PC Connection Inc. (PCCC) 2012年年度报告「NASDAQ」.pdf

1、STRAYEREDUCATIONINC.2011 ANNUAL REPORT1Earnings Per Share(diluted)Net Income*Operating Income*Student Enrollment:Fall TermOUR RESULTS$126.9$172.4$215.8$79.5$5.67$7.60$30.9$33.5*Dollar amounts are in millions$65.5$41.2$52.9$74.9$80.8$105.1$52.3$25.8$41.2$21.7$22.8$33.7$48.1$3.61$1.55$1.78$2.27$2.74$3

2、.26Revenues*$1.41$97.6$64.9$4.47000102030405060708091011605040302010012,00014,00016,50020,10023,50027,30031,40036,10044,60054,30060,70054,200000102030405060708091011200150100500$179.10001020304050607080910111501209060300$106.00001020304050607080910116005004003002001000$627.4$78.2$92.9$116.7$147.0$18

3、3.2$220.5$263.6$318.0$396.3$511.9$636.7$131.30001020304050607080910111086420$8.88$9.702OUR BUSINESS MODELReprinted from the Strayer Education,Inc.2001 Letter to ShareholdersStrayer Education,Inc.is an education services holding com-pany whose primary asset is Strayer University,a 120yearold institut

4、ion of higher learning focused on educating workingadults.In this letter,when I use the term“Strayer”,I am refer-ring to the company,as opposed to the University.StrayerUniversity,founded in 1892,offers associate,bachelors,andmasters level degree programs in Business Administration,Accounting,and Co

5、mputer Information Systems.Strayer servesstudents at 94campuses.In addition,Strayer serves students inall 50 states and more than 60 foreign countries worldwide onthe Internet through Strayer University Online.Strayers revenue comes from tuition payments and fees paidby,or on behalf of,Strayer Unive

6、rsity students.That revenuecomes in essentially three forms.Roughly 70%is paid throughfederally insured student loans by banks,approximately 20%ispaid directly to Strayer by corporations or institutions on behalfof their employees who attend Strayer,and the remainder ispaid by students through their