<SEC-DOCUMENT>0001157523-16-006208.txt : 20160727
<SEC-HEADER>0001157523-16-006208.hdr.sgml : 20160727
<ACCEPTANCE-DATETIME>20160727063024
ACCESSION NUMBER:		0001157523-16-006208
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160727
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160727
DATE AS OF CHANGE:		20160727

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STRAYER EDUCATION INC
		CENTRAL INDEX KEY:			0001013934
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				521975978
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21039
		FILM NUMBER:		161785589

	BUSINESS ADDRESS:	
		STREET 1:		2303 DULLES STATION BOULEVARD
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
		BUSINESS PHONE:		703-561-1600

	MAIL ADDRESS:	
		STREET 1:		2303 DULLES STATION BOULEVARD
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51389147.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 8-K
<TEXT>
<html>
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    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 18pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-size: 18pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>FORM 8-K</b></font>
    </p>
    <p>

    </p>
    <p style="font-size: 10pt; text-align: center">
      <font style="font-size: 12pt"><b>CURRENT REPORT</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Pursuant
      to Section&#160;13 or 15(d) of the</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Securities
      Exchange Act of 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>
      Date of report (Date of earliest event reported): July 27, 2016</b></font><br><br><br><font style="font-size: 24pt"><b>Strayer
      Education, Inc.</b></font><br><font style="font-size: 8pt; font-family: Times New Roman"><b>(Exact
      name of registrant as specified in its charter)</b></font><br>
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:center">
    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 32%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>MARYLAND</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 32%; padding-right: 0.0px; white-space: nowrap; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-21039</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 32%; padding-right: 0.0px; white-space: nowrap; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>52-1975978</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 32%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(State or other jurisdiction of<br>incorporation or
            organization)</b></i>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="padding-left: 0.0px; width: 32%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Commission File Number)</b></i>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="padding-left: 0.0px; width: 32%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(I.R.S. Employer<br>Identification Number)</b></i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:center">
    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 40%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>2303 Dulles Station Boulevard</b><br><b>Herndon, VA</b>
          </p>
        </td>
        <td style="width: 20%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 40%; padding-right: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>20171</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 40%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><font style="font-family: Times New Roman; font-size: 10pt"><b>(Address
            of principal executive offices)</b></font></i>
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td style="padding-left: 0.0px; width: 40%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><font style="font-family: Times New Roman; font-size: 10pt"><b>(Zip
            Code)</b></font></i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>(703) 561-1600</b><br><b> (Registrant&#8217;s telephone number, including
      area code)</b><br><br><br><b> Not Applicable</b><br><b> (Former name or
      former address, if changed since last report)</b><br>
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see<i> </i>General Instruction A.2. below):
    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>

    </p>
    <div style="width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
<div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 15%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 2.02.</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Results of Operations and Financial Condition.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 90.0px">
      On July 27, 2016, Strayer Education, Inc. (the &#8220;Company&#8221; or &#8220;Strayer&#8221;)
      issued a press release announcing its financial results for the period
      ended June 30, 2016.&#160;&#160;A copy of the press release is furnished as
      Exhibit 99.1 hereto and is hereby incorporated by reference into this
      Item 2.02.
    </p>
    <p style="text-indent: 90.0px">
      The information contained in Exhibit 99.1 is deemed furnished under this
      Item, and shall not be deemed &#8220;filed&#8221; with the Securities and Exchange
      Commission nor incorporated by reference in any registration statement
      filed by the Company under the Securities Act of 1933, as amended.&#160;&#160;
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 15%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 9.01.</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Financial Statements and Exhibits.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 6%; text-align: right" valign="top">
          (a)
        </td>
        <td style="padding-left: 0.0px; width: 9%; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          Not applicable.
        </td>
      </tr>
      <tr>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 6%; text-align: right" valign="top">
          (b)
        </td>
        <td style="padding-left: 0.0px; width: 9%; text-align: left" valign="top">

        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          Not applicable.
        </td>
      </tr>
      <tr>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 6%; text-align: right" valign="top">
          (c)
        </td>
        <td style="padding-left: 0.0px; width: 9%; text-align: left" valign="top">

        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          Not applicable.
        </td>
      </tr>
      <tr>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 6%; text-align: right" valign="top">
          (d)
        </td>
        <td style="padding-left: 0.0px; width: 9%; text-align: left" valign="top">

        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          Exhibits.
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 30.0px; font-size: 10pt">
      The exhibits required by this item are set forth on the Exhibit Index
      attached hereto.
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; width: 13%; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: left" valign="bottom">
          <b>Exhibit</b><br><b>Number</b>
        </td>
        <td style="padding-left: 0.0px; width: 2%; padding-bottom: 2.0px; text-align: left" valign="middle">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; width: 85%; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center" valign="bottom">
          <b>Description</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 13%; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="top">
          99.1
        </td>
        <td style="width: 2%">

