<SEC-DOCUMENT>0001157523-19-000502.txt : 20190301
<SEC-HEADER>0001157523-19-000502.hdr.sgml : 20190301
<ACCEPTANCE-DATETIME>20190301063040
ACCESSION NUMBER:		0001157523-19-000502
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190301
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190301
DATE AS OF CHANGE:		20190301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Strategic 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:		19646612

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STRAYER EDUCATION INC
		DATE OF NAME CHANGE:	19960510
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51948426.htm
<DESCRIPTION>STRATEGIC EDUCATION, INC. 8-K
<TEXT>
<html>
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    <title></title>
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-size: 18pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Washington,
      D.C. 20549</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT </b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d)&#160;of </b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>the
      Securities Exchange Act of 1934</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Date of
      Report &#160;(Date of earliest event reported):&#160;&#160;</font><font style="font-family: Times New Roman; font-size: 10pt"><b>March
      1, 2019</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 24pt"><b>Strategic Education, Inc.</b></font><u><font style="font-size: 24pt"><br style="font-size: 24pt"></font></u>(Exact
      Name of Registrant as Specified in Charter)
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt"><b>Maryland</b></font><u><br></u>(State or
      Other Jurisdiction of Incorporation)
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td style="padding-left: 0.0px; width: 50%; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-21039</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>52-1975978</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 50%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Commission
            File Number)</font>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <b>2303 Dulles Station Boulevard<br>Herndon, VA 20171</b><br>(Address of
      Principal Executive Offices) (Zip Code)
    </p>
    <p style="text-align: center">
      <b>(703) 561-1600<u><br></u></b>(Registrant&#8217;s telephone number,
      including area code)
    </p>
    <p style="text-align: center">
      <b>N/A<u><br></u></b>(Former Name or Former Address, if Changed Since
      Last Report)
    </p>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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).</font>
    </p>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt">Emerging growth company</font><font style="font-family: Arial Unicode MS; font-size: 10pt">&#160;</font>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
    </p>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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> <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
    </p>
    <p>
      <br>
      <br>

    </p>
    <hr style="width: 100%; text-align: center; color: #000000; height: 3.0 pt">


    <p>

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

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

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

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

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

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td style="padding-left: 0.0px; width: 15%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 2.02</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Results of Operations and Financial Condition.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 60.0px">
      On March 1, 2019, Strategic Education, Inc. (the &#8220;Company&#8221; or &#8220;SEI&#8221;)
      issued a press release announcing its financial results for the period
      ended December 31, 2018.&#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: 60.0px">
      The information furnished under this Item 2.02, including Exhibit 99.1,
      shall not be deemed &#8220;filed&#8221; with the SEC nor incorporated by reference
      in any registration statement filed by SEI under the Securities Act of
      1933, as amended.
    </p>
    <p style="text-indent: 60.0px">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td style="padding-left: 0.0px; width: 15%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 9.01.</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Financial Statements and Exhibits.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="font-size: 10pt; text-indent: 30.0px">
      (d)&#160;Exhibits.
    </p>
    <p>

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

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

        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 13%; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51948426_ex991.htm">99.1</a>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51948426_ex991.htm">Press Release, dated March 1, 2019</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

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

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

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

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

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="font-size: 10pt; text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p>

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

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            STRATEGIC EDUCATION, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 5%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            March 1, 2019
          </p>
        </td>
        <td style="width: 1%">

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

        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left" valign="top">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 5%; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 45%; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 1%">

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

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

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

        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Daniel W. Jackson
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

