– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
HERNDON, Va.--(BUSINESS WIRE)--Strategic Education, Inc. (Strategic Education) (NASDAQ: STRA) today announced financial results for the period ended March 31, 2022.
“We are pleased with continued stabilization of enrollment within the U.S. Higher Education segment during the first quarter of 2022,” said Karl McDonnell, Chief Executive Officer of Strategic Education. “We are also encouraged by continued progress within Education Technology Services, especially the growth in Sophia Learning, and are optimistic about demand in Australia/New Zealand as borders have opened and international students are returning.”
STRATEGIC EDUCATION CONSOLIDATED RESULTS
Three Months Ended March 31
U.S. Higher Education Segment Highlights
Education Technology Services Segment Highlights
Australia/New Zealand Segment Highlights
BALANCE SHEET AND CASH FLOW
At March 31, 2022, Strategic Education had cash, cash equivalents, and marketable securities of $321.5 million, and $141.7 million outstanding under its revolving credit facility. For the first three months of 2022, cash provided by operations was $56.6 million compared to $78.8 million for the same period in 2021. Capital expenditures for the first three months of 2022 were $9.7 million compared to $12.7 million for the same period in 2021. Capital expenditures for 2022 are expected to be approximately $50 million.
For the first quarter of 2022, consolidated bad debt expense as a percentage of revenue was 2.8%, compared to 3.7% of revenue and adjusted revenue, which is a non-GAAP financial measure, for the same period in 2021.
COMMON STOCK CASH DIVIDEND
Strategic Education announced today that it declared a regular, quarterly cash dividend of $0.60 per share of common stock. This dividend will be paid on June 6, 2022 to shareholders of record as of May 27, 2022.
CONFERENCE CALL WITH MANAGEMENT
Strategic Education will host a conference call to discuss its first quarter 2022 results at 10:00 a.m. (ET) today. To participate in the live call, investors should dial (877) 303-9047 ten minutes prior to the start time. In addition, the call will be available via webcast. To access the live webcast of the conference call, please go to www.strategiceducation.com in the Investor Relations section 15 minutes prior to the start time of the call to register. An earnings release presentation will also be posted to www.strategiceducation.com in the Investor Relations section. Following the call, the webcast will be archived and available at www.strategiceducation.com in the Investor Relations section.
About Strategic Education, Inc.
Strategic Education, Inc. (NASDAQ: STRA) (www.strategiceducation.com) is dedicated to helping advance economic mobility through higher education. We primarily serve working adult students globally through our core focus areas: 1) U.S. Higher Education, including Strayer University and Capella University, each institutionally accredited, and collectively offer flexible and affordable associate, bachelor’s, master’s, and doctoral programs including the Jack Welch Management Institute at Strayer University, and non-degree web and mobile application development courses through Strayer University’s Hackbright Academy and Devmountain; 2) Education Technology Services, developing and maintaining relationships with employers to build education benefits programs providing employees access to affordable and industry-relevant training, certificate, and degree programs, including through Workforce Edge, a full-service education benefits administration solution for employers, and Sophia Learning, enabling education benefits programs through low-cost online general education courses that are ACE-recommended for college credit; and 3) Australia/New Zealand, comprised of Torrens University, Think Education, and Media Design School that collectively offer certificate and degree programs in Australia and New Zealand. This portfolio of high quality, innovative, relevant, and affordable programs and institutions helps our students prepare for success in today’s workforce and find a path to bettering their lives.
Forward-Looking Statements
This communication contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as “expect,” “estimate,” “assume,” “believe,” “anticipate,” “may,” “will,” “forecast,” “outlook,” “plan,” “project,” “potential” and other similar words, and include all statements that are not historical facts, including with respect to, among other things, the future financial performance and growth opportunities of Strategic Education; Strategic Education’s plans, strategies and prospects; and future events and expectations. The statements are based on Strategic Education’s current expectations and are subject to a number of assumptions, uncertainties and risks, including but not limited to:
Many of these risks, uncertainties and assumptions are beyond Strategic Education’s ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, these forward-looking statements speak only as of the information currently available to Strategic Education on the date they are made, and Strategic Education undertakes no obligation to update or revise forward-looking statements, except as required by law. Actual results may differ materially from those projected in the forward-looking statements.
STRATEGIC EDUCATION, INC. |
||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
(in thousands, except per share data) |
||||||||
|
For the three months ended
|
|||||||
|
2021 |
|
2022 |
|||||
Revenues |
$ |
290,336 |
|
$ |
258,855 |
|
||
Costs and expenses: |
|
|
|
|||||
Instructional and support costs |
|
152,805 |
|
|
|
144,624 |
|
|
General and administration |
|
86,845 |
|
|
|
94,784 |
|
|
Amortization of intangible assets |
|
19,407 |
|
|
|
3,738 |
|
|
Merger and integration costs |
|
1,012 |
|
|
|
410 |
|
|
Restructuring costs |
|
18,267 |
|
|
|
1,858 |
|
|
Total costs and expenses |
|
278,336 |
|
|
|
245,414 |
|
|
Income from operations |
|
12,000 |
|
|
|
13,441 |
|
|
Other income (expense) |
|
2,167 |
|
|
|
(1,171 |
) |
|
Income before income taxes |
|
14,167 |
|
|
|
12,270 |
|
|
Provision for income taxes |
|
4,590 |
|
|
|
5,241 |
|
|
Net income |
$ |
9,577 |
|
|
$ |
7,029 |
|
|
Earnings per share: |
|
|
|
|||||
Basic |
$ |
0.40 |
|
|
$ |
0.29 |
|
|
Diluted |
$ |
0.40 |
|
|
$ |
0.29 |
|
|
Weighted average shares outstanding: |
|
|
|
|||||
Basic |
|
23,974 |
|
|
|
23,948 |
|
|
Diluted |
|
24,153 |
|
|
|
24,114 |
|
|
STRATEGIC EDUCATION, INC. |
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(in thousands, except share and per share data) |
||||||
|
December 31,
|
|
March 31,
|
|||
ASSETS |
|
|
|
|||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
268,918 |
|
$ |
293,419 |
|
Marketable securities |
|
6,501 |
|
|
6,785 |
|
Tuition receivable, net |
|
51,277 |
|
|
64,798 |
|
Income taxes receivable |
|
313 |
|
|
— |
|
Other current assets |
|
40,777 |
|
|
52,846 |
|
Total current assets |
|
367,786 |
|
|
417,848 |
|
Property and equipment, net |
|
150,589 |
|
|
152,742 |
|
Right-of-use lease assets |
|
149,587 |
|
|
146,508 |
|
Marketable securities, non-current |
|
23,377 |
|
|
21,277 |
|
Intangible assets, net |
|
276,380 |
|
|
276,267 |
|
Goodwill |
|
1,285,864 |
|
|
1,303,175 |
|
Other assets |
|
52,297 |
|
|
50,066 |
|
Total assets |
$ |
2,305,880 |
|
$ |
2,367,883 |
|
|
|
|
|
|||
LIABILITIES & STOCKHOLDERS’ EQUITY |
|
|
|
|||
Current liabilities: |
|
|
|
|||
Accounts payable and accrued expenses |
$ |
95,518 |
|
$ |
103,934 |
|
Income taxes payable |
|
— |
|
|
9,422 |
|
Contract liabilities |
|
73,232 |
|
|
115,647 |
|
Lease liabilities |
|
27,005 |
|
|
25,833 |
|
Total current liabilities |
|
195,755 |
|
|
254,836 |
|
Long-term debt |
|
141,630 |
|
|
141,743 |
|
Deferred income tax liabilities |
|
44,595 |
|
|
39,974 |
|
