| | | | Sincerely, | |
| | | |
ROBERT S. SILBERMAN
Chairman of the Board |
|
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
Revenues
|
| | | $ | 997,137 | | | | | $ | 1,027,653 | | | | | $ | 1,131,686 | | | | | $ | 1,065,480 | | | | | $ | 1,132,924 | | |
Adjusted revenues(a)
|
| | | $ | 997,137 | | | | | $ | 1,004,272 | | | | | $ | 1,135,332 | | | | | $ | 1,065,480 | | | | | $ | 1,132,924 | | |
Expenses
|
| | | $ | 886,605 | | | | | $ | 918,269 | | | | | $ | 1,057,774 | | | | | $ | 994,720 | | | | | $ | 1,037,603 | | |
Adjusted expenses(a)
|
| | | $ | 803,015 | | | | | $ | 791,749 | | | | | $ | 969,606 | | | | | $ | 977,138 | | | | | $ | 1,008,346 | | |
Income from operations
|
| | | $ | 110,532 | | | | | $ | 109,384 | | | | | $ | 73,912 | | | | | $ | 70,760 | | | | | $ | 95,321 | | |
Adjusted income from operations(a)
|
| | | $ | 194,122 | | | | | $ | 212,523 | | | | | $ | 165,726 | | | | | $ | 88,342 | | | | | $ | 124,578 | | |
Net income
|
| | | $ | 81,138 | | | | | $ | 86,268 | | | | | $ | 55,087 | | | | | $ | 46,670 | | | | | $ | 69,791 | | |
Adjusted net income(a)
|
| | | $ | 147,281 | | | | | $ | 154,775 | | | | | $ | 116,626 | | | | | $ | 60,254 | | | | | $ | 89,085 | | |
Diluted earnings per share
|
| | | $ | 3.67 | | | | | $ | 3.77 | | | | | $ | 2.28 | | | | | $ | 1.94 | | | | | $ | 2.91 | | |
Adjusted diluted earnings per share(a)
|
| | | $ | 6.67 | | | | | $ | 7.03 | | | | | $ | 4.83 | | | | | $ | 2.51 | | | | | $ | 3.72 | | |
Cash, cash equivalents and marketable securities
|
| | | $ | 491,200 | | | | | $ | 225,336 | | | | | $ | 298,796 | | | | | $ | 235,946 | | | | | $ | 208,692 | | |
Total assets
|
| | | $ | 1,789,408 | | | | | $ | 2,295,807 | | | | | $ | 2,305,880 | | | | | $ | 2,161,747 | | | | | $ | 2,125,213 | | |
Long-term debt
|
| | | $ | — | | | | | $ | 141,823 | | | | | $ | 141,630 | | | | | $ | 101,396 | | | | | $ | 61,400 | | |
Total liabilities
|
| | | $ | 326,698 | | | | | $ | 547,488 | | | | | $ | 591,890 | | | | | $ | 525,957 | | | | | $ | 472,695 | | |
Total stockholders’ equity
|
| | | $ | 1,462,710 | | | | | $ | 1,748,319 | | | | | $ | 1,713,990 | | | | | $ | 1,635,790 | | | | | $ | 1,652,518 | | |
| | | | By Order of the Board of Directors | |
| | | |
Lizette B. Herraiz
Secretary |
|
Name/Title
|
| |
Age
|
| |
Board
Committees |
| |
Independent
Director/ Nominee |
| |
Year first
elected to Strategic Board |
|
Robert S. Silberman,
Chairman |
| |
66
|
| |
—
|
| | | | |
2001
|
|
Dr. John T. Casteen, III,(a)
Director |
| |
80
|
| |
Nominating (Chair)
|
| |
✓
|
| |
2011
|
|
Dr. Charlotte F. Beason,
Director |
| |
76
|
| |
Nominating
|
| |
✓
|
| |
1996
|
|
Rita D. Brogley,
Director |
| |
58
|
| |
Compensation (Chair)
|
| |
✓
|
| |
2018
|
|
Viet D. Dinh,(b)
Director |
| |
56
|
| |
—
|
| |
✓
|
| |
2023
|
|
Robert R. Grusky,
Director |
| |
66
|
| |
Nominating
|
| |
✓
|
| |
2001
|
|
Jerry L. Johnson,
Director |
| |
53
|
| |
Audit*
|
| |
✓
|
| |
2021
|
|
Karl McDonnell,
Chief Executive Officer & Director |
| |
58
|
| |
—
|
| | | | |
2011
|
|
Dr. Michael A. McRobbie,
Director |
| |
73
|
| |
Compensation
|
| |
✓
|
| |
2021
|
|
William J. Slocum,
Director |
| |
46
|
| |
Audit*, Compensation
|
| |
✓
|
| |
2021
|
|
Dr. Benjamin E. Sasse,(c)
Nominee for Director |
| |
52
|
| |
—
|
| |
✓
|
| |
N/A
|
|
Michael J. Thawley,
Director |
| |
73
|
| |
Nominating
|
| |
✓
|
| |
2022
|
|
G. Thomas Waite, III,
Director |
| |
72
|
| |
Audit (Chair)*
|
| |
✓
|
| |
1996
|
|
|
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| |
Mr. Robert S. Silberman has been a Director of the Company since March 2001 and serves as Chairman of the Board. He previously served as Executive Chairman of the Board from 2013 to 2023 and as Chairman of the Board from February 2003 to 2013. He was the Company’s Chief Executive Officer from March 2001 to 2013. From 1995 to 2000, Mr. Silberman served in a variety of senior management positions at CalEnergy Company, Inc., including as President and Chief Operating Officer. From 1993 to 1995, Mr. Silberman was Assistant to the Chairman and Chief Executive Officer of International Paper Company. From 1989 to 1993, Mr. Silberman served in several senior positions in the U.S. Department of Defense, including as Assistant Secretary of the Army. He serves as Chairman of the Board of Directors of Par Pacific Holdings, and served on the Board of Directors of Twenty-First Century Fox, Inc. from 2013 to 2019 and as Lead Director of the Board of Covanta Holding Company from 2016 to 2021. He is a member of the Council on Foreign Relations. Mr. Silberman holds a bachelor’s degree in history from Dartmouth College and a master’s degree in international policy from The Johns Hopkins University.