        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          Press Release, dated July 27, 2016
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">

    </p>
    <div style="text-align:center">
    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            STRAYER EDUCATION, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="padding-left: 0.0px; width: 45%; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 46%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 5%; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 45%; padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            July 27, 2016
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 4%; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; width: 46%; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Daniel W. Jackson
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; width: 46%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Daniel W. Jackson
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; width: 46%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Executive Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
  </body>
</html>
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     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51389147_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2016 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Strayer
      Education, Inc. Reports Second Quarter Revenues and Earnings; and Summer
      Term 2016 Enrollments</b></font>
    </p>
    <p>
      HERNDON, Va.--(BUSINESS WIRE)--July 27, 2016--Strayer Education, Inc.
      (NASDAQ: STRA) today announced financial results for the period ended
      June 30, 2016. Financial highlights are as follows:
    </p>
    <p>
      <b>For Three Months Ended June 30:</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues decreased 1% to $108.5 million compared to $109.8 million for
        the same period in 2015, principally due to lower revenue per student.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $12.9 million compared to $20.9 million for
        the same period in 2015, a decrease of 38%. Operating margin was 11.9%
        compared to 19.1% for the same period in 2015.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $7.8 million compared to $11.9 million for the same
        period in 2015, a decrease of 34%.
      </li>
      <li style="margin-bottom: 10.0px">
        Diluted earnings per share were $0.72 compared to $1.11 for the same
        period in 2015, a decrease of 35%. Diluted weighted average shares
        outstanding increased 1% to 10,799,000 from 10,705,000 for the same
        period in 2015.
      </li>
    </ul>
    <p>
      <b>Six Months Ended June 30:</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues decreased 1% to $219.7 million compared to $221.6 million for
        the same period in 2015, principally due to lower revenue per student.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $33.0 million compared to $40.8 million for
        the same period in 2015, a decrease of 19%. Income from operations in
        the six months ended June 30, 2016 includes non-cash adjustments to
        the Company&#8217;s liability for losses on facilities no longer in use.
        Excluding these items, income from operations was $31.3 million.
        Operating income margin was 15.0% compared to 18.4% for the same
        period in 2015. Excluding non-cash adjustments, operating income
        margin for the first half of 2016 was 14.2%.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $20.2 million compared to $23.3 million for the same
        period in 2015, a decrease of 13%. Excluding non-cash adjustments to
        the Company&#8217;s liability for losses on facilities no longer in use, net
        income was $19.1 million compared to $23.2 million for the same period
        in 2015. Diluted earnings per share were $1.87 compared to $2.17 for
        the same period in 2015. Excluding non-cash adjustments to the
        Company&#8217;s liability for losses on facilities no longer in use, diluted
        earnings per share were $1.77 for the first half of 2016. Diluted
        weighted average shares outstanding increased 1% to 10,790,000 from
        10,721,000 for the same period in 2015.
      </li>
    </ul>
    <div style="width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Balance Sheet and Cash Flow</b>
    </p>
    <p>
      At June 30, 2016, the Company had cash and cash equivalents of $117.4
      million. The Company generated $22.4 million in cash from operating
      activities in the first six months of 2016 compared to $43.8 million
      during the same period in 2015. Capital expenditures were $3.9 million
      for the six months ended June 30, 2016 compared to $7.1 million for the
      same period in 2015.
    </p>
    <p>
      The Company had $70.0 million of share repurchase authorization
      remaining at June 30, 2016. No shares were repurchased in the second
      quarter of 2016.
    </p>
    <p>
      For the second quarter of 2016, bad debt expense as a percentage of
      revenues was 3.8% compared to 3.2% for the same period in 2015.
    </p>
    <p>
      <b>Student Enrollment for Summer Term</b>
    </p>
    <p>
      Total enrollments at Strayer University for the summer term that started
      July 5, 2016 increased 4% to 38,813 students compared to 37,221 students
      for the summer term in 2015. New student enrollments increased 6% and
      continuing student enrollments increased 4%.
    </p>
    <p>
      <b>Stock-based Compensation Activity</b>
    </p>
    <p>
      In May 2016, the Company awarded 11,365 shares of restricted stock to
      various non-employee members of the Company&#8217;s Board of Directors, as
      part of the Company&#8217;s annual director compensation. The Company&#8217;s stock
      price closed at $49.27 on the date of these restricted stock grants.
    </p>
    <p>
      <b>Common Stock and Common Stock Equivalents</b>
    </p>
    <p>
      At June 30, 2016, the Company had 11,164,911 common shares issued and
      outstanding, including 548,522 shares of restricted stock. The Company
      also had 250,000 restricted stock units outstanding and 100,000 vested
      stock options outstanding.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Conference Call with Management</b>
    </p>
    <p>
      Strayer Education, Inc. will host a conference call to discuss its
      second quarter 2016 earnings results at 10:00 a.m. (ET) today. To
      participate on the live call, investors should dial (877) 303-9047 10
      minutes prior to the start time. In addition, the call will be available
      via live webcast. To access the live webcast of the conference call,
      please go to <u>www.strayereducation.com</u> 15 minutes prior to the
      start time of the call to register. Following the call, the webcast will
      be archived and available at <u>www.strayereducation.com</u>.
    </p>
    <p>
      <b>About Strayer Education, Inc.</b>
    </p>
    <p>
      Strayer Education, Inc. (NASDAQ: STRA) is an education services holding
      company that owns Strayer University and the New York Code and Design
      Academy. For more information on Strayer Education, Inc. visit <u>www.strayereducation.com</u>.
    </p>
    <p>
      <b>About Strayer University</b>
    </p>
    <p>
      Founded in 1892, Strayer University is a proprietary institution of
      higher learning that offers undergraduate and graduate degree programs
      in business administration, accounting, information technology,
      education, health services administration, nursing, public
      administration, and criminal justice, to working adult students. The
      University includes Strayer@Work, which serves corporate clients by
      delivering the next generation of performance improvement and workforce
      development. Strayer University also offers an executive MBA online and
      corporate training program through its Jack Welch Management Institute.
      Strayer University is accredited by the Middle States Commission on
      Higher Education, 3624 Market Street, Philadelphia, PA 19104
      (267-284-5000). The Middle States Commission on Higher Education is an
      institutional accrediting agency recognized by the U.S. Secretary of
      Education and the Council for Higher Education Accreditation.
    </p>
    <p>
      For more information on Strayer University visit <u>www.strayer.edu</u>.
    </p>
    <p>
      <b>About New York Code and Design Academy</b>
    </p>
    <p>
      New York Code and Design Academy (NYCDA) is a New York City-based
      provider of non-degree web and mobile app development courses. NYCDA
      courses are delivered primarily on-ground to students seeking to further
      their career in software application development. NYCDA does not
      participate in the Federal Title IV lending program.
    </p>
    <p>
      For more information on NYCDA visit <u>www.nycda.com</u>.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      This press release contains statements that are forward-looking and are
      made pursuant to the &quot;safe-harbor&quot; provisions of the Private Securities
      Litigation Reform Act of 1995 (the &quot;Reform Act&quot;). Such statements may be
      identified by the use of words such as &quot;expect,&quot; &quot;estimate,&quot; &quot;assume,&quot;
