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 ...

Financial Data and Key Metrics Changes - The company reported a continued improvement in returning to earnings growth, with total enrollment expected to decline in the mid-single digits for the full year, an improvement from down 11% in Q1 and down 7% in Q2 [8][9] - Inquiry volume in the U.S. Higher Education segment increased by over 20% year-over-year, with Strayer University's branded search volume returning to pre-pandemic levels [9][10] - The Education Technology and Services segment saw a revenue increase of 24% from the prior year [14] Business Line Data and Key Metrics Changes - Strayer University experienced year-over-year improvements in core success and student retention, with total enrollment expected to grow year-over-year by the end of the year [10][11] - Employer Solutions within the Education Technology and Services segment grew total employer-affiliated enrollments by 10%, with the mix of students from employers increasing by 410 basis points [12] - Workforce Edge doubled its corporate partners from 20 to 45, with a total employee base growing from approximately 415,000 to over 1 million [13] Market Data and Key Metrics Changes - The Australia and New Zealand segment saw total enrollment increase slightly, but revenue declined by 10% year-over-year, attributed to timing of enrollments and foreign currency fluctuations [16] - The company expects ANZ revenue to be flat or slightly down for the full year, but remains confident in enrollment growth as international student processes normalize [17] Company Strategy and Development Direction - The company aims to finish the year strong and show significant earnings growth in 2023, focusing on improving academic performance and student outcomes [18] - The capital allocation strategy prioritizes reinvesting in high-returning investments, with dividends and share repurchases considered after ensuring sufficient reinvestment [37][46] Management's Comments on Operating Environment and Future Outlook - Management noted that the demand environment for U.S. Higher Education has strengthened significantly, attributed to factors such as campus reopenings and improved employment confidence [22][33] - The company does not expect material adverse impacts from a modest recession, as demand for degrees typically remains strong during business cycles [35] Other Important Information - The company anticipates changes in the Department of Education's 90/10 rule but does not foresee exposure across Strayer and Capella [28] - Foreign exchange rates, particularly the Australian dollar, are expected to impact revenue and earnings, with management noting a historical fluctuation range [48][49] Q&A Session Summary Question: What is driving the improving trends at U.S. Higher Education, specifically at Strayer University? - Management attributed the recovery to campus reopenings and a significant increase in demand [22] Question: Can you discuss marketing expenses and cost per lead trends? - Marketing efficiency is approaching pre-pandemic levels, with solid new student growth across all universities [25][26] Question: What are the roadblocks for international students in ANZ? - Processing delays for visas exceeding 200 days are being addressed, with expectations for growth as these delays clear [31] Question: How does the company expect to perform in a potential recession? - Historically, demand for degrees remains strong during business cycles, with no material adverse impact expected from a modest recession [35] Question: What is the plan for share repurchases going forward? - The board has authorized $200 million for repurchases, with a focus on capital allocation prioritizing student outcomes [46][47]

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, 2022 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 | | --- | --- ...

Strategic Education, Inc. (NASDAQ:STRA) Q1 2022 Earnings Conference Call April 28, 2022 10:00 AM ET Company Participants Terese Wilke - Director, Investor Relations Robert Silberman - Executive Chairman Karl McDonnell - President and Chief Executive Officer Daniel Jackson - Executive Vice President and Chief Financial Officer Conference Call Participants Jeff Silber - BMO Capital Markets Tobey Sommer - Truist Securities Operator Welcome to Strategic Education’s First Quarter 2022 Results Conference Call. I ...

D SM STRATEGIC EDUCATION INC Q1 2022 Results April 28, 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 hi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (703) 561-1600 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ 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 regis ...

Financial Data and Key Metrics Changes - The company reported a strong performance in Q4 2021, with Capella University conferring over 15,000 degrees, an 11% increase from the previous year [7] - Sophia Learning generated $17 million in revenue for 2021, representing a more than 460% increase from its pre-pandemic annualized run rate [10] - The operating margin for Sophia was 54% for the full year 2021, with expectations of approximately 75% as the product matures [11] Business Line Data and Key Metrics Changes - U.S. higher education remains the largest segment, with employer-affiliated enrollments at Capella comprising 30% of total enrollments, and FlexPath enrollments increasing to 18% [7] - Strayer University showed improved enrollment results in the second half of 2021, with course success rates improving each quarter [8][9] - The renamed Education Technology Services (ETS) segment is the fastest-growing segment, driven by Sophia Learning and Workforce Edge [10] Market Data and Key Metrics Changes - The Australian and New Zealand segment saw a 1.5% increase in total enrollment on an annualized pro forma basis despite strict COVID-related lockdowns [18] - The Australian government announced the resumption of foreign student entry, which is crucial as half of the new students at Torrens University are international [19] Company Strategy and Development Direction - The company aims to reduce the number of students receiving Title IV loan dollars while increasing employer-paid tuition through Workforce Edge [12][14] - The goal is to have several million employees on the Workforce Edge platform, making it the largest driver of new student enrollments within the U.S. higher education segment [16] - The company plans to launch AI-based technological tools to improve learning outcomes and increase student retention [20] Management's Comments on Operating Environment and Future Outlook - Management expects positive year-over-year increases in new student enrollment across all universities in 2022, although total enrollment may decline in the mid-single digits due to previous declines [21][22] - Operating expenses are expected to remain flat year-over-year, reflecting significant reductions made over the past two years [22] Other Important Information - The company signed 32 corporate agreements for Workforce Edge, covering approximately 650,000 employees, with initial enrollments expected in 2022 and beyond [15] - The company has the largest network of corporate partnerships with over 800, which is a key competitive advantage [41] Q&A Session Summary Question: Clarification on 2022 enrollment expectations - Management indicated that average total enrollment could be down in the mid-single digits, depending on new student performance and retention rates [26][27] Question: Trends in U.S. higher education - Management noted stabilization at Strayer University, with year-over-year growth at the end of 2021, while Capella's performance remained consistent [29] Question: Pricing strategy and competition - Management explained that pricing varies by segment, with a focus on increasing corporate enrollments and reducing reliance on Title IV loans, which may lead to lower revenue per student over time [36][39] Question: Regulatory updates - Management is closely monitoring the development of new regulations and is confident in the ability of their institutions to comply with reasonable regulations [44] Question: Competitive dynamics within corporate partnerships - Management clarified that they have both exclusive and non-exclusive arrangements with employers, with a focus on highlighting in-network benefits through Workforce Edge [46]

L SM STRATEGIC EDUCATION INC Q4 2021 Results February 25, 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 ...

Strategic Education, Inc. (NASDAQ:STRA) Q3 2021 Results Conference Call November 4, 2021 10:00 AM ET Company Participants Terese Wilke - Director of Investor Relations Robert Silberman - Executive Chairman Karl McDonnell - President & Chief Executive Officer Daniel Jackson - Executive Vice President and Chief Financial Officer Conference Call Participants Jeff Silberman - BMO Capital Markets Tobey Sommer - Truist Securities Gary Bisbee - Bank of America Operator Welcome to Strategic Education's Third Quarte ...

Table of Contents ☐ 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. 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, 2021 or (Exact name of registrant as specified in this charter) | Maryland | | 52-1975978 | | --- | ...