Mr. Silberman has been a driving force behind the growth of the Company. He leads the Board with a deep appreciation of the Company’s history, a focused strategic vision for its future, and a broad understanding of the economic, regulatory, and demographic factors affecting the Company. The Nominating Committee believes that based on his experience and expertise in business management, leadership of large organizations, financial management, public policy, governmental affairs, academic policy, educational leadership, and stewardship of stockholder capital, Mr. Silberman should serve as a director of the Company.
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Dr. John T. Casteen, III is the President Emeritus and a retired University Professor and Professor of English at the University of Virginia, where he taught courses in literature, cultural history, and public policy. He served as President of the University of Virginia from 1990 through 2010. He was President of the University of Connecticut from 1985 to 1990. From 1982 to 1985, Dr. Casteen served as the Secretary of Education for the Commonwealth of Virginia. He has chaired the boards of both the College Entrance Examination Board and the Association of American Universities. Dr. Casteen served on the board of directors of Altria Group, Inc. from 2010 to 2022. Dr. Casteen has been a member of the Board since 2011, and is the Chair of the Nominating Committee of the Board. Dr. Casteen holds a bachelor’s degree, master’s degree and a Ph.D. in English from the University of Virginia, as well as several honorary degrees, including degrees from the Universities of Athens (Greece) and Edinburgh (Scotland) and two community colleges in Virginia. Dr. Casteen presently serves as the Presiding Lead Independent Director. The Nominating Committee believes that based on his experience and expertise in educational leadership, educational policy, academic affairs, and government affairs, Dr. Casteen should serve as a director of the Company.
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Dr. Charlotte F. Beason is a consultant in education and health care administration. She was Executive Director of the Kentucky Board of Nursing from 2005 to 2012. From 2000 to 2003, Dr. Beason was Chair and Vice Chair of the Commission on Collegiate Nursing Education (an autonomous agency accrediting baccalaureate and graduate programs in nursing). From 1988 to 2004, Dr. Beason was with the Department of Veterans Affairs, first as Director of Health Professions Education Service and the Health Professional Scholarship Program, and then as Program Director, Office of Nursing Services. Dr. Beason has served on our Board since 1996 and is a member of the Nominating Committee. She is also Chairwoman of the Strayer University Board of Trustees, and serves on the Board of Trustees of Berea College. Dr. Beason holds a bachelor’s degree in nursing from Berea College, a master’s degree in psychiatric nursing from Boston University and a doctorate in clinical psychology and public practice from Harvard University. Dr. Beason’s record of leadership in education, accreditation, and public administration provides the Board with insight and experience in building and maintaining the quality of Strayer University. The Nominating Committee believes that based on her experience and expertise in academic matters, educational policy, organizational administration, and governmental affairs, Dr. Beason should serve as a director of the Company.
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Ms. Rita D. Brogley is an experienced executive and entrepreneur in both early stage and large public companies. From 2016 to 2019 Ms. Brogley was the Head of Global Enterprise Partnerships for Facebook’s Messaging Platforms. Prior to that, Ms. Brogley served as President and CEO of MyBuys, a marketing technology company, from 2012 until its merger with Magnetic in 2015. From 2008 to 2011, Ms. Brogley was the CEO of Amadesa, a technology provider of website testing and optimization, and from 2000 to 2002, she served as the President and CEO of Moxi Digital, a digital home software and hardware company. Ms. Brogley served as Director of Business Development and Marketing Europe for Microsoft TV from 1997 to 2000 and was a management consultant with Bain and Company from 1995 to 1997. Ms. Brogley presently serves on the Board of Trinity Health, a healthcare system with headquarters in Michigan, and is the Chair of its Audit Committee, and on the Board of Narvar, Inc. Ms. Brogley served on the Board of Capella Education Company from 2014 until her appointment to the Board of Strategic Education, Inc. on August 1, 2018. She is the Chair of the Compensation Committee of the Board. Ms. Brogley holds a bachelor’s degree in industrial engineering from Northwestern University and a master’s degree in business administration from the Harvard Business School. The Nominating Committee believes that based on her experience as an executive and entrepreneur in both early state and large public companies, and given her vast knowledge of strategy, business development and analytics, Ms. Brogley should serve as a director of the Company.
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Mr. Viet D. Dinh has served as Special Advisor to Fox Corporation since January 2024. He previously served as Chief Legal and Policy Officer of Fox Corporation, where he led all legal, regulatory and government affairs functions, from September 2018 to December 2023. Before that, Mr. Dinh was a partner at two leading law firms, Kirkland & Ellis LLP and Bancroft PLLC, the latter of which he founded. Between 2009 and 2018, while in private practice, he also served as outside general counsel to the Company. Mr. Dinh was a professor at Georgetown University Law Center for 20 years, and was appointed U.S. Assistant Attorney General for Legal Policy from 2001 to 2003. He previously served on the Boards of several public companies, including 21st Century Fox, Revlon, LPL Financial, and Scientific Games. Mr. Dinh was born in Saigon, Vietnam and holds a bachelor’s degree in government and economics from Harvard College and a juris doctor from Harvard Law School. Mr. Dinh joined the Board in September 2023. The Nominating Committee believes that Mr. Dinh’s broad and deep legal expertise, commercial experience, and his familiarity with the Company and its business, are of great value to the Board and that he therefore should serve as a director of the Company.
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Mr. Robert R. Grusky is the Founder and has been the Managing Member of Hope Capital Management, LLC, an investment manager, since 2000. He co-founded New Mountain Capital, LLC, a private equity firm, in 2000, was a Principal and Member from 2000 to 2005, and a Senior Advisor from 2005 to 2019, and has served as a member of the Executive Leadership Council since then. From 1998 to 2000, Mr. Grusky served as President of RSL Investments Corporation. From 1985 to 1997, with the exception of 1990 to 1991 when he was on a leave of absence to serve as a White House Fellow and Assistant for Special Projects to the Secretary of Defense, Mr. Grusky served in a variety of capacities at Goldman, Sachs & Co., first in its Mergers & Acquisitions Department and then in its Principal Investment Area. He also serves on the Board of Directors of AutoNation, Inc. Mr. Grusky has served on our Board since 2001, and is on the Nominating Committee. He holds a bachelor’s degree in history from Union College and an MBA from Harvard Business School. The Nominating Committee believes that Mr. Grusky’s owner orientation, understanding of the financial markets and his extensive experience as an investment manager and executive are tremendous assets to the Board and that he should serve as a director of the Company.
