STRA Stock Balance Sheets

Strategic Education Quarterly Balance Sheets Chart

Quarterly

Annual

Goodwill

Cash and Cash Eq

Long-Term Debt

Strategic Education Quarterly Balance Sheets Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-06-30	2014-12-31	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-03-31	2005-09-30	2004-06-30	2003-12-31	2002-12-31	2001-12-31	2000-12-31

assets
current assets:
cash and cash equivalents	133,600,000	144,215,000	137,074,000	195,889,000	230,111,000	222,116,000	168,481,000	167,707,000	181,024,000	202,824,000	213,667,000	262,757,000	262,941,000	293,419,000	268,918,000	274,774,000	261,585,000	238,290,000	187,509,000	717,804,000	470,319,000	442,845,000	419,693,000	397,094,000	375,515,000	352,387,000	311,732,000	276,382,000	171,600,000	165,867,000	150,483,000	147,867,000	147,099,000	120,502,000	117,422,000	117,498,000	195,557,000		136,076,000	126,200,000		85,220,000	67,540,000	50,762,000	45,609,000	48,690,000	52,704,000	57,137,000	57,071,000	50,558,000	71,094,000	84,122,000	88,010,000	91,266,000	63,958,000	41,036,000	38,598,000	32,497,000	56,379,000	66,866,000	88,382,000	118,866,000	95,036,000	86,462,000	92,812,000		50,742,000	86,698,000	90,956
marketable securities	31,350,000	38,424,000	46,949,000	26,182,000	26,128,000	31,448,000	39,728,000	28,960,000	25,468,000	24,490,000	9,156,000	11,387,000	8,854,000	6,785,000	6,501,000	2,632,000	4,040,000	6,455,000	7,557,000	20,457,000	23,106,000	26,842,000	34,874,000	33,455,000	39,288,000
tuition receivable	97,878,000	90,314,000	76,127,000	105,795,000	89,639,000	83,082,000	76,102,000	97,429,000	82,373,000	71,860,000	62,953,000	81,676,000	75,937,000	64,798,000	51,277,000	87,123,000	78,609,000	63,469,000	50,169,000	45,958,000	41,004,000	41,335,000	51,523,000	50,964,000	47,340,000	50,842,000	55,694,000	52,527,000	25,595,000	24,997,000	20,626,000	20,342,000	20,323,000	18,925,000	19,053,000	18,613,000	15,222,000		15,009,000	15,481,000
income taxes receivable	762,000							7,850,000	9,719,000						313,000				1,429,000					6,970,000	10,518,000			6,995,000	5,592,000		2,734,000	1,485,000		2,437,000	897,000							907,000			7,964,000	136,000		394,000				6,764,000				6,825,000			3,534,000	458,000	1,646,000			2,355,000				2,792,000	4,136
other current assets	56,353,000	55,334,000	44,793,000	55,648,000	52,990,000	53,801,000	44,758,000	48,689,000	52,330,000	54,046,000	43,285,000	46,928,000	48,092,000	52,846,000	40,777,000	39,785,000	43,600,000	44,714,000	39,458,000	22,156,000	19,067,000	21,761,000	18,004,000	17,130,000	17,660,000	16,874,000	15,814,000	17,367,000	11,385,000	10,558,000	12,917,000	10,357,000	9,978,000	10,838,000	8,409,000	8,383,000	14,520,000		15,398,000	16,095,000		12,503,000	11,383,000	12,052,000	14,255,000	11,886,000	13,365,000	12,131,000	12,785,000	10,884,000	11,415,000	12,024,000	10,278,000	9,724,000	8,317,000	6,633,000	6,540,000	6,640,000	7,175,000	6,656,000	5,648,000	5,360,000	4,097,000	8,449,000	5,791,000		4,098,000	3,712,000	3,838
total current assets	319,943,000	328,287,000	304,943,000	383,514,000	398,868,000	390,447,000	329,069,000	350,635,000	350,914,000	357,013,000	329,061,000	402,748,000	395,824,000	417,848,000	367,786,000	406,481,000	393,635,000	352,928,000	286,122,000	806,375,000	553,496,000	532,783,000	524,094,000	505,613,000	490,321,000	456,589,000	420,361,000	391,410,000	214,172,000	201,422,000	186,760,000	180,051,000	177,400,000	152,702,000	145,781,000	144,494,000	225,299,000		166,483,000	157,776,000		118,316,000	102,259,000	84,995,000	91,937,000	84,930,000	89,389,000	94,668,000	91,056,000	83,791,000	108,220,000	325,289,000	331,851,000	334,592,000	289,975,000	264,718,000	227,892,000	224,937,000	249,498,000	251,322,000	228,148,000	227,692,000	276,083,000	271,044,000	258,116,000		191,208,000	177,062,000	160,339
