Strategic Education, Inc. (NASDAQ:STRA) Q3 2022 Results Conference Call November 3, 2022 10:00 AM ET

Company Participants

Terese Wilke - Director of Investor Relations

Karl McDonnell - President and Chief Executive Officer

Robert Silberman - Executive Chairman

Daniel Jackson - Executive Vice President and Chief Financial Officer

Conference Call Participants

Jeff Silber - BMO

Tobey Sommer - Truist

Operator

Welcome to Strategic Education's Third Quarter 2022 Results Conference Call.

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

Terese Wilke

Thank you. Good morning, everyone, and welcome to Strategic Education's conference call, in which we will discuss third 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, the 10-Q to be filed 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 Karl. Karl, please go ahead.

Karl McDonnell

Thank you, Terese, and good morning, everyone. Overall, we were very pleased with our third quarter academic, operational and financial results that we reported this morning, as they reflect continued progress in improving our results and returning the Company to revenue and earnings growth.

Excluding the impact of foreign currency fluctuations in the third quarter, our revenue was down less than 1% from the prior year. We continue to see significant strength in our U.S. Higher Education segment, with all key metrics at both Strayer and Capella Universities posting improvements from the prior year. The overall demand environment remains very robust, and inquiries into Strayer and Capella increased more than 30% from the prior year.