Strategic Education, Inc. Reports Third Quarter 2021 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 September 30, 2021.\n\n“While conditions in the U.S. Higher Education segment continue to be challenged due primarily to pandemic-related impacts, we are encouraged by strong performance in our Alternative Learning segment, and by the potential for reopening of the Australia borders for international students by the end of the year,” said Karl McDonnell, Chief Executive Officer of Strategic Education. “We remain committed to the success of our students and to our mission to enable economic mobility.”\n\nSTRATEGIC EDUCATION CONSOLIDATED RESULTS\n\n[Note: Strategic Education’s financial results for any periods ended prior to November 3, 2020 do not include the financial results of the Australia/New Zealand acquisition and are therefore not directly comparable.]\n\nThree Months Ended September 30\n\n\nRevenue increased 13.0% to $270.1 million compared to $239.0 million for the same period in 2020. Adjusted revenue, which is a non-GAAP financial measure and excludes a foreign currency exchange impact, increased 13.3% to $270.7 million compared to $239.0 million for the same period in 2020. 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\nIncome from operations was $7.3 million or 2.7% of revenue, compared to $15.4 million or 6.5% of revenue for the same period in 2020. Adjusted income from operations, which is a non-GAAP financial measure, was $20.8 million in 2021 compared to $37.8 million for the same period in 2020. The adjusted operating income margin, which is a non-GAAP financial measure, was 7.7% compared to 15.8% for the same period in 2020.\n\n\n\nNet income was $3.9 million in 2021 compared to $11.0 million for the same period in 2020. Adjusted net income, which is a non-GAAP financial measure, was $14.2 million compared to $27.4 million for the same period in 2020.\n\n\n\nAdjusted EBITDA, which is a non-GAAP financial measure, was $38.7 million compared to $52.4 million for the same period in 2020.\n\n\n\nDiluted earnings per share was $0.16 compared to $0.47 for the same period in 2020. Adjusted diluted earnings per share, which is a non-GAAP financial measure, decreased to $...

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