property and equipment	111,027,000	109,672,000	111,247,000	116,205,000	116,253,000	116,419,000	118,529,000	117,872,000	121,066,000	124,298,000	132,845,000	136,073,000	141,736,000	152,742,000	150,589,000	147,246,000	153,812,000	164,277,000	158,854,000	115,607,000	117,247,000	117,284,000	117,029,000	116,489,000	118,462,000	119,040,000	122,677,000	124,613,000	72,125,000	73,686,000	74,335,000	72,706,000	72,803,000	71,725,000	72,577,000	74,954,000	80,336,000		87,097,000	90,528,000		109,958,000	114,198,000	117,912,000	122,620,000	118,836,000	119,542,000	121,149,000	121,898,000	120,774,000	118,957,000	103,742,000	97,734,000	90,996,000	84,675,000	78,132,000	75,051,000	69,214,000	66,304,000	63,517,000	61,481,000	58,952,000	57,946,000	55,266,000	53,626,000		47,999,000	46,150,000	38,433
right-of-use lease assets	100,049,000	100,293,000	103,673,000	116,700,000	112,252,000	114,653,000	119,202,000	110,789,000	115,376,000	120,533,000	125,248,000	125,081,000	132,961,000	146,508,000	149,587,000	121,818,000	134,069,000	142,998,000	120,687,000	80,719,000	81,418,000	82,345,000	84,778,000	93,208,000	97,484,000	101,533,000
marketable securities, non-current	14,986,000	14,984,000	14,981,000				483,000	1,914,000	8,609,000	12,699,000	13,123,000	14,648,000	17,939,000	21,277,000	23,377,000	27,567,000	28,062,000	29,280,000	30,270,000	30,663,000	31,917,000	36,590,000	36,633,000	26,532,000	25,737,000	31,866,000	37,678,000	33,324,000
intangible assets	248,172,000	245,452,000	245,098,000	251,952,000	249,469,000	248,855,000	251,623,000	249,514,000	253,353,000	256,715,000	260,541,000	259,855,000	266,078,000	276,267,000	276,380,000	278,365,000	289,985,000	308,190,000	326,420,000	231,511,000	245,344,000	259,178,000	273,011,000	286,844,000	300,678,000	314,511,000	328,344,000	342,477,000
goodwill	1,231,105,000	1,209,710,000	1,206,883,000	1,260,599,000	1,240,962,000	1,229,882,000	1,251,888,000	1,228,431,000	1,237,982,000	1,243,330,000	1,251,277,000	1,226,499,000	1,256,428,000	1,303,175,000	1,285,864,000	1,280,221,000	1,303,863,000	1,311,487,000	1,318,526,000	732,075,000	732,075,000	732,075,000	732,075,000	732,075,000	732,104,000	732,799,000	732,540,000	730,729,000	17,919,000	20,744,000	20,744,000	20,744,000	20,744,000	20,793,000	20,793,000	21,042,000	6,800,000		6,800,000	6,800,000		6,800,000	6,800,000	6,800,000	6,800,000	6,800,000	6,800,000	6,800,000
other assets	66,241,000	65,815,000	62,910,000	58,554,000	59,720,000	54,980,000	54,419,000	54,945,000	54,812,000	51,180,000	49,652,000	50,347,000	49,295,000	50,066,000	52,297,000	54,424,000	59,887,000	60,282,000	54,928,000	50,369,000	30,067,000	23,566,000	21,788,000	20,435,000	19,784,000	19,052,000	19,429,000	23,143,000	9,698,000	12,155,000	12,127,000	12,540,000	12,908,000	13,390,000	13,891,000	14,276,000	5,471,000		6,938,000	7,520,000		5,872,000	6,565,000	6,320,000	4,642,000	4,869,000	5,115,000	5,190,000	3,339,000	3,610,000	2,172,000	1,533,000	1,214,000	1,258,000	1,339,000	1,303,000	462,000	437,000	462,000	483,000	483,000	494,000	419,000	418,000	378,000		811,000	337,000	358
total assets	2,091,523,000	2,074,213,000	2,049,735,000	2,187,524,000	2,177,524,000	2,155,236,000	2,125,213,000	2,114,100,000	2,142,112,000	2,165,768,000	2,161,747,000	2,215,251,000	2,260,261,000	2,367,883,000	2,305,880,000	2,316,122,000	2,363,313,000	2,369,442,000	2,295,807,000	2,047,319,000	1,791,564,000	1,783,821,000	1,789,408,000	1,781,196,000	1,784,570,000	1,775,390,000	1,661,029,000	1,645,696,000	336,765,000	331,810,000	328,575,000	318,482,000	313,974,000	286,504,000	277,551,000	277,696,000	336,003,000	307,815,000	282,193,000	277,614,000	254,266,000	240,951,000	229,822,000	216,027,000	231,614,000	220,143,000	224,234,000	231,133,000	224,205,000	217,354,000	237,617,000	443,021,000	442,625,000	437,051,000	385,805,000	354,869,000	313,413,000	303,383,000	324,563,000	328,026,000	301,412,000	297,589,000	343,778,000	335,060,000	319,291,000		240,518,000	224,049,000	199,630	182,556,000	140,124,000	110,488,000	119,139,000
liabilities & stockholders’ equity
current liabilities:
accounts payable and accrued expenses	99,189,000	102,665,000	101,749,000	107,211,000	93,664,000	99,245,000	90,888,000	102,122,000	90,057,000	93,147,000	90,588,000	101,357,000	85,210,000	103,934,000	95,518,000	103,383,000	100,119,000	97,448,000	104,742,000	115,829,000	67,258,000	81,859,000	90,828,000	86,092,000	86,066,000	80,085,000	85,979,000	78,092,000	46,657,000	45,806,000	50,514,000	41,286,000	38,398,000	44,818,000	42,127,000	38,108,000	40,733,000		33,174,000	38,503,000		39,058,000	31,617,000	31,082,000	40,362,000	25,757,000	36,517,000	34,039,000
