<SEC-DOCUMENT>0001157523-19-000992.txt : 20190501
<SEC-HEADER>0001157523-19-000992.hdr.sgml : 20190501
<ACCEPTANCE-DATETIME>20190501063037
ACCESSION NUMBER:		0001157523-19-000992
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190430
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190501
DATE AS OF CHANGE:		20190501

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:		19784664

	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>a51977533.htm
<DESCRIPTION>STRATEGIC EDUCATION, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2019 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 18pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-size: 18pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT </b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d)&#160;of </b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>the
      Securities Exchange Act of 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report &#160;(Date of earliest event reported)&#160;April 30, 2019</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><br><br>
    </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">
      <u><font style="font-size: 10pt"><b>Maryland</b></font></u><u><br></u>(State
      or Other Jurisdiction of Incorporation)
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="bottom" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 50%; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-21039</b>
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 50%; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>52-1975978</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 50%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission File Number)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 50%">
          <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;<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;<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;<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;<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>
      <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>
      <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>
      <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>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-left: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p style="white-space: nowrap">

    </p>
    <p style="white-space: nowrap">
      <b>Item 2.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</b>&#160;
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      On May 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 March 31, 2019.&#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="font-size: 10pt; text-indent: 30.0px">
      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>
      <b>Item 5.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Submission of Matters to a Vote of Security
      Holders.</b>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      The Company held its 2019 Annual Meeting of Stockholders on April 30,
      2019.&#160;&#160;There were 21,936,567 shares of common stock eligible to be voted
      at the Annual Meeting and 20,605,314 shares were presented in person or
      represented by proxy at the meeting which constituted a quorum to
      conduct business.
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      There were three proposals submitted to the Company&#8217;s stockholders at
      the Annual Meeting.&#160;&#160;All proposals were passed.&#160;&#160;The final results of
      voting on each of the proposals are as follows:
    </p>
    <p>
      <i>Proposal 1: Elect eleven directors to the Board of Directors.</i>
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; width: 20%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Nominee</b>
        </td>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; width: 19%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Votes For</b>
        </td>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; width: 19%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Votes Against</b>
        </td>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; width: 19%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Abstain</b>
        </td>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; width: 19%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Broker Non-Vote</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 20%">
          Robert S. Silberman
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          18,867,749
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          791,636
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          5,183
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          940,746
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 20%">
          J. Kevin Gilligan
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          19,228,976
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          432,342
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          3,250
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          940,746
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 20%">
          Robert R. Grusky
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          19,189,574
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          471,305
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          3,689
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          940,746
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 20%">
          Dr. Charlotte F. Beason
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          19,464,404
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          196,752
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          3,413
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          940,745
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 20%">
          Rita D. Brogley
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          19,654,018
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          7,311
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          3,241
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          940,744
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 20%">
          Dr. John T. Casteen, III
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          19,598,317
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          62,503
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          3,749
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          940,745
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 20%">
          H. James Dallas
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          19,653,281
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          7,540
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          3,748
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          940,745
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 20%">
          Nathaniel C. Fick
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          19,652,320
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          8,501
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          3,748
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          940,745
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 20%">
          Karl McDonnell
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          19,568,876
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          90,558
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          5,134
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          940,746
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 20%">
          Todd A. Milano
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          19,555,236
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          105,643
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          3,689
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          940,746
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 20%">
          G. Thomas Waite, III
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          19,269,642
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          391,178
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          3,748
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 19%; padding-right: 0.0px">
          940,746
        </td>
      </tr>
    </table>
    </div>
    <p>
      <i>Proposal 2: Ratify the appointment of PricewaterhouseCoopers LLP as
      the Company&#8217;s independent registered public accounting firm for the
      fiscal year ending December&#160;31, 2019.</i>
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; width: 25%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Votes For</b>
        </td>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; width: 24%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Votes Against</b>
        </td>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; width: 24%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Abstain</b>
        </td>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; width: 24%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Broker Non-Vote</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 25%; padding-right: 0.0px">
          19,730,615
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 24%; padding-right: 0.0px">
          662,952
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 24%; padding-right: 0.0px">
          211,747
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 24%; padding-right: 0.0px">
          0
        </td>
      </tr>
    </table>
    </div>
    <p>
      <i>Proposal 3:&#160;&#160;Approval on an advisory basis of the compensation of the
      named executive officers.</i>
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; width: 25%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Votes For</b>
        </td>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; width: 24%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Votes Against</b>
        </td>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; width: 24%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Abstain</b>
        </td>
        <td valign="middle" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; width: 24%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Broker Non-Vote</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 25%; padding-right: 0.0px">
          19,295,158
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 24%; padding-right: 0.0px">
          199,656
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 24%; padding-right: 0.0px">
          169,755
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 24%; padding-right: 0.0px">
          940,745
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p style="white-space: nowrap; margin-left: 30.0px">
      (d)&#160;Exhibits.
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; text-align: left; padding-left: 0.0px; width: 10%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Exhibit</b><br><b>Number</b>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: center; padding-left: 0.0px; width: 2%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; width: 88%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Description</b>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

