Stride, Inc. (NYSE:LRN) Q2 2023 Earnings Conference Call January 24, 2023 5:00 PM ET Company Participants Tim Casey - Vice President of Investor Relations James Rhyu - Chief Executive Officer Donna Blackman - Chief Financial Officer Conference Call Participants Jeff Silber - BMO Capital Markets Stephen Sheldon - William Blair Greg Parrish - Morgan Stanley Tom Singlehurst - Citi Operator Good afternoon, ladies and gentlemen. And welcome to the Stride Second Quarter Fiscal 2023 Earnings Conference Call. At th ...

| --- | --- | |---------------------------------|-------| | | | | Q2 FY2023 Earnings Presentation | | | | | | January 24, 2023 | | | | | | | | This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements. We have tried, whenever possible, to identify these forward-l ...

Table of Contents Commission file number: 001-33883 Stride, Inc. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (State or other jurisdiction of (I.R.S. Emp ...

Financial Data and Key Metrics Changes - Revenue for the quarter was $425.2 million, an increase of 6% year-over-year [32] - Adjusted operating loss was $19.9 million, an improvement compared to the previous year [32] - Capital expenditures totaled $16.8 million, up $1.4 million from last year [32] - Adjusted EBITDA was $3 million, indicating challenges in profitability due to increased market expenses and inflation [40] Business Line Data and Key Metrics Changes - Career Learning revenue increased by 63% to $153.5 million, driven by strong enrollment growth [34] - General Education revenue decreased to $271.7 million, down 11% due to a decline in enrollments [36] - Middle and high school Career Learning revenues were $125.5 million, with enrollments reaching 61.6 thousand, a 47% increase from last year [34] - Adult Learning revenues were $28 million, up 24% year-over-year, with expectations of over 30% growth for the full year [35] Market Data and Key Metrics Changes - General Education enrollments decreased to 112.3 thousand, still above pre-pandemic levels [36] - Revenue per enrollment for General Education increased by 18% to $2,216 [37] - Overall enrollment, including Career Learning, is significantly up from pre-pandemic levels [36] Company Strategy and Development Direction - The company aims to adapt to an evolving educational landscape by focusing on Career Learning and adult education [7][12] - Plans to expand Career Learning programs to address the talent gap in the job market, with a goal of over 100,000 graduates by 2030 [12] - The launch of a new career platform aims to provide comprehensive career education solutions at no cost to students [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of the education sector despite inflation and market challenges [6][43] - The company believes it can achieve its 2025 targets, even if the path may differ from initial expectations [43] - Management noted that the overall market for online education continues to improve, with evidence of increasing demand [54] Other Important Information - Free cash flow for the first quarter was negative $160 million, typical for the season due to school launch and onboarding [46] - The company ended the quarter with cash and cash equivalents of $194.5 million, allowing for continued investment in growth opportunities [46] Q&A Session Summary Question: What drove the decline in General Education enrollments? - Management indicated that the decline was due to increased competition from brick-and-mortar schools and execution challenges [53][54] Question: What improvements are needed in execution? - Management acknowledged the need for better localized messaging and adaptation to market conditions [55][56] Question: Why is the current enrollment level considered a new baseline? - Management believes that the overall market for online education is improving, despite some cannibalization from Career Learning programs [62] Question: What factors are necessary to meet operating income margin guidance? - Management stated that revenue acceleration and efficiency improvements are essential to meet guidance [67][68] Question: How have application to enrollment conversion rates been trending? - Management reported strong and improving conversion rates, indicating better understanding of programs by families [92][93]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Commission file number: 001-33883 Stride, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Em ...

| --- | --- | |------------------|-------| | | | | October 25, 2022 | | | | | | | | Safe Harbor This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipa ...

Stride, Inc. (NYSE:LRN) Q4 2022 Earnings Conference Call August 9, 2022 5:00 PM ET Company Participants Tim Casey - Vice President, Investor Relations James Rhyu - Chief Executive Officer Donna Blackman - Chief Financial Officer Conference Call Participants Jeff Silber - BMO Capital Markets Stephen Sheldon - William Blair Greg Parrish - Morgan Stanley Operator Ladies and gentlemen good afternoon. My name is Abby and I will be your conference operator today. At this time, I would like to welcome everyone to ...

| --- | --- | |-----------------------|-------| | | | | FY2022 | | | Earnings Presentation | | | August 9, 2022 | | | | | Safe Harbor This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "continues," "likely," "may," "opportunity," "potential," "projects," "will," "expects," "plans," "i ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2022 ☐ 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 001-33883 Stride, Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or o ...

| --- | --- | --- | |-----------------------|-------|-------| | | | | | Q3 FY2022 | | | | Earnings Presentation | | | | April 19, 2022 | | | | | | | | | | | | | | | | | | | | | | | Safe Harbor This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "continues," "likely," "may," "opportunit ...