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

        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Executive Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51948426_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2019 Business Wire, a Berkshire Hathaway company.-->
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  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Strategic
      Education, Inc. Reports Fourth Quarter 2018 Results; Strong Enrollment
      Growth at Both Strayer University and Capella University</b></font>
    </p>
    <p>
      HERNDON, Va.--(BUSINESS WIRE)--March 1, 2019--Strategic Education, Inc.
      (SEI) (NASDAQ: STRA) today announced financial results for the period
      ended December 31, 2018.
    </p>
    <p>
      Karl McDonnell, Chief Executive Officer of SEI said, &#8220;We are very
      pleased with the organization&#8217;s strong results in 2018, which were
      achieved while closing our merger and integrating corporate functions.
      Our particularly strong fourth quarter results position us well for 2019
      as we leverage our new scale and capabilities to continue to deliver
      near-term growth, and long-term economic mobility for our students and
      learners.&#8221;
    </p>
    <p>
      <u><b>STRATEGIC EDUCATION, INC. CONSOLIDATED RESULTS</b></u>
    </p>
    <p>
      [Note: Strategic Education, Inc.&#8217;s financial results for any periods
      ended prior to August 1, 2018 do not include the financial results of
      Capella Education Company, and are therefore not directly comparable.]
    </p>
    <p>
      <b>Three Months Ended December 31</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenue increased 104.0% to $242.1 million compared to $118.7 million
        for the same period in 2017. Revenue in 2018 includes the impact of a
        purchase accounting adjustment of $2.5 million to reflect Capella
        University deferred revenue at fair value. Adjusted revenue, which is
        a non-GAAP financial measure and excludes the aforementioned deferred
        revenue adjustment, increased 106.1% to $244.6 million compared to
        $118.7 million for the same period in 2017. For more details on
        non-GAAP financial measures, refer to the information in the Non-GAAP
        Financial Measures section of this press release.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $18.9 million compared to $11.7 million for
        the same period in 2017. Income from operations in 2018 includes the
        impact of the aforementioned deferred revenue adjustment, $15.4
        million of amortization expense related to assets acquired in the
        merger with Capella Education Company, $8.0 million in costs
        associated with the merger with Capella Education Company, a $0.3
        million charge resulting from the impairment of intangible assets
        associated with The New York Code + Design Academy, and a $0.3 million
        charge to the Company&#8217;s reserve for leases on facilities no longer in
        use. Income from operations in 2017 included $8.5 million in costs
        associated with the merger with Capella Education Company. Adjusted
        income from operations was $45.4 million in 2018 compared to $20.2
        million for the same period in 2017. The adjusted operating income
        margin was 18.6% compared to 17.0% for the same period in 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income, which includes the adjustments described above and certain
        tax benefits, including the effects of the new lower federal income
        tax rate, was $22.5 million in 2018 compared to a net loss of $6.5
        million in 2017. Adjusted net income was $34.4 million compared to
        adjusted net income of $12.3 million for the same period in 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        Earnings before interest, taxes, depreciation, and amortization
        (EBITDA) was $44.3 million in 2018 compared to $16.7 million in 2017.
        Adjusted EBITDA was $59.2 million compared to $28.6 million for the
        same period in 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        Diluted earnings per share was $1.02 compared to a loss per share of
        $0.61 for the same period in 2017. Adjusted diluted earnings per share
        increased to $1.56 from $1.09 for the same period in 2017. Diluted
        weighted average shares outstanding increased to 22,033,000 from
        11,273,000 for the same period in 2017, due primarily to new shares
        issued to facilitate the merger with Capella Education Company.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Year Ended December 31</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenue increased 39.4% to $634.2 million compared to $454.9 million
        in 2017. Revenue in 2018 includes the impact of a purchase accounting
        adjustment of $28.7 million to reflect Capella University deferred
        revenue at fair value. Adjusted revenue, which is a non-GAAP financial
        measure and excludes the aforementioned deferred revenue adjustment,
        increased 45.7% to $662.9 million compared to $454.9 million in 2017.
        For more details on non-GAAP financial measures, refer to the
        information in the Non-GAAP Financial Measures section of this press
        release.
      </li>
      <li style="margin-bottom: 10.0px">
        The Company reported a loss from operations of $22.7 million, compared
        to income of $52.2 million in 2017. Loss from operations in 2018
        includes the impact of the aforementioned deferred revenue adjustment,
        $25.7 million of amortization expense related to assets acquired in
        the merger with Capella Education Company, $45.7 million in costs
        associated with the merger with Capella Education Company, $19.6
        million in charges resulting from the impairment of goodwill and
        intangible assets associated with The New York Code + Design Academy,
        and a $0.3 million charge to increase the Company&#8217;s reserve for leases
        on facilities no longer in use. Income from operations in 2017
        included $11.9 million in costs associated with the merger with
        Capella Education Company, a $7.8 million benefit associated with the
        reduction to the value of contingent consideration related to the
        Company&#8217;s acquisition of The New York Code + Design Academy, and a
        $0.3 million charge to increase the Company&#8217;s reserve for leases on
        facilities no longer in use. Adjusted income from operations was $97.4
        million in 2018 compared to $56.6 million in 2017. The adjusted
        operating income margin was 14.7% compared to 12.4% in 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        Net loss, which includes the adjustments described above and certain
        tax benefits, including the effects of the new lower federal income
        tax rate, was $15.7 million in 2018 compared to net income of $20.6
        million in 2017. Adjusted net income was $75.1 million compared to
        adjusted net income of $34.9 million in 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        Earnings before interest, taxes, depreciation, and amortization
        (EBITDA) was $31.8 million in 2018 compared to $70.9 million in 2017.
        Adjusted EBITDA was $139.7 million compared to $88.7 million in 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        Loss per share was $1.03 compared to diluted earnings per share of
        $1.84 in 2017. Adjusted diluted earnings per share increased to $4.75
        from $3.11 in 2017. Diluted weighted average shares outstanding
        increased to 15,801,000 from 11,199,000 in 2017.
      </li>
    </ul>
    <p>
      <b>Strayer University Segment Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        The Strayer University segment is comprised of Strayer University,
        including its programs offered through the Jack Welch Management
        Institute.
      </li>
      <li style="margin-bottom: 10.0px">
        For the fourth quarter, student enrollment at Strayer University
        increased 8.9% to 52,447 compared to 48,144 for the same period in
        2017. New student enrollment for the period increased 9.2% and
        continuing student enrollment for the period increased 8.9%. Full-year
        2018 student enrollment at Strayer University increased 8.1% and new
        student enrollment increased 8.7% compared to 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        Revenue increased 8.5% to $127.5 million in the fourth quarter of 2018
        compared to $117.5 million for the same period in 2017, driven
        primarily by higher fourth quarter enrollment.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations increased to $24.0 million in the fourth
        quarter of 2018 from $21.7 million for the same period in 2017. The
        operating income margin was 18.8%, compared to 18.5% for the same
        period in 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        Strayer University opened its third and fourth new campuses for 2018
        in El Paso, Texas and Decatur, Alabama for a total of four new
        campuses opened in 2018. The University is planning to open six to
        eight additional new campuses in 2019.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Capella University Segment Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        The Capella University segment consists solely of Capella University.
      </li>
      <li style="margin-bottom: 10.0px">
        For the fourth quarter, student enrollment at Capella University
        increased 2.4% to 38,409 compared to 37,517 for the same period in
        2017. New student enrollment for the period increased 10.6% and
        continuing student enrollment for the period increased 1.0%. Full-year
        2018 student enrollment at Capella University increased 0.7% and new
        student enrollment increased 10.0% compared to 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        FlexPath continued to be a significant driver of new and total
        enrollment growth in the fourth quarter of 2018, and is now 28% of
        Capella University&#8217;s bachelor&#8217;s and master&#8217;s degrees total enrollment.
      </li>
      <li style="margin-bottom: 10.0px">
        Revenue was $111.1 million in the fourth quarter of 2018 and reflects
        higher enrollment and a slight increase in revenue-per-learner.
        Revenue in the fourth quarter of 2018 includes the impact of a
        purchase accounting adjustment of $2.5 million to reflect deferred
        revenue at fair value in connection with the merger. Excluding this
        purchase accounting adjustment, Capella University revenue was $113.7
        million.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $20.7 million in the fourth quarter of
        2018, which includes the impact from the aforementioned deferred
        revenue adjustment. Adjusted income from operations was $23.2 million
        in the fourth quarter of 2018, and the adjusted operating income
        margin was 20.4%.
      </li>
      <li style="margin-bottom: 10.0px">
        The Company is currently planning to open Capella University learner
        support centers, pending regulatory approval, in Orlando, Florida and
        Atlanta, Georgia in the first half of 2019.
      </li>
    </ul>
    <p>
      <b>Non-Degree Programs Segment Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        The non-degree programs segment includes Hackbright Academy,
        DevMountain, The New York Code + Design Academy, and Sophia.
      </li>
      <li style="margin-bottom: 10.0px">
        For the fourth quarter, revenue increased to $3.5 million from $1.3
        million for the same period in 2017, primarily due to the inclusion of
        revenue from DevMountain, Hackbright Academy, and Sophia.
      </li>
      <li style="margin-bottom: 10.0px">
        Loss from operations was $1.8 million in the fourth quarter of 2018