Lease liabilities, non-current |
|
162,821 |
|
|
158,930 |
|
Other long-term liabilities |
|
47,089 |
|
|
48,087 |
|
Total liabilities |
|
591,890 |
|
|
643,570 |
|
Commitments and contingencies |
|
|
|
|||
Stockholders’ equity: |
|
|
|
|||
Common stock, par value $0.01; 32,000,000 shares authorized; 24,592,098 and 24,963,542 shares issued and outstanding at December 31, 2021 and March 31, 2022, respectively |
|
246 |
|
|
250 |
|
Additional paid-in capital |
|
1,529,969 |
|
|
1,528,328 |
|
Accumulated other comprehensive income |
|
9,203 |
|
|
29,185 |
|
Retained earnings |
|
174,572 |
|
|
166,550 |
|
Total stockholders’ equity |
|
1,713,990 |
|
|
1,724,313 |
|
Total liabilities and stockholders’ equity |
$ |
2,305,880 |
|
$ |
2,367,883 |
|
STRATEGIC EDUCATION, INC. |
||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(in thousands) |
||||||||
|
For the three months
|
|||||||
|
2021 |
|
2022 |
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net income |
$ |
9,577 |
|
|
$ |
7,029 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|||||
Amortization of deferred financing costs |
|
138 |
|
|
|
138 |
|
|
Amortization of investment discount/premium |
|
24 |
|
|
|
15 |
|
|
Depreciation and amortization |
|
34,571 |
|
|
|
16,272 |
|
|
Deferred income taxes |
|
(8,898 |
) |
|
|
(4,955 |
) |
|
Stock-based compensation |
|
3,900 |
|
|
|
5,068 |
|
|
Impairment of right-of-use lease assets |
|
14,388 |
|
|
|
— |
|
|
Changes in assets and liabilities: |
|
|
|
|||||
Tuition receivable, net |
|
(13,417 |
) |
|
|
(12,669 |
) |
|
Other assets |
|
(9,897 |
) |
|
|
(6,374 |
) |
|
Accounts payable and accrued expenses |
|
(10,276 |
) |
|
|
2,972 |
|
|
Income taxes payable and income taxes receivable |
|
12,777 |
|
|
|
9,660 |
|
|
Contract liabilities |
|
46,872 |
|
|
|
41,012 |
|
|
Other liabilities |
|
(978 |
) |
|
|
(1,573 |
) |
|
Net cash provided by operating activities |
|
78,781 |
|
|
|
56,595 |
|
|
|
|
|
|
|||||
Cash flows from investing activities: |
|
|
|
|||||
Purchases of property and equipment |
|
(12,650 |
) |
|
|
(9,686 |
) |
|
Proceeds from marketable securities |
|
1,930 |
|
|
|
1,100 |
|
|
Other investments |
|
(72 |
) |
|
|
(175 |
) |
|
Net cash used in investing activities |
|
(10,792 |
) |
|
|
(8,761 |
) |
|
|
|
|
|
|||||
Cash flows from financing activities: |
|
|
|
|||||
Common dividends paid |
|
(14,778 |
) |
|
|
(15,018 |
) |
|
Net payments for stock awards |
|
(2,326 |
) |
|
|
(2,849 |
) |
|
Repurchase of common stock |
|
— |
|
|
|
(3,961 |
) |
|
Net cash used in financing activities |
|
(17,104 |
) |
|
|
(21,828 |
) |
|
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
(866 |
) |
|
|
2,097 |
|
|
Net increase in cash, cash equivalents, and restricted cash |
|
50,019 |
|
|
|
28,103 |
|
|
Cash, cash equivalents, and restricted cash — beginning of period |
|
202,020 |
|
|
|
279,212 |
|
|
Cash, cash equivalents, and restricted cash — end of period |
$ |
252,039 |
|
|
$ |
307,315 |
|
|
STRATEGIC EDUCATION, INC. |
||||||||
UNAUDITED SEGMENT REPORTING |
||||||||
(in thousands) |
||||||||
|
For the three months ended
|
|||||||
|
2021 |
|
2022 |
|||||
Revenues: |
|
|
|
|||||
U.S. Higher Education |
$ |
226,547 |
|
|
$ |
195,766 |
|
|
Australia/New Zealand |
|
51,265 |
|
|
|
48,512 |
|
|
Education Technology Services |
|
12,524 |
|
|
|
14,577 |
|
|
Consolidated revenues |
$ |
290,336 |
|
|
$ |
258,855 |
|
|
Income (loss) from operations: |
|
|
|
|||||
U.S. Higher Education |
$ |
47,754 |
|
|
$ |
15,483 |
|
|
Australia/New Zealand |
|
(2,949 |
) |
|
|
(749 |
) |
|
Education Technology Services |
|
5,881 |
|
|
|
4,713 |
|
|
Amortization of intangible assets |
|
(19,407 |
) |
|
|
(3,738 |
) |
|
Merger and integration costs |
|
(1,012 |
) |
|
|
(410 |
) |
|
Restructuring costs |
|
(18,267 |
) |
|
|
(1,858 |
) |
|
Consolidated income from operations |
$ |
12,000 |
|
|
$ |
13,441 |
|
|
Non-GAAP Financial Measures
In our press release and schedules, we report certain financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States of America ("GAAP"). We discuss management's reasons for reporting these non-GAAP measures below, and the press release schedules that follow reconcile the most directly comparable GAAP measure to each non-GAAP measure that we reference. Although management evaluates and presents these non-GAAP measures for the reasons described below, please be aware that these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for revenue, total costs and expenses, income from operations, operating margin, income before income taxes, net income, earnings per share or any other comparable financial measure prescribed by GAAP. In addition, we may calculate and/or present these non-GAAP financial measures differently than measures with the same or similar names that other companies report, and as a result, the non-GAAP measures we report may not be comparable to those reported by others.
Management uses certain non-GAAP measures to evaluate financial performance because those non-GAAP measures allow for period-over-period comparisons of the Company’s ongoing operations before the impact of certain items described below. Management believes this information is useful to investors to compare the Company’s results of operations period-over-period. These measures are Adjusted Revenue, Adjusted Total Costs and Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Income Before Income Taxes, Adjusted Net Income, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), Adjusted EBITDA and Adjusted Diluted Earnings Per Share (EPS). We define Adjusted Revenue, Adjusted Total Costs and Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Income Before Income Taxes, Adjusted Net Income, and Adjusted Diluted EPS to exclude (1) a purchase accounting adjustment to record acquired contract liabilities at fair value as a result of the Company’s acquisition of Torrens University and associated assets in Australia and New Zealand, and amortization and depreciation expense related to intangible assets and software assets associated with the Company’s merger with Capella Education Company and the Company’s acquisition of Torrens University and associated assets in Australia and New Zealand, (2) transaction and integration expenses associated with the Company's merger with Capella Education Company and the Company’s acquisition of Torrens University and associated assets in Australia and New Zealand, (3) severance costs and right-of-use lease asset impairment charges associated with the Company’s restructuring, (4) income/loss recognized from the Company’s investments in partnership interests and other investments, and (5) discrete tax adjustments utilizing adjusted effective income tax rates of 29.2% and 30.0% for the three months ended March 31, 2021 and 2022, respectively. To illustrate currency impacts to operating results, Adjusted Revenue, Adjusted Total Costs and Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Income Before Income Taxes, Adjusted Net Income, and Adjusted Diluted EPS for the three months ended March 31, 2022 are also presented on a constant currency basis utilizing an exchange rate of 0.7728 Australian Dollars to U.S. Dollars, which was the average exchange rate for the same period in 2021. We define EBITDA as net income before other income, the provision for income taxes, depreciation and amortization, and from this amount in arriving at Adjusted EBITDA we also exclude stock-based compensation expense, amortization expense associated with deferred implementation costs incurred in cloud computing arrangements, a purchase accounting adjustment to record acquired contract liabilities at fair value, and the amounts in (2) and (3) above. These non-GAAP measures are reconciled to the most directly comparable GAAP measures in the sections that follow. Non-GAAP measures should not be viewed as substitutes for GAAP measures.