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Mr. Jerry L. Johnson currently serves as a Partner at the Halifax Group, a private investment company, and has worked with Halifax Group as an Operating Executive since 2020. Mr. Johnson was previously Senior Vice President of Strategy, Corporate Development and Investor Relations at EnPro Industries, a manufacturer of proprietary engineered products. Mr. Johnson is a founding member and previously served as a Partner at RLJ Equity Partners since 2007. His career also includes service as a White House Fellow, and as a management consultant at McKinsey & Company. Mr. Johnson previously served on the Board of Directors of Command Security Corporation from 2017 through February of 2019. Mr. Johnson graduated from the University of Tennessee with a bachelor’s degree in chemical engineering, holds an MBA from Harvard Business School, and serves on The Council of Foreign Relations. Mr. Johnson has served on our Board since January 2021, and serves on the Audit Committee. The Nominating Committee believes that based on his experience in finance, corporate development, investment, and general management, Mr. Johnson should serve as a director of the Company.
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Mr. Karl McDonnell was named Chief Executive Officer of the Company in May 2013, and served as President and Chief Operating Officer from 2006 to 2013. Prior to joining the Company, Mr. McDonnell served as Chief Operating Officer of InteliStaf Healthcare, Inc., one of the nation’s largest privately-held healthcare staffing firms. Prior to his tenure at InteliStaf, he served as Vice President of the Investment Banking Division at Goldman, Sachs & Co. Mr. McDonnell has held senior management positions with several Fortune 100 companies, including The Walt Disney Company. Mr. McDonnell has served on the Board since 2011. Mr. McDonnell holds a bachelor’s degree from Virginia Wesleyan College and a master’s degree in business administration from Duke University. The Nominating Committee believes that based on his experience and expertise in general management, leadership of large organizations, financial management and human capital development, Mr. McDonnell should serve as a director of the Company.
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Dr. Michael A. McRobbie serves as University Chancellor, President Emeritus, and University Professor at Indiana University (IU). He previously served as the 18th President of IU, one of the largest universities in the U.S., from July 1, 2007 until his retirement on June 30, 2021. Dr. McRobbie served as a vice chair of the board of directors of Indiana University Health System until his retirement from IU. A native of Australia, Dr. McRobbie holds a bachelor of arts degree with first class honors from the University of Queensland, and a Ph.D. from Australian National University. Dr. McRobbie joined the Board in July of 2021 and serves on the Compensation Committee. Dr. McRobbie also serves on the Board of Directors of Torrens University of Australia. The Nominating Committee believes that based on his experience and expertise in higher education and with education policy, as well as his familiarity with the Australian education and political system, Dr. McRobbie should serve as a director of the Company.
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Dr. Benjamin E. Sasse has served as President of the University of Florida in Gainesville, Florida since February 2023 and previously served as president of Midland University in Fremont, Nebraska from 2010 to 2014. He has taught at Yale University, the University of Texas, and Midland University. In addition to his academic career, Dr. Sasse has served in several policymaking roles in the United States government, including in the Department of Health and Human Services and the Office of Legal Policy in the Department of Justice, and he served in the United States Senate from January 2015 to January 2023. Dr. Sasse is a two-time New York Times national best-selling author. Dr. Sasse earned a bachelor’s degree in government from Harvard University, a Master of Arts in liberal studies from St. John’s College, and master’s and doctoral degrees in American history from Yale University. The Nominating Committee believes that based on his extensive experience and expertise in higher education as well as his experience in public policy at the highest levels of government, Dr. Sasse should serve as a director of the Company.
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Mr. William J. Slocum is a partner of Inclusive Capital Partners, L.P., an investment manager founded in 2020 focused on companies solving environmental and social challenges through for-profit business models. Mr. Slocum has served as a director of Ingevity Corporation since 2022. Previously, he was a portfolio manager at Golden Gate Capital, which he joined in 2011. Mr. Slocum led public-equity investments for the Golden Gate Capital Opportunity Fund and for the Emerald Gate Equities Portfolio, employing a concentrated, long-term approach across the firm’s industry verticals. In addition to his portfolio management role, he served on Golden Gate Capital’s private-equity investment review committee, and on the board of managers and compensation committee of Williston Financial Group, a title insurance and real-estate technology company licensed in 49 states. Prior to joining Golden Gate Capital, Mr. Slocum worked as a vice president at ValueAct Capital Management. Before ValueAct, Mr. Slocum worked in private equity at Parthenon Capital Partners and in strategy consulting at Bain & Company. Mr. Slocum was elected to the Board in April of 2021, and serves on the Audit Committee and the Compensation Committee. Mr. Slocum earned a BA in economics and graduated magna cum laude from Williams College, where he was inducted into Phi Beta Kappa, and he earned an MBA, with distinction, from Harvard Business School. The Nominating Committee believes that based on his experience with one of the Company’s largest stockholders, as well as his experience as a portfolio manager, managing investments and as a strategic consultant, Mr. Slocum should serve as a director of the Company.
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Mr. Michael J. Thawley most recently served as Vice Chairman of Capital Group International, part of Capital Group Companies, which is a fund management company with over $2 trillion under active management, having retired from that position on August 31, 2022. He continued to serve as Vice Chairman of Capital International Fund until his retirement from that position in 2023. He previously held several senior positions in the Australian government, including Secretary of the Department of the Prime Minister and Cabinet from 2014 through 2016. He served as Australia’s ambassador to the United States from 2000 to 2005. Mr. Thawley entered the Australian foreign service in 1972 and served at embassies throughout the world. Mr. Thawley was born in London and was educated at Australian National University and Surrey University. He was appointed an officer in the Order of Australia in 2006 for services advancing Australia’s strategic and economic interests. He has served on the Board since September 2022 and serves on the Nominating Committee. Mr. Thawley was elected to the Board of Directors of Torrens University in December 2023. The Nominating Committee believes that based on his experience at high levels of government, his experience with financial management and general management, his understanding of the perspectives of institutional investors, his business acumen, and his familiarity with the Australian political system, Mr. Thawley should serve as a director of the Company.
