<SEC-DOCUMENT>0001157523-21-000933.txt : 20210728
<SEC-HEADER>0001157523-21-000933.hdr.sgml : 20210728
<ACCEPTANCE-DATETIME>20210728063045
ACCESSION NUMBER:		0001157523-21-000933
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20210728
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210728
DATE AS OF CHANGE:		20210728

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:		211119764

	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>
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<DESCRIPTION>STRATEGIC EDUCATION, INC. 8-K
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    <div style="text-align: center; font-weight: bold; font-size: 16pt;">UNITED STATES<br />
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    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Check the appropriate box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
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        <div> Securities Registered Pursuant to Section 12(b) of the Exchange Act: </div>

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    <td rowspan="1" style="width: 32%; text-align: center; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">Title of each class <br />
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        <div> <br />
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        <div> Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>

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  <div><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 2.02.</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><span style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Results of Operations and Financial Condition.</span>&#160;</span>
    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;<br />
    </div>

    <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On July 28, 2021, Strategic Education, Inc. (&#8220;Strategic Education&#8221;) <span style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">issued a press</span> release announcing its financial results for the period ended June 30, 2021. A copy of the press release is furnished as Exhibit 99.1 hereto and is hereby incorporated by reference into this Item 2.02.</div>

    <div style="font-size: 10pt;"><br />
    </div>

    <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed &#8220;filed&#8221; with the Securities and Exchange
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    <div style="font-size: 10pt;">&#160;</div>

    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 9.01.</span><span style="font-size: 10pt;"><span style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial Statements and Exhibits.</span></span></div>

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    <div style="text-align: left; text-indent: 22.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;(d)&#160;Exhibits.</div>

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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><a href="a52467141ex99_1.htm">99.1</a></div>
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    <td style="width: 89%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif;"><a href="a52467141ex99_1.htm">Press Release dated July 28, 2021</a></div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">104</div>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">SIGNATURES</div>

    <div style="font-size: 10pt;">&#160; <br />
    </div>

    <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; 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.</div>

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            <div style="text-align: left; margin-right: 1.8pt; font-family: 'Times New Roman',Times,serif;">STRATEGIC EDUCATION,&#160;INC.</div>
          </td>

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            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">Date: July 28, 2021</div>
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            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">By:</div>
          </td>

