$STRA
Strategic Education Inc

2024 Q3 Form 10-Q Financial Statement

#000101393424000019 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $312.3M
YoY Change 8.55%
Cost Of Revenue $163.2M
YoY Change 1.09%
Gross Profit $149.0M
YoY Change 18.09%
Gross Profit Margin 47.73%
Selling, General & Admin $105.1M
YoY Change 6.17%
% of Gross Profit 70.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.16M
YoY Change -28.22%
% of Gross Profit 7.49%
Operating Expenses $105.1M
YoY Change 2.6%
Operating Profit $41.92M
YoY Change 76.54%
Interest Expense -$1.300M
YoY Change -35.0%
% of Operating Profit -3.1%
Other Income/Expense, Net -$123.0K
YoY Change -102.38%
Pretax Income $41.80M
YoY Change 109.13%
Income Tax $11.90M
% Of Pretax Income 28.48%
Net Earnings $29.90M
YoY Change 110.09%
Net Earnings / Revenue 9.57%
Basic Earnings Per Share $1.28
Diluted Earnings Per Share $1.24
COMMON SHARES
Basic Shares Outstanding 24.62M shares 24.61M shares
Diluted Shares Outstanding 24.18M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $256.2M
YoY Change 24.09%
Cash & Equivalents $230.1M
Short-Term Investments $26.13M
Other Short-Term Assets $52.99M
YoY Change 1.26%
Inventory
Prepaid Expenses $27.03M
Receivables $89.64M
Other Receivables $0.00
Total Short-Term Assets $398.9M
YoY Change 13.67%
LONG-TERM ASSETS
Property, Plant & Equipment $116.3M
YoY Change -50.83%
Goodwill $1.241B
YoY Change 0.24%
Intangibles $249.5M
YoY Change -1.53%
Long-Term Investments $13.96M
YoY Change -51.21%
Other Assets $59.72M
YoY Change 85.12%
Total Long-Term Assets $1.779B
YoY Change -0.7%
TOTAL ASSETS
Total Short-Term Assets $398.9M
Total Long-Term Assets $1.779B
Total Assets $2.178B
YoY Change 1.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.62M
YoY Change 2.36%
Accrued Expenses $63.01M
YoY Change 4.89%
Deferred Revenue $133.6M
YoY Change 3.86%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $253.4M
YoY Change 4.69%
LONG-TERM LIABILITIES
Long-Term Debt $61.33M
YoY Change -39.46%
Other Long-Term Liabilities $44.76M
YoY Change -73.48%
Total Long-Term Liabilities $106.1M
YoY Change -60.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $253.4M
Total Long-Term Liabilities $106.1M
Total Liabilities $499.4M
YoY Change -8.11%
SHAREHOLDERS EQUITY
Retained Earnings $198.9M
YoY Change 41.7%
Common Stock $1.526B
YoY Change 1.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.678B
YoY Change
Total Liabilities & Shareholders Equity $2.178B
YoY Change 1.65%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $29.90M
YoY Change 110.09%
Depreciation, Depletion And Amortization $11.16M
YoY Change -28.22%
Cash From Operating Activities $24.31M
YoY Change 342.31%
INVESTING ACTIVITIES
Capital Expenditures $10.74M
YoY Change 12.77%
Acquisitions
YoY Change
Other Investing Activities $5.529M
YoY Change -38.94%
Cash From Investing Activities -$5.211M
YoY Change 1011.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.60M
YoY Change -40.92%
NET CHANGE
Cash From Operating Activities 24.31M
Cash From Investing Activities -5.211M
Cash From Financing Activities -14.60M
Net Change In Cash 4.493M
YoY Change -122.82%
FREE CASH FLOW
Cash From Operating Activities $24.31M
Capital Expenditures $10.74M
Free Cash Flow $13.57M
YoY Change -436.68%

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Nature of Operations<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Strategic Education, Inc. (“Strategic Education” or the “Company”), a Maryland corporation, is an education services company that provides access to high-quality education through campus-based and online post-secondary education offerings, as well as through programs to develop job-ready skills for high-demand markets. Strategic Education’s portfolio of companies is dedicated to closing the skills gap by placing adults on the most direct path between learning and employment. </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements and footnotes include the results of the Company’s three reportable segments: (1) U.S. Higher Education (“USHE”), which is primarily comprised of Capella University and Strayer University and is focused on providing flexible and affordable certificate and degree programs to working adults; (2) Education Technology Services, which primarily develops and maintains relationships with employers to build employee education benefits programs that provide employees access to affordable and industry-relevant training, certificate, and degree programs; and (3) Australia/New Zealand, which through Torrens University and associated assets, provides certificate and degree programs in Australia and New Zealand. The Company’s reportable segments are discussed further in Note 15.</span></div>
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181024000 usd
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CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
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CY2024Q2 us-gaap Common Stock Shares Authorized
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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6000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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510000 shares
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us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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548000 shares
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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24179000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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23993000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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24119000 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period reported. The most significant management estimates include allowances for credit losses, useful lives of property and equipment and intangible assets, incremental borrowing rates, potential sublease income and vacancy periods, </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">accrued expenses, forfeiture rates and the likelihood of achieving performance criteria for stock-based awards, value of free courses earned by students that will be redeemed in the future, valuation of goodwill and intangible assets, and the provision for income taxes. Actual results could differ from those estimates.</span></div>
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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stra Number Of Free Courses
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9875000 usd
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9431000 usd
stra Contract With Customer Liability Revenue Recognized Graduation Fund
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11391000 usd
stra Contract With Customer Liability Revenue Recognized Graduation Fund
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11358000 usd
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1500000 usd
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CY2023Q2 us-gaap Impairment Of Long Lived Assets Held For Use
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300000 usd
us-gaap Impairment Of Long Lived Assets Held For Use
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300000 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
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2100000 usd
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2100000 usd
us-gaap Gain Loss On Termination Of Lease
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8993000 usd
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