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Mr. G. Thomas Waite, III, now retired, was the Treasurer and Chief Financial Officer of the Humane Society of the United States, a global animal protection organization, from 1997 to 2020. He was employed as Controller of the Society beginning in 1993. After serving 14 years as controller, and later asset manager, with local real estate firms in the Washington Metropolitan Area, he joined the National Housing Partnership as Director of Commercial Management in 1992. Prior to this, he was engaged in the practice of public accounting with Main LaFrentz & Company (formerly affiliated with, and subsequently merged into, KPMG). Mr. Waite has served on the Board since 1996, is Chair of the Audit Committee and is a former member of the Strayer University Board of Trustees. He holds a bachelor’s degree in commerce (accounting concentration) from the University of Virginia and is a Certified Public Accountant, and a Chartered Global Management Accountant. Mr. Waite’s leadership in the philanthropy and the nonprofit sector is indispensable in helping the Company fulfill its mission of providing quality education to working adults. His experience as chief financial officer and public accountant brings to the Board a seasoned voice in matters of accounting and governance that is a tremendous asset to the Board and the committees on which he serves. The Nominating Committee believes that based on his experience and expertise in financial matters, accounting and audit, and educational management, Mr. Waite should serve as a director of the Company.
|
|
Name(a)
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Stock Awards
($)(b) |
| |
All Other
Compensation ($)(c) |
| |
Total
($) |
| ||||||||||||
Dr. John T. Casteen, III(d)
|
| | | | 100,000 | | | | | | 120,000 | | | | | | — | | | | | | 220,000 | | |
Dr. Charlotte F. Beason
|
| | | | 80,000 | | | | | | 120,000 | | | | | | — | | | | | | 200,000 | | |
Rita D. Brogley
|
| | | | 90,000 | | | | | | 120,000 | | | | | | — | | | | | | 210,000 | | |
Viet D. Dinh(e)
|
| | | | — | | | | | | 137,000 | | | | | | — | | | | | | 137,000 | | |
J. Kevin Gilligan(f)
|
| | | | 20,000 | | | | | | — | | | | | | — | | | | | | 20,000 | | |
Robert R. Grusky
|
| | | | 82,500 | | | | | | 120,000 | | | | | | — | | | | | | 202,500 | | |
Jerry L. Johnson
|
| | | | 82,500 | | | | | | 120,000 | | | | | | — | | | | | | 202,500 | | |
Dr. Michael A. McRobbie
|
| | | | 80,000 | | | | | | 120,000 | | | | | | 25,000 | | | | | | 225,000 | | |
William J. Slocum
|
| | | | 85,000 | | | | | | 120,000 | | | | | | — | | | | | | 205,000 | | |
Michael J. Thawley
|
| | | | 80,000 | | | | | | 120,000 | | | | | | — | | | | | | 200,000 | | |
G. Thomas Waite, III
|
| | | | 95,000 | | | | | | 120,000 | | | | | | — | | | | | | 215,000 | | |
Name
|
| |
Shares of
Unvested Restricted Stock (#) |
| |||
Dr. John T. Casteen, III
|
| | | | 2,932 | | |
Dr. Charlotte F. Beason
|
| | | | 2,932 | | |
Rita D. Brogley
|
| | | | 2,932 | | |
Viet D. Dinh
|
| | | | 1,662 | | |
J. Kevin Gilligan(a)
|
| | | | — | | |
Robert R. Grusky
|
| | | | 2,932 | | |
Jerry L. Johnson
|
| | | | 2,932 | | |
Dr. Michael A. McRobbie
|
| | | | 2,885 | | |
William J. Slocum
|
| | | | 2,932 | | |
Michael J. Thawley
|
| | | | 2,045 | | |
G. Thomas Waite, III
|
| | | | 2,932 | | |
|
Audit
|
| |
Compensation
|
| |
Nominating
|
|
|
G. Thomas Waite, III, Chair
Jerry L. Johnson William J. Slocum |
| |
Rita D. Brogley, Chair
Dr. Michael A. McRobbie William J. Slocum |
| |
Dr. John T. Casteen, III, Chair
Dr. Charlotte F. Beason Robert R. Grusky Michael J. Thawley |
|
Name of Beneficial Owner
|
| |
Common
Stock Beneficially Owned(a) |
| |
Common
Stock Issuable within 60 days |
| |
Total
|
| |
Percentage
Owned |
| ||||||||||||
Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | |
BlackRock, Inc.(b)
|
| | | | 3,561,681 | | | | | | — | | | | | | 3,561,681 | | | | | | 14.5% | | |
The Vanguard Group, Inc.(c)
|
| | | | 2,583,987 | | | | | | — | | | | | | 2,583,987 | | | | | | 10.5% | | |
T. Rowe Price Investment Management, Inc.(d)
|
| | | | 3,092,497 | | | | | | — | | | | | | 3,092,497 | | | | | | 12.6% | | |
Marshfield Associates, Inc.(e)
|
| | | | 1,857,315 | | | | | | — | | | | | | 1,857,315 | | | | | | 7.5% | | |
Inclusive Capital Partners, L.P.(f)
|
| | | | 1,847,260 | | | | | | — | | | | | | 1,847,260 | | | | | | 7.5% | | |
Dimensional Fund Advisors LP(g)
|
| | | | 1,334,708 | | | | | | | | | | | | 1,334,708 | | | | | | 5.4% | | |
Directors and director nominees: | | | | | | | | | | | | | | | | | | | | | | | | | |
Robert S. Silberman
|
| | | | 277,772 | | | | | | — | | | | | | 277,772 | | | | | | 1.1% | | |
Dr. John T. Casteen, III
|
| | | | 9,444 | | | | | | — | | | | | | 9,444 | | | | | | * | | |
Dr. Charlotte F. Beason
|
| | | | 19,966 | | | | | | — | | | | | | 19,966 | | | | | | * | | |
Rita D. Brogley
|
| | | | 9,983 | | | | | | — | | | | | | 9,983 | | | | | | * | | |
Viet D. Dinh
|
| | | | 8,732 | | | | | | — | | | | | | 8,732 | | | | | | * | | |
Robert R. Grusky
|
| | | | 11,214 | | | | | | — | | | | | | 11,214 | | | | | | * | | |
Jerry L. Johnson
|
| | | | 4,737 | | | | | | — | | | | | | 4,737 | | | | | | * | | |
Karl McDonnell
|
| | | | 195,548 | | | | | | — | | | | | | 195,548 | | | | | | * | | |
Dr. Michael A. McRobbie
|
| | | | 4,342 | | | | | | — | | | | | | 4,342 | | | | | | * | | |
