<SEC-DOCUMENT>0001157523-17-002864.txt : 20171030
<SEC-HEADER>0001157523-17-002864.hdr.sgml : 20171030
<ACCEPTANCE-DATETIME>20171030060132
ACCESSION NUMBER:		0001157523-17-002864
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171030
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171030
DATE AS OF CHANGE:		20171030

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:		171160583

	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>a51707062.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 8-K
<TEXT>
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    <title></title>
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      <font style="font-size: 16pt"><b>UNITED STATES</b></font><font style="font-size: 16pt">
      </font><font style="font-size: 16pt"><b><br style="font-size: 16pt"></b></font><b><font style="font-size: 16pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-size: 11pt"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-size: 18pt"><b>FORM 8-K</b></font><br><br><b>CURRENT
      REPORT</b><br><b>Pursuant to Section&#160;13 or 15(d) of the</b><br><b>Securities
      Exchange Act of 1934</b><br><br><b>Date of report (Date of earliest
      event reported): October 30, 2017</b><br><br><br><font style="font-size: 18pt"><b>Strayer
      Education, Inc</b></font><b><font style="font-size: 24pt">.</font></b><br><b>(Exact
      name of registrant as specified in its charter)</b>
    </p>
    <p style="text-align: center">
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>MARYLAND</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 34%; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-21039</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 33%; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>52-1975978</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(State or other jurisdiction of</b></i><br><i><b>incorporation
            or organization)</b></i>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 34%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Commission File Number)</b></i>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(I.R.S. Employer</b></i><br><i><b>Identification Number)</b></i>
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt">
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 50%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 50%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>2303 Dulles Station Boulevard</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Herndon, VA</b>
          </p>
        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 50%; white-space: nowrap; padding-top: 10.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>20171</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 50%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Address of principal executive offices)</b></i>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 50%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><font style="font-size: 10pt; font-family: Times New Roman"><b>(Zip
            Code)</b></font></i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>(703) 561-1600<br>(Registrant&#8217;s telephone number, including area code)</b><br><br><b>Not
      Applicable<br>(Former name or former address, if changed since last
      report)</b>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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:</font>
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br><br>Indicate by check mark whether the
      registrant is an emerging growth company as defined in Rule 405 of the
      Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the
      Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter)<br><br>Emerging
      growth company <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font><br><br>If
      an emerging growth company, indicate by check mark if the registrant has
      elected not to use the extended transition period for complying with any
      new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act. <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font><br>
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 10%">
          <b>Item 2.02.</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 90%">
          <b>Results of Operations and Financial Condition.</b>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 30.0px; font-size: 10pt">
      On October 30, 2017 Strayer Education, Inc. (the &#8220;Company&#8221;) issued a
      press release announcing its financial results for the quarter ended
      September 30, 2017.&#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: 30.0px; font-size: 10pt">
      The information furnished under this Item 2.02, including Exhibit 99.1,
      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.<br><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 10%">
          <b>Item 9.01.</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 90%">
          <b>Financial Statements and Exhibits.</b>
        </td>
      </tr>
    </table>
    </div>
    <p style="margin-left: 30.0px; font-size: 10pt">
      (d) Exhibits.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 7%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="width: 91%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-color: black; padding-left: 0.0px; text-align: left; width: 7%; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Number</b>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; width: 91%; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Description</b>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td style="width: 2%">

        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; width: 91%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; width: 7%; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51707062ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 91%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51707062ex99_1.htm">Press Release, dated October 30, 2017</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt">
      <tr>
        <td style="width: 1%">
          &#160;
        </td>
        <td colspan="2">
          &#160;
        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            STRAYER EDUCATION, INC
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 1%">

        </td>
        <td style="width: 48%">

        </td>
        <td style="width: 1%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date: October 30, 2017
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 4%">
          By:
        </td>
        <td valign="top" style="border-bottom-color: black; padding-left: 0.0px; text-align: left; width: 46%; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Daniel W. Jackson
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 1%">

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

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

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 46%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Daniel W. Jackson
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 1%">

