Draft STI ESH - Investors' Brief 2Q2016 updated 2 1 17 (Arial) · 2017-02-01 · STI$Education$Systems$Holdings,$Inc. FullYear Resultsending$ March$31,$2016 and$Second$Quarter$Resultsending$September$30,$2016

STI Education Systems Holdings, Inc.

Full Year Results ending March 31, 2016 and Second Quarter Results ending September 30, 2016

1

Summary of STI Corporate Structure

2

Education for Real Life 3

STI Holdings

STI Holdings Corporate Structure

20%

Maestro Holdings(formerly

STI Investments)

99%99%

Attenborough Holdings

STI Education Services Group(STI ESG)

STI West Negros University(STI WNU)

100%

NeschesterCorporation iACADEMY

100% 100%

Education for Real Life

Maestro Holdings Corporate Structure

STI ESG TancoGroup

Maestro Holdings(formerly STI Investments)

20% 80%

• Acquired from Philippine American Life (PhilamLife), a subsidiary of AIG in October 2009.

• Offers pre-need savings products focusing on areas of education, retirement pensions and memorial services.

• Acquired from PhilamLife in October 2009.

• A Health Maintenance Organization (HMO) that provides effective and quality health services that operates with nationwide accredited clinics and hospitals.

• Provides financial services, such as individual, family, and group life insurance;; investment plans;; and loan privilege programs.

Rosehills Memorial Management, Inc.

• A subsidiary that is 65% owned by PhilPlans

• Operates and manages a memorial park, provides memorial and interment services, and sells memorial products 4


010,00020,00030,00040,00050,00060,00070,00080,00090,000100,000110,000

SY 2012-13 SY 2013-14 SY 2014-15 SY 2015-16 SY 2016-17

STI Owned STI Franchised iACADEMY STI WNU

STI Holdings Network of Schools

5

Who we are

² STI Holdings owns, maintains, and operates the Philippines’ largest, private, for profit network of education institutions with more than 103,000 students enrolled in 64 STI branded colleges and 12 education centers, one non-STI branded college (iACADEMY) and 1 university (STI West Negros University).

² STI ESG offers associate and baccalaureate programs in information and communications technology, tourism & hospitality, liberal arts, healthcare, engineering, education, and business management. STI WNU also offers post graduate courses such as Master’s degrees in Public Administration, Nursing, Education and Doctorate degrees in Public Administration and Educational Management.

² STI ESG also has a 20% interest in Maestro Holdings which provides educational saving plans, among others.

STI Holdings Combined Student enrollment

1 university 1 non-STI branded college

103,727 students in total

iACADEMY

68,01875,929 79,960

84,730

103,727

Investment Highlights

6


Summary of investment highlights

Experienced management

K to 12 ready institution

Strong brand

Scalable business model

Nationwide presence

7

Highly attractive industry dynamics


6,592 6,939 7,206 7,625 8,013 8,5869,185

9,85010,597

11,43412,343

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

220 228 243 260 276 292 311 329

350 372 396

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

7789 92

101

May-00 Aug-07 May-10 Aug-15

Exposed to highly attractive industry dynamics

2000-15 Philippine population 2012-14 High School Graduate Population

2010-20 Philippine GDP 2010-20 Consumer expenditure on education

The Philippines has the second largest population in South East Asia, with a large portion of young population

Due to the booming economy, demand for education is expected to increase over the next few years

Sources: Philippine Statistics Authority, Department of Education, Euromonitor8

(US$ billions) (US$ millions)

1,083,086 1,111,748 1,169,771

313,409 317,089 317,469

0200,000400,000600,000800,000

1,000,0001,200,0001,400,0001,600,000

2011-12 2012-13 2013-14PUBLIC SECONDARY SCHOOLS PRIVATE SECONDARY SCHOOLS

Education for Real Life 9

Philippine leading tertiary education provider addressing substantial market demand

largest, private for-profit tertiaryeducation provider … … amid supporting macroeconomic factors

Increasing importance of service industry1

• Driven by industries such as BPO, hospitality, tourism and healthcare, all of which depend upon a highly educated workforce