income taxes payable		10,190,000	2,926,000	1,658,000	2,190,000	10,659,000	2,200,000			2,371,000	6,989,000	3,316,000	4,379,000	9,422,000		2,622,000	4,015,000	11,350,000		12,093,000	16,722,000	13,728,000	1,352,000			6,144,000	419,000			2,541,000			8,598,000			7,231,000	4,236,000		7,741,000	10,937,000			711,000	4,700,000			15,789,000		2,620,000	5,619,000	22,715,000		2,781,000	23,937,000	5,100,000		1,796,000	14,888,000				10,981,000	4,754,000		8,583,000		10,330,000
contract liabilities	135,179,000	126,505,000	89,563,000	154,144,000	133,612,000	128,503,000	92,341,000	140,248,000	128,650,000	122,984,000	88,488,000	131,705,000	121,035,000	115,647,000	73,232,000	123,906,000	118,771,000	108,073,000	60,501,000	42,633,000	40,052,000	40,495,000	39,284,000	45,571,000	40,919,000	40,826,000	38,733,000	38,025,000	22,547,000	23,931,000
lease liabilities	20,112,000	20,076,000	22,222,000	22,827,000	23,973,000	23,316,000	24,190,000	23,121,000	23,380,000	23,207,000	23,879,000	23,539,000	25,009,000	25,833,000	27,005,000	25,737,000	29,284,000	32,886,000	34,809,000	24,740,000	24,852,000	24,806,000	25,284,000	26,167,000	26,834,000
total current liabilities	254,480,000	259,436,000	216,460,000	285,840,000	253,439,000	261,723,000	209,619,000	265,491,000	242,087,000	241,709,000	209,944,000	259,917,000	235,633,000	254,836,000	195,755,000	255,648,000	252,189,000	249,757,000	200,052,000	195,295,000	148,884,000	160,888,000	156,748,000	157,830,000	153,819,000	153,517,000	125,131,000	116,117,000	69,204,000	72,278,000	72,298,000	61,303,000	66,231,000	61,654,000	59,540,000	62,488,000	60,474,000		49,256,000	55,574,000		43,049,000	35,961,000	39,417,000	71,806,000	59,199,000	83,890,000	77,184,000	82,889,000	64,541,000	71,166,000	237,729,000	203,295,000	219,078,000	184,240,000	167,637,000	139,763,000	148,202,000	136,819,000	136,401,000	109,741,000	125,489,000	144,349,000	108,585,000	98,736,000		80,365,000	71,072,000	45,828
deferred income tax liabilities	27,925,000	30,701,000	27,586,000	26,183,000	27,624,000	30,439,000	28,338,000	28,254,000	31,341,000	36,338,000	34,605,000	33,688,000	38,614,000	39,974,000	44,595,000	41,024,000	42,810,000	44,264,000	53,407,000	34,012,000	40,107,000	44,581,000	47,942,000	57,016,000	66,323,000	70,298,000	59,358,000	71,126,000
lease liabilities, non-current	100,190,000	99,407,000	103,004,000	116,090,000	112,269,000	116,350,000	127,735,000	121,395,000	126,975,000	131,908,000	134,006,000	136,791,000	145,841,000	158,930,000	162,821,000	139,031,000	148,382,000	152,981,000	106,151,000	76,802,000	77,458,000	78,765,000	80,557,000	83,067,000	86,998,000	90,501,000
other long-term liabilities	42,211,000	41,355,000	40,186,000	42,615,000	44,763,000	42,885,000	45,603,000	42,959,000	41,794,000	44,040,000	46,006,000	45,139,000	46,815,000	48,087,000	47,089,000	43,770,000	45,004,000	44,717,000	46,055,000	36,152,000	40,565,000	40,440,000	41,451,000	38,624,000	39,554,000	37,636,000	51,316,000	50,123,000	43,721,000	41,240,000	40,788,000	47,978,000	49,217,000	51,631,000	50,073,000	57,091,000	45,498,000	46,248,000	47,349,000	50,685,000	51,456,000	21,406,000	22,593,000	23,193,000	22,315,000	21,697,000	21,818,000	21,656,000	15,066,000	14,446,000
total liabilities	424,806,000	430,899,000	387,236,000	470,728,000	499,424,000	512,653,000	472,695,000	519,346,000	543,506,000	555,339,000	525,957,000	616,769,000	608,340,000	643,570,000	591,890,000	621,066,000	630,133,000	633,517,000	547,488,000	342,261,000	307,014,000	324,674,000	326,698,000	336,537,000	346,694,000	351,952,000	235,805,000	237,366,000	112,925,000	113,518,000	113,086,000	109,281,000	115,448,000	113,285,000	109,613,000	119,579,000	215,347,000	215,083,000	212,230,000	223,447,000	215,364,000	183,986,000	178,867,000	183,704,000	166,621,000	150,896,000	168,208,000	188,840,000	180,455,000	178,987,000	164,314,000	250,042,000	215,464,000	231,251,000	195,985,000	179,344,000	151,347,000	159,701,000	148,482,000	148,223,000	120,668,000	136,253,000	155,271,000	119,452,000	109,647,000		86,702,000	77,560,000	50,187	53,892,000	39,942,000	29,513,000	21,395,000