STRATEGIC EDUCATION, INC. |
||||||||||||||||||||||||||||
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
||||||||||||||||||||||||||||
ADJUSTED REVENUE, ADJUSTED TOTAL COSTS AND EXPENSES, ADJUSTED INCOME FROM |
||||||||||||||||||||||||||||
OPERATIONS, ADJUSTED INCOME BEFORE INCOME TAXES, ADJUSTED NET INCOME, AND ADJUSTED |
||||||||||||||||||||||||||||
EPS |
||||||||||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||||||||||
|
|
|
For the three months ended March 31, 2021
|
|
|
|||||||||||||||||||||||
|
As Reported
|
|
Purchase
|
|
Merger and
|
|
Restructuring
|
|
Income from
|
|
Tax
|
|
As Adjusted
|
|||||||||||||||
Revenues |
$ |
290,336 |
|
|
$ |
2,223 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
292,559 |
|
|
Total costs and expenses |
$ |
278,336 |
|
|
$ |
(19,407 |
) |
|
$ |
(1,012 |
) |
|
$ |
(18,267 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
239,650 |
|
|
Income from operations |
$ |
12,000 |
|
|
$ |
21,630 |
|
|
$ |
1,012 |
|
|
$ |
18,267 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
52,909 |
|
|
Operating margin |
|
4.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
18.1 |
% |
|||||||||||
Income before income taxes |
$ |
14,167 |
|
|
$ |
21,630 |
|
|
$ |
1,012 |
|
|
$ |
18,267 |
|
|
$ |
(2,783 |
) |
|
$ |
— |
|
|
$ |
52,293 |
|
|
Net income |
$ |
9,577 |
|
|
$ |
21,630 |
|
|
$ |
1,012 |
|
|
$ |
18,267 |
|
|
$ |
(2,783 |
) |
|
$ |
(10,688 |
) |
|
$ |
37,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Earnings per share: |
||||||||||||||||||||||||||||
Diluted |
$ |
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1.53 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Weighted average shares outstanding: |
||||||||||||||||||||||||||||
Diluted |
|
24,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
24,153 |
|
|||||||||||
|
|
|
For the three months ended March 31, 2022
|
|
|
|||||||||||||||||||||||
|
As Reported
|
|
Purchase
|
|
Merger and
|
|
Restructuring
|
|
Loss from
|
|
Tax
|
|
As Adjusted
|
|||||||||||||||
Revenues |
$ |
258,855 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
258,855 |
|
|
Total costs and expenses |
$ |
245,414 |
|
|
$ |
(3,738 |
) |
|
$ |
(410 |
) |
|
$ |
(1,858 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
239,408 |
|
|
Income from operations |
$ |
13,441 |
|
|
$ |
3,738 |
|
|
$ |
410 |
|
|
$ |
1,858 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,447 |
|
|
Operating margin |
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
7.5 |
% |
|||||||||||
Income before income taxes |
$ |
12,270 |
|
|
$ |
3,738 |
|
|
$ |
410 |
|
|
$ |
1,858 |
|
|
$ |
387 |
|
|
$ |
— |
|
|
$ |
18,663 |
|
|
Net income |
$ |
7,029 |
|
|
$ |
3,738 |
|
|
$ |
410 |
|
|
$ |
1,858 |
|
|
$ |
387 |
|
$ |
(358 |
) |
|
$ |
13,064 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Earnings per share: |
||||||||||||||||||||||||||||
Diluted |
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.54 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Weighted average shares outstanding: |
||||||||||||||||||||||||||||
Diluted |
|
24,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
24,114 |
|
|||||||||||
| (1) | Reflects a purchase accounting adjustment to record acquired contract liabilities at fair value as a result of the Company’s acquisition of Torrens University and associated assets in Australia and New Zealand, and amortization and depreciation expense of intangible assets and software assets acquired through the Company’s merger with Capella Education Company and the Company’s acquisition of Torrens University and associated assets in Australia and New Zealand. |
|
| (2) | Reflects transaction and integration expenses associated with the Company's merger with Capella Education Company, including a premerger litigation settlement, and the Company's acquisition of Torrens University and associated assets in Australia and New Zealand. |
|
| (3) | Reflects severance costs and right-of-use lease asset impairment charges associated with the Company’s restructuring. |
|
| (4) | Reflects income/loss recognized from the Company's investments in partnership interests and other investments. |
|
| (5) | Reflects tax impacts of the adjustments described above and discrete tax adjustments related to stock-based compensation and other adjustments, utilizing adjusted effective income tax rates of 29.2% and 30.0% for the three months ended March 31, 2021 and 2022, respectively. |
STRATEGIC EDUCATION, INC. |
||||||||||||
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
||||||||||||
Q1 2022 AS ADJUSTED ON A CONSTANT CURRENCY BASIS |
||||||||||||
(in thousands, except per share data) |
||||||||||||
|
As Adjusted
|
|
Constant
|
|
As Adjusted
|
|||||||
Revenues |
$ |
258,855 |
|
|
$ |
2,886 |
|
|
$ |
261,741 |
|
|
Total costs and expenses |
$ |
239,408 |
|
|
$ |
3,150 |
|
|
$ |
242,558 |
|
|
Income from operations |
$ |
19,447 |
|
|
$ |
(264 |
) |
|
$ |
19,183 |
|
|
Operating margin |
|
7.5 |
% |
|
|
|
|
7.3 |
% |
|||
Income before income taxes |
$ |
18,663 |
|
|
$ |
(268 |
) |
|
$ |
18,395 |
|
|
Net income |
$ |
13,064 |
|
|
$ |
(210 |
) |
|
$ |
12,854 |
|
|
|
|
|
|
|
|
|||||||
Earnings per share: |
||||||||||||
Diluted |
$ |
0.54 |
|
|
|
|
$ |
0.53 |
|
|||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding: |
||||||||||||
Diluted |
|
24,114 |
|
|
|
|
|
24,114 |
|
|||
| (1) | Reflects an adjustment to translate foreign currency results for the three months ended March 31, 2022 at a constant exchange rate of 0.7728 Australian Dollars to U.S. Dollars, which was the average exchange rate for the same period in 2021. |
STRATEGIC EDUCATION, INC. |
||||||||
UNAUDITED NON-GAAP SEGMENT REPORTING |
||||||||
(in thousands) |
||||||||
|
For the three months ended |
|||||||
|
March 31, |
|||||||
|
2021 |
|
2022 |
|||||
Revenues: |
|
|
|
|||||
U.S. Higher Education |
$ |
226,547 |
|
|
$ |
195,766 |
|
|
Australia/New Zealand |
|
51,265 |
|
|
|
48,512 |
|
|
Education Technology Services |
