Strategic Education, Inc. Reports Fourth Quarter 2019 Results; Continued Strong Performance at Both Strayer University and Capella University to Finish Record 2019

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[{"type":"text","content":" HERNDON, Va.--(BUSINESS WIRE)--\nStrategic Education, Inc. (SEI) (NASDAQ: STRA) today announced financial results for the period ended December 31, 2019.\n\n\nKarl McDonnell, Chief Executive Officer of SEI said, “We are very pleased with the organization’s execution to deliver record results in 2019, our first full year as a combined company since closing the merger with Capella Education Company. This strong performance provides us with a solid foundation and momentum to drive growth in 2020 as we remain focused on delivering academic success and long-term economic mobility for our students and alumni.”\n\n\nSTRATEGIC EDUCATION, INC. CONSOLIDATED RESULTS\n\n\n[Note: Strategic Education, Inc.’s financial results for any periods ended prior to August 1, 2018 do not include the financial results of Capella Education Company and are therefore not directly comparable.] \n\n\nThree Months Ended December 31 \n\n\n\nRevenue increased 9.0% to $263.8 million compared to $242.1 million for the same period in 2018. Revenue in 2018 included the impact of a purchase accounting adjustment of $2.5 million to reflect Capella University contract liabilities at fair value. Adjusted revenue, which is a non-GAAP financial measure and excludes the aforementioned contract liabilities adjustment, increased 7.8% to $263.8 million compared to $244.6 million for the same period in 2018. 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\n\nIncome from operations was $37.2 million or 14.1% of revenue, compared to $18.9 million or 7.8% of revenue for the same period in 2018. Income from operations in 2019 includes $15.4 million of amortization expense related to assets acquired in the merger with Capella Education Company and $10.2 million in costs associated with the merger with Capella Education Company. Income from operations in 2018 included the impact of the aforementioned contract liabilities adjustment, $15.4 million of amortization expense related to assets acquired in the merger with Capella Education Company, $8.0 million in costs associated with the merger with Capella Education Company, a $0.3 million noncash charge resulting from the impairment of intangible assets associated with The New York Code + Design Academy, and a $0.3 million noncash charge...

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