Strategic Education, Inc. Reports Second 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 June 30, 2023.\n\n\n“During the second quarter, enrollment trends in our U.S. Higher Education segment continued to improve, the Education Technology Services segment posted another quarter of strong growth, and we continue to be optimistic about the Australia/New Zealand segment as conditions normalize,” said Karl McDonnell, Chief Executive Officer of Strategic Education. “As we progress toward enrollment, revenue, and earnings growth in 2023, we remain focused on our mission to promote economic mobility for working adults.”\n\n\nSTRATEGIC EDUCATION CONSOLIDATED RESULTS\n\n\nThree Months Ended June 30\n\n\n\nRevenue increased 5.2% to $287.7 million compared to $273.6 million for the same period in 2022. Revenue on a constant currency basis increased 6.8% to $292.3 million in the second quarter of 2023 compared to $273.6 million for the same period in 2022.\n\n\n\nIncome from operations was $16.8 million or 5.8% of revenue, compared to $21.9 million or 8.0% of revenue for the same period in 2022. Adjusted income from operations, which is a non-GAAP financial measure, was $27.2 million compared to $29.5 million for the same period in 2022. The adjusted operating income margin, which is a non-GAAP financial measure, was 9.5% compared to 10.8% 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 income was $14.2 million compared to $15.2 million for the same period in 2022. Adjusted net income, which is a non-GAAP financial measure, was $19.7 million compared to $20.5 million for the same period in 2022.\n\n\n\nAdjusted EBITDA, which is a non-GAAP financial measure, was $45.4 million compared to $47.9 million for the same period in 2022.\n\n\n\nDiluted earnings per share was $0.59 compared to $0.63 for the same period in 2022. Adjusted diluted earnings per share, which is a non-GAAP financial measure, decreased to $0.82 from $0.85 for the same period in 2022. Adjusted diluted earnings per share on a constant currency basis, which is a non-GAAP financial measure, was $0.85. Diluted weighted average shares outstanding decreased to 23,964,000 from 24,063,000 fo...

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