    <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">/s/ Daniel W. Jackson</div>
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            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">Daniel W. Jackson</div>
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            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">Executive Vice President and Chief Financial Officer</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a52467141ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div style="text-align: right;"><font style="font-weight: bold;"> <br>
    </font></div>
  <div class="bw-release">
    <h1 style="text-align: center; list-style-position: inside;FONT-SIZE: 14pt;"> <b>Strategic Education, Inc. Reports Second Quarter 2021 Results</b> </h1>
    <div class="bw-release-body">
      <div class="bw-release-table-js bw-release-story">
        <p>HERNDON, Va.--(BUSINESS WIRE)--July 28, 2021--Strategic Education, Inc. (Strategic Education) (NASDAQ: STRA) today announced financial results for the period ended June 30, 2021. </p>
        <p> &#8220;We are pleased with performance at Capella University and in our Alternative Learning and Australia/New Zealand segments and continue to focus on returning Strayer University to growth,&#8221; said Karl McDonnell, Chief Executive Officer of
          Strategic Education. &#8220;Our financial strength provides a solid foundation as we continue to invest in Australia/New Zealand, Alternative Learning, and the success of our Capella and Strayer students.&#8221; </p>
        <p> <b><u>STRATEGIC EDUCATION CONSOLIDATED RESULTS</u></b> </p>
        <p> [Note: Strategic Education&#8217;s financial results for any periods ended prior to November 3, 2020 do not include the financial results of the Australia/New Zealand acquisition and are therefore not directly comparable.] </p>
        <p> <b>Three Months Ended June 30 </b> </p>
        <ul style="list-style-type: disc;">
          <li> Revenue increased 16.9% to $299.2 million compared to $255.8 million for the same period in 2020. Adjusted revenue, which is a non-GAAP financial measure and excludes a purchase accounting revenue adjustment and foreign currency exchange
            impacts, increased 16.5% to $298.1 million compared to $255.8 million for the same period in 2020. For more details on non-GAAP financial measures, refer to the information in the Non-GAAP Financial Measures section of this press release. </li>
        </ul>
        <ul style="list-style-type: disc;">
          <li> Income from operations was $26.7 million or 8.9% of revenue, compared to $46.4 million or 18.1% of revenue for the same period in 2020. Adjusted income from operations, which is a non-GAAP financial measure, was $53.7 million in 2021
            compared to $63.0 million for the same period in 2020. The adjusted operating income margin, which is a non-GAAP financial measure, was 18.0% compared to 24.6% for the same period in 2020. </li>
        </ul>
        <ul style="list-style-type: disc;">
          <li> Net income was $20.0 million in 2021 compared to $34.2 million for the same period in 2020. Adjusted net income, which is a non-GAAP financial measure, was $37.5 million compared to $45.4 million for the same period in 2020. </li>
        </ul>
        <ul style="list-style-type: disc;">
          <li> Adjusted EBITDA, which is a non-GAAP financial measure, was $71.9 million compared to $77.7 million for the same period in 2020. </li>
        </ul>
        <ul style="list-style-type: disc;">
          <li> Diluted earnings per share was $0.83 compared to $1.55 for the same period in 2020. Adjusted diluted earnings per share, which is a non-GAAP financial measure, decreased to $1.55 from $2.06 for the same period in 2020. Diluted weighted
            average shares outstanding increased to 24,126,000 from 22,012,000 for the same period in 2020, due primarily to new shares issued to facilitate the acquisition of Torrens University and associated assets in Australia and New Zealand. </li>
        </ul>
        <div> </div>
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        </div>
        <p> <b>U.S. Higher Education Segment Highlights </b> </p>
        <ul style="list-style-type: disc;">
          <li> The U.S. Higher Education segment (USHE) is comprised primarily of Strayer University and Capella University. </li>
        </ul>
        <ul style="list-style-type: disc;">
          <li> For the second quarter, student enrollment within USHE decreased 9.9% to 83,923 compared to 93,123 for the same period in 2020. </li>
        </ul>
        <ul style="list-style-type: disc;">
          <li> For the second quarter, FlexPath enrollment was 18% of USHE enrollment compared to 12% for the same period in 2020. </li>
        </ul>
        <ul style="list-style-type: disc;">
          <li> Revenue decreased 14.2% to $212.2 million in the second quarter of 2021 compared to $247.4 million for the same period in 2020, driven by lower second quarter enrollment and lower revenue-per-student. </li>
        </ul>
        <ul style="list-style-type: disc;">
          <li> Income from operations decreased to $32.1 million in the second quarter of 2021 from $58.8 million for the same period in 2020. The operating income margin was 15.1%, compared to 23.8% for the same period in 2020. </li>
        </ul>
        <ul style="list-style-type: disc;">
          <li> Strayer University has now reopened 30 campuses that had been closed during the COVID-19 pandemic, with the majority of remaining campuses expected to be reopened by the end of 2021. </li>
        </ul>
        <p> <b>Alternative Learning Segment Highlights </b> </p>
        <ul style="list-style-type: disc;">
          <li> The Alternative Learning segment is comprised primarily of Employer Solutions, Sophia Learning, and Workforce Edge. </li>
        </ul>
        <ul style="list-style-type: disc;">
          <li> For the second quarter, employer affiliated enrollment was 20.5% of USHE enrollment compared to 17.2% for the same period in 2020. </li>
        </ul>
        <ul style="list-style-type: disc;">
          <li> Revenue increased 52.2% to $12.9 million in the second quarter of 2021 compared to $8.5 million for the same period in 2020, driven by growth in Sophia Learning subscriptions and employer affiliated enrollment. </li>
        </ul>
        <ul style="list-style-type: disc;">
          <li> Income from operations increased to $5.2 million in the second quarter of 2021 from $4.2 million for the same period in 2020. The operating income margin was 40.1%, compared to 49.8% for the same period in 2020. </li>
        </ul>
        <p> <b>Australia/New Zealand Segment Highlights </b> </p>
        <ul style="list-style-type: disc;">
          <li> The Australia/New Zealand segment (ANZ) is comprised of Torrens University, Think Education, and Media Design School. </li>
        </ul>
        <ul style="list-style-type: disc;">
          <li> For the second quarter, student enrollment within ANZ was 18,800. </li>
        </ul>
        <ul style="list-style-type: disc;">
          <li> Revenue was $74.1 million in the second quarter of 2021, and adjusted revenue, which is a non-GAAP financial measure, was $72.9 million. </li>
        </ul>
        <ul style="list-style-type: disc;">
          <li> Income from operations was $15.6 million or 21.1% of revenue in the second quarter of 2021, and adjusted income from operations, which is a non-GAAP financial measure, was $16.5 million or 22.6% of adjusted revenue. </li>
        </ul>
        <p> <b><u>BALANCE SHEET AND CASH FLOW</u></b> </p>
        <p> At June 30, 2021, Strategic Education had cash, cash equivalents, and marketable securities of $293.7 million, and $141.7 million outstanding under its revolving credit facility. For the first six months of 2021, cash provided by operations was
          $125.8 million compared to $111.9 million for the same period in 2020. Capital expenditures for the first six months of 2021 were $23.1 million compared to $25.5 million for the same period in 2020. Capital expenditures for 2021 are expected to
          be $50 million to $55 million. </p>
        <p> For the second quarter of 2021, consolidated bad debt expense as a percentage of revenue was 3.3%, compared to 4.7% of revenue for the same period in 2020. </p>
        <div> </div>
        <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
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        </div>
        <p> <b><u>COMMON STOCK CASH DIVIDEND</u></b> </p>
        <p> Strategic Education announced today that it declared a regular, quarterly cash dividend of $0.60 per share of common stock. This dividend will be paid on September 13, 2021 to shareholders of record as of September 3, 2021. </p>
        <p> <b><u>CONFERENCE CALL WITH MANAGEMENT</u></b> </p>
        <p> Strategic Education will host a conference call to discuss its second quarter 2021 results at 10:00 a.m. (ET) today. To participate in the live call, investors should dial (877) 303-9047 ten minutes prior to the start time. In addition, the
          call will be available via webcast. To access the live webcast of the conference call, please go to www.strategiceducation.com in the Investor Relations section 15 minutes prior to the start time of the call to register. An earnings release
          presentation will also be posted to www.strategiceducation.com in the Investor Relations section prior to the start time of the call. Following the call, the webcast will be archived and available at www.strategiceducation.com in the Investor
          Relations section. </p>
        <p> <b>About Strategic Education, Inc. </b> </p>
        <p> Strategic Education, Inc. (NASDAQ: STRA) (www.strategiceducation.com) is dedicated to helping advance economic mobility through higher education. We serve working adult students globally through our core focus areas: 1) U.S. Higher Education,
          including Strayer University and Capella University, each institutionally accredited, and collectively offer flexible and affordable associate, bachelor&#8217;s, master&#8217;s, and doctoral programs including the Jack Welch Management Institute at Strayer
          University, and non-degree web and mobile application development courses through Hackbright Academy and Strayer University&#8217;s DevMountain; 2) Alternative Learning, encompassing Employer Solutions, developing and maintaining relationships with
          large employers; Workforce Edge, a full service, online employee education management platform; Sophia Learning, self-paced general education courses that are ACE-recommended for college credit; and Digital Enablement Partnerships, helping
          advance capabilities in course development, online delivery, and student support; and 3) Australia/New Zealand, comprised of Torrens University, Think Education, and Media Design School that collectively offer certificate and degree programs in
          Australia and New Zealand. This portfolio of high quality, innovative, relevant, and affordable programs and institutions helps our students prepare for success in today&#8217;s workforce and find a path to bettering their lives. </p>
        <div> </div>
        <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
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        </div>
        <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 and growth opportunities of Strategic Education; Strategic Education&#8217;s plans, strategies and prospects; the impact of the current COVID-19 pandemic on Strategic Education&#8217;s business and results; and future events and expectations. The
          statements are based on Strategic Education&#8217;s current expectations and are subject to a number of assumptions, uncertainties and risks, including but not limited to: </p>
        <ul style="list-style-type: disc;">
          <li> the pace of student enrollment; </li>
          <li> Strategic Education&#8217;s continued compliance with Title IV of the Higher Education Act, and the regulations thereunder, as well as other federal laws and regulations, institutional accreditation standards and state regulatory requirements; </li>
          <li> rulemaking by the Department of Education and increased focus by the U.S. Congress on for-profit education institutions; </li>
          <li> competitive factors; </li>
          <li> risks associated with the further spread of COVID-19, including the ultimate impact of COVID-19 on people and economies; </li>
          <li> the impact of regulatory measures or voluntary actions that may be put in place to limit the spread of COVID-19, including restrictions on business operations or social distancing requirements; </li>
          <li> risks associated with the opening of new campuses; </li>
          <li> risks associated with the offering of new educational programs and adapting to other changes; </li>
          <li> risks associated with the acquisition of existing educational institutions, including in the case of Strategic Education&#8217;s acquisition of Torrens University and associated assets in Australia and New Zealand, the risk that the benefits of
            the acquisition may not be fully realized or may take longer to realize than expected, and the risk that the acquisition may not advance Strategic Education&#8217;s business strategy and growth strategy; </li>
          <li> risks relating to the timing of regulatory approvals; </li>
          <li> Strategic Education&#8217;s ability to implement its growth strategy; </li>
          <li> the risk that the combined company may experience difficulty integrating employees or operations; </li>
          <li> risks associated with the ability of Strategic Education&#8217;s students to finance their education in a timely manner; </li>
          <li> general economic and market conditions; and </li>
          <li> additional factors described in Strategic Education&#8217;s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. </li>
        </ul>
        <p> Many of these risks, uncertainties and assumptions are beyond Strategic Education&#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 Strategic Education on the date they are made, and Strategic Education 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> </div>
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        </div>
        <table cellspacing="0" id="zb605cde501cb4bf5b8abf23b75b4c74c" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