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

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 88%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; text-align: left; padding-left: 0.0px; width: 10%; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51977533ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 88%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51977533ex99_1.htm">Press Release, dated May 1, 2019</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

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

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

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

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

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

        </td>
        <td style="width: 3%">

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

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 42%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; width: 5%">
          Date:
        </td>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; width: 48%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            May 1, 2019
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; width: 2%">
          By:
        </td>
        <td valign="top" style="border-bottom-style: solid; text-align: left; padding-left: 0.0px; width: 42%; border-bottom-width: 1.0pt; border-bottom-color: black">
          <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: 2%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 42%">
          <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: 2%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 42%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Executive Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
</html>
<!--<!DOCTYPE html
     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51977533ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2019 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Strategic
      Education, Inc. Reports First Quarter 2019 Results; Strong Performance
      at Both Strayer University and Capella University; Merger Integration
      and Synergies on Track</b></font>
    </p>
    <p>
      HERNDON, Va.--(BUSINESS WIRE)--May 1, 2019--Strategic Education, Inc.
      (SEI) (NASDAQ: STRA) today announced financial results for the period
      ended March 31, 2019.
    </p>
    <p>
      Karl McDonnell, Chief Executive Officer of SEI said, &#8220;Our strong first
      quarter results provide us with a solid foundation to build on for the
      balance of 2019. We are moving into the tenth month since we closed our
      merger with Capella Education Company, and are very pleased with
      progress of the merger integration and the organization&#8217;s continued
      ability to execute. We remain focused on delivering academic success and
      long-term economic mobility for our students and alumni.&#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 March 31</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenue increased 111.7% to $246.5 million compared to $116.5 million
        for the same period in 2018.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $25.7 million compared to $11.3 million for
        the same period in 2018. Income from operations in 2019 includes $15.4
        million of amortization expense related to assets acquired in the
        merger with Capella Education Company and $7.2 million in costs
        associated with the merger with Capella Education Company. Income from
        operations in 2018 included $5.3 million in costs associated with the
        merger with Capella Education Company. Adjusted income from
        operations, which is a non-GAAP financial measure and excludes the
        aforementioned expenses, was $48.3 million in 2019 compared to $16.7
        million for the same period in 2018. The adjusted operating income
        margin was 19.6% compared to 14.3% for the same period in 2018. 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">
        Net income, which includes the adjustments described above, income
        from partnership interests, and certain discrete tax adjustments, was
        $11.5 million in 2019 compared to $9.5 million for the same period in
        2018. Adjusted net income was $36.7 million compared to $13.9 million
        for the same period in 2018.
      </li>
      <li style="margin-bottom: 10.0px">
        Earnings before interest, taxes, depreciation, and amortization
        (EBITDA) was $51.7 million in 2019 compared to $16.4 million in 2018.
        Adjusted EBITDA was $61.0 million compared to $24.8 million for the
        same period in 2018.
      </li>
      <li style="margin-bottom: 10.0px">
        Diluted earnings per share was $0.52 compared to $0.84 for the same
        period in 2018. Adjusted diluted earnings per share increased to $1.66