commitments and contingencies
stockholders’ equity:
common stock	239,000	243,000	245,000	246,000	246,000	246,000	244,000	244,000	245,000	246,000	244,000	245,000	246,000	250,000	246,000	246,000	246,000	247,000	244,000	244,000	222,000	222,000	220,000	220,000	219,000	219,000	217,000	217,000	113,000	113,000	112,000	112,000	112,000	111,000	112,000	112,000	110,000		109,000	108,000		109,000	109,000	108,000	119,000	119,000	119,000	118,000	120,000	120,000	124,000	136,000	139,000	139,000	140,000	141,000	140,000	140,000	141,000	142,000	142,000	142,000	144,000	145,000	145,000			144,000	148
additional paid-in capital	1,489,271,000	1,502,852,000	1,532,414,000	1,529,594,000	1,526,037,000	1,519,291,000	1,517,650,000	1,513,023,000	1,509,077,000	1,511,590,000	1,510,924,000	1,507,902,000	1,513,509,000	1,528,328,000	1,529,969,000	1,525,189,000	1,523,022,000	1,521,145,000	1,519,549,000	1,515,662,000	1,291,597,000	1,287,406,000	1,309,438,000	1,306,353,000	1,305,148,000	1,304,170,000	1,306,653,000	1,301,228,000	53,015,000	49,766,000	44,021,000	41,106,000	37,879,000	32,016,000	29,612,000	27,577,000	19,447,000		9,832,000	7,544,000		6,289,000	3,123,000	377,000	9,234,000	5,731,000	1,944,000	295,000	6,059,000	2,438,000			701,000	1,626,000	1,157,000	4,528,000	877,000		17,185,000	38,190,000	45,416,000	41,909,000	87,080,000	99,621,000	98,574,000		94,631,000	111,406,000	156,751
accumulated other comprehensive loss	-58,869,000	-85,221,000	-88,565,000	-23,238,000	-47,091,000	-60,754,000	-34,247,000	-62,878,000	-51,084,000	-44,300,000																																																						-25,000
retained earnings	236,076,000	225,440,000	218,405,000	210,194,000	198,908,000	183,800,000	168,871,000	144,365,000	140,368,000	142,893,000	159,690,000	156,704,000	166,175,000	166,550,000	174,572,000	167,665,000	179,089,000	174,469,000	179,646,000	188,392,000	192,072,000	171,266,000	152,819,000	137,639,000	132,060,000	118,783,000	118,322,000	106,907,000	170,712,000	168,413,000	171,356,000	167,983,000	160,535,000	141,092,000	138,214,000	130,428,000	101,244,000		60,089,000	46,412,000		50,586,000	47,437,000	32,435,000	56,185,000	63,955,000	54,615,000	42,491,000	38,411,000	36,454,000	73,179,000	192,548,000	226,036,000	203,750,000	188,218,000	170,551,000	160,903,000	143,415,000	158,834,000	141,677,000	135,255,000	119,285,000	101,102,000	115,867,000	111,127,000		59,364,000	35,593,000	-7,306
total stockholders’ equity	1,666,717,000	1,643,314,000	1,662,499,000	1,716,796,000	1,678,100,000	1,642,583,000	1,652,518,000	1,594,754,000	1,598,606,000	1,610,429,000	1,635,790,000	1,598,482,000	1,651,921,000	1,724,313,000	1,713,990,000	1,695,056,000	1,733,180,000	1,735,925,000	1,748,319,000	1,705,058,000	1,484,550,000	1,459,147,000	1,462,710,000	1,444,659,000	1,437,876,000	1,423,438,000	1,425,224,000	1,408,330,000	223,840,000	218,292,000	215,489,000	209,201,000	198,526,000	173,219,000	167,938,000	158,117,000	120,656,000	92,732,000	69,963,000	54,167,000	38,902,000	56,965,000	50,955,000	32,323,000	64,993,000	69,247,000	56,026,000	42,293,000	43,750,000	38,367,000	73,303,000	192,979,000	227,161,000	205,800,000	189,820,000	175,525,000	162,066,000	143,682,000	176,081,000	179,803,000	180,744,000	161,336,000	188,507,000	215,608,000	209,644,000		153,816,000	146,489,000		32,978,000	6,375,000
total liabilities and stockholders’ equity	2,091,523,000	2,074,213,000	2,049,735,000	2,187,524,000	2,177,524,000	2,155,236,000	2,125,213,000	2,114,100,000	2,142,112,000	2,165,768,000	2,161,747,000	2,215,251,000	2,260,261,000	2,367,883,000	2,305,880,000	2,316,122,000	2,363,313,000	2,369,442,000	2,295,807,000	2,047,319,000	1,791,564,000	1,783,821,000	1,789,408,000	1,781,196,000	1,784,570,000	1,775,390,000	1,661,029,000	1,645,696,000	336,765,000	331,810,000	328,575,000	318,482,000	313,974,000	286,504,000	277,551,000	277,696,000	336,003,000		282,193,000	277,614,000		240,951,000	229,822,000	216,027,000	231,614,000	220,143,000	224,234,000	231,133,000	224,205,000	217,354,000	237,617,000	443,021,000	442,625,000	437,051,000	385,805,000	354,869,000	313,413,000		324,563,000	328,026,000	301,412,000	297,589,000	343,778,000	335,060,000	319,291,000		240,518,000	224,049,000