            <tr>
              <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;" colspan="16">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>STRATEGIC EDUCATION, INC.</b> </p>
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME</b> </p>
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>(in thousands, except per share data)</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="7"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="7">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;" colspan="7">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended <br>
                    June 30,</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;" colspan="7">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the six months ended <br>
                    June 30,</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2020</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;text-align: center; list-style-position: inside;">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2021</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;text-align: center; list-style-position: inside;">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2020</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;text-align: center; list-style-position: inside;">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2021</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 255,831 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 299,173 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 521,133 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 589,509 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Costs and expenses: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Instructional and support costs </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 125,544 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 152,938 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 258,480 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 305,743 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> General and administration </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 67,301 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 93,395 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 136,527 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 180,240 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 19,392 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 30,834 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 38,799 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,174 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,937 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,938 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,949 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Restructuring costs </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,811 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 23,078 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Total costs and expenses </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 209,436 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 272,473 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 430,779 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 550,809 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 46,395 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 26,700 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 90,354 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 38,700 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Other income </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,639 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 757 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 3,762 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,924 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Income before income taxes </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 48,034 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 27,457 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 94,116 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 41,624 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Provision for income taxes </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 13,882 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 7,481 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 24,725 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 12,071 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 34,152 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 19,976 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 69,391 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 29,553 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Earnings per share: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Basic </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1.57 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.83 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 3.18 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1.23 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1.55 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.83 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 3.15 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1.22 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Weighted average shares outstanding: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Basic </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 21,764 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 23,975 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 21,787 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 23,974 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,012 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 24,126 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,041 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 24,139 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>

