Strategic Education, Inc
(NASDAQ:STRA)

Strategic Education, Inc., through its subsidiaries, provides post-secondary education and non-degree programs. It operates in three segments: Strayer University, Capella University, and Australia/New Zealand. The company operates Strayer University that provides undergraduate and graduate degree pr...

Website: http://www.strategiceducation.com

Founded: 1892

Full Time Employees: 3,076

Sector: Consumer Defensive

Industry: Education & Training Services

Education

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

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Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	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	2006-12-31	2006-03-31	2005-12-31	2005-09-30	2004-12-31	2004-06-30	2003-12-31

revenues	305,928,000	323,210,000	319,949,000	321,471,000	303,590,000	311,456,000	305,958,000	312,266,000	290,250,000	302,702,000	285,936,000	287,680,000	256,606,000	269,938,000	263,123,000	273,564,000	258,855,000	272,099,000	270,078,000	299,173,000	290,336,000	267,494,000	239,026,000	255,831,000	265,302,000	263,772,000	241,747,000	245,110,000	246,508,000	242,103,000	160,945,000	114,668,000	116,469,000	118,707,000	108,512,000	112,720,000	114,912,000	119,279,000	102,156,000	108,487,000	111,166,000	113,660,000	99,142,000	109,750,000	111,885,000	100,756,000	112,747,000	116,468,000	124,083,000	110,031,000	131,980,000	137,506,000	141,933,000	124,260,000	146,254,000	149,532,000	155,824,000	135,865,000	163,789,000	171,956,000	171,951,000	147,597,000	159,283,000	157,901,000	147,201,000	114,351,000	125,931,000	124,478,000	114,280,000	86,993,000	97,928,000	97,074,000	89,131,000	69,813,000	78,875,000		67,090,000	62,018,000	47,087,000		46,811,000
costs and expenses:
instructional and support costs	154,771,000	159,948,000	162,724,000	166,153,000	158,286,000	166,884,000	162,668,000	163,235,000	157,709,000	153,751,000	155,735,000	161,479,000	152,938,000	152,167,000	153,162,000	147,368,000	144,624,000	148,867,000	153,651,000	152,938,000	152,805,000	147,007,000	127,174,000	125,544,000	132,936,000	133,323,000	132,527,000	130,704,000	134,050,000
general and administration	107,970,000	108,666,000	105,932,000	106,775,000	103,596,000	104,145,000	106,206,000	105,112,000	96,695,000	92,377,000	97,598,000	99,003,000	95,465,000	90,558,000	97,753,000	96,722,000	94,784,000	85,391,000	95,714,000	93,395,000	86,845,000	84,635,000	74,069,000	67,301,000	69,226,000	67,595,000	72,303,000	68,374,000	64,139,000	18,964,000	15,811,000	11,063,000	11,218,000	19,380,000	11,193,000	13,205,000	11,619,000	12,522,000	10,952,000	11,930,000	10,329,000	10,830,000	10,925,000	10,844,000	11,655,000	11,028,000	11,157,000	11,013,000	29,099,000	11,472,000	12,978,000	11,088,000	10,711,000	13,769,000	12,928,000	12,648,000	12,956,000	13,406,000	14,580,000	14,522,000	26,133,000	25,590,000	25,609,000	24,253,000	22,279,000	19,583,000	19,875,000	17,930,000	17,755,000	15,209,000	14,683,000	14,778,000	13,658,000	12,439,000	12,607,000		9,394,000
restructuring costs	2,102,000	2,961,000	14,251,000	2,783,000	1,914,000	4,405,000	758,000	1,995,000	-5,510,000	1,048,000	3,262,000	6,351,000	5,595,000	-4,014,000	610,000	3,661,000	1,858,000	-928,000	3,322,000	4,811,000	18,267,000	8,358,000	4,024,000
total costs and expenses	264,843,000	271,575,000	282,907,000	275,711,000	263,796,000	275,434,000	269,632,000	270,342,000	248,894,000	248,478,000	260,307,000	270,863,000	257,955,000	242,291,000	255,316,000	251,699,000	245,414,000	244,235,000	262,730,000	272,473,000	278,336,000	263,886,000	223,604,000	209,436,000	221,343,000	226,559,000	221,747,000	217,514,000	220,785,000	223,228,000	218,072,000	110,484,000	105,141,000	107,019,000	100,288,000	98,866,000	96,469,000	99,625,000	97,326,000	95,591,000	91,074,000	92,004,000	91,888,000	88,821,000	92,026,000	91,540,000	88,749,000	90,559,000	154,179,000	103,410,000	105,723,000	107,587,000																	48,644,750	68,742,000	64,321,000	61,515,000	40,131,250	56,755,000	52,523,000		42,104,000	26,734,250	37,515,000
income from operations	41,085,000	51,635,000	37,042,000	45,760,000	39,794,000	36,022,000	36,326,000	41,924,000	41,356,000	54,224,000	25,629,000	16,817,000	-1,349,000	27,647,000	7,807,000	21,865,000	13,441,000	27,864,000	7,348,000	26,700,000	12,000,000	3,608,000	15,422,000	46,395,000	43,959,000	37,213,000	20,000,000	27,596,000	25,723,000	18,875,000	-57,127,000	4,184,000	11,328,000	11,688,000	8,224,000	13,854,000	18,443,000	19,654,000	4,830,000	12,896,000	20,092,000	21,656,000	7,254,000	20,929,000	19,859,000	9,216,000	23,998,000	25,909,000	-30,096,000	6,621,000	26,257,000	29,919,000	28,725,000	7,836,000	36,168,000	40,858,000	45,368,000	24,405,000	50,145,000	59,225,000	58,905,000	38,249,000	58,691,000	59,926,000	52,404,000	27,260,000	45,079,000	47,611,000	39,435,000	18,251,000	33,607,000	35,559,000	29,201,000	13,058,000	26,352,000		24,986,000	23,312,000	9,572,000		18,362,000
yoy	3.24%	43.34%	1.97%	9.15%	-3.78%	-33.57%	41.74%	149.30%	-3165.68%	96.13%	228.28%	-23.09%	-110.04%	-0.78%	6.25%	-18.11%	12.01%	672.28%	-52.35%	-42.45%	-72.70%	-90.30%	-22.89%	68.12%	70.89%	97.15%	-135.01%	559.56%	127.07%	61.49%	-794.64%	-69.80%	-38.58%	-40.53%	70.27%	7.43%	-8.21%	-9.24%	-33.42%	-38.38%	1.17%	134.98%	-69.77%	-19.22%	-165.99%	39.19%	-8.60%	-13.40%	-204.77%	-15.51%	-27.40%	-26.77%	-36.68%	-67.89%	-27.87%	-31.01%	-22.98%	-36.19%	-14.56%	-1.17%	12.41%	40.31%	30.20%	25.87%	32.89%	49.36%	34.14%	33.89%	35.05%	39.77%	27.53%		16.87%	-43.99%	175.30%		36.07%
