Strategic Education (STRA) Q2 FY2024 earnings: revenue $312 million, up 8.5% on the year

Strategic Education, Inc. (STRA) reported revenue of $312 million for Q2 FY2024, the quarter ended 30 June 2024, up 8.5% on the same quarter a year earlier. Net income was $30 million, up 110.1% on the year, and diluted earnings per share $1.24. The figures are the company's own, from the 10-Q it filed with the SEC on 31 July 2024.

Revenue$312 millionup 8.5%

Net income$30 millionup 110.1%

Diluted EPS$1.24

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	312	290	n/a	n/a
Operating income	41.9	41.4	n/a	n/a
Operating margin	13.4%	14.2%	n/a
Pre-tax income	41.8	43.1	n/a	n/a
Income tax	11.9	13.4	n/a	n/a
Effective tax rate	28.5%	31.2%	n/a
Net income	29.9	29.7	n/a	n/a
Net margin	9.6%	10.2%	n/a
Diluted EPS	$1.24	$1.23	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	24.3	77.6	n/a	n/a
Capital expenditure	10.7	9.2	n/a	n/a
Free cash flow	13.6	68.4	n/a	n/a
Free cash flow margin	4.3%	23.6%	n/a
Cash from investing	-5.2	-1.0	n/a	n/a
Cash from financing	-14.6	-18.4	n/a	n/a
Depreciation and amortisation	11.2	11.1	n/a	n/a
Share-based compensation	6.6	5.3	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	14.8	14.7	n/a	n/a
Dividend per share	$0.60	$0.60	n/a	n/a
Diluted shares, weighted	24m	24m	n/a	n/a
Shares outstanding at period end	25m	25m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	1,678	1,643	n/a	n/a
Debt	61.3	61.3	n/a	n/a
Operating lease liabilities	112	116	n/a	n/a
Other liabilities	326	335	n/a	n/a
Total liabilities and equity	2,178	2,155	n/a	n/a
Fixed assets	116	116	n/a	n/a
Goodwill	1,241	1,230	n/a	n/a
Intangible assets	249	249	n/a	n/a
Investments	26.1	31.4	n/a	n/a
Cash and equivalents	230	222	n/a	n/a
Receivables	89.6	83.1	n/a	n/a
Other assets	225	223	n/a	n/a
Total assets	2,178	2,155	n/a	n/a

Questions

What was Strategic Education's revenue in Q2 FY2024?

Strategic Education (STRA) reported revenue of $312 million for Q2 FY2024, the quarter ended 30 June 2024, up 8.5% on the same quarter a year earlier.

How much did Strategic Education earn in Q2 FY2024?

Net income for Q2 FY2024 was $30 million, up 110.1% on the year, and diluted earnings per share $1.24.

When did Strategic Education report Q2 FY2024 results?

Strategic Education filed its 10-Q for the quarter ended 30 June 2024 with the SEC on 31 July 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	286	303	290	312	306	311	304	321	320	323	306	337
Operating income	25.6	54.2	41.4	41.9	36.3	36.0	39.8	45.8	37.0	51.6	41.1	50.5
Operating margin	9%	18%	14%	13%	12%	12%	13%	14%	12%	16%	13%	15%
Pre-tax income	26.5	55.2	43.1	41.8	38.6	37.9	42.0	45.4	36.8	53.2	42.3	51.8
Tax rate	30%	29%	31%	28%	28%	33%	29%	29%	28%	29%	22%	28%
Net income	18.5	39.1	29.7	29.9	27.7	25.3	29.7	32.3	26.6	37.9	32.8	37.2
Net margin	6%	13%	10%	10%	9%	8%	10%	10%	8%	12%	11%	11%
Diluted EPS	$0.77	$1.63	$1.23	$1.24	$1.15	$1.05	$1.24	$1.37	$1.15	$1.66	$1.48	$1.71
Operating cash flow	46.4	29.9	77.6	24.3	51.5	15.9	67.7	31.2	60.1	39.2	87.4	29.2
Capital expenditure	9.5	9.6	9.2	10.7	9.4	11.2	10.3	10.8	10.9	12.2	10.1	14.1
Free cash flow	36.9	20.3	68.4	13.6	42.1	4.7	57.3	20.4	49.3	27.0	77.3	15.0
Buybacks	0.0	0.0	0.0	0.0	5.0	6.5	32.0	28.0	34.3	44.6	40.0	32.8
Dividends paid	14.7	14.6	14.7	14.8	14.8	14.7	14.8	14.4	14.2	14.2	13.6	13.3
Shares outstanding	24m	24m	25m	25m	25m	25m	24m	24m	24m	23m	23m	22m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 31 July 2024, accession 0001013934-24-000019: the filing on EDGAR. All of Strategic Education, Inc.'s filings: EDGAR company page.

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