        from $1.23 for the same period in 2018. Diluted weighted average
        shares outstanding increased to 22,050,000 from 11,311,000 for the
        same period in 2018, due primarily to new shares issued to facilitate
        the merger with Capella Education Company.
      </li>
    </ul>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <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 first quarter, student enrollment at Strayer University
        increased 11.5% to 51,479 compared to 46,184 for the same period in
        2018. New student enrollment for the period increased 13.2% and
        continuing student enrollment for the period increased 11.1%.
      </li>
      <li style="margin-bottom: 10.0px">
        Revenue increased 11.1% to $128.1 million in the first quarter of 2019
        compared to $115.3 million for the same period in 2018, driven
        primarily by higher first quarter enrollment.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations increased to $25.0 million in the first quarter
        of 2019 from $18.0 million for the same period in 2018. The operating
        income margin was 19.5%, compared to 15.6% for the same period in 2018.
      </li>
      <li style="margin-bottom: 10.0px">
        During the first quarter of 2019, Strayer University opened new
        campuses in Mobile, Alabama and Fort Worth, Texas, and is planning to
        open four to six additional campuses through the balance of 2019.
      </li>
    </ul>
    <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 first quarter, student enrollment at Capella University
        increased 2.9% to 39,271 compared to 38,181 for the same period in
        2018. New student enrollment for the period increased 14.7% and
        continuing student enrollment for the period increased 0.7%.
      </li>
      <li style="margin-bottom: 10.0px">
        FlexPath continued to be a significant driver of new and total
        enrollment growth in the first quarter of 2019, and is now 30% of
        Capella University&#8217;s bachelor&#8217;s and master&#8217;s degrees total enrollment.
      </li>
      <li style="margin-bottom: 10.0px">
        Revenue was $114.7 million in the first quarter of 2019 and reflects
        higher enrollment and revenue-per-learner.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $24.2 million in the first quarter of 2019,
        and the operating income margin was 21.1%.
      </li>
      <li style="margin-bottom: 10.0px">
        The Company is on track to open Capella University learner support
        centers, pending regulatory approval, in Atlanta, Georgia in the
        second quarter and Orlando, Florida in the third quarter.
      </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 first quarter, revenue increased to $3.8 million from $1.2
        million for the same period in 2018, primarily due to the inclusion of
        revenue from DevMountain, Hackbright Academy, and Sophia.
      </li>
      <li style="margin-bottom: 10.0px">
        Loss from operations was $0.8 million in the first quarter of 2019
        compared to a loss of $1.3 million in the same period in 2018.
      </li>
    </ul>
    <p>
      <u><b>BALANCE SHEET AND CASH FLOW</b></u>
    </p>
    <p>
      At March 31, 2019, Strategic Education, Inc. had cash, cash equivalents,
      and marketable securities of $420.7 million, and no debt. For the first
      three months of 2019, cash provided by operations was $58.7 million
      compared to $17.0 million for the same period in 2018. Capital
      expenditures for the first three months of 2019 were $8.8 million
      compared to $4.2 million for the same period in 2018. Capital
      expenditures for 2019 are expected to be between $40 million and $45
      million.
    </p>
    <p>
      For the first quarter of 2019, consolidated bad debt expense as a
      percentage of revenue was 5.0%, compared to 5.5% for the same period in
      2018.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-left: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <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 June
      10, 2019 to shareholders of record as of May 28, 2019.
    </p>
    <p>
      <u><b>CONFERENCE CALL WITH MANAGEMENT</b></u>
    </p>
    <p>
      SEI will host a conference call to discuss its first quarter 2019
      earnings results at 9:00 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 associated with the acquisition of existing educational
        institutions;
      </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>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-left: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <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%; text-indent: 0pt; margin-left: 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="height: 1.5pt; color: black">