qoq	-20.43%	39.40%	-19.05%	14.99%	10.47%	-0.84%	-13.35%	1.37%	-23.73%	111.57%	52.40%	-1346.63%	-104.88%	254.13%	-64.29%	62.67%	-51.76%	279.21%	-72.48%	122.50%	232.59%	-76.60%	-66.76%	5.54%	18.13%	86.06%	-27.53%	7.28%	36.28%	-133.04%	-1465.37%	-63.06%	-3.08%	42.12%	-40.64%	-24.88%	-6.16%	306.92%	-62.55%	-35.82%	-7.22%	198.54%	-65.34%	5.39%	115.48%	-61.60%	-7.38%	-186.09%	-554.55%	-74.78%	-12.24%	4.16%	266.58%	-78.33%	-11.48%	-9.94%	85.90%	-51.33%	-15.33%	0.54%	54.00%	-34.83%	-2.06%	14.35%	92.24%	-39.53%	-5.32%	20.73%	116.07%	-45.69%	-5.49%	21.77%	123.63%	-50.45%			7.18%	143.54%
other income	1,205,000	1,539,000	-273,000	-315,000	2,211,000	1,869,000	2,264,000	-123,000	1,794,000	994,000	842,000	3,171,000	398,000	-58,000	-262,000	300,000	-1,171,000	1,611,000	-1,848,000	757,000	2,167,000	-101,000	912,000	1,639,000	2,123,000	2,497,000	3,243,000	4,125,000	3,327,000	1,755,000	1,110,000
income before income taxes	42,290,000	53,174,000	36,769,000	45,445,000	42,005,000	37,891,000	38,590,000	41,801,000	43,150,000	55,218,000	26,471,000	19,988,000	-951,000	27,589,000	7,545,000	22,165,000	12,270,000	29,475,000	5,500,000	27,457,000	14,167,000	3,507,000	16,334,000	48,034,000	46,082,000	39,710,000	23,243,000	31,721,000	29,050,000	20,630,000	-56,017,000	4,631,000	11,617,000	11,869,000	8,365,000	13,947,000	18,465,000	19,628,000	4,784,000	12,848,000	20,032,000	21,556,000	6,154,000	19,757,000	18,664,000	7,947,000	22,719,000	24,557,000	-31,490,000	5,231,000	24,920,000	28,623,000	27,482,000	6,782,000	35,061,000	39,651,000	44,157,000	23,201,000	49,004,000	59,160,000	59,311,000	38,580,000	58,938,000	60,170,000	52,659,000	27,547,000	45,454,000	48,102,000	40,236,000	19,156,000	34,392,000	37,595,000	30,913,000	14,821,000	27,992,000		25,941,000	24,203,000	10,258,000		18,726,000
provision for income taxes	9,481,000	15,265,000	10,139,000	13,114,000	12,261,000	12,555,000	10,842,000	11,903,000	13,448,000	16,089,000	8,012,000	5,757,000	1,077,000	9,260,000	1,453,000	6,945,000	5,241,000	7,795,000	1,646,000	7,481,000	4,590,000	-2,410,000	5,374,000	13,882,000	10,843,000	11,173,000	6,551,000	7,312,000	17,550,000	-1,825,000	-3,236,000	-557,000	2,150,000	18,364,000	2,138,000	3,645,000	7,887,000	7,910,000	1,906,000	5,062,000	7,612,000	8,515,000	2,431,000	7,883,000	7,279,000	2,994,000	9,042,000	9,774,000	-12,533,000	2,082,000	9,918,000	11,392,000	10,855,000	2,679,000	13,849,000	15,662,000	17,486,000	9,266,000	19,357,000	23,369,000	23,428,000	15,239,000	23,281,000	23,791,000	20,800,000	10,881,000	17,954,000	19,049,000	16,034,000	7,394,000	13,069,000	14,073,000	11,417,000	5,546,000	10,632,000			9,192,000	3,820,000
net income	32,809,000	37,909,000	26,630,000	32,331,000	29,744,000	25,336,000	27,748,000	29,898,000	29,702,000	39,129,000	18,459,000	14,231,000	-2,028,000	18,329,000	6,092,000	15,220,000	7,029,000	21,680,000	3,854,000	19,976,000	9,577,000	5,917,000	10,960,000	34,152,000	35,239,000	28,537,000	16,692,000	24,409,000	11,500,000	22,455,000	-52,781,000	5,188,000	9,467,000	-6,495,000	6,227,000	10,302,000	10,578,000	11,718,000	2,878,000	7,786,000	12,420,000	13,041,000	3,723,000	11,874,000	11,385,000	4,953,000	13,677,000	14,783,000	-18,957,000	3,149,000	15,002,000	17,231,000	16,627,000	4,103,000	21,212,000	23,989,000	26,671,000	13,935,000	29,647,000	35,791,000	35,883,000	23,341,000	35,657,000	36,379,000	31,859,000	16,666,000	27,500,000	29,053,000	24,202,000	11,762,000	21,323,000	23,522,000	19,496,000	9,275,000	17,360,000		15,956,000	15,011,000	6,438,000		11,403,000
yoy	10.30%	49.63%	-4.03%	8.14%	0.14%	-35.25%	50.32%	110.09%	-1564.60%	113.48%	203.00%	-6.50%	-128.85%	-15.46%	58.07%	-23.81%	-26.61%	266.40%	-64.84%	-41.51%	-72.82%	-79.27%	-34.34%	39.92%	206.43%	27.09%	-131.63%	370.49%	21.47%	-445.73%	-947.62%	-49.64%	-10.50%	-155.43%	116.37%	32.31%	-14.83%	-10.14%	-22.70%	-34.43%	9.09%	163.29%	-72.78%	-19.68%	-160.06%	57.29%	-8.83%	-14.21%	-214.01%	-23.25%	-29.28%	-28.17%	-37.66%	-70.56%	-28.45%	-32.97%	-25.67%	-40.30%	-16.86%	-1.62%	12.63%	40.05%	29.66%	25.22%	31.64%	41.69%	28.97%	23.51%	24.14%	26.81%	22.83%		22.19%	-38.21%	169.65%		39.93%
qoq	-13.45%	42.35%	-17.63%	8.70%	17.40%	-8.69%	-7.19%	0.66%	-24.09%	111.98%	29.71%	-801.73%	-111.06%	200.87%	-59.97%	116.53%	-67.58%	462.53%	-80.71%	108.58%	61.86%	-46.01%	-67.91%	-3.08%	23.49%	70.96%	-31.62%	112.25%	-48.79%	-142.54%	-1117.37%	-45.20%	-245.76%	-204.30%	-39.56%	-2.61%	-9.73%	307.16%	-63.04%	-37.31%	-4.76%	250.28%	-68.65%	4.30%	129.86%	-63.79%	-7.48%	-177.98%	-702.00%	-79.01%	-12.94%	3.63%	305.24%	-80.66%	-11.58%	-10.06%	91.40%	-53.00%	-17.17%	-0.26%	53.73%	-34.54%	-1.98%	14.19%	91.16%	-39.40%	-5.35%	20.04%	105.76%	-44.84%	-9.35%	20.65%	110.20%	-46.57%			6.30%	133.16%
earnings per share:
basic	1.52	1.7	1.18	1.41	1.28	1.08	1.18	1.28	1.27	1.67	0.79	0.61	-0.09	0.78	0.26	0.64	0.29	0.91	0.16	0.83	0.4	0.19	0.48	1.57	1.62	1.31	0.77	1.12	0.53	1.87	-2.97	0.48	0.88	-0.61	0.58	0.96	1	1.1	0.27	0.73	1.17	1.23	0.35	1.12	1.08	0.47	1.29	1.4	-1.79	0.3	1.43	1.59	1.48	0.36	1.86	2.1	2.3	1.2	2.54	2.81	1.76	1.73	2.63	2.68	1.333	1.22	2.01	2.09
diluted	1.48	1.65	1.15	1.37	1.24	1.05	1.15	1.24	1.23	1.63	0.77	0.59	-0.09	0.76	0.25	0.63	0.29	0.9	0.16	0.83	0.4	0.19	0.47	1.55	1.6	1.29	0.75	1.1	0.52	1.87	-2.97	0.46	0.84	-0.59	0.56	0.92	0.95	1.07	0.27	0.72	1.15	1.21	0.35	1.11	1.06	0.46	1.29	1.4	-1.77	0.3	1.42	1.59	1.47	0.36	1.85	2.09	2.3	1.2	2.53	2.8	1.745	1.72	2.6	2.65	1.323	1.21	2	2.07
weighted-average shares outstanding:
basic	21,620	22,749	22,584	22,906	23,320	23,406	23,422	23,442	23,391	23,403	23,365	23,450	23,430	23,679	23,550	23,796	23,948	23,955	23,948	23,975	23,974	22,633	23,004	21,764	21,810	21,725	21,806	21,777	21,499	15,190	17,799	10,879	10,745	10,678	10,701	10,680	10,630	10,610	10,616	10,610	10,596	10,588		10,587	10,579	10,571	10,565	10,529	10,584	10,510	10,502	10,813	11,390	11,433	11,430	11,419	11,906	11,623	11,692	12,744	13,426	13,467	13,563	13,596	13,703	13,659	13,653	13,875	14,015	14,001	14,001	14,104	14,248	14,280	14,288	14,187	14,258	14,472	14,374	13,674