        compared to a loss of $1.6 million in the same period in 2017.
      </li>
    </ul>
    <p>
      <u><b>BALANCE SHEET AND CASH FLOW</b></u>
    </p>
    <p>
      At December 31, 2018, Strategic Education, Inc. had cash, cash
      equivalents, and marketable securities of $386.5 million, and no debt.
      Cash provided by operations in 2018 was $46.9 million compared to cash
      provided by operations of $56.2 million in 2017. The decrease in cash
      flow from operations was primarily due to cash payments of costs related
      to the merger with Capella Education Company. Capital expenditures for
      2018 were $27.5 million compared to $18.1 million in 2017. Capital
      expenditures for 2019 are expected to be between $40 million and $45
      million.
    </p>
    <p>
      For the fourth quarter of 2018, consolidated bad debt expense as a
      percentage of revenue was 6.1% of reported and adjusted revenue,
      compared to 5.8% for the same period in 2017.
    </p>
    <p>
      <u><b>COMMON STOCK CASH DIVIDEND</b></u>
    </p>
    <p>
      SEI announced today that it declared a regular, quarterly cash dividend
      of $0.50 per share of common stock. This dividend will be paid on March
      18, 2019 to shareholders of record as of March 4, 2019.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>CONFERENCE CALL WITH MANAGEMENT</b></u>
    </p>
    <p>
      SEI will host a conference call to discuss its fourth quarter 2018
      earnings results at 10:00 a.m. (ET) today. To participate in the live
      call, investors should dial (877) 303-9047 ten minutes prior to the
      start time. In addition, the call will be available via webcast. To
      access the live webcast of the conference call, please go to <u>www.strategiceducation.com</u>
      in the Investor Relations section 15 minutes prior to the start time of
      the call to register. Following the call, the webcast will be archived
      and available at <u>www.strategiceducation.com</u> in the Investor
      Relations section.
    </p>
    <p>
      <b>About SEI</b>
    </p>
    <p>
      Strategic Education, Inc. (NASDAQ: STRA) (<u>www.strategiceducation.com</u>)
      is dedicated to enabling economic mobility with education. We serve
      working adult students through a range of educational opportunities that
      include: Strayer University and Capella University (separate
      institutions that are each regionally accredited), which collectively
      offer flexible and affordable associate, bachelor&#8217;s, master&#8217;s, and
      doctoral programs; a Top-25 Princeton Review-ranked online MBA program
      through the Jack Welch Management Institute at Strayer University;
      self-paced courses for college credit through Sophia; customized degrees
      for corporations through Degrees@Work; and non-degree web and mobile
      application development courses through DevMountain, Generation Code,
      Hackbright Academy, and The New York Code + Design Academy. These
      programs help our students prepare for success in today&#8217;s jobs and find
      a path to bettering their lives.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      This communication contains certain &#8220;forward-looking statements&#8221; within
      the meaning of the Private Securities Litigation Reform Act of 1995.
      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;may,&#8221; &#8220;will,&#8221;
      &#8220;forecast,&#8221; &#8220;outlook,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; &#8220;potential&#8221; and other similar
      words, and include all statements that are not historical facts,
      including with respect to, among other things, the future financial
      performance of SEI; SEI&#8217;s plans, strategies and prospects; and future
      events and expectations. The statements are based on SEI&#8217;s current
      expectations and are subject to a number of assumptions, uncertainties
      and risks, including but not limited to:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        SEI&#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;
      </li>
      <li style="margin-bottom: 10.0px">
        rulemaking by the Department of Education and increased focus by the
        U.S. Congress on for-profit education institutions;
      </li>
      <li style="margin-bottom: 10.0px">
        the pace of growth of student enrollment;
      </li>
      <li style="margin-bottom: 10.0px">
        competitive factors;
      </li>
      <li style="margin-bottom: 10.0px">
        risks associated with the opening of new campuses;
      </li>
      <li style="margin-bottom: 10.0px">
        risks associated with the offering of new educational programs and
        adapting to other changes;
      </li>
      <li style="margin-bottom: 10.0px">
        risks relating to the timing of regulatory approvals;
      </li>
      <li style="margin-bottom: 10.0px">
        SEI&#8217;s ability to implement its growth strategy;
      </li>
      <li style="margin-bottom: 10.0px">
        the risk that the benefits of the merger with Capella Education
        Company, including expected synergies, may not be fully realized or
        may take longer to realize than expected;
      </li>
      <li style="margin-bottom: 10.0px">
        the risk that the combined company may experience difficulty
        integrating employees or operations;
      </li>
      <li style="margin-bottom: 10.0px">
        risks associated with the ability of SEI&#8217;s students to finance their
        education in a timely manner;
      </li>
      <li style="margin-bottom: 10.0px">
        general economic and market conditions; and
      </li>
      <li style="margin-bottom: 10.0px">
        additional factors described in SEI&#8217;s most recent Annual Report on
        Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
        8-K.
      </li>
    </ul>
    <p>
      Many of these risks, uncertainties and assumptions are beyond SEI&#8217;s
      ability to control or predict. Because of these risks, uncertainties and
      assumptions, you should not place undue reliance on these
      forward-looking statements. Furthermore, these forward-looking
      statements speak only as of the information currently available to SEI
      on the date they are made, and SEI undertakes no obligation to update or
      revise forward-looking statements, except as required by law. Actual
      results may differ materially from those projected in the
      forward-looking statements.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>STRATEGIC EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>UNAUDITED CONSOLIDATED STATEMENTS OF INCOME</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>(Amounts in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5" style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>For the Three Months Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="5" style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>For the Twelve Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>2018</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>2018</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Revenues
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          118,707
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          242,103
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          454,851
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          634,185
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Costs and expenses:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Instruction and educational support
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          65,118
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          118,320
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          249,939
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          340,076
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Marketing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          17,840
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          49,577
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          82,540
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          136,979
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Admissions advisory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,681
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,392
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          19,004
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          31,466
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          General and administration
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          10,915
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          18,964
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          46,792
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          57,056
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          15,416
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          25,694
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Merger costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          7,954
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,879
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          45,745
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Fair value adjustments and impairment of intangible assets
          </p>
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          605
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (7,512)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          19,909
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total costs and expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          107,019
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          223,228
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          402,642
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          656,925
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Income (loss) from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,688
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          18,875
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          52,209
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (22,740)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other income
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          181
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          1,755
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          437
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          3,601
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Income (loss) before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,869
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          20,630
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          52,646
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (19,139)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Provision (benefit) for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          18,364
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (1,825)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          32,034
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (3,468)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Net income (loss)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          (6,495)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          22,455
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          20,612
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          (15,671)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Earnings (loss) per share:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (0.61)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.05
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.93
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1.03)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (0.61)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.02
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.84