Expanding and young population2

• 53% of population are under age of 24

Rising middle-income demographic3

• Underserved by tertiary education with only 10% of the household population having received college degrees

#1 64 colleges

Sources: The World Factbook, CIA;; Philippine Statistics Authority

12 education centers

1 university 1 non-STI branded college

PLUS

103,727 students in total


Institution that is K to 12 Ready

10

Approval granted to offer Senior HighSchool

Newly constructed or renovated facilities in 14 STI ESG campuses and 11 franchised schools;; nationwide facilitiesthat can accommodate 119,191 students

Seventy-six (76) STI ESG schools

iACADEMY

STI WNU

Extensive Senior High School offering

STI ESG

STI WNU

iACADEMY

Academic Track ü Accountancy and Business Managementü Humanities and Social Science strandü Science, Technology, Engineering and Mathematics strand

ü General Academic strandTechnical-Vocational-Livelihood Track

ü Information and Communications Technology strand

ü Home Economics strandü Industrial Arts strand

Academic TrackTechnical-Vocational TrackArts and Design Track

Academic TrackTechnical-Vocational TrackArts and Design TrackSports Track


Strong brand offering sustainable competitive advantage

11

More than 30 years of a strong household Brand

Students

• Strong brand preference due to high quality of services

• Value proposition encourages top choice

Employees

• Reputable & stable organization

• Management approach that promotes career growth

Employers

• Standardized education assures employers of consistent quality of manpower

• STI’s nationwide presence

Nationwide brand equity through effective marketing campaigns and word-of-mouth offerssustainable competitive advantage


Scalable business model with centralized operations andstandardized learning methodology

12

Nationwide marketing effect

Centralized IT network services increases system

efficiency

Uniform faculty training and student

assessment ensures quality and consistency

Professionally developed courseware across network to achieve economies of scale

Highly scalable and allows for rapid growth

Benefits from economies of scale

Maintains high quality and consistency of programs throughout the STI Network

Nationwide recognition from employers as the school of choice

Fully captures the strong growth expected in the industry

Centralized operation


Nationwide presence with wide range of program offerings

13

Wide breadth of programs with tailored course offerings to suit market demand

HealthcareICT Education

EngineeringHospitality Liberal Arts

§ Reaches a larger student base and students not otherwise serviced by other institutions

§ Encompasses a mixed mode of both wholly-owned and franchised schools based on geographic demand

Business

2

13

STI Branded University Colleges ECs TotalOwned 1 32 5 38Franchised 32 7 39Total 1 64 12 77

1

65 Colleges12 Education Centers

Colleges

Education Centers

3

15

Northern Luzon

Southern Luzon

116

Metro Manila

26Visayas

69Mindanao

19

1 University

Universities

Non-STI BrandedOwned 1 1Total 1 65 12 78

STI Education Services Group, Inc.

14


31,215 33,726 39,404 42,878 52,687

36,146 36,381 33,212 34,767

43,592

-

20,000

40,000

60,000

80,000

100,000

SY 2012-13 SY 2013-14 SY 2014-15 SY 2015-16 SY 2016-17

STI Owned Franchised

67,361 70,107

72,616 77,645

96,279

60,000

65,000

70,000

75,000

80,000

85,000

90,000

95,000

100,000

SY 2012-13 SY 2013-14 SY 2014-15 SY 2015-16 SY 2016-17

STI ESG Enrollment Data

15

STI ESG Enrollment² Network-wide, STI ESG has seen a steady growth in the number of ongoing students enrolled from 67,361 in SY 2012-2013 to 96,279 in SY 2016-17.

² The growth is driven primarily by the expansion of the STI-owned schools as the number of its enrollees grew from 31,215 in SY 2012-2013 to 52,687 in SY 2016-17, increasing its share in the total enrollees network-wide from 46% to 55%.

² In SY 2014-15, STI ESG acquired seven schools from its franchisees with five being absorbed by STI ESG and two integrated into STI WNU.

