Strategic Education, Inc. (STRA) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Strategic Education fourth quarter 2025 results conference call. I will now turn the call over to Terese Wilkie, Senior Director of Investor Relations for Strategic Education. Ms. Wilkie, please go ahead. Thank you. Hello, everyone, and welcome to Strategic Education's conference call in which we will discuss fourth quarter 2025 results. With us today are Carl McDonald, President and Chief Executive Officer, and Daniel Jackson, Executive Vice President and Chief Financial Officer. Following today's remarks, we will open the call for questions. Please note that this call may include forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements are based on current expectations and are subject to a number of assumptions, uncertainties, and risks that strategic education has identified in today's press release. that could cause actual results to differ materially. Further information about these and other relevant uncertainties may be found in Strategic Education's most recent annual report on Form 10-K to be filed, the most recent 10-Q, and other filings with the Securities and Exchange Commission, as well as Strategic Education's future 8-Ks, 10-Qs, and 10-Ks. Copies of these filings and the full press release are available for viewing on the website at strategiceducation.com. And now, I'd like to turn the call over to Carl. Carl, please go ahead. Thank you, Therese, and good afternoon, everyone. We are very pleased with our fourth quarter and 2025 full year results that we released earlier today. And at the outset, and as is normally the case, let me say that the results that I referenced today are adjusted and reflect a constant currency comparison. For the fourth quarter...