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1.03)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Weighted average shares outstanding:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          21,335
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          10,678
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          15,190
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,273
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          22,033
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,199
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          15,801
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cash dividend paid per share
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.25
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.50
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.00
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.50
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>STRATEGIC EDUCATION, INC.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>UNAUDITED CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>(Amounts in thousands, except share and per share data)</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>2018</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>ASSETS</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          155,933
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          311,732
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Marketable securities, current
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          37,121
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          23,122
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          55,694
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          11,293
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          15,814
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          190,348
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          420,361
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          73,763
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          122,677
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Marketable securities, non-current
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          37,678
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deferred income tax assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          24,452
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          7,260
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          328,344
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Goodwill
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          732,540
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          4,711
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          19,429
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total assets
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          321,278
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          1,661,029
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          46,177
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          85,979
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,038
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          419
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Contract liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          21,851
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          38,733
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          69,066
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          125,131
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deferred income tax liabilities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          59,358
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          43,015
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          51,316
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          112,081
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          235,805
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Commitments and contingencies
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Common stock, par value $0.01; 32,000,000 shares authorized;
          11,167,425 and 21,743,498 shares issued and outstanding at December
          31, 2017 and 2018, respectively
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          217
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          47,079
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,306,653
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          32
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          162,006
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          118,322
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          209,197
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          1,425,224
        </td>
      </tr>
      <tr>
        <td style="padding-left: 60.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total liabilities and stockholders' equity
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          321,278
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          1,661,029
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>STRATEGIC EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>(Amounts in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>For the Year Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>2018</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cash flows from operating activities:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Net income (loss)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          20,612
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (15,671)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Adjustments to reconcile net income (loss) to net cash provided by
          operating activities:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          Amortization of gain on sale of assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          Amortization of deferred rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1,780)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1,716)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          Amortization of deferred financing costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          262
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          292
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          Amortization of investment discount/premium
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          298
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          18,733
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          54,543
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          6,429
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (16,322)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,627
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          15,532
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          Fair value adjustments and impairment of intangible assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (7,512)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          19,909
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          Changes in assets and liabilities:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 60.0px; text-align: left" valign="bottom">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (3,250)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          7,880
        </td>
      </tr>
      <tr>
        <td style="padding-left: 60.0px; text-align: left" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (526)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,768
        </td>
      </tr>
      <tr>
        <td style="padding-left: 60.0px; text-align: left" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,582
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (135)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 60.0px; text-align: left" valign="bottom">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,468
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,140
        </td>
      </tr>
      <tr>
        <td style="padding-left: 60.0px; text-align: left" valign="bottom">
          Income taxes payable and income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (629)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (516)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 60.0px; text-align: left" valign="bottom">
          Contract liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,212
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (19,329)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 60.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (1,938)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (2,806)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 80.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          56,157
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          46,867
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cash flows from investing activities:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Net cash acquired in acquisition
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          167,859
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Purchases of property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (18,051)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (27,547)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Purchases of marketable securities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (25,304)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Maturities of marketable securities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          16,367
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other investments
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (1,238)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Net cash (used in) provided by investing activities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (18,051)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          130,137
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cash flows from financing activities:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Common dividends paid
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (11,416)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (27,842)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Net proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,648
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Taxes paid for restricted stock units
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (859)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Payment of deferred financing costs
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (1,162)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (11,416)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (21,215)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          Net increase in cash, cash equivalents, and restricted cash
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          26,690
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          155,789
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Cash, cash equivalents, and restricted cash - beginning of period
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          129,758
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          156,448
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Cash, cash equivalents, and restricted cash - end of period
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          156,448
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          312,237
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Noncash transactions:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Purchases of property and equipment included in accounts payable
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          1,734
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          1,029
