Strategic Education, Inc. Reports Third Quarter 2024 Results

Strategic Education, Inc. (Strategic Education) (NASDAQ: STRA) today announced financial results for the period ended September 30, 2024.

“Our third quarter results reflect continued growth across our business, including strong employer affiliated enrollment in the U.S. Higher Education segment; strong growth from Sophia subscriptions in the Education Technology Services segment; and another quarter of total enrollment growth in the Australia/New Zealand segment,” said Karl McDonnell, Chief Executive Officer of Strategic Education. “We are pleased with the organization’s performance as we continue to focus on promoting economic mobility for working adults.”

STRATEGIC EDUCATION CONSOLIDATED RESULTS

Three Months Ended September 30

Revenue increased 7.0% to $306.0 million compared to $285.9 million for the same period in 2023. Revenue on a constant currency basis, which is a non-GAAP financial measure, increased 6.5% to $304.4 million in the third quarter of 2024 compared to $285.9 million for the same period in 2023. For more details on non-GAAP financial measures used in this press release, refer to the information in the Non-GAAP Financial Measures section of this press release.
Income from operations was $36.3 million or 11.9% of revenue, compared to $25.6 million or 9.0% of revenue for the same period in 2023. Adjusted income from operations, which is a non-GAAP financial measure, was $37.1 million compared to $32.6 million for the same period in 2023. The adjusted operating income margin, which is a non-GAAP financial measure, was 12.1% compared to 11.4% for the same period in 2023.
Net income was $27.7 million compared to $18.5 million for the same period in 2023. Adjusted net income, which is a non-GAAP financial measure, was $27.9 million compared to $23.3 million for the same period in 2023.
Adjusted EBITDA, which is a non-GAAP financial measure, was $56.2 million compared to $49.5 million for the same period in 2023.
Diluted earnings per share was $1.15 compared to $0.77 for the same period in 2023. Adjusted diluted earnings per share, which is a non-GAAP financial measure, increased to $1.16 from $0.97 for the same period in 2023. Adjusted diluted earnings per share on a constant currency basis, which is a non-GAAP financial measure, was $1.15. Diluted weighted average shares outstanding increased to 24,173,000 from 23,870,000 for the same period in 2023.

U.S. Higher Education Segment Highlights

The U.S. Higher Education segment (USHE) is comprised of Capella University and Strayer University.
For the third quarter, student enrollment within USHE increased 4.8% to 86,533 compared to 82,548 for the same period in 2023.
For the third quarter, FlexPath enrollment was 24% of USHE enrollment compared to 22% for the same period in 2023.
Revenue increased 2.9% to $207.7 million in the third quarter of 2024 compared to $201.8 million for the same period in 2023, driven by higher third quarter enrollment.
Income from operations was $11.4 million in the third quarter of 2024 compared to $10.4 million for the same period in 2023. The operating income margin was 5.5%, compared to 5.2% for the same period in 2023.

Education Technology Services Segment Highlights

The Education Technology Services segment (ETS) is comprised primarily of Enterprise Partnerships, Sophia Learning, and Workforce Edge.
For the third quarter, employer affiliated enrollment was 29.8% of USHE enrollment compared to 27.8% for the same period in 2023.
For the third quarter, average total subscribers at Sophia Learning increased approximately 33% from the same period in 2023.
As of September 30, 2024, Workforce Edge had a total of 75 corporate agreements, collectively employing approximately 3,760,000 employees.
Revenue increased 26.2% to $26.3 million in the third quarter of 2024 compared to $20.8 million for the same period in 2023, driven by growth in Sophia Learning subscriptions and employer affiliated enrollment.
Income from operations was $10.8 million in the third quarter of 2024 compared to $8.3 million for the same period in 2023. The operating income margin was 41.0%, compared to 39.9% for the same period in 2023.

Australia/New Zealand Segment Highlights

The Australia/New Zealand segment (ANZ) is comprised of Torrens University, Think Education, and Media Design School.
For the third quarter, student enrollment within ANZ increased 5.1% to 19,205 compared to 18,279 for the same period in 2023.
Revenue increased 13.7% to $71.9 million in the third quarter of 2024 compared to $63.3 million for the same period in 2023, driven by higher third quarter enrollment and revenue-per-student. Revenue on a constant currency basis, which is a non-GAAP financial measure, increased 11.3% to $70.4 million in the third quarter of 2024 compared to $63.3 million for the same period in 2023, driven by higher third quarter enrollment and revenue-per-student.
Income from operations was $14.8 million in the third quarter of 2024 compared to $13.9 million for the same period in 2023. The operating income margin was 20.6%, compared to 21.9% for the same period in 2023. Income from operations on a constant currency basis, which is a non-GAAP financial measure, was $14.5 million in the third quarter of 2024 compared to $13.9 million for the same period in 2023. The operating income margin on a constant currency basis, which is a non-GAAP financial measure, was 20.7%, compared to 21.9% for the same period in 2023.