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

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="6" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>For the three months ended</b><br><b>March 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <b>2019</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Revenues
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          116,469
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          246,508
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Costs and expenses:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          68,452
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          134,050
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          General and administration
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          31,342
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          64,139
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          15,417
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Merger and integration costs
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          5,347
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          7,179
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Total costs and expenses
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          105,141
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          220,785
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Income from operations
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          11,328
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          25,723
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Other income
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          289
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          3,327
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Income before income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          11,617
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          29,050
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          2,150
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          17,550
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 15.0px">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          9,467
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          11,500
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Earnings per share:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.88
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.53
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.84
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.52
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Weighted average shares outstanding:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          10,745
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          21,499
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          11,311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          22,050
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Cash dividend declared per share
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.50
        </td>
      </tr>
      <tr>
        <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%; text-indent: 0pt; margin-left: 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="height: 1.5pt; color: black">

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

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b><br><b>2018</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>March 31,</b><br><b>2019</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px">
          <b>ASSETS</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          352,387
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Marketable securities, current
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          37,121
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          36,486
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          55,694
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          50,842
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Other current assets
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          15,814
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          16,874
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Total current assets
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          420,361
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          456,589
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          122,677
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          119,040
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Right-of-use lease assets
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          101,533
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Marketable securities, non-current
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          37,678
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          31,866
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Intangible assets, net
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          328,344
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          314,511
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Goodwill
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          732,540
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          732,799
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Other assets
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          19,429
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          19,052
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 30.0px">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          1,661,029
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          1,775,390
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px">
          <b>LIABILITIES &amp; STOCKHOLDERS&#8217; EQUITY</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          80,085
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Income taxes payable
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          6,144
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Contract liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          38,733
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          40,826
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Lease liabilities, current
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          26,462
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Total current liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          125,131
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          153,517
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Deferred income tax liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          59,358
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          70,298
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Lease liabilities, non-current
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          90,501
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          51,316
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          37,636
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          235,805
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          351,952
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Commitments and contingencies
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Stockholders&#8217; equity:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Common stock, par value $0.01; 32,000,000 shares authorized;
          21,743,498 and 21,923,800 shares issued and outstanding at December
          31, 2018 and March 31, 2019, respectively
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          217
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          219
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1,306,653
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1,304,170
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          266
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Retained earnings
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          118,322
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          118,783
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          1,425,224
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          1,423,438
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 30.0px">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          1,661,029
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          1,775,390
        </td>
      </tr>
      <tr>
        <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%; text-indent: 0pt; margin-left: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="9" style="text-align: center; padding-left: 0.0px">
          <b>STRATEGIC EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="9" style="text-align: center; padding-left: 0.0px">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="9" style="text-align: center; padding-left: 0.0px">
          <b>(in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>For the three months ended</b><br><b>March 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <b>2019</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Cash flows from operating activities:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          9,467
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          11,500
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Amortization of deferred financing costs
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          66
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          83
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Amortization of investment discount/premium
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          127
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          5,035
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          25,983
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (1,842
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          10,834
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          2,688
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          3,010
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Changes in assets and liabilities:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 45.0px">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (2,249
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          4,847
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 45.0px">
          Other current assets
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          931
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (1,060
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 45.0px">
          Other assets
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          115
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          325
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 45.0px">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (867
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (3,537
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 45.0px">
          Income taxes payable and income taxes receivable
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          3,995
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          6,031
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 45.0px">
          Contract liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1,192
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1,702
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 45.0px">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (1,482
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (1,187
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 60.0px">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          17,049
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          58,658
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (4,233
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (8,756
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Purchases of marketable securities
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (6,249
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Maturities of marketable securities
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          12,910
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (374
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 60.0px">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (4,233
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (2,469
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (2,889
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (11,091
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Taxes paid for stock awards
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (4,443
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (2,889
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (15,534
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Net increase in cash, cash equivalents, and restricted cash
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          9,927
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          40,655
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Cash, cash equivalents, and restricted cash &#8212; beginning of period
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          156,448
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          312,237
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Cash, cash equivalents, and restricted cash &#8212; end of period
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          166,375
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          352,892
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Noncash transactions:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          2,385
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          634
        </td>
        <td>

