; self-paced courses for college credit through Sophia; customized degrees for corporations through Degrees@Work; and non-degree web and mobile application development courses through DevMountain, Generation Code, and Hackbright Academy. These programs help our students prepare for success in today’s jobs 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 of Strategic Education; Strategic Education’s plans, strategies and prospects; the impact of the current COVID-19 pandemic on Strategic Education’s business and results; 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:

  • Strategic Education’s continued compliance with Title IV of the Higher Education Act, and the regulations thereunder, as well as regional accreditation standards and state regulatory requirements;
  • rulemaking by the Department of Education and increased focus by the U.S. Congress on for-profit education institutions;
  • the pace of student enrollment;
  • 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;
  • 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,

 

2019

 

2020

 

2019

 

2020

Revenues

$

245,110

 

 

$

255,831

 

 

$

491,618

 

 

$

521,133

 

Costs and expenses:

 

 

 

 

 

 

 

Instructional and support costs

130,704

 

 

125,544

 

 

264,754

 

 

258,480

 

General and administration

68,374

 

 

67,301

 

 

132,513

 

 

136,527

 

Amortization of intangible assets

15,417

 

 

15,417

 

 

30,834

 

 

30,834

 

Merger and integration costs

3,019

 

 

1,174

 

 

10,198

 

 

4,938

 

Total costs and expenses

217,514

 

 

209,436

 

 

438,299

 

 

430,779

 

Income from operations

27,596

 

 

46,395

 

 

53,319

 

 

90,354

 

Other income

4,125

 

 

1,639

 

 

7,452

 

 

3,762

 

Income before income taxes

31,721

 

 

48,034

 

 

60,771

 

 

94,116

 

Provision for income taxes

7,312

 

 

13,882

 

 

24,862

 

 

24,725

 

Net income

$

24,409

 

 

$

34,152

 

 

$

35,909

 

 

$

69,391

 

Earnings per share:

 

 

 

 

 

 

 

Basic

$

1.12

 

 

$

1.57

 

 

$

1.66

 

 

$

3.18

 

Diluted

$

1.10

 

 

$

1.55

 

 

$

1.63

 

 

$

3.15

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

21,777

 

 

21,764

 

 

21,638

 

 

21,787

 

Diluted

22,109

22,012

22,079

22,041

STRATEGIC EDUCATION, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

 

 

December 31,

2019

 

June 30,

2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

419,693

 

 

$

470,319

 

Marketable securities

34,874

 

 

23,106

 

Tuition receivable, net

51,523

 

 

41,004

 

Other current assets

18,004

 

 

19,067

 

Total current assets

524,094

 

 

553,496

 

Property and equipment, net

117,029

 

 

117,247

 

Right-of-use lease assets

84,778

 

 

81,418

 

Marketable securities, non-current

36,633

 

 

31,917

 

Intangible assets, net

273,011

 

 

245,344

 

Goodwill

732,075

 

 

732,075

 

Other assets

21,788

 

 

30,067

 

Total assets

$

1,789,408

 

 

$

1,791,564

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued expenses

$

90,828

 

 

$

67,258

 

Income taxes payable

1,352

 

 

16,722

 

Contract liabilities

39,284

 

 

40,052

 

Lease liabilities

25,284

 

 

24,852

 

Total current liabilities

156,748

 

 

148,884

 

Deferred income tax liabilities

47,942

 

 

40,107

 

Lease liabilities, non-current

80,557

 

 

77,458

 

Other long-term liabilities

41,451

 

 

40,565

 

Total liabilities

326,698

 

 

307,014

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Common stock, par value $0.01; 32,000,000 shares authorized; 21,964,809

and 22,222,936 shares issued and outstanding at December 31, 2019 and

June 30, 2020, respectively

220

 

 

222

 

Additional paid-in capital

1,309,438

 

 

1,291,597

 

Accumulated other comprehensive income

233

 

 

659

 

Retained earnings

152,819

 

 

192,072

 

Total stockholders’ equity

1,462,710

 

 

1,484,550

 

Total liabilities and stockholders’ equity

$

1,789,408

 

 

$

1,791,564

 

STRATEGIC EDUCATION, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

For the six months ended

June 30,

 

2019

 

2020

Cash flows from operating activities:

 

 

 

Net income

$

35,909

 

 

$

69,391

 

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

 

 

 