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>STRATEGIC EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>UNAUDITED SEGMENT REPORTING</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>(Amounts in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>For the Three Months Ended</b>
        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>For the Twelve Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>2018</b>
        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>2018</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Strayer University
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          117,453
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          127,461
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          449,547
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          471,104
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Capella University
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          111,126
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          154,918
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Non-Degree Programs
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          1,254
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          3,516
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          5,304
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          8,163
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Consolidated revenues
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          118,707
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          242,103
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          454,851
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          634,185
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income (loss) from operations:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Strayer University
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          21,729
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          23,974
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          64,801
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          68,188
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Capella University
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          20,666
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          6,340
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Non-Degree Programs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1,576)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1,790)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (8,225)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (5,920)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (15,416)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (25,694)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Merger costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (8,465)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (7,954)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (11,879)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (45,745)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Fair value adjustments and impairment of intangible assets
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (605)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          7,512
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (19,909)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Consolidated income (loss) from operations
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          11,688
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          18,875
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          52,209
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          (22,740)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Non-GAAP Financial Measures</b>
    </p>
    <p>
      In our press release and schedules, and on the related conference call,
      we report certain financial measures that are not required by, or
      presented in accordance with, accounting principles generally accepted
      in the United States of America (&quot;GAAP&quot;). We discuss management's
      reasons for reporting these non-GAAP measures below, and the press
      release schedules that follow reconcile the most directly comparable
      GAAP measure to each non-GAAP measure that we reference. Although
      management evaluates and presents these non-GAAP measures for the
      reasons described below, please be aware that these non-GAAP measures
      have limitations and should not be considered in isolation or as a
      substitute for revenue, income from operations, net income, earnings per
      share or any other comparable financial measure prescribed by GAAP. In
      addition, we may calculate and/or present these non-GAAP financial
      measures differently than measures with the same or similar names that
      other companies report, and as a result, the non-GAAP measures we report
      may not be comparable to those reported by others.
    </p>
    <p>
      Management uses certain non-GAAP measures to evaluate financial
      performance because those non-GAAP measures allow for period-over-period
      comparisons of its ongoing operations before the impact of certain items
      described below. These measures are Adjusted Revenue, Adjusted Income
      from Operations, Adjusted Operating Margin, Adjusted Net Income,
      Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA),
      Adjusted EBITDA and Adjusted Diluted Earnings Per Share (EPS). We define
      Adjusted Revenue, Adjusted Income from Operations, Adjusted Operating
      Margin, Adjusted Net Income, and Adjusted Diluted EPS to exclude (1) a
      purchase accounting adjustment to record Capella University deferred
      revenue at fair value as a result of the Company's merger with Capella
      Education Company, (2) amortization expense related to intangible assets
      associated with the Company&#8217;s merger with Capella Education Company, (3)
      transaction and integration costs associated with the Company&#8217;s merger
      with Capella Education Company, (4) fair value adjustments to the value
      of contingent consideration, impairment charges for intangible assets
      related to the Company's acquisition of The New York Code + Design
      Academy, and adjustments to reserves for leases on facilities no longer
      in use, and (5) discrete tax adjustments utilizing adjusted annual
      effective income tax rates of 27.1% and 39.5% for the fourth quarter of
      2018 and 2017, respectively, and 25.6% and 38.8% for the 2018 and 2017
      year-to-date periods. We define EBITDA as net income before provision
      (benefit) for income taxes, other income, depreciation and amortization,
      and from this amount in arriving at Adjusted EBITDA we also exclude the
      amounts in (1), (3), and (4) above, and stock-based compensation
      expense. These non-GAAP measures are reconciled to the most directly
      comparable GAAP measures in the sections that follow. Non-GAAP measures
      should not be viewed as substitutes for GAAP measures.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td colspan="22">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="22" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>STRATEGIC EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="22" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</b>
        </td>
      </tr>
      <tr>
        <td colspan="22" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>ADJUSTED INCOME FROM OPERATIONS, ADJUSTED NET INCOME, AND
          ADJUSTED EPS</b>
        </td>
      </tr>
      <tr>
        <td colspan="22" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>(Amounts in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td colspan="22">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="20" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>For the Three Months Ended December 31, 2018</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="14" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>Non-GAAP Adjustments</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>As</b><br><b>Reported</b><br><b>(GAAP)</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Deferred</b><br><b>Revenue</b><br><b>Adjustment</b><br><b>(1)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Amortization</b><br><b>of Acquired</b><br><b>Assets (2)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Merger</b><br><b>Costs (3)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Fair Value</b><br><b>Adjustments</b><br><b>and</b><br><b>Impairment
            of</b><br><b>Intangible</b><br><b>Assets (4)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Tax</b><br><b>Adjustments</b><br><b>(5)</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>As</b><br><b>Adjusted</b><br><b>(Non-</b><br><b>GAAP)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Revenue
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          242,103
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          2,534
        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          244,637
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Costs and expenses:
          </p>
        </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>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          118,320
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          118,320
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Marketing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          49,577
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          49,577
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Admissions advisory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,392
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,392
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          General and administration
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          18,964
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          18,964
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          15,416
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (15,416)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          7,954
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (7,954)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Fair value adjustments and impairment of intangible assets
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          605
        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (605)
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          223,228
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (15,416)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (7,954)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (605)
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          199,253
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          18,875
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,534
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          15,416
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          7,954
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          605
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          45,384
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other income, net
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          1,755
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          1,755
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          20,630
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,534
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          15,416
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          7,954
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          605
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          47,139
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Provision (benefit) for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (1,825)
        </td>
        <td>