|
12,524 |
|
|
|
14,577 |
|
|
Consolidated revenues |
|
290,336 |
|
|
|
258,855 |
|
|
|
|
|
|
|||||
Adjustments to consolidated revenues: |
|
|
|
|||||
U.S. Higher Education |
|
— |
|
|
|
— |
|
|
Australia/New Zealand(1) |
|
2,223 |
|
|
|
— |
|
|
Education Technology Services |
|
— |
|
|
|
— |
|
|
Total adjustments to consolidated revenues |
|
2,223 |
|
|
|
— |
|
|
|
|
|
|
|||||
Adjusted revenues by segment: |
|
|
|
|||||
U.S. Higher Education |
|
226,547 |
|
|
|
195,766 |
|
|
Australia/New Zealand |
|
53,488 |
|
|
|
48,512 |
|
|
Education Technology Services |
|
12,524 |
|
|
|
14,577 |
|
|
Adjusted consolidated revenues |
$ |
292,559 |
|
|
$ |
258,855 |
|
|
|
|
|
|
|||||
Income (loss) from operations: |
|
|
|
|||||
U.S. Higher Education |
$ |
47,754 |
|
|
$ |
15,483 |
|
|
Australia/New Zealand |
|
(2,949 |
) |
|
|
(749 |
) |
|
Education Technology Services |
|
5,881 |
|
|
|
4,713 |
|
|
Amortization of intangible assets |
|
(19,407 |
) |
|
|
(3,738 |
) |
|
Merger and integration costs |
|
(1,012 |
) |
|
|
(410 |
) |
|
Restructuring costs |
|
(18,267 |
) |
|
|
(1,858 |
) |
|
Consolidated income from operations |
|
12,000 |
|
|
|
13,441 |
|
|
|
|
|
|
|||||
Adjustments to consolidated income from operations: |
|
|
|
|||||
Australia/New Zealand(1) |
|
2,223 |
|
|
|
— |
|
|
Amortization of intangible assets |
|
19,407 |
|
|
|
3,738 |
|
|
Merger and integration costs |
|
1,012 |
|
|
|
410 |
|
|
Restructuring costs |
|
18,267 |
|
|
|
1,858 |
|
|
Total adjustments to consolidated income from operations |
|
40,909 |
|
|
|
6,006 |
|
|
|
|
|
|
|||||
Adjusted income (loss) from operations by segment: |
|
|
|
|||||
U.S. Higher Education |
|
47,754 |
|
|
|
15,483 |
|
|
Australia/New Zealand |
|
(726 |
) |
|
|
(749 |
) |
|
Education Technology Services |
|
5,881 |
|
|
|
4,713 |
|
|
Total adjusted income from operations |
$ |
52,909 |
|
|
$ |
19,447 |
|
|
| (1) | Adjustments to the Australia/New Zealand segment revenue and loss from operations for the three months ended March 31, 2021, include a purchase accounting adjustment of $2.2 million to record acquired contract liabilities at fair value as a result of the Company's acquisition of Torrens University and associated assets in Australia and New Zealand. |
STRATEGIC EDUCATION, INC. |
||||||||
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
||||||||
ADJUSTED EBITDA |
||||||||
(in thousands) |
||||||||
|
For the three months ended |
|||||||
|
March 31, |
|||||||
|
2021 |
|
2022 |
|||||
|
|
|
|
|||||
Net income |
$ |
9,577 |
|
|
$ |
7,029 |
||
Provision for income taxes |
|
4,590 |
|
|
|
5,241 |
|
|
Other (income) expense |
|
(2,167 |
) |
|
|
1,171 |
|
|
Depreciation and amortization |
|
34,571 |
|
|
|
16,272 |
|
|
EBITDA (1) |
|
46,571 |
|
|
|
29,713 |
|
|
Stock-based compensation |
|
3,900 |
|
|
|
5,068 |
|
|
Merger and integration costs (2) |
|
1,012 |
|
|
|
463 |
|
|
Restructuring costs (3) |
|
16,231 |
|
|
|
1,621 |
|
|
Cloud computing amortization (4) |
|
641 |
|
|
|
1,492 |
|
|
Contract liability adjustment (5) |
|
2,223 |
|
|
|
— |
|
|
Adjusted EBITDA (1) |
$ |
70,578 |
|
|
$ |
38,357 |
|
|
| (1) | Denotes non-GAAP financial measures. Please see the information in the Non-GAAP Financial Measures section of this press release for more detail regarding these adjustments and management’s reasons for providing this information. |
|
| (2) | Reflects transaction and integration charges associated with the Company's merger with Capella Education Company, including a premerger litigation settlement, and the Company’s acquisition of Torrens University and associated assets in Australia and New Zealand. Excludes $0.1 million of depreciation and amortization for the three months ended March 31, 2022. |
|
| (3) | Reflects severance costs and right-of-use lease asset impairment charges associated with the Company’s restructuring. Excludes $2.0 million and $0.2 million of depreciation and amortization expense for the three months ended March 31, 2021 and 2022, respectively. |
|
| (4) | Reflects amortization expense associated with deferred implementation costs incurred in cloud computing arrangements. |
|
| (5) | Reflects a purchase accounting adjustment to record acquired contract liabilities at fair value as a result of the Company’s acquisition of Torrens University and associated assets in Australia and New Zealand. |
ХЕРНДОН, Вирджиния. - (ДЕЛОВАЯ ПЕРЕПИСКА) -Strategic Education, Inc. (Strategic Education) (NASDAQ: STRA) сегодня объявила финансовые результаты за период, закончившийся 31 марта 2022 года.
“Мы довольны продолжающейся стабилизацией числа учащихся в сегменте высшего образования США в течение первого квартала 2022 года”, - сказал Карл Макдоннелл, главный исполнительный директор Strategic Education. “Мы также воодушевлены продолжающимся прогрессом в сфере образовательных технологий, особенно ростом Sophia Learning, и с оптимизмом смотрим на спрос в Австралии / Новой Зеландии, поскольку границы открылись и иностранные студенты возвращаются”.
Strategic Education консолидированные результаты
Три Месяца, Закончившихся 31 Марта
Основные моменты сегмента высшего образования в США
Основные моменты сегмента Образовательных Технологических услуг
Основные моменты сегмента Австралия/Новая Зеландия
баланс и движение денежных средств
По состоянию на 31 марта 2022 года Strategic Education располагала денежными средствами, их эквивалентами и рыночными ценными бумагами на сумму 321,5 млн долларов США и непогашенной задолженностью в размере 141,7 млн долларов США по возобновляемой кредитной линии. За первые три месяца 2022 года денежные средства, полученные от операций, составили 56,6 млн долларов США по сравнению с 78,8 млн долларов США за аналогичный период 2021 года. Капитальные затраты за первые три месяца 2022 года составили 9,7 млн долларов по сравнению с 12,7 млн долларов за аналогичный период 2021 года. Ожидается, что капитальные затраты на 2022 год составят примерно 50 миллионов долларов.
