Strategic Education, Inc. Reports Second 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 June 30, 2022.\n\n“During our second quarter of 2022, demand continued to strengthen in the U.S. within both our U.S. Higher Education and Education Technology Services segments,” said Karl McDonnell, Chief Executive Officer of Strategic Education. “We remain confident in a return to growth within the Australia/New Zealand segment once international student immigration challenges ease in the region.”\n\nSTRATEGIC EDUCATION CONSOLIDATED RESULTS\n\nThree Months Ended June 30\n\n\nRevenue decreased 8.6% to $273.6 million compared to $299.2 million for the same period in 2021. Adjusted revenue, which is a non-GAAP financial measure, decreased 9.0% to $273.6 million compared to $300.6 million 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 June 30, 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\n\nIncome from operations was $21.9 million or 8.0% of revenue, compared to $26.7 million or 8.9% of revenue for the same period in 2021. Adjusted income from operations, which is a non-GAAP financial measure, was $29.5 million compared to $54.3 million for the same period in 2021. The adjusted operating income margin, which is a non-GAAP financial measure, was 10.8% compared to 18.1% for the same period in 2021.\n\n\n\n\nNet income was $15.2 million compared to $20.0 million for the same period in 2021. Adjusted net income, which is a non-GAAP financial measure, was $20.5 million compared to $37.8 million for the same period in 2021.\n\n\n\n\nAdjusted EBITDA, which is a non-GAAP financial measure, was $47.9 million compared to $72.4 million for the same period in 2021.\n\n\n\n\nDiluted earnings per share was $0.63 compared to $0.83 for the same period in 2021. Adjusted diluted earnings per share, which is a non-GAAP financial measure, decreased to $0.85 from $1.57 for the same period in 2021. Adjusted diluted earnings per share on a constant currency basis, which is a non-GAAP financial measure, was $0.87. Diluted w...

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