long-term debt					61,329,000	61,256,000	61,400,000	61,247,000	101,309,000	101,344,000	101,396,000	141,234,000	141,437,000	141,743,000	141,630,000	141,593,000	141,748,000	141,798,000	141,823,000																			112,500,000			118,750,000
assets held for sale										3,793,000						2,167,000	5,801,000
accumulated other comprehensive income											-35,068,000	-66,369,000	-28,009,000	29,185,000	9,203,000	1,956,000	30,823,000	40,064,000	48,880,000	760,000	659,000	253,000	233,000	447,000	449,000	266,000	32,000	-22,000									-145,000		-67,000	103,000		-19,000	286,000	-597,000	-545,000	-558,000	-652,000	-611,000	-840,000	-645,000		295,000	285,000	285,000	305,000	305,000	146,000	127,000	-79,000	-206,000	-69,000		181,000		-202,000		-321,000	-220,000	-150
marketable securities, current																										36,486,000	37,121,000	38,139,000
lease liabilities, current																										26,462,000
deferred income tax assets
deferred income taxes																													22,851,000	23,803,000	34,609,000	32,441,000	30,119,000	27,894,000	24,509,000	22,930,000	18,097,000		14,875,000	14,990,000		5,000			5,615,000	4,708,000	3,388,000	3,326,000	7,412,000	8,679,000	7,768,000	11,957,000	11,326,000	9,705,000	9,316,000	10,216,000	9,508,000	8,295,000	7,799,000	12,204,000	10,800,000	9,951,000	8,830,000	7,832,000	6,671,000			214,000	692
deferred revenue																															21,784,000	20,017,000	19,173,000	16,633,000	17,140,000	16,868,000	8,974,000		3,372,000	1,947,000
other current liabilities																																	62,000	203,000	273,000	281,000	281,000		281,000	281,000		281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000	281,000
current portion of term loan																																					6,250,000		4,688,000	3,906,000		3,125,000	3,125,000	3,125,000	30,000,000	30,000,000	30,000,000	27,500,000	22,500,000	15,000,000
term loan, less current portion																																					109,375,000		115,625,000	117,188,000		119,531,000	120,313,000	121,094,000	47,500,000	55,000,000	62,500,000	70,000,000	77,500,000	85,000,000
balance sheet data:
cash, cash equivalents, and marketable securities																																						162,283,000
working capital																																						140,316,000			82,182,000																													94,760,000	55,901,000	49,846,000	26,742,000
cash, cash equivalents and marketable securities																																									94,760,000																													108,040,000	67,256,000	58,705,000	32,116,000
tuition receivable, net of allowances for doubtful accounts of 6,596 and 5,819 at december 31, 2012 and september 30, 2013, respectively																																										19,686,000
unearned tuition																																										585,000	227,000	229,000	1,163,000	3,161,000	1,303,000	15,364,000	14,612,000	8,026,000	15,331,000	184,715,000	165,463,000	166,268,000	149,804,000	142,639,000	113,574,000	115,328,000	114,872,000	116,020,000	91,937,000	94,144,000	91,476,000	93,122,000	76,935,000		60,981,000	62,782,000	37,180
tuition receivable, net of allowances for doubtful accounts of 6,596 and 5,777 at december 31, 2012 and june 30, 2013, respectively																																											23,336,000
tuition receivable, net of allowances for doubtful accounts of 6,596 and 6,476 at december 31, 2012 and march 31, 2013, respectively																																												22,181,000
tuition receivable, net of allowances for doubtful accounts of 7,279 and 7,373 at december 31, 2011 and september 30, 2012, respectively																																													24,109,000
revolving credit facility																																													25,000,000	15,000,000		20,000,000	5,000,000	15,000,000	80,000,000
tuition receivable, net of allowances for doubtful accounts of 7,279 and 7,317 at december 31, 2011 and june 30, 2012, respectively																																														24,218,000
