Strategic Education, Inc. Reports Third Quarter 2020 Results and Announces Closure of Australia/New Zealand Acquisition

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 September 30, 2020 and closure of the acquisition of the Australia and New Zealand academic operations from Laureate Education, Inc. (Laureate) (NASDAQ: LAUR).\n\n“We are excited to announce that Strategic Education’s acquisition of Laureate’s Australia/New Zealand institutions closed on November 3, 2020. The addition of these highly-regarded academic institutions to our portfolio enhances our position as a global leader in post-secondary education and provides an additional growth platform as we pursue our mission of enabling economic mobility with education,” said Karl McDonnell, Chief Executive Officer of Strategic Education. “As our organization continues to adapt to the challenges presented by the COVID-19 pandemic, we are encouraged by consistent performance at Capella University and in Australia/New Zealand, and are restructuring our organization to focus on areas of existing strength in our core business and new opportunities including employer initiatives, Sophia Learning, and digital enablement partnerships.”\n\nUPDATE ON IMPACT OF PANDEMIC \n\nThe Company continues to take action to ensure the health and well-being of its students and employees during the ongoing pandemic. Since our last earnings release in July, the Company has taken a number of steps to safely return certain parts of the organization to more normal operations, including:\n\n\nReopening corporate offices in Minneapolis, Minnesota and Herndon, Virginia for a small number of volunteer employees\n\n\nReopening three campuses in Lithonia and Augusta, Georgia and Arlington, Virginia to assist international students and eventually all students\n\n\nThe Company is continuing to provide financial relief to students impacted negatively by the pandemic. These measures, which include payment flexibility, scholarship opportunities, and other pricing relief, will continue to pressure revenue-per-student for the year.\n\nIn the third quarter of 2020, the Company began implementing a restructuring plan that includes both voluntary and involuntary employee terminations in an effort to reduce ongoing operating costs to align with changes in enrollment.\n\n\nSTRATEGIC EDUCATION CONSOLIDATED RESULTS\n\nThree Months Ende...

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