Amortization of deferred financing costs

167

 

 

167

 

Amortization of investment discount/premium

220

 

 

68

 

Depreciation and amortization

52,497

 

 

51,981

 

Deferred income taxes

9,909

 

 

(6,736)

 

Stock-based compensation

6,576

 

 

6,884

 

Impairment of right-of-use lease assets

 

 

453

 

Changes in assets and liabilities:

 

 

 

Tuition receivable, net

5,777

 

 

3,820

 

Other assets

(1,240)

 

 

(6,338)

 

Accounts payable and accrued expenses

229

 

 

(22,180)

 

Income taxes payable and income taxes receivable

(10,673)

 

 

15,303

 

Contract liabilities

4,778

 

 

2,053

 

Other long-term liabilities

(1,086)

 

 

(2,925)

 

Net cash provided by operating activities

103,063

 

 

111,941

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

(18,859)

 

 

(25,465)

 

Purchases of marketable securities

(12,443)

 

 

(1,863)

 

Proceeds from marketable securities

22,560

 

 

18,869

 

Other investments

(740)

 

 

(693)

 

Net cash used in investing activities

(9,482)

 

 

(9,152)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

Common dividends paid

(22,194)

 

 

(26,662)

 

Net payments for stock awards

(7,607)

 

 

(24,758)

 

Repurchase of common stock

 

 

(247)

 

Net cash used in financing activities

(29,801)

 

 

(51,667)

 

Net increase in cash, cash equivalents, and restricted cash

63,780

 

 

51,122

 

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

312,237

 

 

420,497

 

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

$

376,017

 

 

$

471,619

 

STRATEGIC EDUCATION, INC.

UNAUDITED SEGMENT REPORTING

(in thousands)

 

 

For the three months

ended June 30,

 

For the six months

ended June 30,

 

2019

 

2020

 

2019

 

2020

Revenues:

 

 

 

 

 

 

 

Strayer University

$

131,728

 

 

$

138,080

 

 

$

262,474

 

 

$

283,734

 

Capella University

113,382

 

 

117,751

 

 

 

229,144

 

 

237,399

 

Consolidated revenues

$

245,110

 

 

$

255,831

 

 

$

491,618

 

 

$

521,133

 

Income from operations:

 

 

 

 

 

 

 

Strayer University

$

24,433

 

 

$

35,813

 

 

$

48,236

 

 

$

72,416

 

Capella University

21,599

 

 

27,173

 

 

46,115

 

 

53,710

 

Amortization of intangible assets

(15,417)

 

 

(15,417)

 

 

(30,834)

 

 

(30,834)

 

Merger and integration costs

(3,019)

 

 

(1,174)

 

 

(10,198)

 

 

(4,938)

 

Consolidated income from operations

$

27,596

 

 

$

46,395

 

 

$

53,319

 

 

$

90,354

 

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, 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. These measures are Adjusted Total Costs and Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Net Income, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), Adjusted EBITDA and Adjusted Diluted Earnings Per Share (EPS). We define Adjusted Total Costs and Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Net Income, and Adjusted Diluted EPS to exclude (1) amortization and depreciation expense related to intangible assets and software assets associated with the Company’s merger with Capella Education Company, (2) integration expenses associated with the Company’s merger with Capella Education Company, and transaction expenses associated with potential future business combinations, (3) income recognized from the Company’s investments in partnership interests and other investments, and (4) discrete tax adjustments utilizing an adjusted effective tax rate of 27.5% and 28.5% for the three months ended June 30, 2019 and 2020, respectively. 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 and the amounts in (2) 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 INCOME FROM OPERATIONS, ADJUSTED NET INCOME, AND ADJUSTED EPS

(in thousands, except per share data)

 

 

 

 

For the three months ended June 30, 2019

 

 

 

Non-GAAP Adjustments

 

As Reported

(GAAP)

 

Amortization of

intangible

assets(1)

 

Merger and

integration

costs(2)

 

Income from

other

investments(3)

 

Tax

Adjustments(4)

 

As Adjusted

(Non-GAAP)

Revenues

$

245,110

 

 

$

 

 

$

 

 

$

 

$

 

$

245,110

Total costs and expenses

$

217,514

 

 

$

(15,417)

 

 

$

(3,019)

 

 

$

 

$

 

$

199,078

Income from operations

$

27,596

 

 

$

15,417

 

 

