Strategic Education, Inc. (NASDAQ:STRA) Q2 2022 Earnings Conference Call July 27, 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

Jasper Bibb – Truist

Alex Paris – Barrington Research

Operator

Welcome to Strategic Education’s Second 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 second 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, 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. The second quarter results that we reported this morning reflect continued improvement we’re making in returning the company to earnings growth, as we see continued acceleration in the recovery at Strayer University, significant demand strength across all of U.S. higher education and continued strong growth within our Education Technology and Services segment.

As such, I can reiterate that we expect our total enrollment to be down in the mid-single digits for the full year, which is an improvement from the down 11% in the first quarter and the down 7% we had in the second quarter. We also expect that all three of our universities will have positive new student growth for the full year 2022.