diluted	22,171	23,402	23,209	23,516	24,065	24,140	24,173	24,179	24,060	23,956	23,870	23,964	23,430	23,998	23,902	24,063	24,114	24,122	24,113	24,126	24,153	22,860	23,214	22,012	22,071	22,097	22,129	22,109	22,050	15,190	17,799	11,380	11,311	11,199	11,210	11,190	11,121	10,845	10,828	10,799	10,782	10,740		10,705	10,738	10,663	10,623	10,581	10,624	10,552	10,535	10,850	11,440	11,487	11,483	11,477	11,943	11,647	11,737	12,794	13,535	13,557	13,704	13,729	13,825	13,780	13,771	14,002	14,242	14,240	14,248	14,340	14,517	14,557	14,509	14,492	14,559	14,741	14,637	15,057
amortization of intangible assets										1,093,000	3,382,000	3,450,000	3,532,000	3,396,000	3,522,000	3,694,000	3,738,000	3,764,000	8,932,000	19,392,000	19,407,000	17,974,000	15,417,000	15,417,000	15,417,000	15,416,000	15,417,000	15,417,000	15,417,000	15,416,000	10,278,000
merger and integration costs										209,000	330,000	580,000	425,000	184,000	269,000	254,000	410,000	7,141,000	1,111,000	1,937,000	1,012,000	5,912,000	2,920,000	1,174,000	3,764,000	10,225,000	1,500,000	3,019,000	7,179,000
impairment of intangible assets
cash dividend declared per share																												0.5	0.5	0.5	0.5
instruction and educational support																														118,320,000	93,290,000	64,690,000	63,776,000	65,118,000	56,987,000	61,656,000	61,416,000	64,851,000	56,295,000	61,782,000	58,098,000	59,874,000	55,281,000	59,245,000	59,697,000	55,927,000	59,799,000	59,113,000	102,041,000	63,673,000	71,305,000	73,427,000	77,685,000	72,997,000	75,652,000	73,764,000	72,484,000	68,170,000	76,373,000	74,976,000	57,111,000	49,023,000	50,101,000	48,977,000	46,477,000	40,110,000	40,948,000	39,069,000	35,737,000	30,548,000	32,909,000	31,642,000	29,637,000	26,242,000	26,732,000		22,038,000	20,402,000	18,084,000		16,533,000
marketing																														49,577,000	46,165,000	21,113,000	20,124,000	17,840,000	26,790,000	19,226,000	18,718,000	17,591,000	25,388,000	17,748,000	18,298,000	17,140,000	21,593,000	14,670,000	16,681,000	20,514,000	13,360,000	16,314,000	18,400,000	23,077,000	16,228,000	17,721,000	18,171,000	23,171,000	15,053,000	15,469,000	18,659,000	23,351,000	16,241,000	16,042,000
admissions advisory																														12,392,000	9,789,000	4,609,000	4,676,000	4,681,000	5,318,000	4,779,000	4,716,000	4,661,000	4,691,000	4,131,000	4,349,000	4,160,000	4,089,000	4,062,000	3,993,000	4,071,000	4,433,000	4,119,000	4,639,000	5,188,000	5,212,000	5,351,000	6,641,000	6,487,000	6,453,000	6,793,000	6,357,000	6,533,000	6,450,000	7,191,000
merger costs																														7,954,000	29,620,000	2,824,000	5,347,000
fair value adjustments and impairment of intangible assets																														605,000	13,119,000
fair value adjustments																																6,185,000
investment income																																608,000	448,000	342,000	303,000	253,000	181,000	135,000	115,000	112,000	100,000	61,000	44,000	100,000	78,000	42,000	2,000	1,000	1,000	1,000				1,000	2,000	1,000	3,000	5,000	26,000	118,000
interest expense																																161,000	159,000	161,000	162,000	160,000	159,000	161,000	161,000	160,000	160,000	161,000	1,144,000	1,272,000	1,273,000	1,311,000	1,281,000	1,353,000	1,395,000	1,391,000	1,337,000	1,296,000	1,243,000	1,055,000	1,109,000	1,208,000	1,214,000	1,209,000	1,167,000	183,000
weighted average shares outstanding:
basic																																											10,593
diluted																																											10,736
marketing and admissions																																																													29,802,000	34,735,000	24,882,000	24,745,000	26,041,000	27,398,000	20,029,000
investment and other income																																																													406,000	331,000	247,000	244,000	255,000	287,000	375,000	491,000	801,000	905,000	785,000	2,036,000	1,712,000	1,763,000	1,640,000		955,000	891,000	686,000		364,000
common dividends per share:
regular																																																													1	0.75			0.375	0.5	0.5
common dividends per share																																																															0.75
special
selling and promotion																																																																				19,868,000	21,353,000	22,985,000	16,729,000	15,095,000	16,635,000	18,074,000	13,184,000		10,672,000	10,765,000	13,009,000		6,320,000
net income per share
basic																																																																					1.74	0.84	1.52	1.67	1.37	0.65	1.22		1.12	1.04	0.45
diluted																																																																					1.7	0.83	1.5	1.64	1.34	0.64	1.2		1.1	1.03	0.44
benefit from income taxes																																																																													9,985,000				7,323,000
general and administrative																																																																														5,009,250	6,422,000		5,596,000
preferred stock dividends and accretion																																																																																	279,000
net income available to common stockholders																																																																														15,011,000	6,438,000		11,124,000
basic net income per share																																																																																	0.8
diluted net income per share																																																																																	0.75

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	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	2006-12-31	2006-03-31	2005-12-31	2005-09-30	2004-12-31	2004-06-30	2003-12-31	2002-12-31	2001-12-31	2000-12-31

assets
current assets:
cash and cash equivalents	150,350,000	140,757,000	151,460,000	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	155,933,000	150,483,000	147,867,000	147,099,000	129,245,000	120,502,000	117,422,000	117,498,000		86,917,000	195,557,000	188,279,000		150,471,000	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		52,663,000	50,742,000	74,212,000	86,698,000		90,956,000
marketable securities	7,275,000	7,297,000	21,189,000	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	86,190,000	78,202,000	114,882,000	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	23,122,000	20,626,000	20,342,000	20,323,000	20,532,000	18,925,000	19,053,000	18,613,000		17,064,000	15,222,000	14,962,000		15,712,000	15,009,000	15,481,000
income taxes receivable		2,511,000	2,433,000	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		4,136,000
other current assets	60,025,000	49,090,000	54,266,000	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	11,293,000	12,917,000	10,357,000	9,978,000	10,766,000	10,838,000	8,409,000	8,383,000		15,745,000	14,520,000	14,342,000		16,497,000	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		4,653,000	4,098,000	2,581,000	3,712,000		3,838,000
total current assets	303,840,000	277,857,000	346,430,000	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	190,348,000	186,760,000	180,051,000	177,400,000	160,543,000	152,702,000	145,781,000	144,494,000		119,726,000	225,299,000	217,583,000		182,680,000	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		213,832,000	191,208,000	178,322,000	177,062,000		160,339,000
property and equipment	106,322,000	107,373,000	107,774,000	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	73,763,000	74,335,000	72,706,000	72,803,000	73,124,000	71,725,000	72,577,000	74,954,000		78,589,000	80,336,000	80,804,000		84,403,000	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		52,748,000	47,999,000	46,684,000	46,150,000		38,433,000
right-of-use lease assets	90,319,000	91,140,000	95,993,000	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	5,000,000	5,000,000	9,989,000	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	250,413,000	249,243,000	248,925,000	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	1,255,556,000	1,242,413,000	1,237,065,000	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	20,744,000	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	6,800,000	6,800,000	6,800,000
other assets	66,926,000	65,514,000	65,787,000	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	11,971,000	12,127,000	12,540,000	12,908,000	13,189,000	13,390,000	13,891,000	14,276,000		5,687,000	5,471,000	5,578,000		6,392,000	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		364,000	811,000	339,000	337,000		358,000
total assets	2,078,376,000	2,038,540,000	2,111,963,000	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	321,278,000	328,575,000	318,482,000	313,974,000	298,696,000	286,504,000	277,551,000	277,696,000	248,434,000	230,273,000	336,003,000	327,778,000	307,815,000	295,484,000	282,193,000	277,614,000	254,266,000	240,951,000	229,822,000	216,027,000	227,792,000	231,614,000	220,143,000	224,234,000	231,133,000	224,205,000	217,354,000	237,617,000	412,767,000	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		270,844,000	240,518,000	225,845,000	224,049,000	210,114,000	199,630,000	182,556,000	140,124,000	110,488,000	119,139,000
liabilities & stockholders’ equity
current liabilities:
accounts payable and accrued expenses	115,096,000	105,791,000	113,171,000	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	46,177,000	50,514,000	41,286,000	38,398,000	41,132,000	44,818,000	42,127,000	38,108,000		44,459,000	40,733,000	42,905,000		47,713,000	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	1,490,000				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	1,038,000			8,598,000	1,883,000			7,231,000		1,054,000	4,236,000	8,539,000		1,040,000	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		4,979,000	10,330,000	3,773,000
contract liabilities	132,024,000	96,247,000	151,899,000	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	14,316,000	15,905,000	18,412,000	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	262,926,000	217,943,000	283,482,000	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	69,066,000	72,298,000	61,303,000	66,231,000	59,839,000	61,654,000	59,540,000	62,488,000		57,535,000	60,474,000	63,558,000		58,761,000	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		91,628,000	80,365,000	67,436,000	71,072,000		45,828,000
deferred income tax liabilities	39,287,000	35,835,000	30,919,000	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	94,884,000	93,216,000	99,239,000	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	46,826,000	45,140,000	42,220,000	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	43,015,000	40,788,000	47,978,000	49,217,000	50,483,000	51,631,000	50,073,000	57,091,000	47,987,000	45,561,000	45,498,000	46,919,000	46,248,000	44,942,000	47,349,000	50,685,000	51,456,000	21,406,000	22,593,000	23,193,000	21,905,000	22,315,000	21,697,000	21,818,000	21,656,000	15,066,000	14,446,000
total liabilities	443,923,000	392,134,000	455,860,000	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	112,081,000	113,086,000	109,281,000	115,448,000	110,322,000	113,285,000	109,613,000	119,579,000	105,578,000	103,096,000	215,347,000	221,415,000	215,083,000	217,766,000	212,230,000	223,447,000	215,364,000	183,986,000	178,867,000	183,704,000	186,804,000	166,621,000	150,896,000	168,208,000	188,840,000	180,455,000	178,987,000	164,314,000	236,763,000	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		99,317,000	86,702,000	74,005,000	77,560,000	61,192,000	50,187,000	53,892,000	39,942,000	29,513,000	21,395,000
commitments and contingencies
stockholders’ equity:
common stock	226,000	230,000	235,000	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	112,000	111,000	111,000	112,000	112,000		110,000	110,000	110,000		109,000	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		141,000		143,000	144,000		148,000
additional paid-in capital	1,399,393,000	1,436,795,000	1,467,401,000	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	47,079,000	44,021,000	41,106,000	37,879,000	35,453,000	32,016,000	29,612,000	27,577,000		22,100,000	19,447,000	17,000,000		12,383,000	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		87,487,000	94,631,000	105,328,000	111,406,000		156,751,000
accumulated other comprehensive loss	-30,958,000	-46,115,000	-52,631,000	-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	265,792,000	255,496,000	241,098,000	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	162,006,000	171,356,000	167,983,000	160,535,000	152,810,000	141,092,000	138,214,000	130,428,000		104,967,000	101,244,000	89,370,000		65,042,000	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		84,043,000	59,364,000	47,020,000	35,593,000		-7,306,000
total stockholders’ equity	1,634,453,000	1,646,406,000	1,656,103,000	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	209,197,000	215,489,000	209,201,000	198,526,000	188,374,000	173,219,000	167,938,000	158,117,000	142,856,000	127,177,000	120,656,000	106,363,000	92,732,000	77,718,000	69,963,000	54,167,000	38,902,000	56,965,000	50,955,000	32,323,000	40,988,000	64,993,000	69,247,000	56,026,000	42,293,000	43,750,000	38,367,000	73,303,000	176,004,000	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		171,527,000	153,816,000		146,489,000				6,375,000
total liabilities and stockholders’ equity	2,078,376,000	2,038,540,000	2,111,963,000	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	321,278,000	328,575,000	318,482,000	313,974,000	298,696,000	286,504,000	277,551,000	277,696,000		230,273,000	336,003,000	327,778,000		295,484,000	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		270,844,000	240,518,000		224,049,000
assets held for sale			2,200,000										3,793,000						2,167,000	5,801,000
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				121,875,000
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	-117,000		184,000	-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		-144,000	-321,000	-246,000	-220,000		-150,000
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	24,452,000	34,609,000	32,441,000	30,119,000	31,096,000	27,894,000	24,509,000	22,930,000		19,471,000	18,097,000	17,013,000		15,209,000	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		3,400,000		205,000	214,000		692,000
deferred revenue																																		21,851,000	21,784,000	20,017,000	19,173,000	16,691,000	16,633,000	17,140,000	16,868,000		11,741,000	8,974,000	5,583,000		4,258,000	3,372,000	1,947,000
other current liabilities																																					62,000	133,000	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	281,000	281,000	281,000
1
balance sheet data:
cash, cash equivalents and marketable securities																																										106,889,000								94,760,000				47,517,000								76,493,000																				122,757,000		108,040,000	67,256,000	58,705,000	32,116,000
working capital																																										81,207,000				140,316,000				82,182,000				46,631,000								62,205,000																				112,726,000		94,760,000	55,901,000	49,846,000	26,742,000
current portion of term loan																																												6,250,000	6,250,000		5,469,000	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	110,938,000		114,063,000	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
3
cash, cash equivalents, and marketable securities																																														162,283,000
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		73,896,000	60,981,000	55,778,000	62,782,000		37,180,000
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		75,763,000	75,471,000	45,594,000	25,637,000		25,753,000
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	500,000	500,000		500,000
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		10,923,000	7,915,000	6,402,000	7,140,000		5,938,000
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		1,830,000	1,139,000	1,483,000	1,150,000		1,572,000
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	12,644,000	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		7,689,000	6,337,000	6,364,000	6,274,000	5,784,000	3,667,000	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									1,138,000
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
revenues																																																																									97,074,000	263,648,000	69,813,000	78,875,000		220,507,000	67,090,000						116,710,000	92,876,000
costs and expenses:
instruction and educational support																																																																									31,642,000	91,120,000	26,242,000	26,732,000		76,977,000	22,038,000						41,601,000	33,699,000
selling and promotion																																																																									15,095,000	52,269,000	18,074,000	13,184,000		41,090,000	10,672,000						16,773,000	12,576,000
general and administration																																																																									14,778,000	40,723,000	12,439,000	12,607,000		27,576,000	9,394,000						17,107,000	13,094,000
total costs and expenses																																																																									61,515,000		56,755,000	52,523,000			42,104,000
income from operations																																																																									35,559,000	79,536,000	13,058,000	26,352,000		74,864,000	24,986,000						41,229,000	33,507,000
investment and other income																																																																									2,036,000	4,542,000	1,763,000	1,640,000		2,982,000	955,000						1,775,000	3,791,000
income before income taxes																																																																									37,595,000	84,078,000	14,821,000	27,992,000		77,846,000	25,941,000						42,514,000	37,298,000
benefit from income taxes																																																																									14,073,000	31,771,000	5,546,000	10,632,000		29,781,000	9,985,000						16,730,000	14,489,000
net income																																																																									23,522,000	52,307,000	9,275,000	17,360,000		48,065,000	15,956,000						25,784,000	22,809,000
net income per share
basic																																																																									1,670	3,690	650	1,220		3,320	1,120						2,140	1,620
diluted																																																																									1,640	3,610	640	1,200		3,260	1,100						1,780	1,550
weighted-average shares outstanding:
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 3,029 in 2005 and 2006, respectively																																																																														80,753,000
preferred stock dividends and accretion																																																																																					7,344,000	5,010,000
net income available to common stockholders																																																																														48,065,000							18,440,000	17,799,000
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 1,927 in 2004 and 2005, respectively																																																																																55,935,000
student loans receivable – held for sale
liabilities and stockholders' equity
stockholders' equity:
unearned compensation – restricted stock.																																																																																-405,000
total stockholders' equity																																																																																151,840,000		148,922,000	149,443,000	32,978,000		-67,372,000	97,744,000
total liabilities and stockholders' equity																																																																																225,845,000			199,630,000
item 2.
item 3.
item 4.
part ii — other information
item 6.
signatures
certifications
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																																																																																			12,000
unearned compensation — restricted stock																																																																																	-434,000
series a convertible redeemable preferred stock																																																																																				95,686,000	93,807,000	148,347,000
tuition receivable, net of allowances for doubtful accounts																																																																																			35,644,000
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
income statement data:
gain on sale of asset
secondary offering expenses																																																																																					490,000
other data:
depreciation and amortization																																																																																					3,642,000	2,643,000
capital expenditures																																																																																					17,113,000	6,274,000
cash dividends per common share																																																																																					260	260
enrollment																																																																																					16,532,000	14,009,000
campuses																																																																																					20,000	17,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-03-31	2005-12-31

cash flows from operating activities:
net income	32,809,000	37,909,000	26,630,000	32,331,000	29,744,000	25,336,000	27,748,000	29,898,000	29,702,000	39,129,000	18,459,000	14,231,000	-2,028,000	18,329,000	6,092,000	15,220,000	7,029,000	21,680,000	3,854,000	19,976,000	9,577,000	5,917,000	10,960,000	34,152,000	35,239,000	28,537,000	16,692,000	24,409,000	11,500,000	22,455,000	-52,781,000	5,188,000	9,467,000	-6,495,000	6,227,000	10,302,000	10,578,000	11,718,000	2,878,000	7,786,000	12,420,000	13,041,000	3,723,000	11,874,000	11,385,000	4,953,000	13,677,000	14,783,000	-18,957,000	3,149,000	15,002,000	17,231,000	16,627,000	4,102,000	21,212,000	23,989,000	26,671,000	13,935,000	29,647,000	35,791,000	35,883,000	72,036,000	36,379,000	31,859,000	16,666,000	27,500,000	29,053,000	24,202,000	44,844,000	23,522,000	19,496,000	9,275,000			15,956,000	15,011,000
adjustments to reconcile net income to net cash from operating activities:
amortization of deferred financing costs	106,000	107,000	106,000	106,000	106,000	253,000	141,000	140,000	140,000	141,000	140,000	138,000	138,000	138,000	138,000	138,000	138,000	138,000	138,000	138,000	138,000	216,000	83,000	84,000	83,000	83,000	83,000	84,000	83,000	83,000	78,000	65,000	66,000	65,000	66,000	65,000	66,000	65,000	66,000	65,000	66,000	66,000	773,000	195,000	195,000	195,000	195,000	195,000	195,000	195,000	195,000	195,000	196,000	200,000	199,000	200,000	200,000	199,000	199,000	65,000
amortization of investment discount/premium	-3,000	-19,000	-273,000	-54,000	-86,000	-243,000	-7,000	-13,000	-27,000	-25,000	-33,000	-10,000	3,000	3,000	1,000	13,000	15,000	15,000	15,000	16,000	24,000	38,000	40,000	3,000	65,000	10,000	66,000	93,000	127,000	166,000
depreciation and amortization	10,926,000	13,250,000	11,962,000	12,003,000	11,195,000	11,345,000	10,806,000	11,158,000	11,069,000	12,432,000	14,685,000	15,545,000	14,651,000	13,931,000	15,757,000	17,164,000	16,272,000	15,228,000	21,564,000	32,053,000	34,571,000	30,965,000	26,208,000	26,248,000	25,733,000	25,999,000	26,365,000	26,514,000	25,983,000	25,436,000	19,192,000	4,880,000	5,035,000	5,015,000	4,743,000	4,605,000	4,370,000	4,541,000	4,403,000	4,448,000	4,425,000	4,393,000	4,419,000	4,579,000	4,713,000	4,955,000	5,024,000	5,803,000	17,002,000	6,127,000	6,244,000	6,190,000	6,116,000	6,108,000	5,932,000	5,817,000	5,746,000	5,614,000	5,261,000	4,904,000	4,496,000	8,502,000	4,198,000	3,818,000	3,519,000	3,400,000	3,200,000	3,041,000	4,991,000	2,420,000	2,288,000	2,139,000			1,704,000	1,675,000
deferred income taxes	3,269,000	4,816,000	2,921,000	-3,080,000	3,076,000	2,122,000	-1,679,000	-2,999,000	2,406,000	-375,000	-2,911,000	-4,908,000	1,872,000	546,000	-4,304,000	46,000	-4,955,000	4,487,000	-1,698,000	-1,601,000	-8,898,000	-564,000	-6,131,000	-4,628,000	-2,108,000	-9,008,000	-8,938,000	-925,000	10,834,000	-11,879,000	-2,862,000	261,000	-1,842,000	10,157,000	-2,168,000	-2,322,000	762,000	-3,154,000	-3,385,000	-1,525,000	-633,000	-648,000	-1,737,000	-1,195,000	-426,000	-156,000	244,000	-602,000	-19,932,000	-2,056,000	-786,000	-661,000	2,789,000	-1,296,000	-1,214,000	-317,000	2,781,000	1,197,000	-1,074,000	818,000	3,827,000	-2,340,000	-740,000	518,000	-909,000	-1,175,000	-998,000	3,784,000	-2,059,000	-1,318,000	-1,177,000	-1,205,000			-838,000	-18,000
stock-based compensation	5,386,000	5,759,000	5,868,000	5,856,000	5,471,000	6,782,000	6,887,000	6,573,000	5,329,000	4,570,000	4,077,000	5,493,000	5,632,000	5,583,000	5,612,000	5,529,000	5,068,000	5,435,000	4,646,000	4,168,000	3,900,000	3,851,000	3,875,000	3,859,000	3,025,000	3,085,000	2,499,000	3,566,000	3,010,000	3,751,000	5,844,000	3,249,000	2,688,000	3,058,000	2,915,000	3,227,000	2,427,000	3,437,000	2,404,000	2,035,000	2,891,000	2,637,000	2,653,000	2,472,000	2,451,000	2,551,000	2,546,000	1,961,000	893,000	3,166,000	2,982,000	2,250,000	-3,894,000	3,528,000	3,440,000	2,390,000	3,436,000	3,470,000	3,436,000	2,892,000	3,003,000	6,097,000	3,059,000	2,895,000	2,841,000	2,850,000	2,368,000	2,317,000	5,487,000	2,683,000	2,494,000	2,502,000			1,160,000	29,000
impairment of right-of-use lease assets	233,000	0	3,883,000	723,000	79,000					0	0	1,486,000	3,649,000	0	64,000			-38,000	1,899,000	2,627,000	14,388,000	395,000	0	0	453,000
changes in assets and liabilities:
tuition receivable	-8,025,000	35,854,000	-16,542,000	-7,013,000	-13,385,000	28,070,000	-14,602,000	-6,064,000	-7,183,000	22,239,000	-15,487,000	-10,734,000	-8,892,000	20,762,000	-8,158,000	-12,493,000	-12,669,000	38,294,000	-9,543,000	-15,530,000	-13,417,000	20,883,000	-5,044,000	267,000	3,553,000	-488,000	-3,519,000	930,000	4,847,000	-347,000	11,143,000	-667,000	-2,249,000	-2,796,000	-317,000	-156,000	19,000	-1,878,000	180,000	-472,000	717,000	-1,556,000	-1,989,000	-360,000	1,914,000	-206,000	681,000	1,338,000	448,000	3,650,000	-1,155,000	1,081,000	847,000	109,000	-898,000	1,686,000	-3,806,000	1,149,000	3,362,000	-3,700,000	-17,905,000	-15,513,000	-15,744,000	-7,265,000	-26,965,000	3,373,000	-2,827,000	-4,338,000	-1,755,000	-2,815,000	-2,831,000	-13,973,000			-4,962,000	2,288,000
other assets	-7,743,000	5,085,000	329,000	-1,573,000	-11,434,000	4,255,000	-3,214,000	-4,713,000	-7,950,000	4,825,000	-291,000	-1,274,000	-10,891,000	3,167,000	2,771,000	4,020,000	-6,374,000	-858,000	3,202,000	589,000	-9,897,000	-23,642,000	-2,346,000	-6,569,000	231,000	187,000	-791,000	-261,000	325,000	446,000	243,000	-939,000	115,000	382,000	371,000	432,000	397,000	399,000	375,000	344,000	-2,983,000	20,000	0						496,000	1,000	1,000	-4,000	-1,000	-1,000	21,000	-154,000	22,000	44,000	19,000	17,000	-1,000	87,000	62,000	-55,000			25,000	21,000	-64,000	-78,000	-1,000	-40,000			-3,000	-2,000
accounts payable and accrued expenses	10,757,000	-4,945,000	12,810,000	-4,135,000	492,000	-1,301,000	12,119,000	-5,459,000	6,218,000	-10,567,000	13,463,000	-4,175,000	1,831,000	-11,107,000	14,881,000	-11,085,000	2,972,000	-6,447,000	7,582,000	2,441,000	-10,276,000	-23,366,000	22,861,000	-15,152,000	-7,028,000	2,267,000	-2,251,000	3,766,000	-3,537,000	10,089,000	-10,312,000	2,230,000	-867,000	-5,243,000	9,152,000	3,395,000	-2,836,000	-3,087,000	3,551,000	3,609,000	-4,335,000	-1,775,000	3,831,000	-1,825,000	-983,000	15,591,000	-5,040,000	-336,000	-304,000	7,724,000	684,000	-8,220,000	366,000	13,059,000	-10,121,000	2,369,000
income taxes payable and income taxes receivable	3,985,000	-75,000	-1,703,000	-11,019,000	7,234,000	1,713,000	-720,000	-8,512,000	8,586,000	9,981,000	2,030,000	-12,086,000	-4,613,000	3,082,000	-415,000	-4,747,000	9,660,000	-2,854,000	-1,394,000	-7,333,000	12,777,000			2,989,000	12,314,000	8,323,000	3,548,000	-16,704,000	6,031,000	7,352,000	-4,421,000	-7,442,000	3,995,000	3,772,000	-1,248,000	-10,242,000	7,089,000	4,446,000	-1,540,000	-7,934,000	4,620,000	1,630,000	-3,182,000	-4,160,000	7,547,000	-6,358,000	-2,893,000	9,224,000	1,208,000	-1,618,000	-3,638,000	11,847,000	3,324,000	-7,494,000	-15,579,000	15,443,000
contract liabilities	37,465,000	-54,149,000	15,350,000	7,046,000	37,815,000	-60,524,000	16,223,000	5,318,000	36,035,000	-48,341,000	13,930,000	4,871,000	34,035,000	-46,477,000	13,536,000	10,889,000	41,012,000	-52,027,000	7,085,000	12,065,000	46,872,000	-14,635,000	2,487,000	152,000	1,901,000	-2,595,000	5,533,000	3,076,000	1,702,000	2,617,000	-24,714,000	1,576,000	1,192,000
other liabilities	-1,791,000	-2,200,000	-1,203,000	17,000	-2,651,000	-2,580,000	-2,211,000	-1,022,000	-529,000	-4,063,000	-1,626,000	-946,000	-145,000	-3,751,000	-1,919,000	-1,734,000	-1,573,000	-1,714,000	-2,118,000	-2,559,000	-978,000
net cash from operating activities	87,374,000	39,196,000	60,138,000	31,208,000	67,656,000	15,905,000	51,491,000	24,305,000	77,630,000	29,946,000	46,436,000	5,495,000	35,242,000	1,320,000	44,056,000	24,081,000	56,595,000	19,364,000	35,332,000	47,050,000	78,781,000	-15,881,000	46,845,000	43,246,000	68,695,000	60,739,000	38,344,000	44,405,000	58,658,000	61,514,000	-44,673,000	12,977,000	17,049,000	11,783,000	11,608,000	7,705,000	25,059,000	14,403,000	7,682,000	7,745,000	14,680,000	23,077,000	10,365,000	13,064,000	30,392,000	16,916,000	11,980,000	33,217,000	11,932,000	20,583,000	20,185,000	31,393,000	24,816,000	14,585,000	6,179,000	36,482,000	31,614,000	35,316,000	20,261,000	67,172,000	21,375,000	87,854,000	63,107,000	51,923,000	17,964,000	24,820,000	47,065,000	25,614,000	43,471,000	34,222,000	31,984,000	4,188,000			24,939,000	20,273,000
capital expenditures	-10,066,000	-12,243,000	-10,858,000	-10,833,000	-10,318,000	-11,234,000	-9,418,000	-10,740,000	-9,188,000	-9,625,000	-9,524,000	-9,524,000	-8,270,000	-10,662,000	-9,820,000	-13,002,000	-9,686,000	-15,801,000	-10,494,000	-10,488,000	-12,650,000	-12,025,000	-9,322,000	-11,207,000	-14,258,000	-9,335,000	-7,929,000	-9,897,000	-8,122,000	-13,465,000	-5,709,000	-5,496,000	-1,848,000	-2,493,000	-5,858,000	-4,696,000	-3,270,000	-5,423,000	-3,811,000	-1,638,000	-1,940,000	-3,373,000	-2,443,000	-4,401,000	-2,110,000	-1,365,000	-1,136,000	-974,000	-1,838,000	-2,404,000	-2,775,000	-1,662,000	-8,171,000	-6,747,000	-6,461,000	-2,825,000	-6,076,000	-7,005,000	-6,305,000	-9,490,000	-11,107,000	-20,854,000	-10,923,000	-6,227,000	-11,554,000	-3,486,000	-6,247,000	-4,822,000	-9,189,000	-4,336,000	-958,000	-5,224,000			-3,108,000	-2,209,000
free cash flows	77,308,000	26,953,000	49,280,000	20,375,000	57,338,000	4,671,000	42,073,000	13,565,000	68,442,000	20,321,000	36,912,000	-4,029,000	26,972,000	-9,342,000	34,236,000	11,079,000	46,909,000	3,563,000	24,838,000	36,562,000	66,131,000	-27,906,000	37,523,000	32,039,000	54,437,000	51,404,000	30,415,000	34,508,000	50,536,000	48,049,000	-50,382,000	7,481,000	15,201,000	9,290,000	5,750,000	3,009,000	21,789,000	8,980,000	3,871,000	6,107,000	12,740,000	19,704,000	7,922,000	8,663,000	28,282,000	15,551,000	10,844,000	32,243,000	10,094,000	18,179,000	17,410,000	29,731,000	16,645,000	7,838,000	-282,000	33,657,000	25,538,000	28,311,000	13,956,000	57,682,000	10,268,000	67,000,000	52,184,000	45,696,000	6,410,000	21,334,000	40,818,000	20,792,000	34,282,000	29,886,000	31,026,000	-1,036,000			21,831,000	18,064,000
cash flows from investing activities:
purchases of property and equipment	-10,066,000	-12,243,000	-10,858,000	-10,833,000	-10,318,000	-11,234,000	-9,418,000	-10,740,000	-9,188,000	-9,625,000	-9,524,000	-9,524,000	-8,270,000	-10,662,000	-9,820,000	-13,002,000	-9,686,000	-15,801,000	-10,494,000	-10,488,000	-12,650,000	-12,025,000	-9,322,000	-11,207,000	-14,258,000	-10,920,000	-8,910,000	-10,103,000	-8,756,000	-11,519,000	-7,432,000	-4,363,000	-4,233,000	-3,478,000	-6,138,000	-4,594,000	-3,841,000	-5,660,000	-3,649,000	-1,821,000	-2,031,000	-3,105,000	-2,530,000	-4,223,000	-2,834,000	-1,739,000	-1,323,000	-996,000	-1,611,000	-2,121,000	-2,626,000	-2,368,000	-6,568,000	-8,294,000	-5,821,000	-4,050,000	-5,104,000	-6,825,000	-6,678,000	-11,384,000	-13,948,000	-22,647,000	-12,170,000	-8,331,000	-9,077,000	-6,439,000	-6,584,000	-5,325,000	-10,032,000	-5,128,000	-2,964,000	-4,548,000			-3,344,000	-2,536,000
purchases of marketable securities		-2,290,000	0	-169,000	-25,635,000	-39,397,000	-6,129,000			-10,001,000	0	199,000	-17,103,000									0	0	0	-1,863,000	-22,712,000	-5,326,000	-6,194,000	-6,249,000	-13,958,000																											0	0	0	-2,000	-36,000	-383,000	-191,000	-211,000	-242,000	-295,000	-337,000	-408,000	-30,180,000						-30,000,000
proceeds from marketable securities		21,503,000	15,000,000	8,233,000	34,342,000	1,500,000	7,000,000	14,305,000	8,220,000	1,625,000	3,215,000	3,000,000	1,960,000	3,820,000	500,000	1,000,000	1,100,000	0	3,705,000	3,665,000	1,930,000	13,324,000	3,999,000
proceeds from other investments	29,000					0	0			0	0	0	457,000
other investments	-138,000	-125,000	-34,000	-141,000	-90,000	-41,000	-394,000	-62,000	-34,000	0	-162,000	-34,000	-118,000	-112,000	0	-48,000	-175,000	-703,000	-327,000	-190,000	-72,000	-182,000	-75,000	-575,000	-118,000	-1,780,000	-138,000	-366,000	-374,000
net cash from investing activities	-10,175,000	9,045,000	4,088,000	-2,926,000	-1,701,000	-49,186,000	-8,961,000	-5,211,000	-1,002,000	-18,083,000	-6,708,000	-469,000	-23,285,000	-1,036,000	-9,513,000	-12,050,000	-8,761,000	-12,501,000	-2,788,000	-7,013,000	-10,792,000	-627,642,000	-5,398,000	-2,818,000	-6,334,000	-24,510,000	-4,074,000	-7,013,000	-2,469,000	-16,551,000	155,284,000	-4,363,000	-4,233,000	-3,478,000	-6,138,000	-4,594,000	-3,841,000	-5,660,000	-3,649,000	-7,821,000	-3,666,000	-3,105,000	-2,530,000	-4,223,000	-2,834,000	-1,739,000	-1,323,000	-996,000	-1,611,000	-2,121,000	-2,626,000	-2,368,000	-6,568,000	-8,294,000	-5,821,000	-4,050,000	-12,104,000	-6,825,000	-6,678,000	1,002,000	14,216,000	-23,030,000	-12,361,000	-8,542,000	-9,319,000	-6,734,000	-6,921,000	-5,733,000	36,573,000	71,657,000	-2,964,000	-4,548,000			-33,344,000	-22,536,000
cash flows from financing activities:
common dividends paid	-13,577,000	-14,156,000	-14,172,000	-14,418,000	-14,797,000	-14,709,000	-14,755,000	-14,773,000	-14,734,000	-14,641,000	-14,671,000	-14,713,000	-14,755,000	-14,640,000	-14,714,000	-14,868,000	-15,018,000	-14,756,000	-14,740,000	-14,771,000	-14,778,000	-14,651,000	-14,643,000	-13,335,000	-13,327,000	-13,328,000	-11,103,000	-11,103,000	-11,091,000	-11,040,000	-11,024,000	-2,889,000	-2,889,000	-2,855,000	-2,854,000	-2,854,000	-2,853,000																-11,719,000	-11,872,000	-11,872,000	-11,865,000	-11,944,000	-11,978,000	-12,009,000	-13,174,000		-20,897,000	-10,470,000								-5,410,000	-4,535,000			-3,612,000
net payments for stock awards	-12,504,000	0	-538,000	91,000	-9,273,000	196,000	0	172,000	-3,686,000	97,000	39,000	0	-4,964,000	-31,000	-92,000	-32,000	-2,849,000	-655,000	0	43,000	-2,326,000	37,000	-20,000	331,000	-25,089,000	0
repurchase of common stock	-39,995,000	-44,576,000	-34,284,000	-28,007,000	-32,025,000	-6,510,000				0	0			-3,200,000	-11,944,000	-21,011,000	-3,961,000	0	-3,001,000			0	0	0	-247,000																								0	0	0	-24,999,000					-20,000,000	0	-55,427,000	-127,237,000	-42,289,000	-22,003,000	-15,001,000	-10,004,000	-4,958,000	-5,058,000	-60,068,000	-29,858,000	-68,976,000	-56,267,000	-18,098,000	-3,998,000			-13,972,000	-7,975,000
net cash from financing activities	-66,076,000	-58,732,000	-48,994,000	-42,334,000	-56,095,000	-22,721,000	-81,030,000	-14,601,000	-18,420,000	-14,544,000	-54,632,000	-24,712,000	-19,719,000	-57,871,000	-26,750,000	-35,911,000	-21,828,000	-15,411,000	-17,741,000	-17,632,000	-17,104,000	125,269,000	205,585,000	-13,004,000	-38,663,000	-13,328,000	-12,691,000	-14,267,000	-15,534,000	-9,623,000	-5,814,000	-2,889,000	-2,889,000	-2,855,000	-2,854,000	-2,343,000	-3,364,000	0	-953,000	0	-405,000	0	-116,475,000	-1,563,000	-1,562,000	-782,000	-781,000	-781,000	-781,000	-782,000	-781,000	-25,780,000	-16,340,000	-9,372,000	-4,372,000	-36,865,000	-19,444,000	-21,978,000	-34,119,000	-61,187,000	-55,606,000	-40,772,000	-23,438,000	-20,459,000	-6,207,000	-11,985,000	-64,026,000	-30,368,000	-86,698,000	-82,049,000	-20,446,000	-5,990,000			-15,065,000	-10,223,000
effect of exchange rate changes on cash, cash equivalents, and restricted cash	185,000	-509,000	296,000	2,451,000	68,000	-4,963,000	2,029,000	1,771,000	-2,305,000	3,161,000	-1,733,000	-1,037,000	-887,000	6,639,000	-5,748,000	-7,078,000	2,097,000	927,000	-1,884,000	-530,000	-866,000
net increase in cash, cash equivalents, and restricted cash	11,308,000	-11,000,000	15,528,000	-11,601,000	9,928,000		-36,471,000	6,264,000	55,903,000				-8,649,000	-50,948,000	2,045,000	-30,958,000	28,103,000	-7,621,000	12,919,000	21,875,000	50,019,000	-516,631,000	247,032,000	27,424,000	23,698,000	22,901,000	21,579,000	23,125,000	40,655,000	35,340,000	104,797,000	5,725,000	9,927,000
cash, cash equivalents, and restricted cash — beginning of period	149,511,000	0	0	0	146,656,000	0	0	0	181,925,000	0	0	0	227,454,000	0	0	0	279,212,000	0	0	0	202,020,000	0	0	0	420,497,000	0	0	0	312,237,000	0	0	0	156,448,000
cash, cash equivalents, and restricted cash — end of period	160,819,000	-11,000,000	15,528,000	-11,601,000	156,584,000	-60,965,000	-36,471,000	6,264,000	237,828,000	480,000	-16,637,000	-20,723,000	218,805,000	-50,948,000	2,045,000	-30,958,000	307,315,000	-7,621,000	12,919,000	21,875,000	252,039,000	-516,631,000	247,032,000	27,424,000	444,195,000	22,901,000	21,579,000	23,125,000	352,892,000	35,340,000	104,797,000	5,725,000	166,375,000
non-cash transactions:
non-cash additions to property and equipment	4,256,000	179,000	-235,000	710,000	2,087,000	-346,000	426,000	-594,000	3,002,000	956,000	20,000	643,000	1,447,000	-192,000	671,000	-3,872,000	5,111,000	2,459,000	249,000	-926,000	7,526,000	1,583,000	267,000	837,000	1,392,000
right-of-use lease assets obtained in exchange for operating lease liabilities	2,170,000		3,852,000	1,542,000	677,000		5,924,000	665,000	3,616,000		1,099,000	2,106,000	5,124,000		2,760,000	1,100,000	418,000		-1,930,000	1,996,000	46,147,000		4,557,000	4,366,000	3,504,000
gain on sale of property and equipment										0	0							-1,975,000
gain on early termination of operating leases						0	0	0	-6,166,000
proceeds from sale of property and equipment										0	0							4,003,000																																																						0
cash paid for acquisition, net of cash acquired		0	-20,000			-14,000	-20,000			-82,000	-237,000	0	-211,000	-607,000
payments on long-term debt						0				0
payments of deferred financing costs
net decrease in cash, cash equivalents, and restricted cash											-16,637,000
loss on sale of marketable securities																		0
noncash transactions:
net proceeds from issuance of common stock																						0
proceeds from long-term debt
payment of deferred financing costs																														0												0															0	0	-1,683,000	-776,000
impairment of intangible assets
other long-term liabilities																						-1,245,000	-1,519,000	-1,480,000	-1,445,000	-1,039,000	-1,326,000	101,000	-1,187,000	-451,000	-1,008,000	-282,000	-1,065,000	-153,000	-6,111,000	-2,852,000	-335,000	-2,516,000	-904,000	-2,000,000	-2,380,000	-1,675,000	310,000	-1,128,000	-1,131,000	-4,808,000	-4,451,000	-3,505,000	29,144,000	209,000	18,000	147,000	-826,000	662,000
income taxes payable																																																										-2,848,000	-17,034,000	21,467,000								3,459,000	5,098,000	11,259,000	8,683,000	-9,797,000			7,539,000	6,969,000
other current assets																									-3,321,000	-668,000	383,000	-244,000	-1,060,000	1,545,000	2,127,000	-835,000	931,000	1,624,000	-2,560,000	-220,000	629,000	-54,000	-2,429,000	-26,000	-1,440,000	2,603,000	-955,000	-216,000	2,573,000	-1,781,000	116,000	926,000	766,000	-828,000	851,000	1,645,000	-138,000	-2,349,000	1,314,000	-957,000	1,812,000	-1,706,000	1,115,000	-1,989,000	1,716,000	-1,618,000	-1,043,000	-1,302,000	4,000	49,000	1,017,000	-93,000	-1,298,000	-943,000	4,398,000	-3,492,000			-1,305,000	497,000
maturities of marketable securities																									9,905,000	10,902,000	10,300,000	9,650,000	12,910,000	10,525,000
amortization of gain on sale of assets																																		0	0	-62,000	-71,000	-70,000	-71,000	-69,000	-71,000	-70,000	-70,000	-69,000	-71,000	-70,000	-70,000	-70,000	-71,000	-70,000	-70,000	-70,000	-71,000	-70,000	-70,000	-70,000	-70,000	-71,000	-70,000	-70,000	-70,000	-141,000	-70,000	-70,000	-70,000	-70,000	-71,000	-70,000	-141,000			-22,000
fair value adjustments and impairment of intangible assets																														605,000
net cash acquired in acquisition
purchases of property and equipment included in accounts payable																										1,585,000	981,000	206,000	634,000	-1,946,000	1,723,000	-1,133,000	2,385,000	985,000	280,000	-102,000	571,000	237,000	-162,000	183,000	91,000	-268,000	87,000	-178,000	724,000	374,000	187,000	22,000	-227,000	-283,000	-149,000	706,000	-1,603,000	1,547,000	-640,000	1,225,000	-972,000	-180,000	373,000	1,894,000	2,841,000	1,793,000	1,247,000	2,104,000	-2,477,000	2,953,000	337,000	503,000	843,000	792,000	2,006,000	-676,000			236,000	327,000
taxes paid for stock awards																												-3,164,000	-4,443,000
amortization of deferred rent																														-354,000	-453,000	-492,000	-417,000	-429,000	-492,000	-382,000	-477,000	-522,000	-473,000	-394,000	-52,000	72,000	7,000	-145,000	-279,000	-283,000	-272,000	-199,000	-246,000	-102,000	-141,000	27,000	150,000	25,000	1,000	147,000	292,000	286,000	221,000	378,000	221,000	-97,000	-105,000	13,000	-30,000	2,000	-93,000	-236,000	-217,000	-87,000	-87,000	33,000			-2,000	103,000
net cash (used) acquired in acquisition
net proceeds from exercise of stock options																														1,817,000
taxes paid for restricted stock units																														-400,000
payments of contingent consideration																																					-511,000	0	-953,000
investments in partnership interests
fair value adjustments
deferred revenue																																		2,826,000	1,030,000	1,915,000	2,441,000	1,078,000	2,627,000	1,878,000	1,435,000	4,339,000	2,582,000	3,040,000	2,504,000	2,186,000	2,223,000	3,699,000
cash from acquisition, net of cash acquired																																						0	0	-6,000,000	-1,635,000
payments on term loan																																										0	-115,625,000	-1,563,000	-1,562,000	-782,000	-781,000	-781,000	-781,000	-782,000	-781,000	-781,000	0	-7,500,000	-7,500,000	-5,000,000
net increase in cash and cash equivalents																																		5,450,000	2,616,000	768,000	17,854,000	8,743,000	3,080,000	-76,000	10,609,000	19,972,000	-108,640,000	7,278,000	25,996,000	14,395,000	9,876,000	31,440,000	9,540,000	17,680,000	16,778,000	3,245,000				-4,433,000	66,000	6,513,000	-20,536,000	6,987,000	-20,015,000	24,052,000	27,308,000				-23,882,000	-10,487,000	-6,654,000	23,830,000	8,574,000				-23,470,000	-12,486,000
cash and cash equivalents — beginning of period																																		0	0	0	129,245,000	0	0	0	106,889,000															57,137,000				64,107,000
cash and cash equivalents — end of period																																		5,450,000	2,616,000	768,000	147,099,000	8,743,000	3,080,000	-76,000	117,498,000															52,704,000				71,094,000
contingent consideration recorded in connection with an acquisition																																							-500,000
payment of contingent consideration																																									-405,000
changes in contingent consideration related to acquisitions																																									14,625,000
cash and cash equivalents — beginning of year
cash and cash equivalents — end of year
cash and cash equivalents – beginning of period																																											0	0	162,283,000	0	0	94,760,000		0	0	47,517,000		0				0				63,958,000	63,958,000				56,379,000		95,036,000	95,036,000		0			74,212,000
cash and cash equivalents – end of period																																											-108,640,000	7,278,000	188,279,000	14,395,000	9,876,000	126,200,000		17,680,000	16,778,000	50,762,000		-3,081,000				6,513,000				88,010,000	91,266,000				32,497,000		88,382,000	118,866,000		-6,350,000			50,742,000
gain on sale of marketable securities																																																									0	0	0	-66,000	-288,000							0		-785,000
unearned tuition																																																	1,290,000	1,036,000	-2,000	-265,000	-669,000	-1,998,000	1,858,000	-14,061,000	752,000	6,586,000	-7,305,000	11,808,000	-3,603,000	15,659,000	16,464,000	7,165,000	29,065,000	-1,754,000	456,000	-1,148,000	461,000	2,668,000	-1,646,000	16,187,000			5,203,000	-7,004,000
proceeds from the sale of marketable securities																																																									0	0			28,200,000							0	76,785,000	76,785,000
acquisition of assets
proceeds from term loan																																																									0	0
payments on revolving credit facility																																																					-35,000,000	-15,000,000	-13,000,000	-20,000,000	-5,000,000	-15,000,000
proceeds from revolving credit facility																																																					10,000,000	25,000,000			20,000,000	5,000,000	15,000,000	80,000,000
cash and cash equivalents – beginning of year
cash and cash equivalents – end of year
excess tax benefits from stock-based payment arrangements																																																													0	-1,676,000	-1,581,000	-25,000	-1,432,000	-83,000	-1,471,000	-6,535,000	-11,498,000		-1,574,000	-1,141,000			-982,000
proceeds from exercise of stock options																																																													0	452,000	452,000	0	4,336,000	0	1,691,000	0	10,325,000	3,378,000	1,488,000	1,402,000			1,537,000
net decrease in cash and cash equivalents																																																						-3,081,000
loss on disposal of assets																																																																93,000	0
accounts payable																																																										6,211,000	4,503,000	-559,000	-12,862,000	4,797,000	2,246,000	2,625,000	20,000	3,275,000	-3,864,000	711,000	-1,111,000	3,483,000	1,328,000	2,194,000			1,838,000	-432,000
accrued expenses																																																										1,230,000	-2,100,000	-4,780,000	-920,000	2,042,000	-1,039,000	-391,000	3,062,000	179,000	377,000	352,000	1,155,000	-683,000	469,000	772,000			-344,000	333,000
deferred lease incentives																																																										20,000	81,000	196,000	180,000	662,000	603,000	95,000	223,000			147,000	363,000		212,000					811,000
sale of marketable securities																																																												12,388,000
regular common dividends paid																																																													-13,317,000			-10,480,000	-7,017,000	-7,010,000	-7,120,000	-7,045,000	-10,691,000	-5,339,000
special common dividends paid																																																																				0	-28,854,000	-28,854,000
income taxes payable/receivable																																																														-643,000	20,418,000		-7,189,000	-13,009,000	19,893,000
proceeds from the sale of property and equipment
net (decrease) in cash and cash equivalents
adjustments to reconcile net income to net cash provided by operating activities:
provision for student loan losses
student loans originated or acquired
collections on student loans receivable
gain on marketable securities																																																																					-785,000
amortization of gain on sale of property & equipment																																																																						-71,000
excess tax benefits from stock-based payment arrangements1																																																																						-5,033,000
amortization of gain on sale
student loans originated																																																																											-3,000
collections on student loans receivable and held for sale																																																																											23,000
collections on student loans receivable and held for sale.
net increase in cash and equivalents
repurchase of common stock included in accounts payable
cash flows from operating activities:
net income																																																																										18,806,000
adjustments to reconcile net income to net cash provided by operating activities:
amortization of deferred rent																																																																										-22,000
depreciation and amortization																																																																										2,018,000
provision for student loan losses
deferred income taxes																																																																										-1,273,000
stock-based compensation																																																																										2,401,000
changes in assets and liabilities:
tuition receivable																																																																										-5,918,000
other current assets																																																																										-1,237,000
other assets																																																																										-2,000
accounts payable																																																																										224,000
accrued expenses																																																																										-211,000
income taxes payable																																																																										7,970,000
excess tax benefits from stock-based payment arrangements1																																																																										-9,057,000
unearned tuition																																																																										5,707,000
student loans originated
collections on student loans receivable and held for sale
net cash provided by operating activities																																																																										19,406,000
cash flows from investing activities:
purchases of property and equipment																																																																										-3,885,000
purchases of marketable securities
net cash used in investing activities																																																																										-3,885,000
cash flows from financing activities:
common dividends paid																																																																										-4,551,000
proceeds from exercise of stock options																																																																										10,923,000
repurchase of common stock																																																																										-7,984,000
net cash from financing activities																																																																										7,445,000
net increase in cash and cash equivalents																																																																										22,966,000
cash and cash equivalents - beginning of period																																																																										52,663,000
cash and cash equivalents - end of period																																																																										75,629,000
non-cash transactions:
purchases of property and equipment included in accounts payable																																																																										197,000
preferred dividends paid
benefit from student loan losses																																																																											-45,000
restricted cash
proceeds from sale of marketable securities
provision for student loan losses and indemnification
common stock dividends paid..
preferred stock dividends paid
issuance of series a convertible redeemable preferred stock
cash flow from operating activities:
benefit from student loan losses and indemnification

Strategic Education, Inc(NASDAQ:STRA)

Strategic Education, Inc
(NASDAQ:STRA)