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The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Strategic Education is currently sporting a Zacks Rank of #1 (Strong Buy). Over the past three months, the Zacks Consensus Estimate for STRA's full-year earnings has moved 14.9% higher. This is a sign of improving analyst sentiment and a positive ...

Attractive Factors of the Stock Solid Enrollment Trends in the USHE: Strategic Education has been witnessing strong enrollment growth in its USHE segment for some time now. During the first quarter of 2024, total student enrollment within this segment increased 9.8% to 87,731 from 79,935 reported a year ago. The primary driver was the increase in employer-affiliated enrollments. The employer-affiliated enrollment grew 22% year over year, which showcases continuous strength in Strategic Education's corporate ...

Table of Contents SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 or ☐ Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 0-21039 Strategic Education, Inc. (Exact name of registrant as specified in this charter) Maryland 52-1975978 (State or other jur ...

Company Participants Operator Thank you. Hello, everyone, and welcome to Strategic EducationÂ's conference call in which we will discuss first quarter 2024 results. With us today are Robert Silberman, Chairman; Karl McDonnell, President and Chief Executive Officer; and Daniel Jackson, Executive Vice President and Chief Financial Officer. Karl McDonnell 10% with total employer affiliated enrollment growing more than double that rate at 22% from the prior year, reflecting continued strength in our corporate p ...

Exhibit 99.1 STRATEGIC EDUCATION, INC. REPORTS FIRST QUARTER 2024 RESULTS HERNDON, Va., April 25, 2024 — Strategic Education, Inc. (Strategic Education) (NASDAQ: STRA) today announced financial results for the period ended March 31, 2024. “As we begin a new year, we are pleased with strength across our business and proud of the organization’s ongoing commitment to the success of our students,” said Karl McDonnell, Chief Executive Officer of Strategic Education. “The U.S. Higher Education segment delivered a ...

Financial Data and Key Metrics - Revenue for the fourth quarter grew 12.5% to $304 million, with operating income more than doubling to $57 million and operating margin increasing by 870 basis points [60] - Full-year revenue grew 7.4%, operating expenses grew 4%, operating income grew 43%, and operating margin increased by 280 basis points [17] - Earnings per share more than doubled to $1.70 per share in Q4 [60] - The company generated $159 million in pretax cash from operations and sold a campus property for $6 million, resulting in $165 million in generated cash [10] - $42 million was paid in taxes, $37 million was invested in capital and growth expenditures, and $40 million of debt was paid down, leaving $208 million in cash and marketable securities at year-end [10][23] Business Segment Performance Education Technology and Services (ETS) - ETS revenue grew 31% in Q4 and 26% for the full year, with operating income increasing 119% in Q4 and 51% for the full year [2] - Sophia Learning, a direct-to-consumer portal, grew revenue by 42% in Q4 and achieved a 50% operating margin, up from 22% in the prior year, with paid subscribers increasing 44% to over 35,000 [61] - Workforce Edge enrollments doubled year-over-year, with 65 corporate partners and enrollments growing 112% to nearly 1,500 students [100] U.S. Higher Education - Total enrollment grew 11% in Q4 and 7% for the full year, with employer-affiliated enrollment growing 24% in Q4 and 19% for the full year [21] - Revenue grew 9% in Q4 and 6% for the full year, while operating income grew 149% in Q4 and 55% for the full year [56] - Corporate partnerships accounted for 70% of incremental enrollment growth, with retention stable at 87.4% [56] Australia New Zealand (ANZ) - Revenue grew 20% in Q4 and 6% for the full year on a constant currency basis [100] - Domestic and international enrollment is roughly 50-50, with domestic new student enrollment up 20% year-over-year in Q3, while international new students declined slightly [36][67] - The company plans to make substantial investments in ANZ in 2024 to support growth [32] Market and Strategic Insights - The company attributes strong enrollment growth to its network of over 1,000 corporate partnerships, which drove outperformance in U.S. Higher Education [77] - Labor force participation rates are a key macro indicator for future demand, as they reflect employment confidence, which is a predictor of working adults returning to school [31] - The company expects consolidated margins to settle in the low to mid-20s, with fluctuations based on investments made in any given quarter or year [18] Management Commentary on Environment and Outlook - Management remains confident in the quality of Torrens University and Media Design School in New Zealand, with plans for substantial investments in 2024 [32] - The company expects investments in 2024 to be weighted toward the second half of the year, with the exception of Australia, where investments will be made throughout the year [33] - The company is well-positioned to support academic institutions, fund opportunities, and return capital to shareholders in 2024 [23] Other Important Information - The company returned $74 million to shareholders through dividends and share repurchases, with a focus on opportunistic share repurchases at a significant discount to intrinsic value [59][29] - The company targets cash conversion or distributable cash at the same level as adjusted net income, with plans to pay down the revolver and maintain a payout ratio of roughly one-third for dividends [68][75] Q&A Summary Question: Enrollment Growth Drivers - The primary driver of enrollment growth is the company's corporate partnerships, which have seen accelerated growth in the back half of the year [77] - Workforce Edge enrollments doubled year-over-year, contributing significantly to growth [14] Question: ANZ Enrollment and Visa Changes - The company does not expect tighter student visa qualification rules in Australia to adversely impact enrollments, as it takes a measured approach to international recruitment [67] - Domestic new student enrollment was up in Q4, while international new students declined slightly, with overall growth expected in the future [98] Question: Capital Deployment and Share Repurchases - The company plans to pay down the revolver, maintain dividend payouts, and consider opportunistic share repurchases based on stock price relative to intrinsic value [74][29] - Cash conversion is expected to align with adjusted net income moving forward [75] Question: Operating Margin Sustainability - Management expects margins to settle in the low to mid-20s, with fluctuations based on investments, and remains confident in the sustainability of gains [18][92] Question: 2024 Outlook - The company remains comfortable with the preliminary 2024 outlook provided at Investor Day, with no significant changes to the growth drivers or segment performance [19][93]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 0-21039 STRATEGIC EDUCATION, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

Exhibit 99.1 STRATEGIC EDUCATION, INC. REPORTS FOURTH QUARTER 2023 RESULTS HERNDON, Va., February 29, 2024 — Strategic Education, Inc. (Strategic Education) (NASDAQ: STRA) today announced financial results for the period ended December 31, 2023. "During 2023, we delivered strong enrollment, revenue, and earnings growth and are proud of the organization's ongoing commitment to the success of our students," said Karl McDonnell, Chief Executive Officer of Strategic Education. "As we begin a new year, we look t ...

Company Participants Jeff Silber - BMO Capital Markets Jasper Bibb - Truist Securities Heather Balsky - BofA I would now like to turn the call over to Terese Wilke, Director of Investor Relations for Strategic Education. Ms. Wilke, please go ahead. Please note that this call may include forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements are based on current expectations and are subject to a number of assumptions, unc ...