BALANCE SHEET AND CASH FLOW

At September 30, 2024, Strategic Education had cash, cash equivalents, and marketable securities of $222.1 million. During the third quarter, the company repaid the remaining $61.3 million of outstanding debt on its revolving credit facility. For the first nine months of 2024, cash provided by operations was $153.4 million compared to $87.2 million for the same period in 2023. Capital expenditures for the first nine months of 2024 were $29.3 million compared to $27.3 million for the same period in 2023.

For the third quarter of 2024, consolidated bad debt expense as a percentage of revenue was 4.5%, compared to 5.2% of revenue for the same period in 2023.

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 December 9, 2024 to shareholders of record as of December 2, 2024.

CONFERENCE CALL WITH MANAGEMENT

Strategic Education will host a conference call to discuss its third quarter 2024 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 Capella University and Strayer 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, which offers 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 or other governmental entities, including without limitation action related to borrower defense to repayment applications, gainful employment, 90/10, increased focus by the U.S. Congress on for-profit education institutions, and including actions by governmental entities in Australia and New Zealand;
competitive factors;
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

September 30,

For the nine months ended

September 30,

2023

2024

2023

2024

Revenues

285,936

305,958

830,222

908,474

Costs and expenses:

Instructional and support costs

155,735

162,668

470,152

483,612

General and administration

97,598

106,206

292,066

308,013

Amortization of intangible assets

3,382

—

10,364

—

Merger and integration costs

330

—

1,335

—

Restructuring costs

3,262

758

15,208

(2,757

)

Total costs and expenses

260,307

269,632

789,125

788,868

Income from operations

25,629

36,326

41,097

119,606

Other income

842

2,264

4,411

3,935

Income before income taxes

26,471

38,590

45,508

123,541

Provision for income taxes

8,012

10,842

14,846

36,193

Net income

18,459

27,748

30,662

87,348

Earnings per share:

Basic

0.79

1.18

1.31

3.73

Diluted

0.77

1.15

1.28

3.62

Weighted average shares outstanding:

Basic

23,365

23,422

23,415

23,418

Diluted

23,870

24,173

23,952

24,137

STRATEGIC EDUCATION, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

December 31,

2023

September 30,

2024

ASSETS

Current assets:

Cash and cash equivalents

168,481

195,889

Marketable securities

39,728

26,182

Tuition receivable, net

76,102

105,795

Other current assets

44,758

55,648

Total current assets

329,069

383,514

Property and equipment, net

118,529

116,205

Right-of-use lease assets

119,202

116,700

Marketable securities, non-current

483

—

Intangible assets, net

251,623

251,952

Goodwill

1,251,888

1,260,599

Other assets

54,419

58,554

Total assets

2,125,213

2,187,524

LIABILITIES & STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable and accrued expenses

90,888

107,211

Income taxes payable

2,200

1,658

Contract liabilities

92,341

154,144

Lease liabilities

24,190

22,827

Total current liabilities

209,619

285,840

Long-term debt

61,400

—

Deferred income tax liabilities

28,338

26,183

Lease liabilities, non-current

127,735

116,090

Other long-term liabilities

45,603

42,615

Total liabilities

472,695

470,728

Commitments and contingencies

Stockholders’ equity:

Common stock, par value $0.01; 32,000,000 shares authorized; 24,406,816 and 24,569,439 shares issued and outstanding at December 31, 2023 and September 30, 2024, respectively

244

246

Additional paid-in capital

1,517,650

1,529,594

Accumulated other comprehensive loss

(34,247

)

(23,238

)

Retained earnings

168,871

210,194

Total stockholders’ equity

1,652,518

1,716,796

Total liabilities and stockholders’ equity

2,125,213

2,187,524

STRATEGIC EDUCATION, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

For the nine months ended

September 30,

2023

2024

Cash flows from operating activities:

Net income

30,662

87,348

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

Gain on sale of property and equipment

(2,136

)

—

Gain on early termination of operating leases

(98

)

(6,166

)

Amortization of deferred financing costs

416

421

Amortization of investment discount/premium

(40

)

(47

)

Depreciation and amortization

44,881

33,033

Deferred income taxes

(5,947

)