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

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          14,600
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          12,775
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Net income (loss)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          22,455
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          2,534
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          15,416
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          7,954
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          605
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          (14,600)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          34,364
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Earnings per share:
        </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>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.05
        </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>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.61
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.02
        </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>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.56
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Weighted average shares outstanding:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          21,335
        </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>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          21,335
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          22,033
        </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>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          22,033
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <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">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td colspan="22">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="20" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>For the Three Months Ended December 31, 2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="14" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>Non-GAAP Adjustments</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>As</b><br><b>Reported</b><br><b>(GAAP)</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Deferred</b><br><b>Revenue</b><br><b>Adjustment</b><br><b>(1)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Amortization</b><br><b>of Acquired</b><br><b>Assets (2)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Merger</b><br><b>Costs (3)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Fair Value</b><br><b>Adjustments</b><br><b>and</b><br><b>Impairment
            of</b><br><b>Intangible</b><br><b>Assets (4)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Tax</b><br><b>Adjustments</b><br><b>(5)</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>As</b><br><b>Adjusted</b><br><b>(Non-</b><br><b>GAAP)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Revenue
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          118,707
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          118,707
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Costs and expenses:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          65,118
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          65,118
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Marketing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          17,840
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          17,840
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Admissions advisory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,681
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,681
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          General and administration
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          10,915
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          10,915
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,465
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (8,465)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Fair value adjustments and impairment of intangible assets
        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          107,019
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (8,465)
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          98,554
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,688
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,465
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          20,153
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other income, net
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          181
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          181
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,869
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,465
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          20,334
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Provision (benefit) for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          18,364
        </td>
        <td>