        </table>
        <div> </div>
        <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
          <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
            <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
        </div>
        <table cellspacing="0" id="z1fb4e614ed3d4c73acb8ebb93490f406" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

            <tr>
              <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;" colspan="8">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>STRATEGIC EDUCATION, INC.</b> </p>
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS</b> </p>
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>(in thousands, except share and per share data)</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>December 31, <br>
                    2020</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>June 30, <br>
                    2021</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>ASSETS</b> </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Current assets: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Cash and cash equivalents </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 187,509 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 261,585 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Marketable securities </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 7,557 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,040 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Tuition receivable, net </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 50,169 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 78,609 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Income taxes receivable </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,429 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Assets held for sale </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 5,801 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Other current assets </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 39,458 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 43,600 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Total current assets </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 286,122 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 393,635 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Property and equipment, net </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 158,854 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 153,812 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Right-of-use lease assets </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 120,687 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 134,069 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Marketable securities, non-current </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 30,270 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 28,062 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Intangible assets, net </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 326,420 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 289,985 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Goodwill </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,318,526 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,303,863 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Other assets </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 54,928 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 59,887 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Total assets </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,295,807 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,363,313 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>LIABILITIES &amp; STOCKHOLDERS&#8217; EQUITY</b> </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Current liabilities: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Accounts payable and accrued expenses </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 104,742 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 100,119 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Income taxes payable </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,015 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Contract liabilities </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 60,501 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 118,771 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Lease liabilities </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 34,809 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 29,284 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Total current liabilities </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 200,052 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 252,189 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Long-term debt </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 141,823 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 141,748 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Deferred income tax liabilities </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 53,407 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 42,810 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Lease liabilities, non-current </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 106,151 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 148,382 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Other long-term liabilities </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 46,055 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 45,004 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Total liabilities </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 547,488 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 630,133 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Commitments and contingencies </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Stockholders&#8217; equity: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Common stock, par value $0.01; 32,000,000 shares authorized; 24,418,939 and <br>
                  24,621,111 shares issued and outstanding at December 31, 2020 and June 30, 2021, respectively </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 244 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 246 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Additional paid-in capital </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,519,549 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,523,022 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Accumulated other comprehensive income </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 48,880 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 30,823 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Retained earnings </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 179,646 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 179,089 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Total stockholders&#8217; equity </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,748,319 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,733,180 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Total liabilities and stockholders&#8217; equity </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,295,807 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,363,313 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>

        </table>
        <div> </div>
        <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
          <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
            <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
        </div>
        <table cellspacing="0" id="z07bf960942544d5289194148e1f5948c" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

            <tr>
              <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;" colspan="8">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>STRATEGIC EDUCATION, INC.</b> </p>
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b> </p>
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>(in thousands)</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="7">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;" colspan="7">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the six months ended</b> </p>
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>June 30,</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2020</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2021</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Cash flows from operating activities: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 69,391 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 29,553 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Adjustments to reconcile net income to net cash provided by operating activities: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of deferred financing costs </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 167 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 276 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of investment discount/premium </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 68 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 40 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Depreciation and amortization </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 51,981 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 66,624 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Deferred income taxes </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (6,736) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (10,499) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Stock-based compensation </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 6,884 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 8,068 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Impairment of right-of-use lease assets </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 453 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 17,015 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Changes in assets and liabilities: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 45px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Tuition receivable, net </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 3,820 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (28,947) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 45px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Other assets </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (6,338) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (9,308) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 45px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Accounts payable and accrued expenses </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (22,180) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (7,835) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 45px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Income taxes payable and income taxes receivable </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 15,303 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 5,444 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 45px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Contract liabilities </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,053 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 58,937 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 45px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Other liabilities </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (2,925) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (3,537) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 60px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Net cash provided by operating activities </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 111,941 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 125,831 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Cash flows from investing activities: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Purchases of property and equipment </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (25,465) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (23,138) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Purchases of marketable securities </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,863) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Proceeds from marketable securities </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 18,869 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 5,595 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Other investments </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (693) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (262) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 60px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Net cash used in investing activities </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (9,152) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (17,805) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Cash flows from financing activities: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Common dividends paid </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (26,662) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (29,549) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Net payments for stock awards </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (24,758) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (2,283) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Repurchase of common stock </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (247) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (2,904) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 60px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Net cash used in financing activities </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (51,667) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (34,736) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Effect of exchange rate changes on cash, cash equivalents, and restricted cash </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,396) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Net increase in cash, cash equivalents, and restricted cash </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 51,122 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 71,894 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Cash, cash equivalents, and restricted cash &#8212; beginning of period </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 420,497 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 202,020 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Cash, cash equivalents, and restricted cash &#8212; end of period </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 471,619 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 273,914 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>