STI ESG Network-wide Enrollment

STI ESG Owned vs. Franchised Enrollees (as a % of Total)STI ESG Owned vs. Franchised Enrollees

46% 48% 54% 55% 55%

54% 52% 46% 45% 45%

0%

20%

40%

60%

80%

100%

SY 2012-13 SY 2013-14 SY 2014-15 SY 2015-16 SY 2016-17

STI Owned Franchised


1%17%

0%6%

44%

32%

Arts and Sciences Business and ManagementHealthcare and Education EngineeringInformation and Communications Technology Tourism and Hospitality Management

1%16%

0%6%

45%

32%

Total No: 58,708

2016*Total No: 76,068

*As of June 30

2015*

STI ESG Tertiary Enrollment by Program

16


STI ESG CHED/TESDA/DepEd Enrollment Mix

17

STI Network-wide Mix

² STI has focused on encouraging new students to enroll in the 4-year CHED/baccalaureate programs as this provides a better avenue for learning for its students.

² In SY 2012-2013, 70.4% of the network-wide students of STI were enrolled in CHED programs. In SY2015-16, this increased to 85.6% network-wide. In SY 2016-17, this decreased to 55.1% while Senior High School comprised 39% of enrollment.

² CHED/baccalaureate programs generate higher revenues per student and because a good proportion of the students usually stays for 4 years, STI achieves a lower cost of acquisition per student.

² In SY 2016-17, the start of the full implementation of the K to 12 program, STI ESG recorded 37,571 students enrolled in Senior High School.

47,443 53,015

59,184 66,445 53,016

19,918 17,092 12,237 9,623

5,692

1,195 1,577 37,571

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

SY 2012-13 SY 2013-14 SY 2014-15 SY 2015-16 SY 2016-17

CHED TESDA DepEd

STI West Negros University

18


STI WNU Enrollment

19

Total STI WNU Enrollment Tertiary vs Basic Education Mix

² STI West Negros University (STI WNU) is a private university located inBacolod, Negros Occidental.

² STI WNU was founded in 1948 and offers basic and tertiary education,including post graduate studies.

² In October of 2013, STI Holdings acquired 99.5% of WNU and re-brandedthe university as STI West Negros University in 2014. In March, 2015 STIHoldings increased its investment to 99.86%.

² In May 2014, STI WNU acquired 2 STI ESG franchised schools in Bacolodwith a total of about 1,500 students and merged its operations with theUniversity.

5,527 5,000

6,466 6,091 6,073

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

SY 2012-13 SY 2013-14 SY 2014-15 SY 2015-16 SY 2016-17

841 920 1,161 1,090 2,084

4,170 3,759 4,575 4,257

3,159

516 321

730 744 830

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

SY 2012-13 SY 2013-14 SY 2014-15 SY 2015-16 SY 2016-17

DepEd Tertiary Graduate


3%

18%

17%

10%19%

5%

5%

8%

15%3%

11%

16%

9%

20%

10%

4%

6%

21%

Arts and Sciences Business and ManagementHealthcare and Education EngineeringInformation and Communications Technology Tourism and Hospitality ManagementMaritime CriminologyGraduate Studies

*As of June 30

Total: 3,989

2016*Total: 5,001

2015*

STI WNU Tertiary Enrollment by Program

20

Full Year 2015 - 2016 Financial & Operating Results

21


Capital Expenditures - March 31Key Balance Sheet Items

* The March 31, 2012 and 2013 comparative information were restated to reflect the adjustments on the application of the RevisedPAS 19 - Employee Benefits

STI Holdings Balance Sheet Overview

22

(PHP millions)

March 31,(PHP millions) 2012* 2013* 2014 2015 2016

Cash 556 1,489 583 803 665

PP&E 1,544 2,635 4,421 5,581 5,610

Investments in and Advances to Associates 1,590 2,897 1,532 1,622 1,425

TOTAL ASSETS 4,589 8,503 8,299 10,036 10,500Total Loans 747 - 288 1,387 1,151

TOTAL LIABILITIES 1,124 368 1,171 2,380 2,270EQUITY 3,465 8,135 7,128 7,656 8,230

255

1,540

1,050

1,227

335

-

200

400

600

800

1,000

1,200

1,400

1,600

2012 2013 2014 2015 2016


* The March 31, 2012 and 2013 comparative information were restated to reflect the adjustments on the application of the Revised PAS 19 - Employee Benefits

