STRA Strategic Education, Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in only 1/4 quarters. Q3 2025: $5M, Q2 2025: $0M, Q1 2025: $0M, Q3 2024: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

New buyback activity: $5M after no prior spending

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Negative FCF ($-30M), cannot compute buyback ratio

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Missing shares repurchased or outstanding data

Are officers and directors buying stock with their own money on the open market?

1 open-market purchase by JACKSON DANIEL WAYNE

• JACKSON DANIEL WAYNE (CHIEF FINANCIAL OFFICER) bought 1,900 shares at $81.50 on 2025-08-29

Are insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 0 of 4 quarters

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $0M, sold $4M (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected