Strategic Education, Inc. (NASDAQ:STRA) Q4 2022 Earnings Conference Call February 22, 2023 5:00 PM ET

Company Participants

Terese Wilke - Director-Investor Relations

Robert Silberman - Executive Chairman

Karl McDonnell - President & Chief Executive Officer

Daniel Jackson - Executive Vice President & Chief Financial Officer

Conference Call Participants

Jeff Silber - BMO

Jasper Bibb - Truist

Operator

Thank you for standing-by, and welcome to Strategic Education's Fourth Quarter 2022 Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I will now like to hand the call over to Terese Wilke, Director of Investor Relations for Strategic Education. Mrs. Wilke, please go ahead.

Terese Wilke

Thank you. Hello everyone, and welcome to Strategic Education's conference call, in which we will discuss fourth quarter 2022 results. With us today are Robert Silberman, Executive Chairman; Karl McDonnell, President and Chief Executive Officer; and Daniel Jackson, Executive Vice President and Chief Financial Officer. Following today's remarks, we will open the call for questions.

Please note that this call may include forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements are based on current expectations and are subject to a number of assumptions, uncertainties and risks that Strategic Education has identified in today's press release that could cause actual results to differ materially.

Further information about these and other relevant uncertainties may be found in Strategic Education's most recent annual report on Form 10-K to be filed, the most recent 10-Q and other filings with the Securities and Exchange Commission, as well as Strategic Education's future 8-Ks, 10-Qs and 10-Ks. Copies of these filings and the full press release are available for viewing on the website at strategiceducation.com.

And now, I'd like to turn the call over to Rob. Rob, please go ahead.

Robert Silberman

Thank you, Terese. I just want to make sure everybody can hear us. We're actually doing this call from Sydney, Australia and we've had a little bit of telephone difficulties. Please bear with us on that. But good evening ladies and gentlemen.

Before I turn it over to Karl to report on our Q4 and full year results, I just wanted to make a couple of comments at a high level on our capital allocation in 2022. We started the year with roughly $310 million of cash and marketable securities and $140 million of outstanding debt drawn on our bank revolver. We generated $150 million during 2022 in pretax cash from operations.