Strategic Education, Inc. (NASDAQ:STRA) Q3 2023 Earnings Call Transcript

Karl McDonnell: Yes. So first of all, for the fourth quarter, it’s a pretty small term. It’s not a big number. What we’re really focused on is our first academic term of 2024, which is the largest term for Torrens in any given year. But in the third quarter, we actually had relatively strong new student growth in our domestic market there. It was up double digits, more than double digits. We did have a slight decline in international, which doesn’t alarm us. It’s still relatively new from the post-July 1 rule, requiring students to be on campus and so forth. So I remain very confident that we’ll see both domestic and new student growth at Torrens in 2024.

Heather Balsky: Great. That’s helpful. And please correct me here, I think you had last spoke about mid-single-digit enrollment growth for 2023. Is that still the case? And given the momentum you’re seeing in higher education, do you think you could be at a higher pace next year?

Daniel Jackson: Yes, Heather, mid-single digit was a reference to total enrollment for SEI, not just ANZ. Is that what you’re asking about?

Heather Balsky: Yes, yes, total business.

Daniel Jackson: Yes. As I just said, we think we’re on track for what we laid out earlier in the year, a little bit ahead as of the end of the third quarter, and we’ll have more to say on Tuesday at our Investor Day.

Heather Balsky: Appreciate it. Thank you.

Karl McDonnell: Thank you.

Operator: Thank you. And I would like to hand the conference back to Karl McDonnell for closing remarks.

Karl McDonnell: Thank you, everybody. Hopefully, we’ll see many of you in New York next week and, if not, we invite you to participate in our Investor Day on our webcast, and we look forward to speaking with you then.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.