Strategic Education, Inc. (STRA) SEC Filings & Earnings Calls

ANZ back-pay liability

“during the second quarter of 2026, the Company recorded a reserve of $13.9 million, consisting of estimated back pay, related payroll taxes and benefits, and interest, within accounts payable and accrued expenses in the unaudited condensed consolidated balance sheets, with a corresponding charge to instructional and support costs” · word for word

ANZ goodwill impairment risk

“If the regulatory constraints on international students continue and are not offset by growth in domestic enrollment, the goodwill and indefinite-lived intangible assets associated with the ANZ reporting unit could become impaired in the future.” · word for word

Australian international student visa constraints

“These developments reflect a softening of the improving enrollment trends observed at the end of 2025 and are primarily due to the Australian government applying a more stringent visa approval process for international students, resulting in a higher rate of visa refusals for applicants from certain countries.” · word for word

Australian regulatory compliance matter with $13.9M reserve could lead to further penalties or operational restrictions.

“During the second quarter of 2026, Strategic Education recorded a $13.9 million reserve ($12.7 million on a constant currency basis) associated with the Australian Fair Work Ombudsman compliance matter” · word for word

International enrollment decline due to regulatory changes in Australia may pressure ANZ segment growth.

“Lower international enrollment, resulting from regulatory changes in Australia, was partially offset by growing domestic enrollment.” · word for word

Declining unaffiliated enrollment in USHE segment offsetting employer-affiliated growth.

“Our ongoing focus on employers is generating consistent growth in employer affiliated enrollment, but in the second quarter was again offset by a decline in unaffiliated enrollment.” · word for word

USHE enrollment decline and revenue per student pressure

“Student enrollment within USHE decreased 0.8% to 87,165; revenue decreased 3.8% driven by lower enrollment and revenue per student.” · word for word

ANZ regulatory changes impacting international enrollment

“Lower international enrollment, resulting from regulatory changes in Australia, was partially offset by progress growing domestic enrollment.” · word for word

Foreign currency exposure in ANZ segment

“ANZ revenue increased 7.4% driven by favorable foreign currency impacts; constant currency revenue decreased 4.0%.”

ANZ regulatory risk on international enrollment

“If the regulatory constraints on international students continue permanently and are not offset by growth in domestic enrollment, the goodwill and indefinite-lived intangible assets associated with the ANZ reporting unit could become impaired in the future.” · word for word

Cybersecurity incident liability

“The Company experienced a cybersecurity incident on February 25, 2026... As of the date of this filing, the Company believes that the Incident will not have a material adverse effect on its financial statements or business operations.” · word for word

Regulatory compliance risk

“Equity grants made in 2025 require that Strayer University, Capella University, and Torrens University maintain their accreditation and all required regulatory approvals; that Strayer University and Capella University shall not have lost Title IV eligibility due to a breach of the 90/10 ratio requirement; and that Strayer University and Capella University ha” · word for word

Restructuring cost risk

“Our 2025 adjusted results were significantly improved by the exclusion of roughly $22 million in restructuring costs that we incurred during the year.” · word for word

Australian government international student cap

“the Australian government has implemented measures to limit the number of international students permitted to enroll at an Australia institution.” · word for word

Title IV funding dependency

“The industry also remains heavily dependent on the continued availability of funding under Title IV of the Higher Education Act” · word for word

Competition from traditional and non-traditional providers

“The post-secondary education market is highly competitive...As online learning matures...the intensity of the competition we face will continue to increase.” · word for word

Declining enrollment in USHE and ANZ segments, particularly unaffiliated enrollment, poses risk to revenue growth.

“USHE student enrollment decreased 4.0%; ANZ student enrollment decreased 1.6% due to regulatory changes in Australia”

ANZ International Student Regulatory Risk

“If the regulatory constraints on international students continue permanently and are not offset by growth in domestic enrollment, the goodwill and indefinite-lived intangible assets associated with the ANZ reporting unit could become impaired in the future.” · word for word

Bad Debt Expense Increase

“For the third quarter of 2025, our bad debt expense was 4.7% of revenue compared to 4.5% for the same period in 2024.” · word for word

ANZ segment revenue decline due to regulatory changes and lower international enrollment.

“ANZ revenue decreased 4.7%... Lower international enrollment, resulting from regulatory changes in Australia”

Bad debt expense increased to 4.7% of revenue from 4.5%.

“consolidated bad debt expense as a percentage of revenue was 4.7% compared to 4.5%” · word for word