Stride(LRN) - 2025 Q1 - Quarterly Report

Revenue Growth - Revenue for the three months ended September 30, 2024 increased to $551.1 million, up 14.8% from$ 480.2 million in the prior year[133] - Revenues for the three months ended September 30, 2024 were $551.1 million, a 14.8% increase from$ 480.2 million in the same period in 2023[151] - Revenues for the three months ended September 30, 2024 increased to $551.1 million from$ 480.2 million in the prior year, an increase of 14.8%[133] - Revenues for Q3 2024 increased by 14.8% to $551.1 million compared to$ 480.2 million in Q3 2023[151] Operating Income - Operating income for the three months ended September 30, 2024 rose to $47.3 million, compared to$ 3.3 million in the prior year[133] - Operating income for the three months ended September 30, 2024 increased to $47.3 million from$ 3.3 million in the prior year[133] Enrollment Growth - Total enrollments for the three months ended September 30, 2024 were 222.6 thousand, an increase of 34.7 thousand (18.5%) over the prior year[133] - General Education enrollments increased to 130.9 thousand, up 13.3 thousand (11.3%) from the prior year[143] - Career Learning enrollments grew to 91.7 thousand, an increase of 21.4 thousand (30.4%) from the prior year[143] - Total enrollments for the three months ended September 30, 2024 were 222.6 thousand, an increase of 34.7 thousand, or 18.5%, over the prior year[133] - General Education enrollments for the three months ended September 30, 2024 were 130.9 thousand, an increase of 13.3 thousand, or 11.3%, over the prior year[143] - Career Learning enrollments for the three months ended September 30, 2024 were 91.7 thousand, an increase of 21.4 thousand, or 30.4%, over the prior year[143] General Education Revenue - General Education revenue reached $329.4 million, up$ 30.1 million (10.0%) from the prior year[144] - General Education revenues increased by $30.1 million (10.0%) year over year, driven by an 11.3% increase in enrollments[152] - General Education revenues for the three months ended September 30, 2024 were$ 329.4 million, an increase of $30.1 million, or 10.0%, over the prior year[144] - General Education revenues grew by 10.0% to$ 30.1 million, driven by an 11.3% increase in enrollments[152] Career Learning Revenue - Career Learning revenue for middle and high school students increased to $198.9 million, up$ 47.9 million (31.7%) from the prior year[144] - Total Career Learning revenue was $221.7 million, an increase of$ 40.8 million (22.6%) from the prior year[144] - Career Learning revenues increased by $40.8 million (22.6%) year over year, primarily due to a 30.4% increase in enrollments[152] - Career Learning revenues for the three months ended September 30, 2024 were$ 221.7 million, an increase of $40.8 million, or 22.6%, over the prior year[144] - Middle-High School Career Learning revenues for the three months ended September 30, 2024 were$ 198.9 million, an increase of $47.9 million, or 31.7%, over the prior year[144] - Adult Career Learning revenues for the three months ended September 30, 2024 were$ 22.8 million, a decrease of $7.1 million, or 23.7%, over the prior year[144] - Career Learning revenues surged by 22.6% to$ 40.8 million, primarily due to a 30.4% increase in enrollments[152] Net Income - Net income attributable to common stockholders was $40.9 million, or 7.4% of revenues, compared to$ 4.9 million, or 1.0% of revenues, in the same period in 2023[151] - Net income attributable to common stockholders increased to $40.9 million, or 7.4% of revenues, compared to$ 4.9 million, or 1.0% in Q3 2023[151] Expenses - Instructional costs and services expenses were $335.2 million, representing 60.8% of revenues, a decrease from 64.0% in the same period in 2023[153] - Selling, general, and administrative expenses were$ 168.5 million, or 30.6% of revenues, a decrease from 35.3% in the same period in 2023[153] - Instructional costs and services expenses rose by 9.1% to $335.2 million, representing 60.8% of revenues[153] - Selling, general, and administrative expenses decreased by 0.6% to$ 168.5 million, accounting for 30.6% of revenues[153] Cash Flow - Net cash used in operating activities for the three months ended September 30, 2024 was $142.0 million, an increase of$ 6.7 million from the same period in 2023[164] - Net cash used in investing activities for the three months ended September 30, 2024 was $20.9 million, an increase of$ 13.8 million from the same period in 2023[165] - Net cash used in financing activities for the three months ended September 30, 2024 was $20.0 million, an increase of$ 6.2 million from the same period in 2023[166] - Net cash used in operating activities increased by $6.7 million to$ 142.0 million, primarily due to changes in working capital[164] - Net cash used in investing activities rose by $13.8 million to$ 20.9 million, driven by higher net purchases of marketable securities[165] - Net cash used in financing activities increased by $6.2 million to$ 20.0 million, mainly due to higher repurchase of restricted stock[166] Working Capital - As of September 30, 2024, the company had net working capital of $1,060.7 million, including cash and cash equivalents of$ 317.8 million and accounts receivable of $675.7 million[156] - The company had net working capital of$ 1,060.7 million as of September 30, 2024, including $317.8 million in cash and cash equivalents[156] School-as-a-Service Offering - The company provides its school-as-a-service offering to 89 schools in 31 states and the District of Columbia in the General Education market, and 56 schools or programs in 27 states and the District of Columbia in the Career Learning market[131] - The company provides its school-as-a-service offering to 89 schools in 31 states and the District of Columbia in the General Education market, and 56 schools or programs in 27 states and the District of Columbia in the Career Learning market for the 2024-2025 school year[131] Graduation Data - The company graduated 15,987 high school students from its partner schools in the academic year ended June 30, 2024[127]