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

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (10,332)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          8,032
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Net income (loss)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          (6,495)
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          8,465
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          10,332
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          12,302
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Earnings per share:
        </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>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (0.61)
        </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>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.15
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (0.61)
        </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>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.09
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Weighted average shares outstanding:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          10,701
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,273
        </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>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,273
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <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">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="top">
          (1)
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Reflects a purchase accounting adjustment to record Capella
          University deferred revenue at fair value as a result of the
          Company's merger with Capella Education Company.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Reflects amortization expense related to intangible assets acquired
          in the Company's merger with Capella Education Company.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Reflects transaction and integration charges associated with the
          Company's merger with Capella Education Company.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Reflects charges for the impairment of intangible assets of $0.3
          million related to the Company's acquisition of The New York Code +
          Design Academy, Inc., and adjustments to increase the Company's
          reserve for leases on facilities no longer in use of $0.3 million in
          2018.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Reflects tax adjustments, utilizing an adjusted effective tax rate
          of 27.1% for 2018 and 39.5% for 2017.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td colspan="22">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="22" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>STRATEGIC EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="22" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</b>
        </td>
      </tr>
      <tr>
        <td colspan="22" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>ADJUSTED INCOME FROM OPERATIONS, ADJUSTED NET INCOME, AND
          ADJUSTED EPS</b>
        </td>
      </tr>
      <tr>
        <td colspan="22" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>(Amounts in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td colspan="22">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="20" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>For the Year Ended December 31, 2018</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="14" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>Non-GAAP Adjustments</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>As</b><br><b>Reported</b><br><b>(GAAP)</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Deferred</b><br><b>Revenue</b><br><b>Adjustment</b><br><b>(1)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Amortization</b><br><b>of Acquired</b><br><b>Assets (2)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Merger</b><br><b>Costs (3)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Fair Value</b><br><b>Adjustments</b><br><b>and</b><br><b>Impairment
            of</b><br><b>Intangible</b><br><b>Assets (4)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Tax</b><br><b>Adjustments</b><br><b>(5)</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>As</b><br><b>Adjusted</b><br><b>(Non-</b><br><b>GAAP)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Revenue
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          634,185
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          28,748
        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          662,933
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Costs and expenses:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          340,076
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          340,076
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Marketing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          136,979
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          136,979
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Admissions advisory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          31,466
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          31,466
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          General and administration
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          57,056
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          57,056
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          25,694
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (25,694)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          45,745
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (45,745)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Fair value adjustments and impairment of intangible assets
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          19,909
        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (19,909)
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          656,925
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (25,694)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (45,745)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (19,909)
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          565,577
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Income (loss) from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (22,740)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          28,748
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          25,694
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          45,745
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          19,909
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          97,356
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other income, net
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          3,601
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          3,601
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Income (loss) before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (19,139)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          28,748
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          25,694
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          45,745
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          19,909
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          100,957
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Provision (benefit) for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (3,468)
        </td>
        <td>

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

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          29,348
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          25,880
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Net income (loss)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          (15,671)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          28,748
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          25,694
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          45,745
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          19,909
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          (29,348)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          75,077
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Earnings per share:
        </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>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1.03)
        </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>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4.94
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1.03)
        </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>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4.75
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Weighted average shares outstanding:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          15,190
        </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>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          15,190
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          15,801
        </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>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          15,801
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <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">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="20">

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

        </td>
        <td>

        </td>
        <td colspan="20" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>For the Year Ended December 31, 2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="14" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>Non-GAAP Adjustments</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>As</b><br><b>Reported</b><br><b>(GAAP)</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Deferred</b><br><b>Revenue</b><br><b>Adjustment</b><br><b>(1)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Amortization</b><br><b>of Acquired</b><br><b>Assets (2)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Merger</b><br><b>Costs (3)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Fair Value</b><br><b>Adjustments</b><br><b>and</b><br><b>Impairment
            of</b><br><b>Intangible</b><br><b>Assets (4)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Tax</b><br><b>Adjustments</b><br><b>(5)</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>As</b><br><b>Adjusted</b><br><b>(Non-</b><br><b>GAAP)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Revenue
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          454,851
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          454,851
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Costs and expenses:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          249,939
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          249,939
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Marketing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          82,540
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          82,540
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Admissions advisory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          19,004
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          19,004
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          General and administration
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          46,792
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          46,792
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,879
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (11,879)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Fair value adjustments and impairment of intangible assets
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (7,512)
        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          7,512
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          402,642
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (11,879)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          7,512
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          398,275
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Income (loss) from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          52,209
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,879
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (7,512)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          56,576
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other income, net
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          437
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          437
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Income (loss) before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          52,646
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,879
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (7,512)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          57,013
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Provision (benefit) for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          32,034
        </td>
        <td>