        </table>
        <div> </div>
        <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
          <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
            <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
        </div>
        <table cellspacing="0" id="ze590a08f56c4403a9fcc2d802ae698c6" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

            <tr>
              <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;" colspan="16">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>STRATEGIC EDUCATION, INC.</b> </p>
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>UNAUDITED SEGMENT REPORTING</b> </p>
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>(in thousands)</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="7"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="7">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;" colspan="7">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended <br>
                    June 30,</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;" colspan="7">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the six months ended <br>
                    June 30,</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2020</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2021</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2020</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2021</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> U.S. Higher Education </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 247,350 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 212,207 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 502,863 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 438,754 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Australia/New Zealand </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 74,060 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 125,325 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Alternative Learning </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 8,481 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 12,906 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 18,270 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 25,430 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated revenues </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 255,831 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 299,173 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 521,133 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 589,509 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> U.S. Higher Education </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 58,765 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 32,059 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 115,508 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 79,813 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Australia/New Zealand </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 15,601 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 12,652 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Alternative Learning </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,221 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 5,180 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 10,618 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 11,061 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (15,417) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (19,392) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (30,834) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (38,799) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,174) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,937) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,938) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (2,949) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Restructuring costs </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,811) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (23,078) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated income from operations </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 46,395 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 26,700 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 90,354 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 38,700 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>

        </table>
        <div> </div>
        <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
          <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
            <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
        </div>
        <p> <b>Non-GAAP Financial Measures </b> </p>
        <p> In our press release and schedules, 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 ("GAAP"). We discuss management's
          reasons for reporting these non-GAAP measures below, and the press release schedules that follow reconcile the most directly comparable GAAP measure to each non-GAAP measure that we reference. Although management evaluates and presents these
          non-GAAP measures for the reasons described below, please be aware that these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for revenue, total costs and expenses, income from operations, operating
          margin, income before income taxes, 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 the Company&#8217;s ongoing operations before the impact of certain items described below.
          Management believes this information is useful to investors to compare the Company&#8217;s results of operations period-over-period. These measures are Adjusted Revenue, Adjusted Total Costs and Expenses, Adjusted Income from Operations, Adjusted
          Operating Margin, Adjusted Income Before Income Taxes, Adjusted Net Income, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), Adjusted EBITDA and Adjusted Diluted Earnings Per Share (EPS). We define Adjusted Revenue,
          Adjusted Total Costs and Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Income Before Income Taxes, Adjusted Net Income, and Adjusted Diluted EPS to exclude (1) a purchase accounting adjustment to record acquired
          contract liabilities at fair value as a result of the Company&#8217;s acquisition of Torrens University and associated assets in Australia and New Zealand, and amortization and depreciation expense related to intangible assets and software assets
          associated with the Company&#8217;s merger with Capella Education Company and the Company&#8217;s acquisition of Torrens University and associated assets in Australia and New Zealand, (2) transaction and integration expenses associated with the Company's
          merger with Capella Education Company and the Company&#8217;s acquisition of Torrens University and associated assets in Australia and New Zealand, (3) severance costs and right-of-use lease asset impairment charges associated with the Company&#8217;s
          restructuring, (4) income recognized from the Company&#8217;s investments in partnership interests and other investments, (5) discrete tax adjustments utilizing adjusted effective income tax rates of 28.5% and 29.5% for the three months ended June 30,
          2020 and 2021, respectively, and (6) foreign currency exchange impact related to translating foreign currency results at a constant exchange rate of 0.743 Australian Dollars to U.S. Dollars, which is the 2021 budget rate. We define EBITDA as net
          income before other income, the provision for income taxes, depreciation and amortization, and from this amount in arriving at Adjusted EBITDA we also exclude stock-based compensation expense, amortization expense associated with deferred
          implementation costs incurred in cloud computing arrangements, a purchase accounting adjustment to record acquired contract liabilities at fair value, and the amounts in (2), (3) and (6) above. 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> </div>
        <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
          <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
            <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
        </div>
        <table cellspacing="0" id="z37df3b1bdc734d32b0456a90481fbc28" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

            <tr>
              <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;" colspan="31">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>STRATEGIC EDUCATION, INC. <br>
                  </b><b>UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES <br>
                  </b><b>ADJUSTED REVENUE, ADJUSTED TOTAL COSTS AND EXPENSES, ADJUSTED INCOME FROM <br>
                    OPERATIONS, ADJUSTED INCOME BEFORE INCOME TAXES, ADJUSTED NET INCOME, AND ADJUSTED EPS <br>
                  </b><b>(in thousands, except per share data)</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="23"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="2">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;" colspan="23">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended June 30, 2020 <br>
                  </b><b>Non-GAAP Adjustments</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>As <br>
                    Reported <br>
                  </b><b>(GAAP)</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Purchase <br>
                    accounting <br>
                    adjustments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Merger and <br>
                    integration <br>
                    costs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Restructuring <br>
                    costs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Income from <br>
                    other <br>
                    investments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Tax <br>
                  </b><b>adjustments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Foreign <br>
                    exchange <br>
                    adjustments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="2">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>As Adjusted <br>
                  </b><b>(Non-GAAP)</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 255,831 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 255,831 </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Total costs and expenses </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 209,436 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (15,417) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,174) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 192,845 </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 46,395 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,174 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 62,986 </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> <i>Operating margin</i> </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <i>18.1% </i> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <i>24.6% </i> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Income before income taxes </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 48,034 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,174 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,135) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 63,490 </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 34,152 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,174 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,135) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,213) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 45,395 </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="4">
                <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Earnings per share:</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1.55 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2.06 </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="8">
                <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Weighted average shares outstanding:</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,012 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,012 </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>

