Strategic Education, Inc. Files Q3 2024 10-Q

Ticker: STRA · Form: 10-Q · Filed: 2024-11-07T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, earnings, financials

TL;DR

EDU Q3 24 10-Q filed. Financials out.

AI Summary

Strategic Education, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter of 2024, detailing revenues, expenses, and net income. The filing provides a comprehensive overview of the company's financial performance and position during this period.

Why It Matters

This filing provides investors with the latest financial performance data for Strategic Education, Inc., crucial for understanding the company's health and making informed investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the educational sector can be subject to regulatory changes and enrollment fluctuations.

Key Numbers

Key Players & Entities

FAQ

What were the total revenues for Strategic Education, Inc. for the nine months ended September 30, 2024?

The filing does not explicitly state the total revenues for the nine months ended September 30, 2024, but it provides data for the three and nine-month periods.

What is the company's fiscal year end?

The company's fiscal year ends on December 31.

When was the company formerly known as Strayer Education Inc.?

The company was formerly known as Strayer Education Inc. until May 10, 1996.

What is the company's primary business address?

The company's business address is 2303 Dulles Station Boulevard, Herndon, VA 20171.

What SEC Act is this filing under?

This filing is made under the Securities Exchange Act of 1934.

Filing Stats: 4,572 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-11-07 16:07:59

Key Financial Figures

Filing Documents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Unaudited Condensed Consolidated Balance Sheets at December 31, 2023 and September 30, 2024 3 Unaudited Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2024 4 Unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2024 4 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2023 and 2024 5 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 46

SIGNATURES

SIGNATURES 47 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 September 30, 2024 ASSETS Current assets: Cash and cash equivalents $ 168,481 $ 195,889 Marketable securities 39,728 26,182 Tuition receivable, net 76,102 105,795 Other current assets 44,758 55,648 Total current assets 329,069 383,514 Property and equipment, net 118,529 116,205 Right-of-use lease assets 119,202 116,700 Marketable securities, non-current 483 — Intangible assets, net 251,623 251,952 Goodwill 1,251,888 1,260,599 Other assets 54,419 58,554 Total assets $ 2,125,213 $ 2,187,524 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 90,888 $ 107,211 Income taxes payable 2,200 1,658 Contract liabilities 92,341 154,144 Lease liabilities 24,190 22,827 Total current liabilities 209,619 285,840 Long-term debt 61,400 — Deferred income tax liabilities 28,338 26,183 Lease liabilities, non-current 127,735 116,090 Other long-term liabilities 45,603 42,615 Total liabilities 472,695 470,728 Commitments and contingencies Stockholders' equity: Common stock, par value $ 0.01 ; 32,000,000 shares authorized; 24,406,816 and 24,569,439 shares issued and outstanding at December 31, 2023 and September 30, 2024, respectively 244 246 Additional paid-in capital 1,517,650 1,529,594 Accumulated other comprehensive loss ( 34,247 ) ( 23,238 ) Retained earnings 168,871 210,194 Total stockholders' equity 1,652,518 1,716,796 Total liabilities and stockholders' equity $ 2,125,213 $ 2,187,524 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 September 30, For the nine months ended September 30, 2023 2024 2023 2024 Reve

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