tuition receivable, net of allowances for doubtful accounts of 7,279 and 8,108 at december 31, 2011 and march 31, 2012, respectively																																															23,320,000
marketable securities available for sale, at fair value																																																				40,684,000	52,908,000	52,716,000	52,558,000	52,347,000	51,842,000	51,515,000	50,952,000	50,222,000	30,066,000		76,299,000	75,958,000	75,666,000		75,471,000	25,637,000	25,753
tuition receivable, net of allowances for doubtful accounts of 7,935 and 7,279 at december 31, 2010 and 2011, respectively																																																25,006,000
tuition receivable, net of allowances for doubtful accounts of 7,935 and 7,025 at december 31, 2010 and september 30, 2011, respectively																																																	21,200,000
restricted cash																																																	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000		500,000	500,000	500
accounts payable																																																	38,014,000	31,983,000	27,107,000	41,301,000	24,934,000	21,837,000	21,261,000	16,532,000	18,989,000	12,761,000	17,099,000	15,885,000	13,065,000	17,463,000	15,682,000	12,348,000	10,875,000		7,915,000	7,140,000	5,938
accrued expenses																																																	4,862,000	3,632,000	5,732,000	11,432,000	9,836,000	6,755,000	7,794,000	8,185,000	5,123,000	4,944,000	4,567,000	4,215,000	4,458,000	2,620,000	3,303,000	2,834,000	2,062,000		1,139,000	1,150,000	1,572
tuition receivable, net of allowances for doubtful accounts of 7,935 and 6,982 at december 31, 2010 and june 30, 2011, respectively																																																		22,349,000
tuition receivable, net of allowances for doubtful accounts of 7,935 and 6,783 at december 31, 2010 and march 31, 2011, respectively																																																			25,711,000
long-term liabilities																																																			13,148,000	12,313,000	12,169,000	12,173,000	11,745,000	11,707,000	11,584,000	11,499,000	11,663,000	11,822,000	10,927,000	10,764,000	10,922,000	10,867,000	10,911,000		6,337,000	6,274,000	3,667	2,894,000	2,055,000	763,000
tuition receivable, net of allowances for doubtful accounts of 6,175 and 8,059 at december 31, 2009 and september 30, 2010, respectively																																																				181,695,000
tuition receivable, net of allowances for doubtful accounts of 6,175 and 6,969 at december 31, 2009 and june 30, 2010, respectively																																																					180,655,000
tuition receivable, net of allowances for doubtful accounts of 6,175 and 7,053 at december 31, 2009 and march 31, 2010, respectively																																																						180,886,000
tuition receivable, net of allowances for doubtful accounts of 4,776 and 6,175 in 2008 and 2009, respectively																																																							165,142,000
liabilities and stockholders’ equity
tuition receivable, net of allowances for doubtful accounts of 4,776 and 5,278 at december 31, 2008 and september 30, 2009, respectively																																																								157,877,000
tuition receivable, net of allowances for doubtful accounts of 4,776 and 5,400 at december 31, 2008 and june 30, 2009, respectively																																																									130,912,000
tuition receivable, net of allowances for doubtful accounts of 4,776 and 5,303 at december 31, 2008 and march 31, 2009, respectively																																																										134,285,000
total liabilities and stockholder’s equity																																																										303,383,000
tuition receivable, net of allowances for doubtful accounts of 3,206 and 4,776 in 2007 and 2008, respectively																																																											131,458,000
dividends payable																																																															28,853,000						1,138
tuition receivable, net of allowances for doubtful accounts of 3,206 and 4,163 at december 31, 2007 and september 30, 2008, respectively																																																												127,120,000