        </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%; text-indent: 0pt; margin-left: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="9" style="text-align: center; padding-left: 0.0px">
          <b>STRATEGIC EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="9" style="text-align: center; padding-left: 0.0px">
          <b>UNAUDITED SEGMENT REPORTING</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="9" style="text-align: center; padding-left: 0.0px">
          <b>(in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>For the three months</b><br><b>ended March 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <b>2019</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Revenues:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          115,271
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          128,058
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          114,698
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Non-Degree Programs
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          1,198
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          3,752
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Consolidated revenues
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          116,469
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          246,508
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Income (loss) from operations:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          17,992
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          24,973
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          24,153
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (1,317
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (807
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (15,417
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Merger and integration costs
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (5,347
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (7,179
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Consolidated income from operations
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          11,328
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          25,723
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-left: 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="height: 1.5pt; color: black">

        </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 income from operations, operating margin, 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 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 Income
      from Operations, Adjusted Operating Margin, Adjusted Net Income, and
      Adjusted Diluted EPS to exclude (1) amortization expense related to
      intangible assets associated with the Company&#8217;s merger with Capella
      Education Company, (2) transaction and integration costs associated with
      the Company&#8217;s merger with Capella Education Company, (3) income
      recognized from the Company&#8217;s investments in partnership interests, and
      (4) discrete tax adjustments utilizing adjusted effective income tax
      rates of 18.1% and 27.5% for 2018 and 2019, respectively. We define
      EBITDA as net income before the provision for income taxes, other
      income, depreciation and amortization, and from this amount in arriving
      at Adjusted EBITDA we also exclude the amounts in (2) above, stock-based
      compensation expense, and adjustments to the value of purchase
      consideration related to the Company&#8217;s acquisition of The New York Code
      + Design Academy, Inc. 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%; text-indent: 0pt; margin-left: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td colspan="24">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="24" style="text-align: center; padding-left: 0.0px">
          <b>STRATEGIC EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="24" style="text-align: center; padding-left: 0.0px">
          <b>UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="24" style="text-align: center; padding-left: 0.0px">
          <b>ADJUSTED INCOME FROM OPERATIONS, ADJUSTED NET INCOME, AND
          ADJUSTED EPS</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="24" style="text-align: center; padding-left: 0.0px">
          <b>(in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="15">