За первый квартал 2022 года консолидированные расходы по безнадежным долгам в процентах от выручки составили 2,8% по сравнению с 3,7% от выручки и скорректированной выручки, которая является финансовым показателем, не связанным с GAAP, за тот же период в 2021 году.
дивиденды по обыкновенным акциям наличными
Strategic Education объявила сегодня, что объявила регулярные ежеквартальные денежные дивиденды в размере 0,60 доллара на обыкновенную акцию. Эти дивиденды будут выплачены 6 июня 2022 года акционерам record по состоянию на 27 мая 2022 года.
конференц-связь с руководством
Strategic Education проведет селекторное совещание для обсуждения результатов за первый квартал 2022 года сегодня в 10:00 утра (по восточному времени). Чтобы принять участие в прямом эфире, инвесторы должны набрать (877) 303-9047 за десять минут до начала. Кроме того, звонок будет доступен через веб-трансляцию. Чтобы получить доступ к прямой трансляции телефонной конференции, пожалуйста, перейдите по ссылке www.strategiceducation.com в разделе по связям с инвесторами за 15 минут до начала звонка для регистрации. Презентация отчета о доходах также будет размещена на www.strategiceducation.com в разделе по связям с инвесторами. После звонка веб-трансляция будет заархивирована и доступна по адресу www.strategiceducation.com в разделе по связям с инвесторами.
О компании Strategic Education, Inc.
Strategic Education, Inc. (NASDAQ: STRA) (www.strategiceducation.com ) направлена на содействие повышению экономической мобильности через высшее образование. Мы в первую очередь обслуживаем работающих взрослых студентов по всему миру через наши основные направления деятельности: 1) Высшее образование в США, включая Университет Страйера и Университет Капеллы, каждый из которых имеет институциональную аккредитацию, и коллективно предлагаем гибкие и доступные программы обучения, бакалавриата, магистратуры и докторантуры, включая Институт менеджмента Джека Уэлча при Университете Страйера, а также не-дипломные курсы по разработке веб-сайтов и мобильных приложений в Академии Хакбрайта Университета Страйера и Devmountain; 2) Услуги в области образовательных технологий, развитие и поддержание отношений с работодателями для создания образовательных программ, предоставляющих сотрудникам доступ к недорогому и соответствующему отрасли обучению, сертификатам и программам получения степени, в том числе через Workforce Edge, образование с полным спектром услуг. решение для администрирования льгот для работодателей и Sophia Learning, позволяющее осуществлять программы льгот на образование с помощью недорогих онлайн-курсов общего образования, рекомендованных ACE для зачисления в колледж; и 3) Австралия / Новая Зеландия, состоящая из Torrens University, Think Education и Media Design School, которые совместно предлагают программы получения сертификатов и степеней в Австралии и Новой Зеландии. Это портфолио высококачественных, инновационных, актуальных и доступных программ и учреждений помогает нашим студентам подготовиться к успеху в современной рабочей силе и найти путь к улучшению своей жизни.
Прогнозные заявления
Это сообщение содержит определенные “прогнозные заявления” по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Такие утверждения могут быть идентифицированы с помощью таких слов, как “ожидать”, “оценивать”, “предполагать”, “полагать”, “предвидеть”, “может”, “будет”, “прогноз”, “перспектива”, “план”, “проект”, “потенциал” и другие подобные слова и включают все заявления, которые не являются историческими фактами, в том числе в отношении, среди прочего, будущих финансовых показателей и возможностей роста Strategic Education; планов, стратегий и перспектив Strategic Education; а также будущих событий и ожиданий. Заявления основаны на текущих ожиданиях Strategic Education и подвержены ряду допущений, неопределенностей и рисков, включая, но не ограничиваясь ими:
Многие из этих рисков, неопределенностей и допущений находятся за пределами возможностей Strategic Education контролировать или прогнозировать. Из-за этих рисков, неопределенностей и допущений вам не следует чрезмерно полагаться на эти прогнозные заявления. Кроме того, эти прогнозные заявления касаются только информации, доступной в настоящее время Strategic Education на дату их составления, и Strategic Education не берет на себя никаких обязательств по обновлению или пересмотру прогнозных заявлений, за исключением случаев, предусмотренных законом. Фактические результаты могут существенно отличаться от прогнозируемых в прогнозных заявлениях.
Strategic Education, INC. |
||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
(in thousands, except per share data) |
||||||||
|
For the three months ended
|
|||||||
|
2021 |
|
2022 |
|||||
Revenues |
$ |
290,336 |
|
$ |
258,855 |
|
||
Costs and expenses: |
|
|
|
|||||
Instructional and support costs |
|
152,805 |
|
|
|
144,624 |
|
|
General and administration |
|
86,845 |
|
|
|
94,784 |
|
|
Amortization of intangible assets |
|
19,407 |
|
|
|
3,738 |
|
|
Merger and integration costs |
|
1,012 |
|
|
|
410 |
|
|
Restructuring costs |
|
18,267 |
|
|
|
1,858 |
|
|
Total costs and expenses |
|
278,336 |
|
|
|
245,414 |
|
|
Income from operations |
|
12,000 |
|
|
|
13,441 |
|
|
Other income (expense) |
|
2,167 |
|
|
|
(1,171 |
) |
|
Income before income taxes |
|
14,167 |
|
|
|
12,270 |
|
|
Provision for income taxes |
|
4,590 |
|
|
|
5,241 |
|
|
Net income |
$ |
9,577 |
|
|
$ |
7,029 |
|
|
Earnings per share: |
|
|
|
|||||
Basic |
$ |
0.40 |
|
|
$ |
0.29 |
|
|
Diluted |
$ |
0.40 |
|
|
$ |
0.29 |
|
|
Weighted average shares outstanding: |
|
|
|
|||||
Basic |
|
23,974 |
|
|
|
23,948 |
|
|
Diluted |
|
24,153 |
|
|
|
24,114 |
|
|
Strategic Education, INC. |
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(in thousands, except share and per share data) |
||||||
|
December 31,
|
|
March 31,
|
|||
ASSETS |
|
|
|
|||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
268,918 |
|
$ |
293,419 |
|
Marketable securities |
|
6,501 |
|
|
6,785 |
|
Tuition receivable, net |
|
51,277 |
|
|
64,798 |
|
Income taxes receivable |
|
313 |
|
|
— |
|
Other current assets |
