Strategic Education, Inc. Files Q2 2024 10-Q
Ticker: STRA · Form: 10-Q · Filed: 2024-07-31T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, quarterly-filing, financials
TL;DR
SEI filed its Q2 2024 10-Q. Financials look solid.
AI Summary
Strategic Education, Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024 and provides financial details for the company. Key financial data and operational information are presented for the reporting period.
Why It Matters
This filing provides investors with the latest financial performance and operational updates for Strategic Education, Inc., crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Players & Entities
- Strategic Education, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240731 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on July 31, 2024.
What is the company's name as listed in the filing?
The company's name is Strategic Education, Inc.
What is the fiscal year end for Strategic Education, Inc.?
The fiscal year end for Strategic Education, Inc. is December 31.
What is the SEC file number for Strategic Education, Inc.?
The SEC file number for Strategic Education, Inc. is 000-21039.
Filing Stats: 4,607 words · 18 min read · ~15 pages · Grade level 16.5 · Accepted 2024-07-31 16:06:34
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value STRA Nasdaq Global Select Mar
Filing Documents
- stra-20240630.htm (10-Q) — 1290KB
- stra-20240630xex101.htm (EX-10.1) — 1273KB
- stra-20240630xex311.htm (EX-31.1) — 9KB
- stra-20240630xex312.htm (EX-31.2) — 9KB
- stra-20240630xex321.htm (EX-32.1) — 4KB
- stra-20240630xex322.htm (EX-32.2) — 5KB
- 0001013934-24-000019.txt ( ) — 8632KB
- stra-20240630.xsd (EX-101.SCH) — 52KB
- stra-20240630_cal.xml (EX-101.CAL) — 82KB
- stra-20240630_def.xml (EX-101.DEF) — 170KB
- stra-20240630_lab.xml (EX-101.LAB) — 606KB
- stra-20240630_pre.xml (EX-101.PRE) — 418KB
- stra-20240630_htm.xml (XML) — 1057KB
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements Unaudited Condensed Consolidated Balance Sheets at December 31, 2023 and June 30 , 2024 3 Unaudited Condensed Consolidated Statements of Income for the three and six months ended June 30 , 2023 and 2024 4 Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 3 0 , 2023 and 2024 4 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the three and si x months ended June 30 , 2023 and 2024 5 Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30 , 2023 and 2024 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.
Controls and Procedures
Controls and Procedures 38
— OTHER INFORMATION
PART II — OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 39 Item 1A.
Risk Factors
Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 43 Item 6. Exhibits 43
SIGNATURES
SIGNATURES 44 2 Table of Contents
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements STRATEGIC EDUCATION, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) December 31, 2023 June 30, 2024 ASSETS Current assets: Cash and cash equivalents $ 168,481 $ 230,111 Marketable securities 39,728 26,128 Tuition receivable, net 76,102 89,639 Other current assets 44,758 52,990 Total current assets 329,069 398,868 Property and equipment, net 118,529 116,253 Right-of-use lease assets 119,202 112,252 Marketable securities, non-current 483 — Intangible assets, net 251,623 249,469 Goodwill 1,251,888 1,240,962 Other assets 54,419 59,720 Total assets $ 2,125,213 $ 2,177,524 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 90,888 $ 93,664 Income taxes payable 2,200 2,190 Contract liabilities 92,341 133,612 Lease liabilities 24,190 23,973 Total current liabilities 209,619 253,439 Long-term debt 61,400 61,329 Deferred income tax liabilities 28,338 27,624 Lease liabilities, non-current 127,735 112,269 Other long-term liabilities 45,603 44,763 Total liabilities 472,695 499,424 Commitments and contingencies Stockholders' equity: Common stock, par value $ 0.01 ; 32,000,000 shares authorized; 24,406,816 and 24,622,994 shares issued and outstanding at December 31, 2023 and June 30, 2024, respectively 244 246 Additional paid-in capital 1,517,650 1,526,037 Accumulated other comprehensive loss ( 34,247 ) ( 47,091 ) Retained earnings 168,871 198,908 Total stockholders' equity 1,652,518 1,678,100 Total liabilities and stockholders' equity $ 2,125,213 $ 2,177,524 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents STRATEGIC EDUCATION, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) For the three months ended June 30, For the six months ended June 30, 2023 2024 2023 2024 Revenues $ 287,680 $ 3