tuition receivable, net allowances for doubtful accounts of 3,206 and 3,761 at december 31, 2007 and june 30, 2008, respectively																																																													102,406,000
tuition receivable, net of allowances for doubtful accounts of 3,206 and 3,668 at december 31, 2007 and march 31, 2008, respectively																																																														103,466,000
tuition receivable, net of allowances for doubtful accounts of 3,029 and 3,206 in 2006 and 2007, respectively																																																															100,651,000
tuition receivable, net allowances for doubtful accounts of 3,029 and 2,916 at december 31, 2006 and september 30, 2007, respectively																																																																97,820,000
tuition receivable, net allowances for doubtful accounts of 3,029 and 2,824 at december 31, 2006 and june 30, 2007, respectively																																																																	83,847,000
current assets:
cash and cash equivalents																																																																		75,629,000
marketable securities available for sale, at fair value																																																																		75,812,000
tuition receivable, net of allowances for doubtful accounts of 3,029 and 3,159 at december 31, 2006 and march 31, 2007, respectively																																																																		86,671,000
other current assets																																																																		5,931,000
total current assets																																																																		244,043,000
property and equipment																																																																		54,311,000
deferred income taxes																																																																		4,613,000
restricted cash																																																																		500,000
other assets																																																																		366,000
total assets																																																																		303,833,000
liabilities & stockholders’ equity
current liabilities:
accounts payable																																																																		10,843,000
accrued expenses																																																																		1,619,000
income taxes payable																																																																		3,892,000
unearned tuition																																																																		79,603,000
total current liabilities																																																																		95,957,000
long-term liabilities																																																																		7,667,000
total liabilities																																																																		103,624,000
commitments and contingencies
stockholders’ equity:
common stock, par value .01; 20,000,000 shares authorized; 14,293,584 and 14,529,900 shares issued and outstanding
at december 31, 2006 and march 31, 2007, respectively																																																																		145,000
additional paid-in capital																																																																		101,880,000
retained earnings																																																																		98,298,000
accumulated other comprehensive income																																																																		-114,000
total stockholders’ equity																																																																		200,209,000
total liabilities and stockholders’ equity																																																																		303,833,000
tuition receivable, net of allowances for doubtful accounts of 1,927 and 2,344 at december 31, 2005 and march 31, 2006, respectively																																																																			60,897,000
at december 31, 2005 and march 31, 2006, respectively																																																																			142,000