Key Profit & Loss Data

23

Fiscal Years Ending March 312012* 2013* 2014 2015 2016

(PHP millions)Revenues 1,577 1,670 1,918 2,224 2,577

Direct Costs 522 535 607 715 798

Gross Profit 1,055 1,135 1,311 1,509 1,779

Operating Expenses 688 745 838 992 1,076

Operating Profit 367 390 473 517 703

Net Other Income (Expenses) (76) 404 182 214 370

Net Income 291 794 655 731 1,073

EBITDA 523 550 690 848 1,127


1,577 1,670 1,918

2,224 2,577

-

500

1,000

1,500

2,000

2,500

3,000

2012* 2013* 2014 2015 2016

Strong Growth in Revenues

24

Revenues

(PHP millions)

STI continues to achieve strong revenue growth, with a CAGR of 13.1% from 2012-2016, mainly attributable to the following drivers:

² Increases in the number of enrollees in the STI network-wide schools, specifically from STI owned schools

² A shift in students’ preference from the 2-year vocational programs to the 4-year baccalaureate courses where the average tuition fee per semester is higher

² A modest increase in tuition fees

Breakdown of Core Revenues for SY 2015 - 2016

(as a percentage of total)

Growth Drivers

5.9%14.9%

16.0%

15.9%

Tuition & Other School

Fees88%

Educational Services7%

Royalty Fees1%

Educational Material and Supplies3%

Other Services1%


Strong Core Profit and Margin Profile

25

EBITDA(PHP millions)

Gross profit(PHP millions)

Operating profit(PHP millions)

² STI has increased its gross profit from PHP1,055 million in FY 2011-12 to PHP1,779 million in FY 2015-16 or a CAGR of 14%

² Operating profit has increased from PHP367 million in FY 2011-12 to PHP703 million in FY 2015-16 or a CAGR of 17.6%

² EBITDA has increased from PHP523 million in FY 2011-12 to PHP1,127 million in FY 2015-16 or a CAGR of 21.1%

² The increases in gross profit, operating profit and EBITDA margins are primarily attributable to the economies of scale that STI enjoys as revenues increase.

1,055 1,135 1,311 1,509 1,779

66.9%68.0% 68.4% 67.8% 69.0%

50.0%52.0%54.0%56.0%58.0%60.0%62.0%64.0%66.0%68.0%70.0%

-200 400 600 800

1,000 1,200 1,400 1,600 1,800 2,000

2012* 2013* 2014 2015 2016

Gross Profit Gross Profit Margin

523 550690

8481,127

33.2% 32.9%36.0%

38.1%43.7%

0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%

0

200

400

600

800

1,000

1,200

2012* 2013* 2014 2015 2016

EBITDA EBITDA Margin

367 390473 517

703

23.3% 23.3%24.7%

23.2%

27.3%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

0

100

200

300

400

500

600

700

800

2012* 2013* 2014 2015 2016

Operating Profit Operating Profit Margin


² When STI Investments acquired PhilPlans in 2009, they recognized an accounting gain for the excess of the fair value of PhilPlans’ net assets over the acquisition cost.

² As PhilPlans began to dispose of those assets in 2010 and 2011, STI Investments began to reverse a portion of the realized gain on sale of AFS investments of PhilPlans as the cost basis for these AFS investments at STI Investments’ consolidated level was higher when these were acquired by STI Investments.

² The reversal was higher in 2010 than in 2011 as most of the assets were disposed in 2010;; as of March 31, 2012 these AFS investments with different carrying values have been completely sold by PhilPlans.

² The appreciation in the market value of the investment portfolio of Maestro Holdings was realized in 2013 when it became apparent that a downtrend in the market values of bonds were imminent.

² The sale of bonds continued in 2014 thus the further realization of the market values.

² In 2015, the prices of bonds became stable.