      &quot;believe,&quot; &quot;anticipate,&quot; &quot;will,&quot; &quot;forecast,&quot; &quot;plan,&quot; &quot;project,&quot; or
      similar words. The statements are based on the Company's current
      expectations and are subject to a number of assumptions, uncertainties
      and risks. In connection with the safe-harbor provisions of the Reform
      Act, the Company has identified important factors that could cause the
      Company's actual results to differ materially from those expressed in or
      implied by such statements. The assumptions, uncertainties and risks
      include the pace of growth of student enrollment, the Company&#8217;s
      continued compliance with Title IV of the Higher Education Act, and the
      regulations thereunder, as well as regional accreditation standards and
      state regulatory requirements, rulemaking by the Department of Education
      and increased focus by the U.S. Congress on for-profit education
      institutions, competitive factors, risks associated with the opening of
      new campuses, risks associated with the offering of new educational
      programs and adapting to other changes, risks relating to the timing of
      regulatory approvals, the Company&#8217;s ability to implement its growth
      strategy, risks associated with the ability of the University&#8217;s students
      to finance their education in a timely manner, and general economic and
      market conditions. Further information about these and other relevant
      risks and uncertainties may be found in the Company's Annual Report on
      Form 10-K for the fiscal year ended December 31, 2015 and in its
      subsequent filings with the Securities and Exchange Commission, all of
      which are incorporated herein by reference and which are available from
      the Commission. The Company undertakes no obligation to update or revise
      forward-looking statements.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="13" valign="top">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="13" valign="top">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="13" valign="top">
          <b>(Amounts in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center" colspan="5" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>For the three months ended</b><br><b>June 30,</b>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center" colspan="5" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>For the six months ended</b><br><b>June 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: center" colspan="2" valign="bottom">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: center" colspan="2" valign="bottom">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: center" colspan="2" valign="bottom">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: center" colspan="2" valign="bottom">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Revenues
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          109,750
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          108,487
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          221,635
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          219,653
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Costs and expenses:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Instruction and educational support
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          59,245
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          61,782
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          118,942
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          119,880
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Marketing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          14,670
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          17,748
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          31,351
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          36,046
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Admissions advisory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,062
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,131
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,055
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,480
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          General and administration
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          10,844
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          11,930
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          22,499
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          22,259
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total costs and expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          88,821
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          95,591
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          180,847
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          186,665
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          20,929
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          12,896
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          40,788
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          32,988
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          100
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          112
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          178
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          212
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          1,272
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          160
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          2,545
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          320
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          19,757
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          12,848
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          38,421
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          32,880
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          7,883
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          5,062
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          15,162
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          12,674
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          11,874
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          7,786
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          23,259
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          20,206
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Earnings per share:
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right" colspan="2" valign="bottom">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1.12
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.73
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2.20
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1.91
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1.11
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.72
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2.17
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1.87
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Weighted average shares outstanding:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          10,587
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          10,610
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          10,583
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          10,603
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          10,705
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          10,799
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          10,721
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          10,790
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          <b>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          <b>(Amounts in thousands, except share and per share data)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: center" colspan="2" valign="bottom">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: center" colspan="2" valign="bottom">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: center" colspan="2" valign="bottom">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: center" colspan="2" valign="bottom">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Current assets:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          106,889
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          117,422
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" valign="bottom">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          18,519
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          19,053
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" valign="bottom">
          Income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          897
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          6,944
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          8,409
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          132,352
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          145,781
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          77,139