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

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

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

    </p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51707062ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <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 Third Quarter Enrollment, Revenues and Earnings</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--Strayer
      University Third Quarter New and Total Enrollment Up 7%--</b></font>
    </p>
    <p>
      HERNDON, Va.--(BUSINESS WIRE)--October 30, 2017--Strayer Education, Inc.
      (NASDAQ: STRA) today announced financial results for the period ended
      September 30, 2017. Financial highlights are as follows:
    </p>
    <p>
      <b>Three Months Ended September 30:</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        During the third quarter, student enrollment at the Company&#8217;s main
        operating unit, Strayer University, increased 7% to 41,679 compared to
        38,813 for the same period in 2016. New student enrollment for the
        period increased 7% and continuing student enrollment increased 8%.
      </li>
      <li style="margin-bottom: 10.0px">
        Revenues increased 6% to $108.5 million compared to $102.2 million for
        the same period in 2016, principally due to higher enrollment
        partially offset by lower revenue per student.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $8.2 million compared to $4.8 million for
        the same period in 2016, an increase of 70%. Excluding nonrecurring
        adjustments, income from operations was $6.1 million compared to $4.6
        million for the same period in 2016. Nonrecurring adjustments in the
        third quarter of 2017 include a reduction to the value of contingent
        consideration related to the Company&#8217;s acquisition of the New York
        Code &amp; Design Academy, and severance costs associated with a one-time
        staff reduction program. The noncash adjustments in the third quarter
        of 2016 are associated with adjustments to the Company&#8217;s reserve for
        leases on facilities no longer in use. Operating margin was 7.6%
        compared to 4.7% for the same period in 2016. Excluding the
        nonrecurring adjustments, operating income margin was 5.6% compared to
        4.5% for the same period in 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $6.2 million compared to $2.9 million for the same
        period in 2016, an increase of 116%. Excluding the noncash
        adjustments, net income was $3.8 million compared to $2.7 million for
        the same period in 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Diluted earnings per share was $0.56 compared to $0.27 for the same
        period in 2016, an increase of 107%. Excluding the noncash
        adjustments, diluted earnings per share was $0.34 compared to $0.25
        for the same period in 2016. Diluted weighted average shares
        outstanding increased 4% to 11,210,000 from 10,828,000 for the same
        period in 2016.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      <b>Nine Months Ended September 30:</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues increased 4% to $336.1 million compared to $321.8 million for
        the same period in 2016, principally due to higher enrollment
        partially offset by lower revenue per student.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $40.5 million compared to $37.8 million for
        the same period in 2016, an increase of 7%. Excluding the nonrecurring
        adjustments described above, income from operations was $36.4 million
        compared to $35.9 million for the same period in 2016. Operating
        income margin was 12.1% compared to 11.8% for the same period in 2016.
        Excluding the nonrecurring adjustments, operating income margin was
        10.8% compared to 11.1% for the same period in 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $27.1 million compared to $23.1 million for the same
        period in 2016, an increase of 17%. Excluding the nonrecurring
        adjustments, net income was $22.6 million compared to $21.9 million
        for the same period in 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Diluted earnings per share was $2.43 for 2017 compared to $2.14 for
        the same period in 2016, an increase of 14%. Excluding the
        nonrecurring adjustments, diluted earnings per share was $2.02
        compared to $2.03 for the same period in 2016. Diluted weighted
        average shares outstanding increased 3% to 11,174,000 from 10,803,000
        for the same period in 2016.
      </li>
    </ul>
    <p>
      <b>Balance Sheet and Cash Flow</b>
    </p>
    <p>
      At September 30, 2017, the Company had cash and cash equivalents of
      $150.5 million and no debt. The Company generated $44.4 million in cash
      from operating activities in the first nine months of 2017 compared to
      $30.1 million during the same period in 2016. Capital expenditures for
      the first nine months of 2017 were $14.6 million compared to $7.5
      million for the same period in 2016.
    </p>
    <p>
      The Company had $70.0 million of share repurchase authorization
      remaining at September 30, 2017. No shares were repurchased in the third
      quarter of 2017.
    </p>
    <p>
      For the third quarter of 2017, bad debt expense as a percentage of
      revenues was 4.9% compared to 3.8% for the same period in 2016.
    </p>
    <p>
      <b>Q4 Enrollment Outlook</b>
    </p>
    <p>
      Total enrollments at Strayer University for the fourth quarter 2017 are
      anticipated to grow 6% to approximately 48,100 students from 45,509
      students for the same period in 2016. New student enrollments are
      expected to increase approximately 4%, while continuing student
      enrollments are expected to increase approximately 6%.
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      <b>Common Stock and Common Stock Equivalents</b>
    </p>
    <p>
      At September 30, 2017, the Company had 11,167,425 common shares issued
      and outstanding, including 466,318 shares of restricted stock. The
      Company also had 250,000 restricted stock units outstanding and 100,000
      vested stock options outstanding.
    </p>
    <p>
      <b>Common Stock Cash Dividend</b>
    </p>
    <p>
      The Company announced today that its Board of Directors had declared a
      regular, quarterly cash dividend of $0.25 per share of common stock.
      This dividend will be paid on December 18, 2017 to shareholders of
      record as of December 4, 2017.
    </p>
    <p>
      <b>Conference Call with Management</b>
    </p>
    <p>
      In light of the pending merger announced today, the Company will not
      conduct its normal earnings conference call. Instead, as announced
      today, the Company will conduct a joint conference call with Capella
      Education Company to discuss our pending merger. To participate in the
      joint conference call please dial (866) 547-1509, Conference ID 6889128
      at 8 a.m. (ET) today.
    </p>
    <p>
      <b>About Strayer Education, Inc.</b>
    </p>
    <p>
      Strayer Education, Inc. (NASDAQ: STRA) is educating a more competitive
      and qualified workforce by solving higher education&#8217;s most challenging
      problems. It includes Strayer University, a regionally accredited
      institution that delivers affordable degree programs for working adults,
      and a Top 25 Princeton Review-ranked executive MBA program through the
      Jack Welch Management Institute. Non-degree web and mobile application
      development courses are offered through the New York Code + Design
      Academy. Strayer also transforms the workforces of its corporate
      partners through customized degree and professional development
      programs. By deploying innovative teaching methods and technologies that
      enhance student learning outcomes, Strayer makes it possible for working
      adults to acquire the skills they need to succeed in today&#8217;s rapidly
      changing economy.
    </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 &#8220;Reform Act&#8221;). Such statements may be
      identified by the use of words such as &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;assume,&#8221;
      &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;will,&#8221; &#8220;forecast,&#8221; &#8220;outlook,&#8221; &#8220;plan,&#8221;
      &#8220;project,&#8221; or similar words. The statements are based on the Company&#8217;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&#8217;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&#8217;s Annual Report on Form 10-K for the fiscal year
      ended December 31, 2016 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="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <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="height: 1.5pt; color: black">

