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 September 30, 2023 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 | | --- | - ...

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 June 30, 2023 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 juri ...

Strategic Education Inc. (NASDAQ:STRA) Q2 2023 Earnings Call Transcript July 27, 2023 10:00 AM ET Conference Call Participants Welcome to Strategic Education's Second Quarter 2023 Results Conference Call. I will now turn the call over to Terese Wilke, Director of Investor Relations for Strategic Education. Terese Wilke 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 ...

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, 2023 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 ...

Financial Data and Key Metrics - Revenue in U.S. Higher Education increased by just over 0.5% to $197 million, with revenue per student decreasing slightly due to strong employer-affiliated enrollments [2] - Education, Technology & Services (ETS) division saw a 25% increase in revenue and a 23% increase in operating income, though operating margin contracted slightly to 31.8% from 32.3% [3] - Restructuring costs in the quarter were $5.6 million, primarily due to lease impairment charges [22] Business Line Data and Key Metrics - U.S. Higher Education division grew total enrollment by 2.3%, with employer-affiliated enrollments growing 13% at Capella, 25% at Strayer, and 17% across all U.S. higher education [2] - Sophia total paid subscribers grew 24%, and Sophia revenue increased 36% [3] - SEI enrollments from Workforce Edge increased 230% to 986 enrollments [3] Market Data and Key Metrics - Revenue in Australia and New Zealand decreased by 8% on a constant currency basis due to adjustments in the academic calendar at Torrens University [4] - Enrollment in Australia and New Zealand was down 6.3%, with revenues down 14% (8% on constant currency) [26] Company Strategy and Industry Competition - The company continues to invest in Sophia and Workforce Edge, which are driving growth in the ETS division [3] - The company expects the Australian government's decision to require students on active visas to attend classes full-time by June to be a positive catalyst for ANZ enrollment in the second half of the year [21] Management Commentary on Operating Environment and Future Outlook - The company expects revenue to grow mid-single digits for the full year, with expenses increasing no more than 3% [7] - The company is optimistic about the second half of the year in Australia, as it will be the first fully normalized period for international student immigration since the pandemic [4] Other Important Information - The company announced an Investor Day to be held on November 7 at the Palace Hotel in New York City [5] - The company does not expect to be impacted by regulatory changes related to online program management companies (OPMs) [33] Q&A Session Summary Question: Guidance for 2023 revenues and enrollments - The company expects revenue to grow mid-single digits, with expenses increasing no more than 3% [7] Question: U.S. higher education enrollment trends by program type - FlexPath at Capella continues to be a major source of growth, while Strayer's growth is predominantly at the undergraduate level [8] Question: Enrollment trends in Australia and New Zealand - The company expects the bulk of revenue from ANZ to hit in the back half of the year, particularly in the fourth quarter [20] Question: Impact of restructuring costs - The $5.6 million restructuring costs were in line with expectations, primarily due to lease impairment charges [22] Question: Exposure to VA and TA at Strayer and Capella - The company has more exposure to VA at Strayer than at Capella but does not expect any compliance-related issues on 90-10 [35] Question: Regulatory changes related to OPMs - The company does not work with OPMs and does not expect to be impacted by any regulatory changes [33]

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, 2022 ☐ 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) Maryland 52-1975978 (State or ot ...

Forward-Looking Statements | --- | --- | |-------------------------|---------------------------------------------------------------------------------------------------------------------------------| | Segment | Description | | U.S. Higher Education | Strayer University, including the Jack Welch Management Institute, Devmountain, and Hackbright Academy, and Capella University | | Education Technology | Services Employer Solutions, Sophia Learning, and Workforce Edge | | Australia/New Zealand | Torrens Univer ...

Strategic Education, Inc. (NASDAQ:STRA) Q4 2022 Earnings Conference Call February 22, 2023 5:00 PM ET Terese Wilke - Director-Investor Relations Robert Silberman - Executive Chairman Karl McDonnell - President & Chief Executive Officer Daniel Jackson - Executive Vice President & Chief Financial Officer Company Participants Conference Call Participants Jeff Silber - BMO Jasper Bibb - Truist Operator Thank you for standing-by, and welcome to Strategic Education's Fourth Quarter 2022 Results Conference Call. A ...

Strategic Education, Inc. (NASDAQ:STRA) Q3 2022 Results Conference Call November 3, 2022 10:00 AM ET Company Participants Terese Wilke - Director of Investor Relations Karl McDonnell - President and Chief Executive Officer Robert Silberman - Executive Chairman Daniel Jackson - Executive Vice President and Chief Financial Officer Conference Call Participants Jeff Silber - BMO Tobey Sommer - Truist Operator Welcome to Strategic Education's Third Quarter 2022 Results Conference Call. I will now turn the call o ...

D SM STRATEGIC EDUCATION INC Q2 2022 Results July 27, 2022 Forward-Looking Statements Statements Under the Private Securities Litigation Reform Act of 1995 Statements in this presentation are "forward-looking statements" under the federal securities laws. 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 his ...