Dr. Benjamin E. Sasse
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
William J. Slocum(f)
|
| | | | 4,484 | | | | | | — | | | | | | 4,484 | | | | | | * | | |
Michael J. Thawley
|
| | | | 6,162 | | | | | | — | | | | | | 6,162 | | | | | | * | | |
G. Thomas Waite, III
|
| | | | 13,935 | | | | | | — | | | | | | 13,935 | | | | | | * | | |
Named Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | | | |
Daniel W. Jackson
|
| | | | 92,810 | | | | | | — | | | | | | 92,810 | | | | | | * | | |
Lizette B. Herraiz
|
| | | | 57,681 | | | | | | — | | | | | | 57,681 | | | | | | * | | |
Christa E. Hokenson
|
| | | | 52,260 | | | | | | — | | | | | | 52,260 | | | | | | * | | |
All Executive Officers and Directors (15 persons)
|
| | | | 769,070 | | | | | | — | | | | | | 769,070 | | | | | | 3.1% | | |
|
NEO
|
| |
Title
|
|
|
Robert S. Silberman
|
| |
Chairman
|
|
|
Karl McDonnell
|
| |
Chief Executive Officer & Director
|
|
|
Daniel W. Jackson
|
| |
Chief Financial Officer
|
|
|
Lizette B. Herraiz
|
| |
General Counsel
|
|
|
Christa E. Hokenson
|
| |
Chief Human Resources Officer
|
|
| Align Interests | | | The Compensation Committee seeks to align the perspectives of our executives and directors with those of our stockholders. It does so by designing a compensation program that incentivizes the achievement of strategic goals that ultimately drive the creation of sustainable stockholder value, including student success, regulatory compliance, and financial performance. Each of these goals is advanced by a focus on academic quality and the student experience. The Company also aligns long-term interests of our named executive officers and Board members with those of our stockholders by setting requirements on share ownership for all named executive officers and Board members. | |
| Attract and Retain Talent | | | The Company sets compensation at levels sufficient to attract and retain highly qualified and productive personnel, as well as reward executives for actions that create long-term stockholder value. There are three major components of overall compensation: salary, non-equity incentive compensation, and equity grants. In order to better align pay with performance, the Compensation Committee generally establishes incentive compensation programs that comprise the majority of overall named executive officer compensation. | |
| Pay for Performance | | | In making decisions on whether, and at what level, to fund non-equity incentive compensation each year, the Compensation Committee assesses Company performance against certain preset goals and objectives determined annually by the Board of Directors. These objectives consist of both quantitative financial metrics and strategic measures. For 2023, the Compensation Committee set target and stretch levels for financial metrics, but limited maximum payout to 100% of target. | |
|
WHAT WE DO
|
| |
WHAT WE DO NOT DO
|
| | ||
|
✓
Limit discretion by setting clear quantitative metrics for non-equity incentive compensation, with target payouts as a percentage of base salary for all named executive officers
|
| |
X
No compensation decisions for our NEOs without oversight of independent directors
|
| | ||
|
✓
Establish Chief Executive Officer (“CEO”) target annual compensation that is at least 50% performance-based
|
| |
X
No hedging or other investments in derivatives of the Company, and no margin purchases
|
| | ||
|
✓
Include robust performance-based criteria for the vesting of equity grants to named executive officers
|
| |
X
No pledging of Company securities
|
| | ||
|
✓
Include double-trigger change in control vesting provisions for equity awards
|
| |
X
No excise tax gross-ups upon or following a change in control
|
| | ||
|
✓
Clawback incentive compensation based on restated financial statements or performance metrics, regardless of whether the restatement is for miscalculation or misconduct
|
| |
X
No stock option re-pricing
|
| | ||
|
✓
Use a representative and relevant peer group to guide compensation
|
| |
X
No perquisites for our NEOs
|
| | ||
|
✓
Set robust stock ownership guidelines
|
| |
X
No executive pensions or supplemental executive retirement plan (“SERP”)
|
| | | |
|
Title
|
| |
Required Share Ownership
|
|
|
Chairman
|
| |
5x Annual Salary
|
|
|
Chief Executive Officer
|
| |
5x Annual Salary
|
|
|
Executive Vice President
|
| |
3x Annual Salary
|
|
|
Senior Vice President
|
| |
2x Annual Salary
|
|
|
Board of Directors
|
| |
5x Cash Retainer
|
|
Measure
|
| |
Weight
|
| |
Target
100% Payout(a) |
| |
Stretch
150% Payout |
| |
2023
Results(a) |
| |
2023
Calculated % of Target |
| |
Weighted
Payout % |
| ||||||||||||||||||
Revenue (in thousands)
|
| | | | 20% | | | | | $ | 1,119,000 | | | | | $ | 1,174,000 | | | | | $ | 1,143,861 | | | | | | 122.6% | | | | | | 24.5% | | |
Operating Income (in thousands)
|
| | | | 20% | | | | | $ | 119,000 | | | | | $ | 139,000 | | | | | $ | 126,590 | | | | | | 119.0% | | | | | | 23.8% | | |
EPS
|
| | | | 20% | | | | | $ | 3.40 | | | | | $ | 4.00 | | | | | $ | 3.78 | | | | | | 131.7% | | | | | | 26.3% | | |
Reduce Average TIV/USHE Student
|
| | | | 15% | | | | | | — | | | | | | — | | | |
Missed
|
| | | | 0% | | | | | | 0% | | | |||
Reduce Real Estate Footprint
|
| | | | 5% | | | | | | — | | | | | | — | | | |
Achieved
|
| | | | 100% | | | | | | 5% | | | |||
Non-quantitative Strategic Goals
|
| | | | 20% | | | | | | — | | | | | | — | | | |
