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STRAYER EDUCATION INC

CIK:0001013934|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 337,264	$ 321,471	$ 643,192	$ 625,061
Costs and expenses:
Instructional and support costs	177,872	166,153	332,643	324,439
General and administration	106,447	106,775	214,417	210,371
Restructuring costs	2,465	2,783	4,567	4,697
Total costs and expenses	286,784	275,711	551,627	539,507
Income from operations	50,480	45,760	91,565	85,554
Other income (expense)	1,351	(315)	2,556	1,896
Income before income taxes	51,831	45,445	94,121	87,450
Provision for income taxes	14,672	13,114	24,153	25,375
Net income	$ 37,159	$ 32,331	$ 69,968	$ 62,075
Earnings per share:
Basic (in dollars per share)	$ 1.74	$ 1.41	$ 3.25	$ 2.69
Diluted (in dollars per share)	$ 1.71	$ 1.37	$ 3.19	$ 2.61
Weighted average shares outstanding:
Basic (in shares)	21,381	22,906	21,501	23,113
Diluted (in shares)	21,736	23,516	21,954	23,790

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 69,968	$ 62,075
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on early termination of operating leases	(190)	0
Amortization of deferred financing costs	212	212
Amortization of investment discount/premium	(5)	(140)
Depreciation and amortization	22,121	23,198
Deferred income taxes	(2,781)	(4)
Stock-based compensation	10,259	11,327
Impairment of right-of-use lease assets	338	802
Changes in assets and liabilities:
Tuition receivable, net	(23,548)	(20,398)
Other assets	(5,359)	(13,007)
Accounts payable and accrued expenses	12,833	(3,643)
Income taxes payable and income taxes receivable	(2,278)	(3,785)
Contract liabilities	37,275	44,861
Other liabilities	(2,295)	(2,634)
Net cash provided by operating activities	116,550	98,864
Cash flows from investing activities:
Purchases of property and equipment	(24,198)	(21,151)
Purchases of marketable securities	(5,802)	(25,804)
Proceeds from marketable securities	8,306	42,575
Proceeds from other investments	29	0
Other investments	(138)	(231)
Cash paid for acquisition, net of cash acquired	0	(16)
Other investing activities	(71)	0
Net cash used in investing activities	(21,874)	(4,627)
Cash flows from financing activities:
Common dividends paid	(26,924)	(29,215)
Net payments for stock awards	(12,504)	(9,182)
Repurchase of common stock	(72,745)	(60,032)
Net cash used in financing activities	(112,173)	(98,429)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	132	2,519
Net decrease in cash, cash equivalents, and restricted cash	(17,365)	(1,673)
Cash, cash equivalents, and restricted cash — beginning of period	149,511	146,656
Cash, cash equivalents, and restricted cash — end of period	132,146	144,983
Non-cash transactions:
Non-cash additions to property and equipment	4,973	2,797
Right-of-use lease assets obtained in exchange for operating lease liabilities	$ 2,189	$ 2,219

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 123,755	$ 140,757
Marketable securities	4,997	7,297
Tuition receivable, net	100,858	78,202
Income taxes receivable	4,772	2,511
Other current assets	55,738	49,090
Total current assets	290,120	277,857
Property and equipment, net	109,994	107,373
Right-of-use lease assets	86,575	91,140
Marketable securities, non-current	5,000	5,000
Intangible assets	250,782	249,243
Goodwill	1,258,536	1,242,413
Other assets	67,855	65,514
Total assets	2,068,862	2,038,540
Current liabilities:
Accounts payable and accrued expenses	117,169	105,791
Contract liabilities	133,005	96,247
Lease liabilities	14,624	15,905
Total current liabilities	264,798	217,943
Deferred income tax liabilities	33,530	35,835
Lease liabilities, non-current	92,089	93,216
Other long-term liabilities	44,861	45,140
Total liabilities	435,278	392,134
Commitments and contingencies
Stockholders’ equity:
Common stock, par value $0.01; 32,000,000 shares authorized; 22,968,860 and 22,208,559 shares issued and outstanding at December 31, 2025 and June 30, 2026, respectively	222	230
Additional paid-in capital	1,377,637	1,436,795
Accumulated other comprehensive loss	(27,528)	(46,115)
Retained earnings	283,253	255,496
Total stockholders’ equity	1,633,584	1,646,406
Total liabilities and stockholders’ equity	$ 2,068,862	$ 2,038,540