As previously announced, the Company entered into an amended and restated revolving credit and term loan agreement on November 8, 2012. This credit facility, which is secured by the assets of the Company, provides for a $125.0 million term loan facility and $100.0 million revolving credit facility with a maturity date of December 31, 2016. Proceeds from the new term loan were used to pay off $77.5 million outstanding under the original term loan facility. The Company had no outstanding balance under the revolving credit facility on the day of closing. At December 31, 2012, the Company had $125.0 million outstanding under its term loan and no outstanding balance under its revolving credit facility.
During the fourth quarter of 2012, the Company invested $25.0 million to repurchase approximately 485,000 shares of stock at an average price of $51.56 per share as part of a previously announced stock repurchase authorization. At December 31, 2012, the Company’s remaining share repurchase authorization was $95.0 million. During the year ended December 31, 2012, the Company declared and paid regular, quarterly dividends totaling $47.3 million ($1.00 per share for each quarterly dividend).
For the fourth quarter of 2012, bad debt expense as a percentage of revenues was 4.5% compared to 4.4% for the same period in 2011. Days sales outstanding was 15 days at the end of the fourth quarter of 2012 as well as at the end of the fourth quarter of 2011.
Student EnrollmentTotal enrollment at Strayer University for the 2013 winter term decreased 5% to 47,926 students compared to 50,432 students for the same term in 2012. New student enrollments decreased 5%, and continuing student enrollments also decreased 5%. Global online students increased 9%, while students taking 100% of their classes online (including campus based students) decreased 3%.
|Campus Based Students:|
|New Campuses (26 in operation 3 years or less)|
|Total New Campus Based Students||2,703||3,859||43%|
|Mature Campuses (74 in operation more than 3 years)|
|Total Mature Campus Based Students||43,015||38,943||-9%|
|Total Campus Based Students||45,718||42,802||-6%|
|Global Online Students||4,714||5,124||9%|
|Total University Enrollment||50,432||47,926||-5%|
|Total Students Taking 100% of Courses Online||30,183||29,271||-3%|