Achieved
|
| | | | 100% | | | | | | 20% | | | |||
Total
|
| | | | 100% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 99.6% | | |
| | |
Annual Target as
a Percentage of Base Salary |
| |
2023 Target
Award Opportunity |
| |
2023
Achievement % |
| |
2023 Actual
Award |
| |
2023 Award
as % of Base Salary |
| |||||||||||||||
Karl McDonnell
|
| | | | 125% | | | | | $ | 1,201,469 | | | | | | 99.6% | | | | | $ | 1,196,663 | | | | | | 124.5% | | |
Daniel W. Jackson
|
| | | | 100% | | | | | $ | 574,000 | | | | | | 99.6% | | | | | $ | 571,704 | | | | | | 99.6% | | |
Lizette B. Herraiz
|
| | | | 75% | | | | | $ | 364,500 | | | | | | 99.6% | | | | | $ | 363,042 | | | | | | 74.7% | | |
Christa E. Hokenson
|
| | | | 75% | | | | | $ | 349,500 | | | | | | 99.6% | | | | | $ | 348,102 | | | | | | 74.7% | | |
| | |
Year
|
| |
Salary
|
| |
Non-Equity
Incentive Plan Compensation(a) |
| |
Stock
Awards(b) |
| |
All Other
Compensation(c) |
| |
Total
|
| ||||||||||||||||||
Robert S. Silberman,
Chairman |
| | | | 2023 | | | | | $ | 800,000 | | | | | $ | — | | | | | $ | 3,200,000 | | | | | $ | 9,930 | | | | | $ | 4,009,930 | | |
| | | 2022 | | | | | $ | 780,000 | | | | | $ | 975,000 | | | | | $ | 2,880,000 | | | | | $ | 9,150 | | | | | $ | 4,644,150 | | | ||
| | | 2021 | | | | | $ | 780,000 | | | | | $ | 243,750 | | | | | $ | 5,000,000 | | | | | $ | 8,700 | | | | | $ | 6,032,450 | | | ||
Karl McDonnell,
Chief Executive Officer & Director |
| | | | 2023 | | | | | $ | 961,175 | | | | | $ | 1,196,663 | | | | | $ | 3,250,000 | | | | | $ | 9,900 | | | | | $ | 5,417,738 | | |
| | | 2022 | | | | | $ | 933,180 | | | | | $ | 1,166,475 | | | | | $ | 3,360,000 | | | | | $ | 9,150 | | | | | $ | 5,468,805 | | | ||
| | | 2021 | | | | | $ | 906,000 | | | | | $ | 283,125 | | | | | $ | 5,000,000 | | | | | $ | 8,700 | | | | | $ | 6,197,825 | | | ||
Daniel W. Jackson,
Executive Vice President & Chief Financial Officer |
| | | | 2023 | | | | | $ | 574,000 | | | | | $ | 571,704 | | | | | $ | 2,000,000 | | | | | $ | 9,955 | | | | | $ | 3,155,659 | | |
| | | 2022 | | | | | $ | 557,000 | | | | | $ | 557,000 | | | | | $ | 1,920,000 | | | | | $ | 9,150 | | | | | $ | 3,043,150 | | | ||
| | | 2021 | | | | | $ | 540,000 | | | | | $ | 135,000 | | | | | $ | 1,000,000 | | | | | $ | 8,700 | | | | | $ | 1,683,700 | | | ||
Lizette B. Herraiz
Senior Vice President & General Counsel |
| | | | 2023 | | | | | $ | 486,000 | | | | | $ | 363,042 | | | | | $ | 1,000,000 | | | | | $ | 9,955 | | | | | $ | 1,858,997 | | |
| | | 2022 | | | | | $ | 472,000 | | | | | $ | 354,000 | | | | | $ | 960,000 | | | | | $ | 9,150 | | | | | $ | 1,795,150 | | | ||
| | | 2021 | | | | | $ | 458,000 | | | | | $ | 85,875 | | | | | $ | 500,000 | | | | | $ | 8,700 | | | | | $ | 1,052,575 | | | ||
Christa E. Hokenson
Senior Vice President & Chief Human Resources Officer |
| | | | 2023 | | | | | $ | 466,000 | | | | | $ | 348,102 | | | | | $ | 1,000,000 | | | | | $ | 9,930 | | | | | $ | 1,824,032 | | |
| | | 2022 | | | | | $ | 452,000 | | | | | $ | 339,000 | | | | | $ | 960,000 | | | | | $ | 9,150 | | | | | $ | 1,760,150 | | | ||
| | | 2021 | | | | | $ | 438,000 | | | | | $ | 54,750 | | | | | $ | 500,000 | | | | | $ | 8,700 | | | | | $ | 1,001,450 | | |
Name
|
| |
Grant
Date |
| |
Estimated future payouts under
non-equity incentive plan awards(b) |
| |
All Other
Stock Awards: Number of Shares of Stock or Units (#) |
| |
Grant Date
Fair Value of Stock Awards ($)(c) |
| |
Vesting
Date |
| |||||||||||||||||||||||||||
|
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| |||||||||||||||||||||||||||||||||||
Robert S. Silberman,
Chairman |
| | | | 2/22/23 | | | | | | | | | | | | | | | | | | | | | | | | 34,000(a) | | | | | | 3,200,000 | | | | | | 2/22/27 | | |
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | ||
Karl McDonnell,
Chief Executive Officer & Director |
| | | | 2/22/23 | | | | | | | | | | | | | | | | | | | | | | | | 34,531(a) | | | | | | 3,250,000 | | | | | | 2/22/27 | | |
| | | — | | | | | | 60,073 | | | | | | 1,201,469 | | | | | | 1,201,469 | | | | | | | | | | | | | | | | | | | | | ||
Daniel W. Jackson,
Executive Vice President & Chief Financial Officer |
| | | | 2/22/23 | | | | | | | | | | | | | | | | | | | | | | | | 21,250(a) | | | | | | 2,000,000 | | | | | | 2/22/27 | | |
| | | — | | | | | | 28,700 | | | | | | 574,000 | | | | | | 574,000 | | | | | | | | | | | | | | | | | | | | | ||
Lizette B. Herraiz
Senior Vice President & General Counsel |
| | | | 2/22/23 | | | | | | | | | | | | | | | | | | | | | | | | 10,625(a) | | | | | | 1,000,000 | | | | | | 2/22/27 | | |
| | | — | | | | | | 18,225 | | | | | | 364,500 | | | | | | 364,500 | | | | | | | | | | | | | | | | | | | | | ||
Christa E. Hokenson
Senior Vice President & Chief Human Resources Officer |
| | | | 2/22/23 | | | | | | | | | | | | | | | | | | | | | | | | 10,625(a) | | | | | | 1,000,000 | | | | | | 2/22/27 | | |
| | | — | | | | | | 17,475 | | | | | | 349,500 | | | | | | 349,500 | | | | | | | | | | | | | | | | | | | | |
Name
|
| |
Restricted Stock/
Restricted Stock Unit Award Date |
| |
Number of
Shares or Units of Stock That Have Not Vested (#) |
| |
Market
Value of Shares of Stock at 12/31/23 That Have Not Vested ($)(e) |
| |
Restricted Stock
Vesting Date |
| ||||||||||||
Robert S. Silberman,
Chairman |
| | | | 2/27/20 | | | | | | 20,518(a) | | | | | | 1,895,000 | | | | | | 2/27/24 | | |