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

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

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="15" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>For the Three Months Ended March 31, 2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="15" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Non-GAAP Adjustments</b>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>As Reported</b><br><b>(GAAP)</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Amortization</b><br><b>of</b><br><b>Acquired</b><br><b>Assets<sup>(1)</sup></b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Merger and</b><br><b>integration</b><br><b>Costs<sup>(2)</sup></b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Income from</b><br><b>partnership</b><br><b>interests<sup>(3)</sup></b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Tax</b><br><b>Adjustments</b><br><sup><b>(4)</b></sup>
          </p>
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          11,328
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          5,347
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          16,675
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          <i>Operating margin</i>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          <i>9.7%</i>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          <i>14.3%</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Other income, net
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          289
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          289
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Income before income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          11,617
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          5,347
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          16,964
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          2,150
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          914
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          3,064
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 30.0px">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          9,467
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          5,347
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          (914
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          13,900
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Earnings per share:</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.88
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1.29
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.84
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1.23
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Weighted average shares outstanding:</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          10,745
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          10,745
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          11,311
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          11,311
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="15">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="15">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="15" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>For the Three Months Ended March 31, 2019</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="15" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black">
          <b>Non-GAAP Adjustments</b>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>As Reported</b><br><b>(GAAP)</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Amortization</b><br><b>of</b><br><b>Acquired</b><br><b>Assets<sup>(1)</sup></b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Merger and</b><br><b>integration</b><br><b>Costs<sup>(2)</sup></b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Income from</b><br><b>partnership</b><br><b>interests<sup>(3)</sup></b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Tax</b><br><b>Adjustments</b><br><sup><b>(4)</b></sup>
          </p>
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          25,723
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          15,417
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          7,179
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          48,319
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          <i>Operating margin</i>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          <i>10.4%</i>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          <i>19.6%</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Other income, net
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          3,327
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (1,023
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          2,304
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Income before income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          29,050
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          15,417
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          7,179
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (1,023
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          50,623
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          17,550
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (3,629
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          13,921
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 15.0px">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          11,500
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          15,417
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          7,179
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          (1,023
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          3,629
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          36,702
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Earnings per share:</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.53
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1.71
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.52
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1.66
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Weighted average shares outstanding:</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          21,499
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          21,499
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          22,050
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          22,050
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          (1)
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Reflects amortization expense related to intangible assets
          associated with the Company&#8217;s merger with Capella Education Company.
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          (2)
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Reflects transaction and integration charges associated with the
          Company's merger with Capella Education Company.
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          (3)
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Reflects income recognized from the Company's investments in
          partnership interests.
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          (4)
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Reflects discrete tax adjustments related to stock-based
          compensation and other adjustments, utilizing an adjusted effective
          tax rate of 18.1% and 27.5% for 2018 and 2019, respectively.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="9" style="text-align: center; padding-left: 0.0px">
          <b>STRATEGIC EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="9" style="text-align: center; padding-left: 0.0px">
          <b>UNAUDITED NON-GAAP SEGMENT REPORTING</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="9" style="text-align: center; padding-left: 0.0px">
          <b>(in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="7" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px">
          <b>For the Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <b>March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <b>2019</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          115,271
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          128,058
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          114,698
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Non-Degree Programs
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          1,198
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          3,752
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Consolidated revenues
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          116,469
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          246,508
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Income (loss) from operations:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          17,992
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          24,973
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          24,153
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (1,317
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (807
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (15,417
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Merger and integration costs
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (5,347
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (7,179
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Consolidated income from operations
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          11,328
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          25,723
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Adjustments to consolidated income from operations:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          15,417
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Merger and integration costs
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          5,347
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          7,179
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Total adjustments to consolidated income from operations
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          5,347
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          22,596
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Adjusted income from operations by segment:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          17,992
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          24,973
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          24,153
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Non-Degree Programs
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (1,317
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          (807
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Total adjusted income from operations by segment
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          16,675
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          48,319
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="6" style="border-bottom-style: solid; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>For the three months</b><br><b>ended March 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          <b>2019</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          9,467
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          11,500
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          2,150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          17,550
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Other income
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (289)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (3,327)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          5,035
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          25,983
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          EBITDA <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          16,363
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          51,706
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          2,688
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          2,530
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Merger and integration costs <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          5,347
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          6,781
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px">
          Fair value adjustments <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          381
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-style: solid; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black">
          &#8212;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Adjusted EBITDA <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          24,779
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black">
          61,017
        </td>
      </tr>
      <tr>
        <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 style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          (1)
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          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&#8217;s reasons for
          providing this information.
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          (2)
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Reflects transaction and integration charges associated with the
          Company's merger with Capella Education Company. Excludes $0.4
          million of depreciation and amortization expense and includes $0.5
          million of stock-based compensation expense for the three months
          ended March 31, 2019.
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          (3)
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Reflects adjustments to the value of purchase consideration related
          to the Company&#8217;s acquisition of The New York Code + Design Academy,
          Inc. for the three months ended March 31, 2018.
        </td>
      </tr>
      <tr>
        <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>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
