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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON , D.C. 20549 FORM 10 - K ( Mark One ) X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31 , 2020 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number : 0-21039 STRATEGIC EDUCATION , INC . ( Exact name of registrant as specified in its charter ) Maryland ( State or other jurisdiction of incorporation or organization ) 2303 Dulles Station Boulevard Herndon , VA ( Address of principal executive offices ) 20171 ( Zip Code ) REGISTRANT'S TELEPHONE NUMBER INCLUDING AREA CODE : ( 703 ) 247-2500 SECURITIES REGISTERED PURSUANT TO SECTION 12 ( b ) OF THE ACT : COMMON STOCK , $ 0.01 PAR VALUE ( Title of each class ) 52-1975978 ( I.R.S. Employer Identification Number ) STRA Nasdaq Global Select Market ( Name of each exchange on which registered ) ( Trading symbol ( s ) ) SECURITIES REGISTERED PURSUANT TO SECTION 12 ( g ) OF THE ACT : NONE Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act : Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 ( d ) of the Act : Yes > No Indicate by check mark whether the Registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the Registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the last 90 days . Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T ( § 232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the registrant was required to submit such files ) . > Yes No □□□ Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , a smaller reporting company , or an emerging growth company . See the definitions of " large accelerated filer , " " accelerated filer , ” “ smaller reporting company , " and " emerging growth company " in Rule 12b - 2 of the Exchange Act . Large accelerated filer Non - accelerated filer Emerging growth company If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . □ Accelerated filer Smaller reporting company Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act ( 15 U.S.C. 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . > Indicate by check mark whether the Registrant is a shell company ( as defined in Rule 12b - 2 of the Securities Exchange Act ) . Yes > No The aggregate market value of the voting and non - voting common stock held by non - affiliates ( computed by reference to the price at which the common stock was last sold ) as of June 30 , 2020 , the last business day of the Registrant's most recently completed second fiscal quarter , was approximately $ 3.3 billion . The total number of shares of common stock outstanding as of January 29 , 2021 was 24,408,808 . DOCUMENTS INCORPORATED BY REFERENCE Certain portions of the registrant's Definitive Proxy Statement for its 2021 Annual Meeting of Stockholders ( which is expected to be filed with the Commission within 120 days after the end of the registrant's 2020 fiscal year ) are incorporated by reference into Part III of this Annual Report .