$

3,019

 

 

$

 

$

 

$

46,032

Operating margin

 

11.3%

 

 

 

 

 

 

 

 

 

 

 

18.8%

Net income

$

24,409

 

 

$

15,417

 

 

$

3,019

 

 

$

(1,605)

 

$

(6,040)

$

35,200

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Diluted

$

1.10

 

 

 

 

 

 

 

 

$

1.59

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

Diluted

 

22,109

 

 

 

 

 

 

 

 

 

 

22,109

 

 

 

 

For the three months ended June 30, 2020

 

 

 

 

Non-GAAP Adjustments

 

 

As Reported

(GAAP)

 

Amortization of

intangible

assets(1)

 

Merger and

integration

costs(2)

 

Income from

other

investments(3)

Tax

adjustments(4)

 

As Adjusted

(Non-GAAP)

Revenues

$

255,831

 

 

$

 

 

$

 

 

$

 

$

 

 

$

255,831

 

Total costs and expenses

$

209,436

 

 

$

(15,417)

 

 

$

(1,174)

 

 

$

 

$

 

 

$

192,845

 

Income from operations

$

46,395

 

 

$

15,417

 

 

$

1,174

 

 

$

 

$

 

 

$

62,986

 

Operating margin

 

18.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

24.6%

 

Net income

$

34,152

 

 

$

15,417

 

 

$

1,174

 

 

$

(1,135)

 

$

(4,213)

 

$

45,395

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

Diluted

$

1.55

 

 

 

 

 

 

 

 

 

$

2.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

22,012

 

 

 

 

 

 

 

 

 

 

22,012

 

 

(1)

Reflects amortization and depreciation expense of intangible assets and software assets acquired through the Company’s merger with Capella Education Company.

(2)

Reflects integration expenses associated with the Company’s merger with Capella Education Company, and transaction expenses associated with potential future business combinations.

(3)

Reflects income recognized from the Company’s investments in partnership interests and other investments.

(4)

Reflects tax impacts of the adjustments described above and discrete tax adjustments related to stock-based compensation and other adjustments, utilizing an adjusted effective tax rate of 27.5% and 28.5% for the three months ended June 30, 2019 and 2020, respectively.
STRATEGIC EDUCATION, INC.

UNAUDITED NON-GAAP SEGMENT REPORTING

(in thousands)

 

 

For the three months ended

June 30,

 

For the six months ended

June 30,

 

 

2019

 

2020

 

2019

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Strayer University

$

131,728

 

 

$

138,080

 

 

$

262,474

 

 

$

283,734

 

 

Capella University

113,382

 

 

117,751

 

 

229,144

 

 

237,399

 

 

Consolidated revenues

$ 245,110

 

 

$ 255,831

 

 

$ 491,618

 

 

$ 521,133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations:

 

 

 

 

 

 

 

 

 

 

 

 

Strayer University

$ 24,433

 

 

$ 35,813

 

 

$ 48,236

 

 

$ 72,416

 

 

Capella University

21,599

 

 

27,173

 

 

46,115

 

 

53,710

 

 

Amortization of intangible assets

(15,417)

 

 

(15,417)

 

 

(30,834)

 

 

(30,834)

 

 

Merger and integration costs

(3,019)

 

 

(1,174)

 

 

(10,198)

 

 

(4,938)

 

 

Consolidated income from operations

 

27,596

 

 

 

46,395

 

 

 

53,319

 

 

 

90,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to consolidated income from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

15,417

 

 

 

15,417

 

 

 

30,834

 

 

 

30,834

 

 

Merger and integration costs

 

3,019

 

 

 

1,174

 

 

 

10,198

 

 

 

4,938

 

 

Total adjustments to consolidated income

from operations

 

18,436

 

 

 

16,591

 

 

 

41,032

 

 

 

35,772

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted income from operations by segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Strayer University

 

24,433

 

 

 

35,813

 

 

 

48,236

 

 

 

72,416

 

 

Capella University

 

21,599

 

 

 

27,173

 

 

 

46,115

 

 

 

53,710

 

 

Total adjusted income from operations by segment

$

46,032

 

 

$

62,986

 

 

$

94,351

 

 

$

126,126

 

 

Contacts

Terese Wilke

Manager, Investor Relations

Strategic Education, Inc.

(612) 977-6331

terese.wilke@strategiced.com

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