Stride(LRN) - 2024 Q4 - Annual Results

Revenue Growth - Revenue for fiscal year 2024 increased by 11.0% to $2,040.1 million compared to$1,837.4 million in 2023[1] - Fourth quarter revenue for fiscal year 2024 increased by 10.5% to $534.2 million from$483.5 million in 2023[2] - General Education revenue for fiscal year 2024 increased by 13.9% to $1,289.2 million from$1,131.4 million in 2023[4] - Career Learning revenue for fiscal year 2024 increased by 6.4% to $750.9 million from$705.9 million in 2023[4] - Revenues for Q2 2024 increased to $534.2 million, up 10.5$483.5 million in Q2 2023[14] - Full-year 2024 revenues reached $2.04 billion, up 11$1.84 billion in 2023[14] Net Income and Earnings Per Share - Net income for fiscal year 2024 rose by 60.9% to $204.2 million from$126.9 million in 2023[1] - Diluted net income per share for fiscal year 2024 grew by 57.9% to $4.69 from$2.97 in 2023[1] - Fourth quarter net income for fiscal year 2024 rose by 44.8% to $62.8 million from$43.4 million in 2023[3] - Net income for Q2 2024 rose to $62.8 million, a 44.8$43.4 million in Q2 2023[14] Adjusted EBITDA and Operating Income - Adjusted EBITDA for fiscal year 2024 increased by 31.9% to $390.7 million compared to$296.2 million in 2023[1] - Adjusted EBITDA for Q2 2024 was $101.9 million, a 21.8$83.6 million in Q2 2023[23] - Full-year 2024 adjusted operating income grew to $293.9 million, up 46.2$201.0 million in 2023[22] - Adjusted EBITDA rose to $112,087 from$88,772, a 26.3% increase[24] - Year-to-date Adjusted EBITDA grew to $390,745 from$296,177, a 31.9% increase[24] Enrollment and Assets - Average enrollment for fiscal year 2024 increased by 9.0% to 194.3 thousand from 178.2 thousand in 2023[5] - Total assets grew to $1.92 billion as of June 30, 2024, up 9.1$1.76 billion in 2023[15] Cash and Marketable Securities - Cash and cash equivalents and marketable securities as of June 30, 2024, totaled $714.2 million, up from$545.5 million in 2023[8] - Cash and cash equivalents increased to $500.6 million as of June 30, 2024, up 21.8$410.8 million in 2023[15] - Marketable securities increased to $191.7 million as of June 30, 2024, up 71.2$111.9 million in 2023[15] Stock-Based Compensation - Stock-based compensation expense for 2024 was $31.5 million, a 54.9$20.3 million in 2023[17] - Stock-based compensation expense increased to $10,190 from$5,124, a 98.9% increase[24] - Year-to-date stock-based compensation expense reached $31,462 compared to$20,320, a 54.8% increase[24] Capitalized Software Development Costs - Capitalized software development costs for 2024 totaled $40.7 million, a 9.6$45.0 million in 2023[17]