Working adult education company Strategic Education Inc (SEI), which owns for-profit online Strayer University and Capella University, has reported net income of $86.3 million for 2020, up from net income of $81.1 million reported for 2019.
Revenue for the year increased to $1.03 billion, up from $997.1 million reported for 2019.
The company also announced results for the fourth quarter of 2020, reporting net income of $5.9 million, down from $28.5 million reported for Q4 2019. Revenue for quarter was $267.5 million, up from $263.7 million reported for the fourth quarter of 2019.
SEI chief executive Karl McDonnell said: “We are encouraged by the organisation’s ability to adapt to the challenges presented by the Covid-19 pandemic over the past year. As we enter 2021, we remain focused on providing the highest level of academic quality for our students. Our financial strength provides a solid foundation as we work to successfully integrate the Australia/New Zealand assets into the organisation, focus on areas of existing strength in our core business, and invest in opportunities including employer initiatives, Sophia Learning, and digital enablement partnerships.”
Date published: 2 March 2021