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="14" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>STRAYER EDUCATION, INC.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="14" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="14" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Amounts in thousands, except per share data)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <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 valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          102,156
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          108,512
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          321,809
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          336,144
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Costs and expenses:
        </td>
        <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">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          56,295
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          56,987
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          176,175
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          180,059
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Marketing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          25,388
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          26,790
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          61,434
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          64,734
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Admissions advisory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,691
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          5,318
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          13,171
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          14,813
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          General and administration
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          10,952
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          11,193
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          33,211
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          36,017
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Total costs and expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          97,326
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          100,288
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          283,991
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          295,623
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,830
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          8,224
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          37,818
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          40,521
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          115
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          303
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          327
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          737
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          161
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          481
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          481
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,784
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          8,365
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          37,664
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          40,777
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          1,906
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          2,138
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          14,580
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          13,670
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 15.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          2,878
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          6,227
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          23,084
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          27,107
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <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 valign="bottom" style="padding-left: 0.0px; text-align: left">
          Earnings per share:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.27
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.58
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.18
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.54
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.27
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.56
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.14
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.43
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <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 valign="bottom" style="padding-left: 0.0px; text-align: left">
          Weighted average shares outstanding:
        </td>
        <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">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,616
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,701
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,608
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,671
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,828
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11,210
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,803
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11,174
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <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>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <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="height: 1.5pt; color: black">

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="8" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>STRAYER EDUCATION, INC.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="8" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="8" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Amounts in thousands, except share and per share data)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          129,245
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          150,483
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          20,532
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          20,626
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,734
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          10,766
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          12,917
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          160,543
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          186,760
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          73,124
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          74,335
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          31,096
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          34,609
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Goodwill
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          20,744
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          20,744
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          13,189
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          12,127
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 30.0px; text-align: left">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          298,696
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          328,575
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          41,132
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          50,514
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,883
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          &#8212;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          16,691
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          21,784
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          133
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          &#8212;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          59,839
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          72,298
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          50,483
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          40,788
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          110,322
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          113,086
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Commitments and contingencies
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Common stock, par value $0.01, 20,000,000 shares authorized;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          11,093,489 and 11,167,425 shares issued and outstanding at
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          December 31, 2016 and September 30, 2017, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          111
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          112
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          35,453
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          44,021
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          152,810
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          171,356
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          188,374
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          215,489
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 30.0px; text-align: left">
          Total liabilities and stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          298,696
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          328,575
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <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="height: 1.5pt; color: black">

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>STRAYER EDUCATION, INC.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Amounts in thousands)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>For the nine months ended</b><br><b>September 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Cash flows from operating activities:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          23,084
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          27,107
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Adjustments to reconcile net income to net cash provided
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          by operating activities:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Amortization of gain on sale of assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (211
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (133
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Amortization of deferred rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (919
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1,351
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Amortization of deferred financing costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          197
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          197
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          13,276
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          13,718
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (5,543
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3,728
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          7,330
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          8,569
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Changes in assets and liabilities:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          425
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (454
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3,895
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2,151
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2,264
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,200
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,825
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          9,711
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (4,854
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (4,401
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          5,940
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          5,386
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          (5,284
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          (9,298
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 45.0px; text-align: left">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          30,107
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          44,372
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Purchases of property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (7,501
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (14,573
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Cash used in acquisition, net of cash acquired
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 45.0px; text-align: left">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          (15,136
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          (14,573
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Payments of contingent consideration
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1,358
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Common dividends paid
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          (8,561
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 45.0px; text-align: left">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          (1,358
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          (8,561
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 45.0px; text-align: left">
          Net increase in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          13,613
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          21,238
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          106,889
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          129,245
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Cash and cash equivalents - end of period
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          120,502
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          150,483
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Purchases of property and equipment included in accounts payable
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          749
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>Strayer Education, Inc.</b><br>Daniel Jackson,
      703-713-1862<br>Executive Vice President and Chief Financial Officer<br><u>daniel.jackson@strayer.edu</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
