斯特雷耶教育 2025年度报告

Strategic Education, Inc.Letter to Shareholders 2025 Dear Fellow Shareholders, In 2025, your company generated $1.27 billion in revenue, $197 million in adjusted operating income, $145million in adjusted net income, and $6.21 in adjusted earnings per share. During the year Strategic Education,Inc. (SEI) grew its revenue 4%, while its expenses only increased 1%, leading to a 25% annual increase in bothoperating income and earnings per share. We educated over 105,000 students at our three Universities in 2025,and served an additional 235,000students through our Education Technology Services segment. Mostimportantly, during 2025 our three Universities graduated over 30,000 students with bachelor’s, master’s, ordoctoral degrees. As SEI shareholders, we should all be particularly grateful for that last statistic, because theacademic success of our students will always be the most important generator of long-term returns on ourinvested capital. In reviewing our 2025 results several important themes stand out. First, notwithstanding our very healthyfinancial performance, enrollment in all three of our Universities was softer in 2025 than we had planned.Second, and conversely, the performance of our Education Technology Services segment in 2025 was strongerthan even our own aggressive expectations. Indeed, our non-university operations have now grown to be a verysignificant part of SEI’s overall enterprise. Third, 2025 marked a watershed in our adoption of ArtificialIntelligence (A.I.) tools to significantly improve our productivity and the quality of our academic operations.With very modest capital expenditures we are already seeing significant financial returns. Fourth, based onthat improved productivity, coupled with the strength of our diversified set of educational assets, 2025 was ourthird straight year of greater than 25% growth in adjusted earnings per share. Finally, in terms of capitalallocation, in 2025 we were more aggressive than usual in repurchasing our equity shares in the open market. In this letter I will explore all of these themes, as well as discuss the specific performance in 2025 of our threebusiness units: US Higher Education, Australia/New Zealand, and Education Technology Services. Finally, asis our custom, I have included in an appendix to this letter both an excerpt from Strayer University’s 1912student catalog, as well as an excerpt from my first Letter to Shareholders written in 2001. These two excerptshave been printed in each of our company annual reports since 2001. While our enterprise is now admittedlymuch larger than just Strayer University, I believe both excerpts remain helpful in understanding SEI’s culture,operating model, and most importantly, our immutable priorities. Our US Higher Education assets include both Strayer University, a 133-year-old institution serving mostlyundergraduate students, and Capella University, a 33-year-old institution serving mostly graduate students.Strayer University operates through an extensive physical campus network as well as online, while CapellaUniversity operates solely online. These two Universities educated a combined 86,300 students in 2025, downslightly from 87,500 in 2024. Our US Higher Education segment generated $868 million in revenue in 2025(up from $858 million in 2024) and contributed $102 million in adjusted operating earnings (up from $77million in 2024). In 2025 our Australia/New Zealand segment, which is made up of Torrens University, Media Design School,and Think Education, educated roughly 19,200 students, a slight decrease from the previous year. During theyear the segment generated revenue of US $257 million, and operating income contribution of US $36 million.Within Australia’s Ministry of Education, the governing body of Australia’s higher education sector is theTertiary Education Quality and Standards Agency (TEQSA). Similar to the accrediting bodies in the UnitedStates, TEQSA periodically reviews and reregisters all Australian universities to ensure their quality andcompliance with academic standards. I am pleased to report that in 2025 Torrens University successfullyunderwent its periodic review, and received the longest possible reregistration of seven years, signalingTEQSA’s high confidence in Torrens University. Rest assured that we will continue to steward TorrensUniversity in a way that merits that confidence. The 105,000 students we enrolled at our three universities in 2025 was roughly 2,000 less than the prior year.Of course, we recognize and are comfortable with variability in our student enrollment. Nonetheless, there areseveral specific factors I would highlight in analyzing our 2025 enrollment results. At the macro level, in theUnited States in 2025 there was a slight deterioration in labor force participation rates, and in employmentconfidence surveys, both of which tend to underpin the willingness of prospective working adult students toreturn to university. At the more granular level, Capella