PHP millions

Equity in Net Earnings/(Losses) of Associates

26

(38)

428

233

105

35

(100)

-

100

200

300

400

500

2012 2013 2014 2015 2016


Maestro Holdings Book ValueMaestro Holdings Revenue(For the years ending December 31)

PHP millions

PHP millions

Maestro Holdings – Financial Highlights

27

² The increase in the prices of bonds and equities comprising the investment portfolio was realized in 2013 as evidenced by the increase in revenues from the Trust Funds.

² With the realization of the income through the sale of these bonds and equities, and the subsequent drop in the prices of bonds, the book value of Maestro Holdings remained flat for the years ending 2013 and 2014.

² The revenues from premiums continued to climb with the increase in the amounts of plans sold by the subsidiaries of Maestro Holdings.

* As restated in the Audited Consolidated Financial Statements (December 31, 2014 and 2013)

7,616 7,661

6,588

6,000

6,200

6,400

6,600

6,800

7,000

7,200

7,400

7,600

7,800

2013* 2014 2015

5,601

3,294 3,207

1,504

1,625 1,807

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2013* 2014 2015

Trust Funds Premiums

2nd Quarter 2016-2017 Financial & Operating Results

28


PHP millions (Except gross profit, operating and EBITDA margins)

2Q2015-2016

2Q2016-2017 Y-O-Y Change (%)

Unaudited

RevenuesTuition & Other School Fees 943.5 1,081.3 15 Educational Services 88.6 82.3 (7) Royalty Fees 8.0 7.5 (6) Others 15.4 15.3 (1) Sale of educational materials & supplies 58.3 99.3 70

Total Revenues 1,113.8 1,285.7 15

Gross Profit 742.20 859.4 16Gross Profit Margin 67% 67%

Operating Profit 213.6 340.1 59

Operating Margin 19% 26%

EBITDA 413.1 575.7 39

EBITDA Margin 37% 45%

Net Income 338.7 542.9 60

2Q 2016 Financial Highlights

29


1,114 1,286413 5762Q 2015-16 2Q 2016-17

Total Revenues EBITDA

826 943 1,081

8997

9060

74115

2Q 2014-15 2Q 2015-16 2Q 2016-17

Tuition and Other School Fees Educational Services & Royalties Educational Materials & Others

667 742 8592Q 2014-15 2Q 2015-16 2Q 2016-17

Revenues, Gross Profit & EBITDA

30

STI achieves strong revenue, gross profit and EBITDA growth.² Combined revenues increased by 15% year-on-year for the first sixmonths of FY2016-17 as compared to the same period last year.

² EBITDA increased by 39% year-on-year from PHP413 million in thefirst six months of FY2015-16 to PHP576 million in the same period inFY2016-17.

² Gross profit increased by 16% from PHP742 million in the first sixmonths of FY2015-16 to PHP859 million in the first six months ofFY2016-17.

² Net income increased from PHP339 million in the first six months ofFY2015-16 to PHP543 million in the first six months of FY2016-17 or60% year-on-year.

SIX MONTHS’ REVENUES

SIX MONTHS’ GROSS PROFIT

2Q REVENUES & EBITDA

PHP millions

PHP millions

PHP millions


213.6 340.1

19%

26%

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

0%

5%

10%

15%

20%

25%

30%

2Q 2015-16 2Q 2016-17Operating Profit Operating Profit Margin

413.1 575.7

37%

45%

0.0

100.0

200.0

300.0

400.0

500.0

600.0

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2Q 2015-16 2Q 2016-17EBITDA EBITDA Margin

742.2 859.4

67% 67%

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2Q 2015-16 2Q 2016-170%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Gross Profit Gross Profit Margin

Strong Core Profit and Margin Profile

31

² Gross Margin remained at 67% during the first six months ofFY2016-17 as with the first six months of FY 2015-16.

² Operating Margin increased from 19% during the first six monthsof FY2015-16 to 26% during the same period in FY2016-17.

² EBITDA Margin, on the other hand, increased from 37% during thefirst six months of FY2015-16 to 45% during the same period inFY2016-17. EBITDA margin improved in FY2016-17 as comparedto the same period in FY2015-16 due to the recognition ofdepreciation and amortization expenses on completed capitalexpansion projects and the increase in revenues from tuition andother school fees and sales of educationalmaterials.

