Stride(US:LRN)2025-01-28 21:15Revenue and Income - Revenue for the second quarter of fiscal 2025 was $587.2 million, an increase of 16.3% compared to $504.9 million in the same period of fiscal 2024[4] - Net income for the second quarter was $96.4 million, up 44.2% from $66.8 million year-over-year[7] - Revenues for the three months ended December 31, 2024, were $587,211,000, representing a 16.2% increase from $504,868,000 in the same period of 2023[24] - Net income attributable to common stockholders for the six months ended December 31, 2024, was $137,275,000, up 91.2% from $71,714,000 in the same period of 2023[24] - Net income for Q4 2024 was $96,393,000, an increase of 44.3% compared to $66,836,000 in Q4 2023[37] Earnings and Adjusted Metrics - Adjusted EBITDA for the second quarter reached $160.4 million, a 35.5% increase from $118.3 million in the prior year[4] - Adjusted operating income for the full fiscal year 2025 is projected to be between $430 million and $450 million[19] - Adjusted operating income for the three months ended December 31, 2024, was $135,570,000, compared to $94,873,000 in the same period of 2023, reflecting a 43.0% increase[36] - Adjusted EBITDA for the first half of 2024 was $244,347,000, representing a 54.4% increase from $158,111,000 in the first half of 2023[37] - The company projects adjusted operating income for Q1 2025 to be between $130,000,000 and $140,000,000[39] - For the fiscal year ending June 30, 2025, the adjusted operating income is expected to range from $430,000,000 to $450,000,000[39] Enrollment and Growth - Average enrollments for the second quarter were 230.6K, reflecting a 19.4% increase from 193.1K enrollments in the second quarter of fiscal 2024[11] - Career Learning enrollments increased by 30.9% to 94.8K compared to 72.4K in the same quarter of the previous year[11] Financial Position and Assets - Total current assets increased to $1,388,479,000 as of December 31, 2024, from $1,245,446,000 as of June 30, 2024, indicating a growth of 11.5%[26] - Cash and cash equivalents at the end of the period were $515,049,000, up from $500,614,000 at the beginning of the period, showing a slight increase[29] - Total assets increased to $2,070,781,000 as of December 31, 2024, from $1,920,465,000 as of June 30, 2024, representing an 7.8% growth[27] - The company’s long-term debt remained stable at $415,522,000 as of December 31, 2024, compared to $414,675,000 as of June 30, 2024, indicating effective debt management[27] Expenses and Taxation - Capital expenditures for the second quarter were $14.8 million, up from $12.7 million in the same quarter last year[15] - The effective tax rate is expected to be between 24% and 26% for the fiscal year 2025[19] - Income tax expense for Q4 2024 was $33,361,000, compared to $22,190,000 in Q4 2023, reflecting a significant increase[37] - Stock-based compensation expense for Q4 2024 was $7,925,000, slightly higher than $7,596,000 in Q4 2023[37] - Depreciation and amortization for the first half of 2024 totaled $55,529,000, up from $54,480,000 in the first half of 2023[37] Other Financial Metrics - Revenue per enrollment for the second quarter was $2,395, remaining flat compared to $2,396 in the same quarter of fiscal 2024[13] - Gross margin increased to $239,858,000 for the three months ended December 31, 2024, compared to $201,174,000 in the prior year, reflecting a gross margin percentage improvement[24] - Basic earnings per share for the three months ended December 31, 2024, was $2.24, compared to $1.57 for the same period in 2023, marking a 42.5% increase[24] - The company reported a net cash provided by operating activities of $81,360,000 for the six months ended December 31, 2024, compared to $38,029,000 in the same period of 2023, indicating significant operational cash flow improvement[30] - The company reported a net interest expense of $2,670,000 for Q4 2024, an increase from $2,022,000 in Q4 2023[37] - Other income, net for Q4 2024 was $(7,330,000), compared to $(6,538,000) in Q4 2023, indicating a decline[37]