        </table>
        <div> </div>
        <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
          <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
            <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
        </div>
        <table cellspacing="0" id="zd5b22746018e433ebe451761bce27b73" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;" colspan="23">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended June 30, 2021 <br>
                  </b><b>Non-GAAP Adjustments</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>As <br>
                    Reported <br>
                  </b><b>(GAAP)</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Purchase <br>
                    accounting <br>
                    adjustments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Merger and <br>
                    integration <br>
                    costs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Restructuring <br>
                    costs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Income from <br>
                    other <br>
                    investments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Tax <br>
                  </b><b>adjustments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Foreign <br>
                    exchange <br>
                    adjustments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="2">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>As Adjusted <br>
                  </b><b>(Non-GAAP)</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 299,173 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,423 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (2,534) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 298,062 </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Total costs and expenses </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 272,473 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (19,392) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,937) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,811) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (2,008) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 244,325 </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 26,700 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 20,815 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,937 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,811 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (526) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 53,737 </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> <i>Operating margin</i> </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <i>8.9% </i> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <i>18.0% </i> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Income before income taxes </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 27,457 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 20,815 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,937 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,811 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,398) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (526) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 53,096 </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 19,976 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 20,815 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,937 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,811 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,398) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (8,164) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (526) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 37,451 </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="4">
                <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Earnings per share:</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.83 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1.55 </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="8">
                <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Weighted average shares outstanding:</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;text-align: right; list-style-position: inside;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 24,126 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 24,126 </p>
              </td>
            </tr>

        </table>
        <table cellspacing="0" id="z832c8004ce724ebcb349771a4d1f5754" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

            <tr>
              <td colspan="1" rowspan="1" style="text-align: right; list-style-position: inside;padding-left: 0px;padding-right: 0px;vertical-align: top;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: top;">&#160;</td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: top;">Reflects a purchase accounting adjustment to record acquired contract liabilities at fair value as a result of the Company's acquisition of Torrens University and
                associated assets in Australia and New Zealand, and amortization and depreciation expense of intangible assets and software assets acquired through the Company&#8217;s merger with Capella Education Company and the Company&#8217;s acquisition of Torrens
                University and associated assets in Australia and New Zealand.</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="text-align: right; list-style-position: inside;padding-left: 0px;padding-right: 0px;vertical-align: top;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: top;">&#160;</td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: top;">Reflects transaction and integration expenses associated with the Company's merger with Capella Education Company and the Company's acquisition of Torrens University
                and associated assets in Australia and New Zealand.</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="text-align: right; list-style-position: inside;padding-left: 0px;padding-right: 0px;vertical-align: top;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: top;">&#160;</td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: top;">Reflects severance costs and right-of-use lease asset impairment charges associated with the Company&#8217;s restructuring.</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="text-align: right; list-style-position: inside;padding-left: 0px;padding-right: 0px;vertical-align: top;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: top;">&#160;</td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: top;">Reflects income recognized from the Company's investments in partnership interests and other investments.</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="text-align: right; list-style-position: inside;padding-left: 0px;padding-right: 0px;vertical-align: top;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: top;">&#160;</td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: top;">Reflects tax impacts of the adjustments described above and discrete tax adjustments related to stock-based compensation and other adjustments, utilizing adjusted
                effective income tax rates of 28.5% and 29.5% for the three months ended June 30, 2020 and 2021, respectively.</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="text-align: right; list-style-position: inside;padding-left: 0px;padding-right: 0px;vertical-align: top;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: top;">&#160;</td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: top;">Reflects foreign currency exchange impact related to translating foreign currency results at a constant exchange rate of 0.743 Australian Dollars to U.S. Dollars,
                which is the 2021 budget rate.</td>
            </tr>

        </table>
        <div> </div>
        <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
          <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
            <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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        <table cellspacing="0" id="zb1afdbc8fa0643e0952a70b6486e54f8" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