|
40,777 |
|
|
52,846 |
|
Total current assets |
|
367,786 |
|
|
417,848 |
|
Property and equipment, net |
|
150,589 |
|
|
152,742 |
|
Right-of-use lease assets |
|
149,587 |
|
|
146,508 |
|
Marketable securities, non-current |
|
23,377 |
|
|
21,277 |
|
Intangible assets, net |
|
276,380 |
|
|
276,267 |
|
Goodwill |
|
1,285,864 |
|
|
1,303,175 |
|
Other assets |
|
52,297 |
|
|
50,066 |
|
Total assets |
$ |
2,305,880 |
|
$ |
2,367,883 |
|
|
|
|
|
|||
LIABILITIES & STOCKHOLDERS’ EQUITY |
|
|
|
|||
Current liabilities: |
|
|
|
|||
Accounts payable and accrued expenses |
$ |
95,518 |
|
$ |
103,934 |
|
Income taxes payable |
|
— |
|
|
9,422 |
|
Contract liabilities |
|
73,232 |
|
|
115,647 |
|
Lease liabilities |
|
27,005 |
|
|
25,833 |
|
Total current liabilities |
|
195,755 |
|
|
254,836 |
|
Long-term debt |
|
141,630 |
|
|
141,743 |
|
Deferred income tax liabilities |
|
44,595 |
|
|
39,974 |
|
Lease liabilities, non-current |
|
162,821 |
|
|
158,930 |
|
Other long-term liabilities |
|
47,089 |
|
|
48,087 |
|
Total liabilities |
|
591,890 |
|
|
643,570 |
|
Commitments and contingencies |
|
|
|
|||
Stockholders’ equity: |
|
|
|
|||
Common stock, par value $0.01; 32,000,000 shares authorized; 24,592,098 and 24,963,542 shares issued and outstanding at December 31, 2021 and March 31, 2022, respectively |
|
246 |
|
|
250 |
|
Additional paid-in capital |
|
1,529,969 |
|
|
1,528,328 |
|
Accumulated other comprehensive income |
|
9,203 |
|
|
29,185 |
|
Retained earnings |
|
174,572 |
|
|
166,550 |
|
Total stockholders’ equity |
|
1,713,990 |
|
|
1,724,313 |
|
Total liabilities and stockholders’ equity |
$ |
2,305,880 |
|
$ |
2,367,883 |
|
Strategic Education, INC. |
||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(in thousands) |
||||||||
|
For the three months
|
|||||||
|
2021 |
|
2022 |
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net income |
$ |
9,577 |
|
|
$ |
7,029 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|||||
Amortization of deferred financing costs |
|
138 |
|
|
|
138 |
|
|
Amortization of investment discount/premium |
|
24 |
|
|
|
15 |
|
|
Depreciation and amortization |
|
34,571 |
|
|
|
16,272 |
|
|
Deferred income taxes |
|
(8,898 |
) |
|
|
(4,955 |
) |
|
Stock-based compensation |
|
3,900 |
|
|
|
5,068 |
|
|
Impairment of right-of-use lease assets |
|
14,388 |
|
|
|
— |
|
|
Changes in assets and liabilities: |
|
|
|
|||||
Tuition receivable, net |
|
(13,417 |
) |
|
|
(12,669 |
) |
|
Other assets |
|
(9,897 |
) |
|
|
(6,374 |
) |
|
Accounts payable and accrued expenses |
|
(10,276 |
) |
|
|
2,972 |
|
|
Income taxes payable and income taxes receivable |
|
12,777 |
|
|
|
9,660 |
|
|
Contract liabilities |
|
46,872 |
|
|
|
41,012 |
|
|
Other liabilities |
|
(978 |
) |
|
|
(1,573 |
) |
|
Net cash provided by operating activities |
|
78,781 |
|
|
|
56,595 |
|
|
|
|
|
|
|||||
Cash flows from investing activities: |
|
|
|
|||||
Purchases of property and equipment |
|
(12,650 |
) |
|
|
(9,686 |
) |
|
Proceeds from marketable securities |
|
1,930 |
|
|
|
1,100 |
|
|
Other investments |
|
(72 |
) |
|
|
(175 |
) |
|
Net cash used in investing activities |
|
(10,792 |
) |
|
|
(8,761 |
) |
|
|
|
|
|
|||||
Cash flows from financing activities: |
|
|
|
|||||
Common dividends paid |
|
(14,778 |
) |
|
|
(15,018 |
) |
|
Net payments for stock awards |
|
(2,326 |
) |
|
|
(2,849 |
) |
|
Repurchase of common stock |
|
— |
|
|
|
(3,961 |
) |
|
Net cash used in financing activities |
|
(17,104 |
) |
|
|
(21,828 |
) |
|
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
(866 |
) |
|
|
2,097 |
|
|
Net increase in cash, cash equivalents, and restricted cash |
|
50,019 |
|
|
|
28,103 |
|
|
Cash, cash equivalents, and restricted cash — beginning of period |
|
202,020 |
|
|
|
279,212 |
|
|
Cash, cash equivalents, and restricted cash — end of period |
$ |
252,039 |
|
|
$ |
307,315 |
|
|
Strategic Education, INC. |
||||||||
UNAUDITED SEGMENT REPORTING |
||||||||
(in thousands) |
||||||||
|
For the three months ended
|
|||||||
|
2021 |
|
2022 |
|||||
Revenues: |
|
|
|
|||||
U.S. Higher Education |
$ |
226,547 |
|
|
$ |
195,766 |
|
|
Australia/New Zealand |
|
51,265 |
|
|
|
48,512 |
|
|
Education Technology Services |
|
12,524 |
|
|
|
14,577 |
|
|
Consolidated revenues |
$ |
290,336 |
|
|
$ |
258,855 |
|
|
Income (loss) from operations: |
|
|
|
|||||
U.S. Higher Education |
$ |
47,754 |
|
|
$ |
15,483 |
|
|
Australia/New Zealand |
|
(2,949 |
) |
|
|
(749 |
) |
|
Education Technology Services |
|
5,881 |
|
|
|
4,713 |
|
|
Amortization of intangible assets |
|
(19,407 |
) |
|
|
(3,738 |
) |
|
Merger and integration costs |
|
(1,012 |
) |
|
|
(410 |
) |
|
Restructuring costs |
|
(18,267 |
) |
|
|
(1,858 |
) |
|
Consolidated income from operations |
$ |
12,000 |
|
|
$ |
13,441 |
|
|
Финансовые показатели, Не относящиеся к ОПБУ
В нашем пресс-релизе и графиках мы сообщаем о некоторых финансовых показателях, которые не требуются или не представлены в соответствии с принципами бухгалтерского учета, общепринятыми в Соединенных Штатах Америки ("GAAP"). Ниже мы обсуждаем причины, по которым руководство сообщило об этих показателях, не относящихся к GAAP, и приводимые ниже графики пресс-релизов согласуют наиболее непосредственно сопоставимые показатели GAAP с каждым показателем, не относящимся к GAAP, на который мы ссылаемся. Хотя руководство оценивает и представляет эти показатели, не относящиеся к GAAP, по причинам, описанным ниже, пожалуйста, имейте в виду, что эти показатели, не относящиеся к GAAP, имеют ограничения и не должны рассматриваться изолированно или в качестве замены выручки, общих затрат и расходов, дохода от операций, операционной маржи, дохода до налогообложения, чистой прибыли, прибыль на акцию или любой другой сопоставимый финансовый показатель, предписанный GAAP. Кроме того, мы можем рассчитывать и/ или представлять эти финансовые показатели, не относящиеся к GAAP, иначе, чем показатели с теми же или похожими названиями, о которых сообщают другие компании, и в результате показатели, не относящиеся к GAAP, о которых мы сообщаем, могут быть несопоставимы с показателями, о которых сообщают другие.