| | | 2/25/21 | | | | | | 55,267(b) | | | | | | 5,105,000 | | | | | | 2/25/25 | | | ||
| | | 2/24/22 | | | | | | 57,542(c) | | | | | | 5,315,000 | | | | | | 2/24/26 | | | ||
| | | 2/22/23 | | | | | | 34,000(d) | | | | | | 3,141,000 | | | | | | 2/22/27 | | | ||
Karl McDonnell,
Chief Executive Officer & Director |
| | | | 2/27/20 | | | | | | 20,518(a) | | | | | | 1,895,000 | | | | | | 2/27/24 | | |
| | | 2/25/21 | | | | | | 55,267(b) | | | | | | 5,105,000 | | | | | | 2/25/25 | | | ||
| | | 2/24/22 | | | | | | 67,133(c) | | | | | | 6,201,000 | | | | | | 2/24/26 | | | ||
| | | 2/22/23 | | | | | | 34,531(d) | | | | | | 3,190,000 | | | | | | 2/22/27 | | | ||
Daniel W. Jackson,
Executive Vice President & Chief Financial Officer |
| | | | 2/27/20 | | | | | | 6,840(a) | | | | | | 632,000 | | | | | | 2/27/24 | | |
| | | 2/25/21 | | | | | | 11,054(b) | | | | | | 1,021,000 | | | | | | 2/25/25 | | | ||
| | | 2/24/22 | | | | | | 38,362(c) | | | | | | 3,543,000 | | | | | | 2/24/26 | | | ||
| | | 2/22/23 | | | | | | 21,250(d) | | | | | | 1,963,000 | | | | | | 2/22/27 | | | ||
Lizette B. Herraiz,
Senior Vice President & General Counsel |
| | | | 2/27/20 | | | | | | 2,736(a) | | | | | | 253,000 | | | | | | 2/27/24 | | |
| | | 2/25/21 | | | | | | 5,527(b) | | | | | | 511,000 | | | | | | 2/25/25 | | | ||
| | | 2/24/22 | | | | | | 19,181(c) | | | | | | 1,772,000 | | | | | | 2/24/26 | | | ||
| | | 2/22/23 | | | | | | 10,625(d) | | | | | | 981,000 | | | | | | 2/22/27 | | | ||
Christa E. Hokenson,
Senior Vice President & Chief Human Resources Officer |
| | | | 2/27/20 | | | | | | 3,420(a) | | | | | | 316,000 | | | | | | 2/27/24 | | |
| | | 2/25/21 | | | | | | 5,527(b) | | | | | | 511,000 | | | | | | 2/25/25 | | | ||
| | | 2/24/22 | | | | | | 19,181(c) | | | | | | 1,772,000 | | | | | | 2/24/26 | | | ||
| | | 2/22/23 | | | | | | 10,625(d) | | | | | | 981,000 | | | | | | 2/22/27 | | |
Name
|
| |
Number of
Shares Acquired On Vesting (#) |
| |
Realized
Value On Vesting(1) ($) |
| ||||||
Robert S. Silberman,
Chairman |
| | | | 39,352 | | | | | | 3,473,208 | | |
Karl McDonnell,
Chief Executive Officer & Director |
| | | | 39,352 | | | | | | 3,473,208 | | |
Daniel W. Jackson,
Executive Vice President & Chief Financial Officer |
| | | | 7,871 | | | | | | 694,694 | | |
Lizette B. Herraiz,
Senior Vice President & General Counsel |
| | | | 1,968 | | | | | | 173,696 | | |
Christa E. Hokenson
Senior Vice President & Chief Human Resources Officer |
| | | | 1,575 | | | | | | 139,010 | | |
Name
|
| |
Value Realized
Upon Vesting Due to Change in Control with Termination ($) |
| |||
Robert S. Silberman
|
| | | | 15,456,000 | | |
Karl McDonnell
|
| | | | 16,391,000 | | |
Daniel W. Jackson
|
| | | | 7,159,000 | | |
Lizette B. Herraiz
|
| | | | 3,517,000 | | |
Christa E. Hokenson
|
| | | | 3,580,000 | | |
Plan Category
|
| |
Number of
securities to be issued upon exercise of outstanding options, warrants and rights (a) |
| |
Weighted average
exercise price of outstanding options, warrants and rights (b)(2) |
| |
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column(a)) (c) |
| |||||||||
Equity compensation plans previously approved by security holders
|
| | | | | | | | | | | | | | | | | | |
2018 Equity Compensation Plan which replaced the
2015 Equity Compensation Plan |
| | | | — | | | | | $ | — | | | | | | 756,247 | | |
Equity compensation plans not previously approved by security holders(3)
|
| | | | | | | | | | | | | | | | | | |
Capella Education Company 2014 Equity Incentive
Plan |
| | | | 18,571 | | | | | $ | 68.13 | | | | | | — | | |
Capella Education Company 2005 Stock Incentive Plan
|
| | | | 590 | | | | | $ | 74.28 | | | | | | — | | |
Total
|
| | | | 19,161 | | | | | $ | 68.32 | | | | | | 756,247 | | |
Year | | | Summary Compensation Table Total for PEO(1) | | | Compensation Actually Paid to PEO(2) | | | Average Summary Compensation Table Total for Non-PEO NEOs(3) | | | Average Compensation Actually Paid to Non-PEO NEOs(4) | | | Value of Initial Fixed $100 Investment Based On: | | | Net Income(7) | | | Company- Selected Measure: Revenue(8) | | |||||||||||||||||||||||||||
| Total Share-holder Return(5) | | | Peer Group Total Share-holder Return(5)(6) | | ||||||||||||||||||||||||||||||||||||||||||||
2023 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||||||
2022 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||||||
2021 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||||||
2020 | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||||
2019 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | |
Year | | | Total from Summary Compensation Table | | | Stock Awards Value from Summary Compensation Table | | | Incremental Equity Award Fair Value Adjustment(a) | | | Total | | ||||||||||||
2023 | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | |||
2022 | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | |||
2021 | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | |||
2020 | | | | $ | | | | | $ | ( | | | | | $ | ( | | | | | $ | ( | | | |
2019 | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | |
Year | | | Year end fair value of equity awards granted during the year | | | Year over year change in fair value of outstanding and unvested equity awards | | | Year over year change in fair value of equity awards granted in prior years that vested in the year | | | Value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation | | | Total equity award adjustments | | |||||||||||||||
