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 | | --- | ...

L SM STRATEGIC EDUCATION INC Q3 2021 Results November 4, 2021 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 ...

WASHINGTON, D.C. 20549 FORM 10-Q Table of Contents (Mark One) SECURITIES AND EXCHANGE COMMISSION ☒ Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2021 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 | | --- | --- ...

l SM STRATEGIC EDUCATION INC Q2 2021 Results July 28, 2021 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 second quarter financial results were in line with expectations, with Australia/New Zealand segment generating $74 million in revenue and $16 million in operating income [7][6] - The alternative learning segment's direct revenue increased by 52% year-over-year to $13 million, with operating income rising 24% to $5.2 million [10][11] - SEI reported nearly $300 million in cash and marketable securities, generating $125 million in cash from operations in the first half of 2021, a 13% increase from the previous year [19] Business Line Data and Key Metrics Changes - Australia/New Zealand segment's integration of Torrens University and others is nearly complete, with expected EBITDA of $60 million despite border closures impacting revenue [8][7] - Capella University saw a 6% growth in total enrollment year-to-date, with FlexPath enrollments increasing by 36% and now comprising 35% of total enrollments [13][14] - Strayer University is working to reverse enrollment declines, with summer academic enrollment showing improvement, although still below expectations [15][16] Market Data and Key Metrics Changes - The Australian borders are expected to remain closed until at least spring 2022, which may negatively impact revenue from international students [8] - The alternative learning segment is gaining traction, with Workforce Edge signing 20 corporate agreements covering over 415,000 employees, exceeding internal goals [12] Company Strategy and Development Direction - The company is focused on reopening campuses to improve enrollment and academic achievement, with plans to open all 65 campuses by October 1 [24][43] - There is a strategy to expand FlexPath programs, with potential applications in Strayer University and Australia/New Zealand [26][28] - The company aims to maintain flat pricing overall, balancing moderate tuition increases with higher corporate enrollments and FlexPath growth [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning Strayer University to growth, citing positive trends in inquiries and applications for new enrollment [40][71] - The company remains focused on cost discipline in the Australia/New Zealand segment, expecting to meet EBITDA guidance despite potential revenue shortfalls [72][74] - Management is optimistic about the recovery trajectory, noting that the current enrollment decline is expected to be short-lived due to a more diverse organizational structure [64] Other Important Information - The company is committed to providing high-quality education and ensuring graduates achieve a substantial return on their educational investments [19] - The Workforce Edge platform is seen as a significant opportunity for future student enrollments, with expectations for scale in 2022 [88] Q&A Session Summary Question: Impact of reopening physical campuses on marketing and enrollment trends - Management noted that campuses that have reopened are performing better than those that remain closed, with expectations for improved enrollment and retention [23][24] Question: Future plans for FlexPath expansion - Management indicated plans to extend FlexPath into doctoral programs and potentially to Strayer University, recognizing its success in driving enrollment growth [26][27] Question: Medium and long-term outlook for pricing - Management expects pricing to remain flat overall, balancing moderate tuition increases with higher corporate enrollments and FlexPath [30] Question: Strayer's enrollment trends and expectations - Management acknowledged that while enrollment is improving, it may take longer than initially expected to return to positive growth, with a focus on reopening campuses [40][41] Question: Australia/New Zealand enrollment challenges - Management explained that the inability of international students to enter Australia is impacting enrollment, but they remain well-positioned to attract domestic students [47][48] Question: Workforce Edge product and its implications - Management clarified that the initial focus is on building scale, with expectations for 1% to 3% of employees on the platform to enroll in SEI institutions in the future [86][88]

Strategic Education, Inc. (NASDAQ:STRA) Q1 2021 Earnings Conference Call April 29, 2021 10:00 AM ET Corporate Participants Terese Wilke - Manager of Investor relations Rob Silberman - Executive Chairman Karl McDonnell - President and Chief Executive Officer Dan Jackson - Executive Vice President and Chief Financial Officer Conference Call Participants Jeff Silber - BMO Capital Markets Tobey Sommer - Truist Securities Gary Bisbee - Bank of America Securities Greg Pendy - Sidoti Operator Welcome to Strategic ...