Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is traded on the NASDAQ Global Select Market under the symbol “STRA.” As of January 27, 2023, there were 24,402,891 shares of common stock outstanding, and approximately 136 holders of record, which includes nominees or broker dealers holding stock on behalf of beneficial owners.
In 2021 and 2022, our Board of Directors approved the following dividend payments per common shares:
2021 2022
First Quarter $0.60 $0.60
Second Quarter $0.60 $0.60
Third Quarter $0.60 $0.60
Fourth Quarter $0.60 $0.60
Whether to declare dividends and the amount of dividends to be paid in the future will be reviewed periodically by our Board of Directors in light of our earnings, cash flow, financial condition, capital needs, investment opportunities, and regulatory considerations. There is no requirement or assurance that common dividends will be paid in the future.
Peer Group Performance Graph
The following performance graph compares the cumulative stockholder return on our common stock since December 31, 2017 with The NASDAQ Stock Market (U.S.) Index and a self-determined peer group consisting of 2U, Inc. (TWOU), Adtalem Global Education, Inc. (ATGE), Bright Horizons Family Solutions, Inc. (BFAM), Chegg, Inc. (CHGG), Graham Holdings Company (GHC), Grand Canyon Education, Inc. (LOPE), Stride Inc. (formerly K12, Inc.) (LRN), Laureate Education, Inc. (LAUR), Pearson PLC (PSO), and Perdoceo Education Corporation (PRDO). The peer group no longer includes Houghton Mifflin Harcourt Company, which was acquired in April 2022, and Zovio Inc., which has dissolved and delisted its securities in December 2022. At present, there is no comparative index for the education industry. This graph is not deemed to be “soliciting material” or to be filed with the SEC or subject to the SEC’s proxy rules or to the liabilities of Section 18 of the Exchange Act, and the graph shall not be deemed to be incorporated by reference into any of our prior or subsequent filings under the Securities Act or the Exchange Act.
Comparison of 60 Month Cumulative Total Return*
Among Strategic Education, Inc.
The NASDAQ Stock Market (U.S.) Index and a Peer Group
56
Table of Contents
Name 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22
Strategic Education, Inc. 100 128 182 112 71 99
NASDAQ Stock Market (U.S.) 100 97 133 192 235 159
Peer Group 100 116 120 176 130 111
__________________________________________________________
* The comparison assumes $100 was invested on December 31, 2017 in our common stock, the NASDAQ Stock Market (U.S.) Index, and the peer companies selected by us. Cumulative stockholder return assumes reinvestment of dividends and the peer group cumulative stockholder return is weighted by market capitalization at the beginning of each year.
There were no sales by us of unregistered securities during the year ended December 31, 2022.
Stock Repurchase Program
In November 2003, our Board of Directors authorized us to repurchase shares of common stock in open market purchases from time to time at the discretion of our management, depending on market conditions and other corporate considerations. Our Board of Directors amended the program on various dates, increasing the repurchase amount authorized and extending the expiration date, with the most recent extension being approved by our Board of Directors in November 2022. All of our share repurchases have been effected in compliance with Rule 10b-18 under the Exchange Act. Some repurchases have been made in accordance with a share repurchase plan adopted by us under Rule 10b5-1 under the Exchange Act. Our share repurchase program may be modified, suspended, or terminated at any time by us without notice.
During the three months ended December 31, 2022, the Company paid $3.2 million to repurchase shares of common stock under its repurchase program. At December 31, 2022, the Company’s remaining authorization for common stock repurchases was $246.8 million, and is available for use through December 31, 2023. A summary of the Company’s share repurchases during the three months ended December 31, 2022 is set forth below:
Total number of shares purchased (1)
Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under the plans or programs ($ mil)
Beginning Balance (at 09/30/22) $ 213.1
October — $ — — 213.1
November 40,315 79.36 40,315 246.8
December — — — 246.8
Total (at 12/31/22) 40,315 $ 79.36 40,315 $ 246.8
_____________________________________
(1) The Company’s repurchase program was announced on November 3, 2003 for repurchases up to an aggregate amount of $15 million in value of common stock through December 31, 2004. The Board of Directors amended the program on various dates increasing the amount authorized and extending the authorization date. On November 2, 2022, the Board of Directors increased the amount authorized to $250.0 million for use through December 31, 2023.
Item 6. Reserved