tuition receivable, net of allowances for doubtful accounts of 1,301 and 1,488 at december 31, 2004 and september 30, 2005, respectively																																																																				58,223,000
student loans receivable, held for sale																																																																					12
unearned compensation — restricted stock																																																																				-434,000
tuition receivable, net of allowances for doubtful accounts																																																																					35,644
liabilities & stockholders' equity
mandatorily redeemable convertible series a preferred stock, par value .01; 6,000,000 shares authorized; 3,899,944 shares issued and outstanding at december 31, 2003
stockholders' equity:
total stockholders' equity																																																																					149,443			-67,372,000	97,744,000
total liabilities and stockholders' equity																																																																					199,630
income statement data:
revenues																																																																						147,025,000	116,710,000	92,876,000	78,214,000
costs and expenses:
instruction and educational support																																																																						53,116,000	41,601,000	33,699,000	28,187,000
selling and promotion																																																																						22,768,000	16,773,000	12,576,000	8,480,000
general and administration																																																																						20,013,000	17,107,000	13,094,000	10,620,000
gain on sale of asset																																																																						1,772,000
income from operations																																																																						52,900,000	41,229,000	33,507,000	30,927,000
investment and other income																																																																						2,420,000	1,775,000	3,791,000	4,756,000
secondary offering expenses																																																																							490,000
income before income taxes																																																																						55,320,000	42,514,000	37,298,000	35,683,000
benefit from income taxes																																																																						21,646,000	16,730,000	14,489,000	13,974,000
net income																																																																						33,674,000	25,784,000	22,809,000	21,709,000
preferred stock dividends and accretion																																																																						5,136,000	7,344,000	5,010,000
net income available to common stockholders																																																																						28,538,000	18,440,000	17,799,000	21,709,000
net income per share
basic																																																																						2,670	2,140	1,620	1,420
diluted																																																																						2,270	1,780	1,550	1,410
weighted-average shares outstanding:
other data:
depreciation and amortization																																																																						4,367,000	3,642,000	2,643,000	2,063,000
stock-based compensation expense
capital expenditures																																																																						6,840,000	17,113,000	6,274,000	4,388,000
cash dividends per common share																																																																						260	260	260	250
enrollment																																																																						20,138,000	16,532,000	14,009,000	12,096,000
campuses																																																																						25,000	20,000	17,000	14,000
series a convertible redeemable preferred stock																																																																						95,686,000	93,807,000	148,347,000
ebitda																																																																									32,990,000
ebitda as % of revenue																																																																									42,200

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