PHP Millions

PHP Millions

PHP Millions


31,215 33,726 39,404 42,878 52,687

36,146 36,381 33,212 34,767

43,592

SY 2012-13 SY 2013-14 SY 2014-15 SY 2015-16 SY 2016-17

STI Owned STI Franchised

SY 2012-13 SY 2013-14 SY 2014-15 SY 2015-16 SY 2016-17

STI Network iACADEMY STI WNU

Student Enrollment

32

² Total enrollment at the STI Holdings network of schools as of the first quarter ofSY 2016-17was at103,727, a combinedgrowth rateof 22% year-on-year.

² Enrollees at STI-owned schools increased by 23% year-on-year from 42,878students in the first quarter of SY 2015-16 to 52,687 in the first quarter of SY2016-17 driven by the enrollment of Grade 11 students in the first year of the fullimplementation of theK to 12program this year.

² STI WNU integrated in May 2014 the two schools it acquired froman STI ESGfranchisee.

STI HOLDINGS NETWORK

STI ESG NETWORK

68,01875,929 79,960 84,730

103,727

67,361 70,107 72,616 77,645

96,279

Enrollment School Year

SY2012-13 SY2013-14 SY2014-15 SY2015-16 SY2016-17 STI BrandedSTI Owned 31,215 33,726 39,404 42,878 52,687 STI Franchised 36,146 36,381 33,212 34,767 43,592 STI Network 67,361 70,107 72,616 77,645 96,279

STI WNU - 5,000 6,466 6,091 6,073 Total STI Branded 67,361 75,107 79,082 83,736 102,352

Non-STI BrandediACADEMY 657 822 878 994 1,375 Non-STI Branded 657 822 878 994 1,375

STI Holdings Network 68,018 75,929 79,960 84,730 103,727 Growth 11.6% 5.3% 6.0% 22.4%


46% 48% 54% 55% 55%

54% 52% 46% 45% 45%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

SY 2012-13 SY 2013-14 SY 2014-15 SY 2015-16 SY 2016-17

STI Owned STI Franchised

792 855 931 1,008 1,267

-

200

400

600

800

1,000

1,200

1,400

SY 2012-13 SY 2013-14 SY 2014-15 SY 2015-16 SY 2016-17

70% 76% 82% 86%

55%

30% 24% 16% 12%

6%

2% 2%

39%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

SY 2012-13 SY 2013-14 SY 2014-15 SY 2015-16 SY 2016-17CHED TESDA DepEd

STI ESG Network Enrollment Profile

33

STI ESG NETWORK ENROLLMENT MIX STI ESG NETWORK CHED/TESDA/DepEd ENROLLMENT MIX

STI ESG NETWORK AVE. NO. OF STUDENTS PER CAMPUS


7,616 7,6616,588

5,464

8,214

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2013* 2014 2015 Apr - Sep 2015 Apr - Sep 2016

5,601

3,294 3,207

1,076 1,916

1,504

1,625 1,807

939

1,046

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2013* 2014 2015 Apr - Sep 2015 Apr - Sep 2016

Trust Funds Premiums

Maestro Holdings Book ValueMaestro Holdings Revenue(For the years ending December 31)

PHP millions

PHPmillions

Maestro Holdings – Financial Highlights

34

* As restated in the Audited Consolidated Financial Statements (December 31, 2014 and 2013)

² The increase in the prices of bonds and equities comprising the investment portfolio was realized in 2013 as evidenced by the increase in revenues from the Trust Funds.

² With the realization of the income through the sale of these bonds and equities, and the subsequent drop in the prices of bonds, the book value of Maestro Holdings remained flat for the years ending 2013 and 2014. The prices of bonds were stable during the first half of 2015, however, market prices of equity securities declined significantly in 2015.

² The revenues from premiums continued to climb with the increase in the amounts of plans sold by the subsidiaries of Maestro Holdings.

Documents

Draft STI ESH - Investors' Brief 2Q2016 updated 2 1 17 (Arial) · 2017-02-01 · STI$Education$Systems$Holdings,$Inc. FullYear Resultsending$ March$31,$2016 and$Second$Quarter$Resultsending$September$30,$2016