Strategic Education Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	151.46	137.07	168.48	213.67	268.92	187.51
Short-Term Investments	21.19	46.95	39.73	9.16	6.5	7.56
Cash & Short-Term Investments	172.65	184.02	208.21	222.82	275.42	195.07
Cash Growth	-22.25%	-11.62%	-6.56%	-19.10%	41.19%	-57.09%
Accounts Receivable	114.88	76.13	76.1	62.95	51.28	50.17
Other Receivables	2.43	-	-	-	0.31	1.43
Receivables	117.32	76.13	76.1	62.95	51.59	51.6
Prepaid Expenses	25.94	20.84	20.03	19.07	17.86	-
Restricted Cash	8.55	9.08	12.94	13.29	9.79	14.01
Other Current Assets	21.98	14.87	11.79	10.93	13.12	25.45
Total Current Assets	346.43	304.94	329.07	329.06	367.79	286.12
Property, Plant & Equipment	203.77	214.92	237.73	258.09	300.18	279.54
Long-Term Investments	22.06	31.2	19.36	30.4	42.54	46.07
Goodwill	1,237	1,207	1,252	1,251	1,286	1,319
Other Intangible Assets	248.93	245.1	251.62	260.54	276.38	326.42
Long-Term Accounts Receivable	6.36	7.04	2.52	2.67	2.47	3.59
Long-Term Deferred Charges	27.72	18.33	12.81	7.51	5.96	6.39
Other Long-Term Assets	19.63	21.33	20.22	22.2	24.72	29.16
Total Assets	2,112	2,050	2,125	2,162	2,306	2,296
Accounts Payable	61.94	55.73	49.25	45.83	45.34	64.05
Accrued Expenses	51.23	46.02	41.64	44.76	50.18	40.69
Current Portion of Leases	18.41	22.22	24.19	23.88	27.01	34.81
Current Income Taxes Payable	-	2.93	2.2	6.99	-	-
Current Unearned Revenue	151.9	89.56	92.34	88.49	73.23	60.5
Total Current Liabilities	283.48	216.46	209.62	209.94	195.76	200.05
Long-Term Debt	-	-	61.4	101.4	141.63	141.82
Long-Term Leases	99.24	103	127.74	134.01	162.82	106.15
Long-Term Unearned Revenue	35.42	34.51	37.19	36.54	34.7	34.87
Long-Term Deferred Tax Liabilities	30.92	27.59	28.34	34.61	44.6	53.41
Other Long-Term Liabilities	6.8	5.68	8.42	9.47	12.39	11.19
Total Liabilities	455.86	387.24	472.7	525.96	591.89	547.49
Common Stock	0.24	0.25	0.24	0.24	0.25	0.24
Additional Paid-In Capital	1,467	1,532	1,518	1,511	1,530	1,520
Retained Earnings	241.1	218.41	168.87	159.69	174.57	179.65
Comprehensive Income & Other	-52.63	-88.57	-34.25	-35.07	9.2	48.88
Shareholders' Equity	1,656	1,662	1,653	1,636	1,714	1,748
Total Liabilities & Equity	2,112	2,050	2,125	2,162	2,306	2,296
Total Debt	117.65	125.23	213.33	259.28	331.46	282.78
Net Cash (Debt)	64.99	73.78	-4.63	-23.34	-32.66	-57.45
Net Cash Growth	-21.85%	-	-	-	-	-
Net Cash Per Share	2.74	3.06	-0.19	-0.97	-1.35	-2.51
Filing Date Shares Outstanding	23.24	24.26	24.16	24.16	24.35	24.16
Total Common Shares Outstanding	23.26	24.16	24.16	24.16	24.35	24.17
Working Capital	62.95	88.48	119.45	119.12	172.03	86.07
Book Value Per Share	71.20	68.81	68.39	67.71	70.40	72.32
Tangible Book Value	170.11	210.52	149.01	123.97	151.75	103.37
Tangible Book Value Per Share	7.31	8.71	6.17	5.13	6.23	4.28
Land	-	1.5	1.5	3.6	5.38	7.14
Buildings	-	6.19	6.71	9.86	16.69	21.37
Machinery	-	52.34	52.86	53.69	85.23	93.02
Construction In Progress	-	8.01	6.53	7.02	9.25	15.52
Leasehold Improvements	-	67.86	72.35	70.92	71.63	65.72

Source: S&P Global Market Intelligence. Standard template. Financial Sources.