            <tr>
              <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;" colspan="16">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>STRATEGIC EDUCATION, INC.</b> </p>
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>UNAUDITED NON-GAAP SEGMENT REPORTING</b> </p>
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>(in thousands)</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="7"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="7">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="7">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="7">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the six months ended</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;" colspan="7">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>June 30,</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;" colspan="7">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>June 30,</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2020</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2021</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2020</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2021</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> U.S. Higher Education </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 247,350 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 212,207 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 502,863 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 438,754 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Australia/New Zealand </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 74,060 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 125,325 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Alternative Learning </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 8,481 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 12,906 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 18,270 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 25,430 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated revenues </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 255,831 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 299,173 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 521,133 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 589,509 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Adjustments to consolidated revenues: </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> U.S. Higher Education </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Australia/New Zealand<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,111) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (907) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Alternative Learning </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Total adjustments to consolidated revenues </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,111) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (907) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted revenues by segment: </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> U.S. Higher Education </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 247,350 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 212,207 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 502,863 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 438,754 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Australia/New Zealand </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 72,949 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 124,418 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Alternative Learning </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 8,481 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 12,906 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 18,270 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 25,430 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted consolidated revenues </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 255,831 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 298,062 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 521,133 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 588,602 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations: </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> U.S. Higher Education </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 58,765 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 32,059 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 115,508 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 79,813 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Australia/New Zealand </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 15,601 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 12,652 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Alternative Learning </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,221 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 5,180 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 10,618 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 11,061 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (15,417) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (19,392) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (30,834) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (38,799) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,174) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,937) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,938) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (2,949) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Restructuring costs </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,811) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (23,078) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated income from operations </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 46,395 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 26,700 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 90,354 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 38,700 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Adjustments to consolidated income from operations: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Australia/New Zealand<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 897 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 3,142 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 19,392 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 30,834 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 38,799 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,174 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,937 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,938 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,949 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Restructuring costs </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,811 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 23,078 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Total adjustments to consolidated income from operations </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 16,591 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 27,037 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 35,772 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 67,968 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted income from operations by segment: </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> U.S. Higher Education </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 58,765 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 32,059 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 115,508 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 79,813 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Australia/New Zealand </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 16,498 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 15,794 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Alternative Learning </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,221 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 5,180 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 10,618 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 11,061 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Total adjusted income from operations </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 62,986 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 53,737 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 126,126 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 106,668 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">&#160;</td>
            </tr>

        </table>
        <div> </div>
        <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
          <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
            <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
        </div>
        <table cellspacing="0" id="z77f4144aec3f40a48cc178b1dec58d28" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;">___________________</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>Adjustments to the Australia/New Zealand segment revenue for the three and six months ended June 30, 2021 include a purchase accounting adjustment of
                $1.4 million and $3.6 million, respectively, to record acquired contract liabilities at fair value as a result of the Company's acquisition of Torrens University and associated assets in Australia and New Zealand, and foreign currency
                exchange impact of ($2.5) million and ($4.5) million, respectively, related to translating foreign currency results at a constant exchange rate of 0.743 Australian Dollars to U.S. Dollars, which is the 2021 budget rate.</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;"><br>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>Adjustments to the Australia/New Zealand segment income from operations for the three and six months ended June 30, 2021 include the aforementioned
                purchase accounting revenue adjustment of $1.4 million and $3.6 million, respectively, to record acquired contract liabilities at fair value as a result of the Company's acquisition of Torrens University and associated assets in Australia
                and New Zealand, and foreign currency exchange impact of ($0.5) million related to translating foreign currency results at a constant exchange rate of 0.743 Australian Dollars to U.S. Dollars, which is the 2021 budget rate.</td>
            </tr>

        </table>
        <div> </div>
        <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
          <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
            <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
        </div>
        <table cellspacing="0" id="ze79d3529e3fd49959cebe71fd1c28370" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

