Strategic Education, Inc. Reports First Quarter 2024 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, 2024.\n\n\n“As we begin a new year, we are pleased with strength across our business and proud of the organization’s ongoing commitment to the success of our students,” said Karl McDonnell, Chief Executive Officer of Strategic Education. “The U.S. Higher Education segment delivered another quarter of strong growth driven by employer affiliated enrollment; the Education Technology Services segment continued to see strength, including from Sophia subscriptions; and the Australia/New Zealand segment returned to total enrollment growth.”\n\n\nSTRATEGIC EDUCATION CONSOLIDATED RESULTS\n\n\nThree Months Ended March 31\n\n\n\nRevenue increased 13.1% to $290.3 million compared to $256.6 million for the same period in 2023. Revenue on a constant currency basis, which is a non-GAAP financial measure, increased 13.9% to $292.3 million in the first quarter of 2024 compared to $256.6 million for the same period in 2023. For more details on non-GAAP financial measures used in this press release, refer to the information in the Non-GAAP Financial Measures section of this press release.\n\n\n\nIncome from operations was $41.4 million or 14.2% of revenue, compared to loss from operations of $1.3 million for the same period in 2023. Adjusted income from operations, which is a non-GAAP financial measure, was $35.8 million compared to $8.2 million for the same period in 2023. The adjusted operating income margin, which is a non-GAAP financial measure, was 12.4% compared to 3.2% for the same period in 2023.\n\n\n\nNet income was $29.7 million compared to net loss of $2.0 million for the same period in 2023. Adjusted net income, which is a non-GAAP financial measure, was $26.7 million compared to $5.8 million for the same period in 2023.\n\n\n\nAdjusted EBITDA, which is a non-GAAP financial measure, was $54.3 million compared to $27.2 million for the same period in 2023.\n\n\n\nDiluted earnings per share was $1.23 compared to diluted loss per share of $0.09 for the same period in 2023. Adjusted diluted earnings per share, which is a non-GAAP financial measure, increased to $1.11 from $0.24 for the same period in 2023. Adjusted diluted earnings per share on a constant currency basis, which is ...

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