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Strategic Education, Inc. Reports Strong First Quarter 2020 Results; Solid Financial Foundation Entering the Second Quarter
HERNDON, Va.--(BUSINESS WIRE)-- Strategic Education, Inc. (SEI) (NASDAQ: STRA) today announced financial results for the period ended March 31, 2020. Karl
About this update from Strategic Education, Inc.
[{"type":"text","content":" HERNDON, Va.--(BUSINESS WIRE)--\nStrategic Education, Inc. (SEI) (NASDAQ: STRA) today announced financial results for the period ended March 31, 2020.\n\n\nKarl McDonnell, Chief Executive Officer of SEI said, “We are very pleased with continued strong performance at both Strayer University and Capella University during the first quarter of 2020. As we continue to adapt to the challenges presented by the COVID-19 pandemic, I’m impressed by the resilience of our staff and faculty, and encouraged by numerous daily examples of compassion and creativity as the team works to help our students and learners continue their educational objectives.”\n\n\nCOMPANY RESPONSE TO COVID-19\n\n\nNotwithstanding the fact that more than 95% of our students already take classes online, and much of our workforce works remotely or are very accustomed to working remotely, the Company took early action to ensure the health and well-being of our students and employees. Measures taken, which were informed by guidance from the Centers for Disease Control and Prevention (CDC) and other public health and government authorities, included:\n\n\n\nMoving to 100% work from home for all employees\n\n\nClosing all Strayer University ground campuses and Capella University Campus Centers\n\n\nShifting Strayer University’s on-ground class schedule fully online for the Spring 2020 term (Capella University classes are already entirely online)\n\n\nPostponing large student events, such as graduation ceremonies\n\n\nProhibiting non-essential employee travel and large meetings and events\n\n\n\nThe Company also decided to pause planned 2020 new campus expansion for campus projects that have not yet started. This decision was driven in part by practical considerations associated with travel limitations recommended by the CDC. We have already started construction on roughly half of the originally planned eight to twelve new campuses for 2020, and thus estimate we will now open at least four to five new campuses in 2020, with the potential for an additional four to five new campuses later in the year, pending improved visibility into U.S. recovery from the COVID-19 crisis.\n\n\nIn addition, the Company is taking measures to provide financial relief to our students and employer partners impacted negatively by the COVID-19 crisis. Measures include payment flexibility, scholars...