(2,272

)

Stock-based compensation

15,202

18,789

Impairment of right-of-use lease assets

5,135

—

Changes in assets and liabilities:

Tuition receivable, net

(35,113

)

(27,849

)

Other assets

(12,456

)

(15,877

)

Accounts payable and accrued expenses

11,119

12,878

Income taxes payable and income taxes receivable

(14,669

)

(646

)

Contract liabilities

52,836

57,576

Other liabilities

(2,619

)

(3,762

)

Net cash provided by operating activities

87,173

153,426

Cash flows from investing activities:

Purchases of property and equipment

(27,318

)

(29,346

)

Purchases of marketable securities

(16,904

)

(14,720

)

Proceeds from marketable securities

8,175

29,525

Proceeds from sale of property and equipment

5,890

—

Proceeds from other investments

457

Other investments

(314

)

(490

)

Cash paid for acquisition, net of cash acquired

(448

)

(163

)

Net cash used in investing activities

(30,462

)

(15,174

)

Cash flows from financing activities:

Common dividends paid

(44,139

)

(44,262

)

Payments on long-term debt

(40,000

)

(61,275

)

Net payments for stock awards

(4,925

)

(3,514

)

Repurchase of common stock

(9,999

)

(5,000

)

Net cash used in financing activities

(99,063

)

(114,051

)

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

(3,657

)

1,495

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

(46,009

)

25,696

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

227,454

181,925

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

181,445

207,621

STRATEGIC EDUCATION, INC.

UNAUDITED SEGMENT REPORTING

(in thousands)

For the three months ended

September 30,

For the nine months ended

September 30,

2023

2024

2023

2024

Revenues:

U.S. Higher Education

201,828

207,709

601,402

643,558

Australia/New Zealand

63,264

71,948

170,239

190,453

Education Technology Services

20,844

26,301

58,581

74,463

Consolidated revenues

285,936

305,958

830,222

908,474

Income from operations:

U.S. Higher Education

10,412

11,446

26,742

59,284

Australia/New Zealand

13,875

14,846

20,984

26,651

Education Technology Services

8,316

10,792

20,278

30,914

Amortization of intangible assets

(3,382

)

—

(10,364

)

—

Merger and integration costs

(330

)

—

(1,335

)

—

Restructuring costs

(3,262

)

(758

)

(15,208

)

2,757

Consolidated income from operations

25,629

36,326

41,097

119,606

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) amortization and depreciation expense related to intangible assets and software assets associated with 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, asset impairment charges, gains on sale of real estate and early termination of leased facilities, and other costs associated with the Company’s restructuring activities, (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 30.0% and 29.5% for the three months ended September 30, 2023 and 2024, 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 September 30, 2024 are also presented on a constant currency basis utilizing an exchange rate of 0.65 Australian Dollars to U.S. Dollars, which was the average exchange rate for the same period in 2023. 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, 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 OPERATING MARGIN, ADJUSTED INCOME BEFORE INCOME TAXES, ADJUSTED NET INCOME, AND ADJUSTED EPS

(in thousands, except per share data)

For the three months ended September 30, 2023

Non-GAAP Adjustments

As Reported

(GAAP)

Amortization

of intangible

assets(1)

Merger and

integration

costs(2)

Restructuring

costs(3)

Income from

other

investments(4)

Tax

adjustments(5)

As Adjusted

(Non-GAAP)

Revenues

285,936

—

285,936

Total costs and expenses

260,307

(3,382

)

(330

)

(3,262

)

—

253,333

Income from operations

25,629

3,382

330

3,262

—

32,603

Operating margin

9.0

11.4

Income before income taxes

26,471

3,382

330

3,262

(215

)

—

33,230

Net income

18,459

3,382

330

3,262

(215

)

(1,957

)

23,261

Earnings per share:

Diluted

0.77

0.97

Weighted average shares outstanding:

Diluted

23,870

For the three months ended September 30, 2024

Non-GAAP Adjustments

As Reported

(GAAP)

Amortization

of intangible

assets(1)

Merger and

integration

costs(2)

Restructuring

costs(3)

Loss from

other

investments(4)

Tax

adjustments(5)

As Adjusted

(Non-GAAP)

Revenues

305,958

—

305,958

Total costs and expenses

269,632

—

(758

)

—

268,874

Income from operations

36,326

—

758

—

37,084

Operating margin

11.9

12.1

Income before income taxes

38,590

—

758

290

—

39,638

Net income

27,748

—

758

290

(851

)

27,945

Earnings per share:

Diluted

1.15

1.16

Weighted average shares outstanding:

Diluted

24,173

(1)

Reflects amortization and depreciation expense of intangible assets and software assets acquired through the Company’s acquisition of Torrens University and associated assets in Australia and New Zealand.