2023 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |||||
2022 | | | | $ | | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | ||||
2021 | | | | $ | | | | | $ | ( | | | | | $ | ( | | | | | $ | | | | | $ | | | |||
2020 | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | | | $ | ( | | | |||
2019 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | |
Year | | | Total from Summary Compensation Table | | | Stock Awards Value from Summary Compensation Table | | | Incremental Equity Award Fair Value Adjustment(a) | | | Total | | ||||||||||||
2023 | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | |||
2022 | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | |||
2021 | | | | $ | | | | | $ | ( | | | | | $ | ( | | | | | $ | | | ||
2020 | | | | $ | | | | | $ | ( | | | | | $ | ( | | | | | $ | ( | | | |
2019 | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | |
Year | | | Year end fair value of equity awards granted during the year | | | Year over year change in fair value of outstanding and unvested equity awards | | | Year over year change in fair value of equity awards granted in prior years that vested in the year | | | Value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation | | | Total equity award adjustments | | |||||||||||||||
2023 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |||||
2022 | | | | $ | | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | ||||
2021 | | | | $ | | | | | $ | ( | | | | | $ | ( | | | | | $ | | | | | $ | ( | | | ||
2020 | | | | $ | | | | | $ | ( | | | | | $ | | | | | $ | | | | | $ | ( | | | |||
2019 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | |
| | |
| | |
| | |
| | |
| Strategic Performance Measures | |
| Reduce average Title IV funding per student | |
| Reduce the Company’s enterprise real estate footprint | |
| Maintain compliance with all regulatory, legal, and ethical business standards | |
| Reallocate excess capital into the business or back to our stockholders | |
| | |
2022
|
| |
2023
|
| ||||||
Audit fees(1)
|
| | | $ | 2,498,500 | | | | | $ | 2,220,000 | | |
Audit-related fees(2)
|
| | | | — | | | | | | 50,000 | | |
Tax fees(3)
|
| | | | 182,000 | | | | | | 133,000 | | |
All other fees(4)
|
| | | | 4,250 | | | | | | 4,250 | | |
Total fees
|
| | | $ | 2,684,750 | | | | | $ | 2,407,250 | | |
| | |
As Reported
(GAAP) |
| |
Contract
Liability Adjustment(1) |
| |
Amortization
of intangible assets(2) |
| |
Merger and
integration costs(3) |
| |
Restructuring
costs(4) |
| |
Income
from other investments(5) |
| |
Tax
adjustments(6) |
| |
As Adjusted
(Non-GAAP) |
| ||||||||||||||||||||||||
Revenues
|
| | | $ | 1,027,653 | | | | | $ | 11,296 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,038,949 | | |
Total costs and expenses
|
| | | $ | 918,269 | | | | | $ | — | | | | | $ | (64,225) | | | | | $ | (13,770) | | | | | $ | (12,382) | | | | | $ | — | | | | | $ | — | | | | | $ | 827,892 | | |
Income from operations
|
| | | $ | 109,384 | | | | | $ | 11,296 | | | | | $ | 64,225 | | | | | $ | 13,770 | | | | | $ | 12,382 | | | | | $ | — | | | | | $ | — | | | | | $ | 211,057 | | |
Operating margin
|
| | | | 10.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20.3% | | |
Income before income taxes
|
| | | $ | 113,957 | | | | | $ | 11,296 | | | | | $ | 64,225 | | | | | $ | 13,770 | | | | | $ | 12,382 | | | | | $ | (2,094) | | | | | $ | — | | | | | $ | 213,536 | | |
Net income
|
| | | $ | 86,268 | | | | | $ | 11,296 | | | | | $ | 64,225 | | | | | $ | 13,770 | | | | | $ | 12,382 | | | | | $ | (2,094) | | | | | $ | (33,141) | | | | | $ | 152,706 | | |
Diluted earnings per share
|
| | | $ | 3.77 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 6.68 | | |
Weighted average diluted shares
outstanding |
| | | | 22,860 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 22,860 | | |
| | |
As Adjusted
(Non-GAAP) |
| |
ANZ
segment revenue(1) |
| |
Contract
liability adjustment(2) |
| |
ANZ segment
costs and expenses(3) |
| |
Income
from other investments(4) |
| |
Tax
adjustments(5) |
| |
Common
stock offering(6) |
| |
Modified
(Non-GAAP) |
| ||||||||||||||||||||||||
Revenues
|
| | | $ | 1,038,949 | | | | | $ | (23,381) | | | | | $ | (11,296) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,004,272 | | |
Total costs and expenses
|
| | | $ | 827,892 | | | | | $ | — | | | | | $ | — | | | | | $ | (36,143) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 791,749 | | |
Income from operations
|
| | | $ | 211,057 | | | | | $ | (23,381) | | | | | $ | (11,296) | | | | | $ | 36,143 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 212,523 | | |
Operating margin
|
| | | | 20.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 21.2% | | |
Income before income taxes
|
| | | $ | 213,536 | | | | | $ | (23,381) | | | | | $ | (11,296) | | | | | $ | 36,143 | | | | | $ | (36) | | | | | $ | — | | | | | $ | — | | | | | $ | 214,966 | | |
Net income
|
| | | $ | 152,706 | | | | | $ | (23,381) | | | | | $ | (11,296) | | | | | $ | 36,143 | | | | | $ | (36) | | | | | $ | 639 | | | | | $ | — | | | | | $ | 154,775 | | |
Diluted earnings per share
|
| | | $ | 6.68 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 7.03 | | |
Weighted average diluted shares
outstanding |
| | | | 22,860 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (852) | | | | | | 22,008 | | |