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          72,577
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          26,449
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          24,509
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Goodwill
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          6,800
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          20,793
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          5,694
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          13,891
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total assets
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          248,434
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          277,551
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>LIABILITIES &amp; STOCKHOLDERS' EQUITY</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Current liabilities:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" valign="bottom">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          42,253
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          42,127
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" valign="bottom">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,684
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" valign="bottom">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          12,373
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          17,140
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other current liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          281
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          273
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          57,591
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          59,540
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          47,987
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          50,073
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          105,578
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          109,613
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Commitments and contingencies
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Stockholders' equity:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock, par value $0.01, 20,000,000 shares authorized;
            11,027,177 and 11,164,911 shares issued and outstanding at
            December 31, 2015 and June 30, 2016, respectively
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          112
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          24,738
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          29,612
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          118,008
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          138,214
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          142,856
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          167,938
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total liabilities and stockholders' equity
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          248,434
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          277,551
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>(Amounts in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; text-align: center" colspan="7" valign="bottom">
          <b>For the six months ended </b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>June 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: center" valign="bottom">
          <b>2015</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: center" valign="bottom">
          <b>2016</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cash flows from operating activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          23,259
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          20,206
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Adjustments to reconcile net income to net cash provided by
            operating activities:
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Amortization of gain on sale of assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (140
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (140
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Amortization of deferred rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (424
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (446
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Amortization of deferred financing costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          390
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          131
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          9,292
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,873
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1,621
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (2,158
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,923
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,926
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Changes in assets and liabilities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left" valign="bottom">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,554
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          245
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,357
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1,466
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (2,639
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left" valign="bottom">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (2,808
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (726
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left" valign="bottom">
          Income taxes payable and income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,387
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (3,314
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; text-align: left" valign="bottom">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          5,544
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,313
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 35.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          (1,959
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          (4,380
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 45.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          43,756
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          22,425
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cash flows from investing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" valign="bottom">
          Purchases of property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (7,057
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (3,852
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Cash used in acquisition, net of cash acquired
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          (7,635
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 45.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          (7,057
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          (11,487
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cash flows from financing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" valign="bottom">
          Payments on term loan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (3,125
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Payments of contingent consideration
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          (300
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          (405
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 45.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          (3,425
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          (405
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 45.0px; text-align: left" valign="bottom">
          Net increase in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          33,274
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          10,533
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Cash and cash equivalents - beginning of period
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          162,283
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          106,889
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Cash and cash equivalents - end of period
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          195,557
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          117,422
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Non-cash transactions:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Purchases of property and equipment included in accounts payable
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          546
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          274
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Contingent consideration recorded in connection with an acquisition
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; text-align: right" valign="bottom">
          8,500
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Strayer Education, Inc.<br>Daniel Jackson<br>Executive Vice
      President and<br>Chief Financial Officer<br>703-713-1862<br><u>daniel.jackson@strayer.edu</u>
    </p>
    <p style="white-space: nowrap">

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