            <tr>
              <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;" colspan="8">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>STRATEGIC EDUCATION, INC. <br>
                    UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES <br>
                    ADJUSTED EBITDA <br>
                    (in thousands)</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
              </td>
              <td rowspan="1" style="padding-left: 0px;" colspan="7">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="7">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="7">
                <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>June 30,</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2020</b> </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2021</b> </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="3">
                <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 34,152 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 19,976 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Provision for income taxes </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 13,882 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 7,481 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Other income </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,639) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (757) </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Depreciation and amortization </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 26,248 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 32,053 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 72,643 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 58,753 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Stock-based compensation </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 3,859 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,649 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,174 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,937 </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> Restructuring costs <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup> </p>
              </td>
              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
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                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
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              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 841 </p>
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              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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            <tr>
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              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
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              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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              <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
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                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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                <p style="margin-bottom: 0px; margin-top: 0px;"> Foreign currency exchange impact <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup> </p>
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              <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
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                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (526) </p>
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                <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </p>
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                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
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              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 77,676 </p>
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                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
              </td>
              <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
              </td>
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                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 71,888 </p>
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                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </p>
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              <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: top;">Denotes non-GAAP financial measures. Please see the information in the Non-GAAP Financial Measures section of this press release for more detail regarding these
                adjustments and management&#8217;s reasons for providing this information.</td>
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                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> </p>
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                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup> </p>
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                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup> </p>
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                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup> </p>
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                <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup> </p>
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              <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: top;">Reflects foreign currency exchange impact related to translating foreign currency results at a constant exchange rate of 0.743 Australian Dollars to U.S. Dollars,
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        <p> &#160; </p>
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      <div class="bw-release-contact">
        <h2 style="FONT-SIZE: 14pt;">Contacts</h2>
        <p> Terese Wilke <br>
          Director of Investor Relations <br>
          Strategic Education, Inc. <br>
          (612) 977-6331 <br>
          terese.wilke@strategiced.com </p>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:title="label: PreCommencementIssuerTenderOffer to dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_AmendmentFlag_lbl" xml:lang="en-US" id="dei_AmendmentFlag_lbl">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:title="label: AmendmentFlag to dei_AmendmentFlag_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US" id="dei_DocumentFiscalYearFocus_lbl">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:title="label: DocumentFiscalYearFocus to dei_DocumentFiscalYearFocus_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US" id="dei_DocumentFiscalPeriodFocus_lbl">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:title="label: DocumentFiscalPeriodFocus to dei_DocumentFiscalPeriodFocus_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US" id="dei_DocumentPeriodEndDate_lbl">Document Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:title="label: DocumentPeriodEndDate to dei_DocumentPeriodEndDate_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityRegistrantName_lbl" xml:lang="en-US" id="dei_EntityRegistrantName_lbl">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:title="label: EntityRegistrantName to dei_EntityRegistrantName_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCentralIndexKey_lbl" xml:lang="en-US" id="dei_EntityCentralIndexKey_lbl">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:title="label: EntityCentralIndexKey to dei_EntityCentralIndexKey_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityFileNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityFileNumber_lbl" xml:lang="en-US" id="dei_EntityFileNumber_lbl">Entity File Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:title="label: EntityFileNumber to dei_EntityFileNumber_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityTaxIdentificationNumber" xlink:label="EntityTaxIdentificationNumber" xlink:title="EntityTaxIdentificationNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US" id="dei_EntityTaxIdentificationNumber_lbl">Entity Tax Identification Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:title="label: EntityTaxIdentificationNumber to dei_EntityTaxIdentificationNumber_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US" id="dei_EntityIncorporationStateCountryCode_lbl">Entity Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:title="label: EntityIncorporationStateCountryCode to dei_EntityIncorporationStateCountryCode_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US" id="dei_EntityEmergingGrowthCompany_lbl">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:title="label: EntityEmergingGrowthCompany to dei_EntityEmergingGrowthCompany_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityInformationFormerLegalOrRegisteredName" xlink:label="EntityInformationFormerLegalOrRegisteredName" xlink:title="EntityInformationFormerLegalOrRegisteredName" />
    <link:label xlink:type="resource" xlink:label="dei_EntityInformationFormerLegalOrRegisteredName_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityInformationFormerLegalOrRegisteredName_lbl" xml:lang="en-US" id="dei_EntityInformationFormerLegalOrRegisteredName_lbl">Entity Information, Former Legal or Registered Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityInformationFormerLegalOrRegisteredName" xlink:to="dei_EntityInformationFormerLegalOrRegisteredName_lbl" xlink:title="label: EntityInformationFormerLegalOrRegisteredName to dei_EntityInformationFormerLegalOrRegisteredName_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine1_lbl">Entity Address, Address Line One</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:title="label: EntityAddressAddressLine1 to dei_EntityAddressAddressLine1_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine2" xlink:label="EntityAddressAddressLine2" xlink:title="EntityAddressAddressLine2" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine2_lbl">Entity Address, Address Line Two</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:title="label: EntityAddressAddressLine2 to dei_EntityAddressAddressLine2_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine3" xlink:label="EntityAddressAddressLine3" xlink:title="EntityAddressAddressLine3" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine3_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine3_lbl">Entity Address, Address Line Three</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:title="label: EntityAddressAddressLine3 to dei_EntityAddressAddressLine3_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US" id="dei_EntityAddressCityOrTown_lbl">Entity Address, City or Town</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince" xlink:label="EntityAddressStateOrProvince" xlink:title="EntityAddressStateOrProvince" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCountry" xlink:label="EntityAddressCountry" xlink:title="EntityAddressCountry" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US" id="dei_EntityAddressPostalZipCode_lbl">Entity Address, Postal Zip Code</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="dei_CityAreaCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CityAreaCode_lbl" xml:lang="en-US" id="dei_CityAreaCode_lbl">City Area Code</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <link:label xlink:type="resource" xlink:label="dei_LocalPhoneNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_LocalPhoneNumber_lbl" xml:lang="en-US" id="dei_LocalPhoneNumber_lbl">Local Phone Number</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_NoTradingSymbolFlag" xlink:label="NoTradingSymbolFlag" xlink:title="NoTradingSymbolFlag" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:label xlink:type="resource" xlink:label="dei_TradingSymbol_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_TradingSymbol_lbl" xml:lang="en-US" id="dei_TradingSymbol_lbl">Trading Symbol</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>stra-20210728_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
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</head>
<body>
<span style="display: none;">v3.21.2</span><table class="report" border="0" cellspacing="2" id="idm140114513331000">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Jul. 28, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jul. 28,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Strategic Education, Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">0-21039<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">52-1975978<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">2303 Dulles Station Boulevard<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Herndon<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">VA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">20171<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">703<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">561-1600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001013934<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $0.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">STRA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationFormerLegalOrRegisteredName', window );">Entity Information, Former Legal or Registered Name</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInformationFormerLegalOrRegisteredName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Former Legal or Registered Name of an entity</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInformationFormerLegalOrRegisteredName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>xbrli:booleanItemType</td>
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<td>na</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