Руководство использует определенные показатели, не относящиеся к GAAP, для оценки финансовых результатов, поскольку эти показатели, не относящиеся к GAAP, позволяют сравнивать текущую деятельность Компании за период до воздействия определенных статей, описанных ниже. Руководство считает, что эта информация полезна инвесторам для сравнения результатов деятельности Компании за отчетный период. Эти показатели включают Скорректированную Выручку, Скорректированные Общие Затраты и Расходы, Скорректированный Доход от Операций, Скорректированную Операционную Маржу, Скорректированную Прибыль до вычета Налогов на прибыль, Скорректированную Чистую Прибыль, Прибыль до вычета Процентов, Налогов, Износа и Амортизации (EBITDA), Скорректированную EBITDA и Скорректированную Разводненную Прибыль на Акцию (EPS). Мы определяем Скорректированную Выручку, Скорректированные Общие Затраты и Расходы, Скорректированный Доход от Операций, Скорректированную Операционную маржу, Скорректированный Доход до вычета налогов на прибыль, Скорректированную Чистую прибыль и Скорректированную Разводненную прибыль на акцию, чтобы исключить (1) корректировку учета покупок для учета приобретенных контрактных обязательств по справедливой стоимости в результате приобретения Компанией Университет Торренса и связанные с ним активы в Австралии и Новой Зеландии, а также расходы на амортизацию и амортизацию, связанные с нематериальными активами и активами программного обеспечения, связанными со слиянием Компании с Capella Education Company и приобретением Компанией Университета Торренса и связанных с ним активов в Австралии и Новой Зеландии, (2) операционные и интеграционные расходы, связанные с Слияние Компании с Capella Education Company и приобретение Компанией Университета Торренса и связанных с ним активов в Австралии и Новой Зеландии, (3) расходы на выходное пособие и расходы на обесценение активов, связанных с правом пользования, связанные с реструктуризацией Компании, (4) доход/убыток, признанный от инвестиций Компании в партнерство проценты и другие инвестиции, и (5) отдельные налоговые корректировки с использованием скорректированных эффективных ставок подоходного налога в размере 29,2% и 30,0% за три месяца, закончившихся 31 марта 2021 и 2022 годов, соответственно. Чтобы проиллюстрировать влияние валютных курсов на операционные результаты, Скорректированная Выручка, Скорректированные Общие затраты и Расходы, Скорректированный Доход от операций, Скорректированная Операционная маржа, Скорректированный Доход до вычета налогов на прибыль, Скорректированная Чистая прибыль и Скорректированная Разводненная прибыль на акцию за три месяца, закончившихся 31 марта 2022 года, также представлены на основе постоянной валюты с использованием обменного курса курс 0,7728 австралийского доллара к доллару США, что было средним обменным курсом за тот же период в 2021 году. Мы определяем EBITDA как чистую прибыль до вычета прочих доходов, резерва по налогу на прибыль, износа и амортизации, и из этой суммы при расчете скорректированной EBITDA мы также исключаем расходы на компенсацию на основе запасов, расходы на амортизацию, связанные с отложенными затратами на внедрение, понесенными в рамках облачных вычислений, корректировка учета покупок для учета приобретенных обязательств по контракту по справедливой стоимости, а также суммы, указанные в пунктах (2) и (3) выше. Эти показатели, не относящиеся к GAAP, сверяются с наиболее непосредственно сопоставимыми показателями GAAP в следующих разделах. Показатели, не относящиеся к GAAP, не следует рассматривать в качестве заменителей показателей GAAP.
Strategic Education, INC. |
||||||||||||||||||||||||||||
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
||||||||||||||||||||||||||||
ADJUSTED REVENUE, ADJUSTED TOTAL COSTS AND EXPENSES, ADJUSTED INCOME FROM |
||||||||||||||||||||||||||||
OPERATIONS, ADJUSTED INCOME BEFORE INCOME TAXES, ADJUSTED NET INCOME, AND ADJUSTED |
||||||||||||||||||||||||||||
EPS |
||||||||||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||||||||||
|
|
|
For the three months ended March 31, 2021
|
|
|
|||||||||||||||||||||||
|
As Reported
|
|
Purchase
|
|
Merger and
|
|
Restructuring
|
|
Income from
|
|
Tax
|
|
As Adjusted
|
|||||||||||||||
Revenues |
$ |
290,336 |
|
|
$ |
2,223 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
292,559 |
|
|
Total costs and expenses |
$ |
278,336 |
|
|
$ |
(19,407 |
) |
|
$ |
(1,012 |
) |
|
$ |
(18,267 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
239,650 |
|
|
Income from operations |
$ |
12,000 |
|
|
$ |
21,630 |
|
|
$ |
1,012 |
|
|
$ |
18,267 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
52,909 |
|
|
Operating margin |
|
4.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
18.1 |
% |
|||||||||||
Income before income taxes |
$ |
14,167 |
|
|
$ |
21,630 |
|
|
$ |
1,012 |
|
|
$ |
18,267 |
|
|
$ |
(2,783 |
) |
|
$ |
— |
|
|
$ |
52,293 |
|
|
Net income |
$ |
9,577 |
|
|
$ |
21,630 |
|
|
$ |
1,012 |
|
|
$ |
18,267 |
|
|
$ |
(2,783 |
) |
|
$ |
(10,688 |
) |
|
$ |
37,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Earnings per share: |
||||||||||||||||||||||||||||
Diluted |
$ |
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1.53 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Weighted average shares outstanding: |
||||||||||||||||||||||||||||
Diluted |
|
24,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
24,153 |
|
|||||||||||
|
|
|
For the three months ended March 31, 2022
|
|
|
|||||||||||||||||||||||
|
As Reported
|
|
Purchase
|
|
Merger and
|
|
Restructuring
|
|
Loss from
|
|
Tax
|
|
As Adjusted
|
|||||||||||||||
Revenues |
$ |
258,855 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
258,855 |
|
|
Total costs and expenses |
$ |
245,414 |
|
|
$ |
(3,738 |
) |
|
$ |
(410 |
) |
|
$ |
(1,858 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
239,408 |
|
|
Income from operations |
$ |
13,441 |
|
|
$ |
3,738 |
|
|
$ |
410 |
|
|
$ |
1,858 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,447 |
|
|
Operating margin |
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
7.5 |
% |
|||||||||||
Income before income taxes |
$ |
12,270 |
|
|
$ |
3,738 |
|
|
$ |
410 |
|
|
$ |
1,858 |
|
|
$ |
387 |
|
|
$ |
— |
|
|
$ |
18,663 |
|
|
Net income |
$ |
7,029 |
|
|
$ |
3,738 |
|
|
$ |
410 |
|
|
$ |
1,858 |
|
|
$ |
387 |
|
$ |
(358 |
) |
|
$ |
13,064 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Earnings per share: |
||||||||||||||||||||||||||||
Diluted |
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.54 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Weighted average shares outstanding: |
||||||||||||||||||||||||||||
Diluted |
|
24,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
24,114 |
|
|||||||||||