(2)

Reflects 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)

Reflects severance costs, asset impairment charges, gains on sale of real estate and early termination of leased facilities, and other costs associated with the Company’s restructuring activities.

(4)

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

(5)

Reflects tax impacts of the adjustments described above and discrete tax adjustments related to stock-based compensation and other adjustments, utilizing adjusted effective income tax rates of 30.0% and 29.5% for the three months ended September 30, 2023 and 2024, respectively.

STRATEGIC EDUCATION, INC.

UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Q3 2024 AS ADJUSTED WITH CONSTANT CURRENCY

(in thousands, except per share data)

As Adjusted

(Non-GAAP)

Constant

currency

adjustment(1)

As Adjusted

with Constant

Currency

(Non-GAAP)

Revenues

305,958

(1,517)

304,441

Total costs and expenses

268,874

(1,219)

267,655

Income from operations

37,084

(298)

36,786

Operating margin

12.1 %

Income before income taxes

39,638

(313)

39,325

Net income

27,945

(221)

27,724

Earnings per share:

Diluted

1.16

1.15

Weighted average shares outstanding:

Diluted

24,173

(1)

Reflects an adjustment to translate foreign currency results for the three months ended September 30, 2024 at a constant exchange rate of 0.65 Australian Dollars to U.S. Dollars, which was the average exchange rate for the same period in 2023.

STRATEGIC EDUCATION, INC.

UNAUDITED NON-GAAP SEGMENT REPORTING

(in thousands)

For the three months ended

September 30,

For the nine months ended

September 30,

2023

2024

2023

2024

Revenues:

U.S. Higher Education

201,828

207,709

601,402

643,558

Australia/New Zealand

63,264

71,948

170,239

190,453

Education Technology Services

20,844

26,301

58,581

74,463

Consolidated revenues

285,936

305,958

830,222

908,474

Income from operations:

U.S. Higher Education

10,412

11,446

26,742

59,284

Australia/New Zealand

13,875

14,846

20,984

26,651

Education Technology Services

8,316

10,792

20,278

30,914

Amortization of intangible assets

(3,382

)

—

(10,364

)

—

Merger and integration costs

(330

)

—

(1,335

)

—

Restructuring costs

(3,262

)

(758

)

(15,208

)

2,757

Consolidated income from operations

25,629

36,326

41,097

119,606

Adjustments to consolidated income from operations:

Amortization of intangible assets

3,382

—

10,364

—

Merger and integration costs

330

—

1,335

—

Restructuring costs

3,262

758

15,208

(2,757

)

Total adjustments to consolidated income from operations

6,974

758

26,907

(2,757

)

Adjusted income from operations by segment:

U.S. Higher Education

10,412

11,446

26,742

59,284

Australia/New Zealand

13,875

14,846

20,984

26,651

Education Technology Services

8,316

10,792

20,278

30,914

Total adjusted income from operations

32,603

37,084

68,004

116,849

STRATEGIC EDUCATION, INC.

UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA

(in thousands)

For the three months ended

September 30,

2023

2024

Net income

18,459

27,748

Provision for income taxes

8,012

10,842

Other income

(842

)

(2,264

)

Depreciation and amortization

14,685

10,806

EBITDA (1)

40,314

47,132

Stock-based compensation

4,077

6,887

Merger and integration costs (2)

330

—

Restructuring costs (3)

2,922

689

Cloud computing amortization (4)

1,894

1,528

Adjusted EBITDA (1)

49,537

56,236

(1)

Denotes non-GAAP financial measures. Please see the information in the Non-GAAP Financial Measures section of this press release for more detail regarding these adjustments and management’s reasons for providing this information.

(2)

Reflects integration charges 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)

Reflects severance costs, asset impairment charges, gains on sale of real estate and early termination of leased facilities, and other costs associated with the Company’s restructuring activities. Excludes $0.1 million of depreciation and amortization expense for the three months ended September 30, 2023 and $0.3 million and $0.1 million of stock-based compensation expense for the three months ended September 30, 2023 and 2024, respectively.

(4)

Reflects amortization expense associated with deferred implementation costs incurred in cloud computing arrangements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241107434877/en/

Terese Wilke Senior Director of Investor Relations Strategic Education, Inc. (612) 977-6331 terese.wilke@strategiced.com

Strategic Education (NASDAQ:STRA)
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