Strategic Education, Inc. Reports First Quarter 2023 Results

About this update from Strategic Education, Inc.

[{"type":"text","content":" HERNDON, Va.--(BUSINESS WIRE)--\nStrategic Education, Inc. (Strategic Education) (NASDAQ: STRA) today announced financial results for the period ended March 31, 2023.\n\n\n“As we complete the first quarter, we are pleased with our progress toward enrollment, revenue, and earnings growth in 2023,” said Karl McDonnell, Chief Executive Officer of Strategic Education. “We are encouraged by the return to total enrollment growth within the U.S. Higher Education segment and strength within the Education Technology Services segment, and are optimistic about the Australia/New Zealand segment as conditions normalize.”\n\n\nSTRATEGIC EDUCATION CONSOLIDATED RESULTS\n\n\nThree Months Ended March 31\n\n\n\nRevenue decreased 0.9% to $256.6 million compared to $258.9 million for the same period in 2022.\n\n\n\nLoss from operations was $1.3 million, compared to income from operations of $13.4 million or 5.2% of revenue for the same period in 2022. Adjusted income from operations, which is a non-GAAP financial measure, was $8.2 million compared to $19.4 million for the same period in 2022. The adjusted operating income margin, which is a non-GAAP financial measure, was 3.2% compared to 7.5% for the same period in 2022. For more details on non-GAAP financial measures, refer to the information in the Non-GAAP Financial Measures section of this press release.\n\n\n\nNet loss was $2.0 million compared to net income of $7.0 million for the same period in 2022. Adjusted net income, which is a non-GAAP financial measure, was $5.8 million compared to $13.1 million for the same period in 2022.\n\n\n\nAdjusted EBITDA, which is a non-GAAP financial measure, was $27.2 million compared to $38.4 million for the same period in 2022.\n\n\n\nDiluted loss per share was $0.09 compared to diluted earnings per share of $0.29 for the same period in 2022. Adjusted diluted earnings per share, which is a non-GAAP financial measure, decreased to $0.24 from $0.54 for the same period in 2022. Adjusted diluted earnings per share on a constant currency basis, which is a non-GAAP financial measure, was $0.25. Adjusted diluted weighted average shares outstanding, which is a non-GAAP financial measure, decreased to 24,023,000 from 24,114,000 for the same period in 2022.\n\n\n\nU.S. Higher Education Segment Highlights\n\n\n\nThe U.S. Higher Education segment (USHE) is comprised ...

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