| (1) | Reflects a purchase accounting adjustment to record acquired contract liabilities at fair value as a result of the Company’s acquisition of Torrens University and associated assets in Australia and New Zealand, and amortization and depreciation expense of intangible assets and software assets acquired through the Company’s merger with Capella Education Company and the Company’s acquisition of Torrens University and associated assets in Australia and New Zealand. |
|
| (2) | Reflects transaction and integration expenses associated with the Company's merger with Capella Education Company, including a premerger litigation settlement, and the Company's acquisition of Torrens University and associated assets in Australia and New Zealand. |
|
| (3) | Reflects severance costs and right-of-use lease asset impairment charges associated with the Company’s restructuring. |
|
| (4) | Reflects income/loss recognized from the Company's investments in partnership interests and other investments. |
|
| (5) | Reflects tax impacts of the adjustments described above and discrete tax adjustments related to stock-based compensation and other adjustments, utilizing adjusted effective income tax rates of 29.2% and 30.0% for the three months ended March 31, 2021 and 2022, respectively. |
Strategic Education, INC. |
||||||||||||
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
||||||||||||
Q1 2022 AS ADJUSTED ON A CONSTANT CURRENCY BASIS |
||||||||||||
(in thousands, except per share data) |
||||||||||||
|
As Adjusted
|
|
Constant
|
|
As Adjusted
|
|||||||
Revenues |
$ |
258,855 |
|
|
$ |
2,886 |
|
|
$ |
261,741 |
|
|
Total costs and expenses |
$ |
239,408 |
|
|
$ |
3,150 |
|
|
$ |
242,558 |
|
|
Income from operations |
$ |
19,447 |
|
|
$ |
(264 |
) |
|
$ |
19,183 |
|
|
Operating margin |
|
7.5 |
% |
|
|
|
|
7.3 |
% |
|||
Income before income taxes |
$ |
18,663 |
|
|
$ |
(268 |
) |
|
$ |
18,395 |
|
|
Net income |
$ |
13,064 |
|
|
$ |
(210 |
) |
|
$ |
12,854 |
|
|
|
|
|
|
|
|
|||||||
Earnings per share: |
||||||||||||
Diluted |
$ |
0.54 |
|
|
|
|
$ |
0.53 |
|
|||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding: |
||||||||||||
Diluted |
|
24,114 |
|
|
|
|
|
24,114 |
|
|||
| (1) | Reflects an adjustment to translate foreign currency results for the three months ended March 31, 2022 at a constant exchange rate of 0.7728 Australian Dollars to U.S. Dollars, which was the average exchange rate for the same period in 2021. |
Strategic Education, INC. |
||||||||
UNAUDITED NON-GAAP SEGMENT REPORTING |
||||||||
(in thousands) |
||||||||
|
For the three months ended |
|||||||
|
March 31, |
|||||||
|
2021 |
|
2022 |
|||||
Revenues: |
|
|
|
|||||
U.S. Higher Education |
$ |
226,547 |
|
|
$ |
195,766 |
|
|
Australia/New Zealand |
|
51,265 |
|
|
|
48,512 |
|
|
Education Technology Services |
|
12,524 |
|
|
|
14,577 |
|
|
Consolidated revenues |
|
290,336 |
|
|
|
258,855 |
|
|
|
|
|
|
|||||
Adjustments to consolidated revenues: |
|
|
|
|||||
U.S. Higher Education |
|
— |
|
|
|
— |
|
|
Australia/New Zealand(1) |
|
2,223 |
|
|
|
— |
|
|
Education Technology Services |
|
— |
|
|
|
— |
|
|
Total adjustments to consolidated revenues |
|
2,223 |
|
|
|
— |
|
|
|
|
|
|
|||||
Adjusted revenues by segment: |
|
|
|
|||||
U.S. Higher Education |
|
226,547 |
|
|
|
195,766 |
|
|
Australia/New Zealand |
|
53,488 |
|
|
|
48,512 |
|
|
Education Technology Services |
|
12,524 |
|
|
|
14,577 |
|
|
Adjusted consolidated revenues |
$ |
292,559 |
|
|
$ |
258,855 |
|
|
|
|
|
|
|||||
Income (loss) from operations: |
|
|
|
|||||
U.S. Higher Education |
$ |
47,754 |
|
|
$ |
15,483 |
|
|
Australia/New Zealand |
|
(2,949 |
) |
|
|
(749 |
) |
|
Education Technology Services |
|
5,881 |
|
|
|
4,713 |
|
|
Amortization of intangible assets |
|
(19,407 |
) |
|
|
(3,738 |
) |
|
Merger and integration costs |
|
(1,012 |
) |
|
|
(410 |
) |
|
Restructuring costs |
|
(18,267 |
) |
|
|
(1,858 |
) |
|
Consolidated income from operations |
|
12,000 |
|
|
|
13,441 |
|
|
|
|
|
|
|||||
Adjustments to consolidated income from operations: |
|
|
|
|||||
Australia/New Zealand(1) |
|
2,223 |
|
|
|
— |
|
|
Amortization of intangible assets |
|
19,407 |
|
|
|
3,738 |
|
|
Merger and integration costs |
|
1,012 |
|
|
|
410 |
|
|
Restructuring costs |
|
18,267 |
|
|
|
1,858 |
|
|
Total adjustments to consolidated income from operations |
|
40,909 |
|
|
|
6,006 |
|
|
|
|
|
|
|||||
Adjusted income (loss) from operations by segment: |
|
|
|
|||||
U.S. Higher Education |
|
47,754 |
|
|
|
15,483 |
|
|
Australia/New Zealand |
|
(726 |
) |
|
|
(749 |
) |
|
Education Technology Services |
|
5,881 |
|
|
|
4,713 |
|
|
Total adjusted income from operations |
$ |
52,909 |
|
|
$ |
19,447 |
|
|
| (1) | Adjustments to the Australia/New Zealand segment revenue and loss from operations for the three months ended March 31, 2021, include a purchase accounting adjustment of $2.2 million to record acquired contract liabilities at fair value as a result of the Company's acquisition of Torrens University and associated assets in Australia and New Zealand. |
Strategic Education, INC. |
||||||||
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
||||||||
ADJUSTED EBITDA |
||||||||
(in thousands) |
||||||||
|
For the three months ended |
|||||||
|
March 31, |
|||||||
|
2021 |
|
2022 |
|||||
|
|
|
|
|||||
Net income |
$ |
9,577 |
|
|
$ |
7,029 |
||
Provision for income taxes |
|
4,590 |
|
|
|
5,241 |
|
|
Other (income) expense |
|
(2,167 |
) |
|
|
1,171 |
|
|
Depreciation and amortization |
|
34,571 |
|
|
|
16,272 |
|
|
EBITDA (1) |
|
46,571 |
|
|
|
29,713 |
|
|
Stock-based compensation |
|
3,900 |
|
|
|
5,068 |
|
|
Merger and integration costs (2) |
|
1,012 |
|
|
|
463 |
|
|
Restructuring costs (3) |
|
16,231 |
|
|
|
1,621 |
|
|
Cloud computing amortization (4) |
|
641 |
|
|
|
1,492 |
|
|
Contract liability adjustment (5) |
|
2,223 |
|
|
|
— |
|
|
Adjusted EBITDA (1) |
$ |
70,578 |
|
|
$ |
38,357 |
|
|
| (1) | Denotes non-GAAP financial measures. Please see the information in the Non-GAAP Financial Measures section of this press release for more detail regarding these adjustments and management’s reasons for providing this information. |
|
| (2) | Reflects transaction and integration charges associated with the Company's merger with Capella Education Company, including a premerger litigation settlement, and the Company’s acquisition of Torrens University and associated assets in Australia and New Zealand. Excludes $0.1 million of depreciation and amortization for the three months ended March 31, 2022. |
|
| (3) | Reflects severance costs and right-of-use lease asset impairment charges associated with the Company’s restructuring. Excludes $2.0 million and $0.2 million of depreciation and amortization expense for the three months ended March 31, 2021 and 2022, respectively. |
|
| (4) | Reflects amortization expense associated with deferred implementation costs incurred in cloud computing arrangements. |
|
| (5) | Reflects a purchase accounting adjustment to record acquired contract liabilities at fair value as a result of the Company’s acquisition of Torrens University and associated assets in Australia and New Zealand. |
