Strategic Education, Inc. Reports Fourth Quarter 2022 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 December 31, 2022.\n\n“We are pleased with our progress in 2022 toward a return to growth and are very proud of the organization’s ongoing commitment to the success of our students,” said Karl McDonnell, Chief Executive Officer of Strategic Education. “As we begin a new year, we are focused on continued recovery and investing in opportunities for growth within our diversified portfolio of offerings, including strength within our Education Technology Services segment, with the mission to promote economic mobility for working adults.”\n\nSTRATEGIC EDUCATION CONSOLIDATED RESULTS\n\nThree Months Ended December 31\n\n\nRevenue decreased 0.8% to $269.9 million compared to $272.1 million for the same period in 2021.\n\n\n\nIncome from operations was $27.6 million or 10.2% of revenue, compared to $27.9 million or 10.2% of revenue for the same period in 2021. Adjusted income from operations, which is a non-GAAP financial measure, was $27.2 million compared to $37.8 million for the same period in 2021. The adjusted operating income margin, which is a non-GAAP financial measure, was 10.1% compared to 13.9% for the same period in 2021. [Adjusted results for 2021 exclude an adjustment for foreign currency exchange impacts and are therefore not directly comparable to adjusted results previously reported for the three months ended December 31, 2021.] 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 income was $18.3 million compared to $21.7 million for the same period in 2021. Adjusted net income, which is a non-GAAP financial measure, was $18.7 million compared to $27.7 million for the same period in 2021.\n\n\n\nAdjusted EBITDA, which is a non-GAAP financial measure, was $45.2 million compared to $56.1 million for the same period in 2021.\n\n\n\nDiluted earnings per share was $0.77 compared to $0.90 for the same period in 2021. Adjusted diluted earnings per share, which is a non-GAAP financial measure, decreased to $0.78 from $1.15 for the same period in 2021. Adjusted diluted earnings per share on a constant currency basis, which is a non-GAAP financial measure, was $0.83. Diluted weighted a...

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