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

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (9,892)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          22,142
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Net income (loss)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          20,612
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          11,879
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          (7,512)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          9,892
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          34,871
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Earnings per share:
        </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>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.93
        </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>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3.27
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.84
        </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>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3.11
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Weighted average shares outstanding:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          10,678
        </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>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          10,678
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,199
        </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>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,199
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <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">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="top">
          (1)
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Reflects a purchase accounting adjustment to record Capella
          University deferred revenue at fair value as a result of the
          Company's merger with Capella Education Company.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Reflects amortization expense related to intangible assets acquired
          in the Company's merger with Capella Education Company.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Reflects transaction and integration charges associated with the
          Company's merger with Capella Education Company.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Reflects adjustments to decrease the value of contingent
          consideration of $7.8 million and adjustments to increase the
          Company's reserve for leases on facilities no longer in use of $0.3
          million in 2017 as well as charges for the impairment of intangible
          assets of $19.6 million related to the Company's acquisition of The
          New York Code + Design Academy, Inc. and adjustments to increase the
          Company's reserve for leases on facilities no longer in use of $0.3
          million in 2018.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Reflects tax adjustments, utilizing an adjusted annual effective tax
          rate of 25.6% for 2018 and 38.8% for 2017.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>STRATEGIC EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>UNAUDITED NON-GAAP SEGMENT REPORTING</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>(Amounts in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>For the Three Months Ended</b>
        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>For the Twelve Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>2018</b>
        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>2018</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Strayer University
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          117,453
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          127,461
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          449,547
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          471,104
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Capella University
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          111,126
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          154,918
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Non-Degree Programs
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          1,254
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          3,516
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          5,304
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          8,163
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Consolidated revenues
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          118,707
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          242,103
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          454,851
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          634,185
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Strayer University
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Capella University
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,534
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          28,748
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Non-Degree Programs
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          2,534
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          28,748
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Strayer University
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          117,453
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          127,461
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          449,547
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          471,104
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Capella University
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          113,660
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          183,666
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Non-Degree Programs
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          1,254
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          3,516
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          5,304
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          8,163
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Consolidated revenues
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          118,707
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          244,637
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          454,851
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          662,933
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income (loss) from operations:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Strayer University
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          21,729
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          23,974
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          64,801
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          68,188
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Capella University
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          20,666
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          6,340
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Non-Degree Programs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1,576)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1,790)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (8,225)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (5,920)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (15,416)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (25,694)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Merger costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (8,465)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (7,954)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (11,879)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (45,745)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Fair value adjustments and impairment of intangible assets
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (605)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          7,512
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (19,909)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Consolidated income (loss) from operations
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          11,688
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          18,875
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          52,209
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (22,740)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Adjustments to consolidated income (loss) from operations:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Deferred revenue adjustment
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,534
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          28,748
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          15,416
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          25,694
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Merger costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          7,954
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,879
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          45,745
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Fair value adjustments and impairment of intangible assets
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          605
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (7,512)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          19,909
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total adjustments to consolidated income (loss) from operations
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          8,465
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          26,509
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          4,367
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          120,096
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Adjusted income from operations by segment:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Strayer University
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          21,729
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          23,974
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          64,801
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          68,188
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Capella University
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          23,200
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          35,088
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Non-Degree Programs
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (1,576)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (1,790)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (8,225)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          (5,920)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total adjusted income from operations by segment
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          20,153
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          45,384
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          56,576
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          97,356
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>STRATEGIC EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>ADJUSTED EBITDA</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>(Amounts in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>For the Three Months Ended</b>
        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>For the Twelve Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td colspan="5" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>2018</b>
        </td>
        <td>

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

        </td>
        <td colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>2018</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net (loss) income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (6,495)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          22,455
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          20,612
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (15,671)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Provision (benefit) for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          18,364
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1,825)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          32,034
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (3,468)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Other income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (181)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1,755)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (437)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (3,601)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          5,014
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          25,436
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          18,733
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          54,543
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          EBITDA (1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          16,702
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          44,311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          70,942
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          31,803
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,034
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,781
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,603
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          13,291
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Merger costs (2)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          7,954
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,879
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          45,011
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Fair value adjustments and impairment of intangible assets (3)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          381
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          605
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (5,757)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          20,798
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Deferred revenue adjustment (4)
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          2,534
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          28,748
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Adjusted EBITDA (1)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          28,582
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          59,185
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          88,667
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double" valign="bottom">
          139,651
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="top">
          (1)
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Denotes non-GAAP financial measures. Please see the information in
          the Non-GAAP Financial Measures section of this press release for
          more detail regarding these adjustments and management's reasons for
          providing this information.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Reflects transaction and integration charges associated with the
          Company's merger with Capella Education Company. Excludes $0.7
          million of depreciation and amortization expense for the twelve
          months ended December 31, 2018, and includes $24 thousand and $2.2
          million of stock-based compensation expense for the twelve months
          ended December 31, 2017 and 2018, respectively.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Reflects adjustments to the value of purchase consideration, charges
          for the impairment of intangible assets related to the Company's
          acquisition of The New York Code + Design Academy, Inc., and
          adjustments to the Company's reserve for leases on facilities no
          longer in use.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Reflects a purchase accounting adjustment to record Capella
          University deferred revenue at fair value as a result of the
          Company's merger with Capella Education Company.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Terese Wilke<br>Manager, Investor Relations<br>Strategic
      Education, Inc.<br>(612) 977-6331<br><u>terese.wilke@strategiced.com</u>
    </p>
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</SEC-DOCUMENT>
