Stride(US:LRN)2025-04-29 21:35Revenue Growth - For the nine months ended March 31, 2025, revenues increased to $1,751.7 million, up 16.3% from $1,505.9 million in the prior year[166] - Revenues for the three months ended March 31, 2025, were $613.4 million, an increase of $92.6 million, or 17.8%, from $520.8 million in the same period of 2024[184] - General Education revenues for the nine months ended March 31, 2025, were $1,054.5 million, an increase of 11.9% from $942.1 million in the prior year[176] - Career Learning revenues increased by 23.7% to $697.1 million for the nine months ended March 31, 2025, compared to $563.8 million in the prior year[176] - General Education revenues for the three months ended March 31, 2025, were $370.8 million, a 12.7% increase from $328.9 million in the prior year[176] - Career Learning revenues for the same period were $242.6 million, reflecting a 26.4% increase from $191.9 million in the prior year[176] Enrollment Statistics - Total enrollments for the nine months ended March 31, 2025, reached 233.5 thousand, an increase of 38.9 thousand or 20.0% over the prior year[166] - General Education revenues increased by $41.9 million, or 12.7%, year over year, driven by a 13.6% increase in enrollments[184] - Career Learning revenues rose by $50.6 million, or 26.4%, primarily due to a 33.7% increase in enrollments[184] - Stride graduated 15,987 high school students from partner schools in the most recent academic year ended June 30, 2024[158] Financial Performance - Operating income for the same period rose to $303.2 million, compared to $175.9 million in the prior year, driven by revenue growth and an increase in gross margin[166] - Net income attributable to common stockholders for the three months ended March 31, 2025, was $99.3 million, or 16.2% of revenues, compared to $69.7 million, or 13.4% of revenues, in the prior year[183] - Operating income for the nine months ended March 31, 2025, increased to $303.2 million, up from $175.9 million in the prior year, driven by revenue growth and an increase in gross margin[166] Expenses - Instructional costs and services expenses for the three months ended March 31, 2025, were $364.1 million, an increase of $44.6 million, or 14.0%, from $319.5 million in the prior year[185] - Selling, general, and administrative expenses for the three months ended March 31, 2025, were $118.5 million, an increase of $5.5 million, or 4.9%, from $113.0 million in the prior year[186] - Instructional costs and services expenses for the nine months ended March 31, 2025, were $1,046.7 million, an increase of $116.2 million, or 12.5%, from $930.5 million in the prior year[192] Cash Flow and Working Capital - The company had net working capital of $1,243.4 million as of March 31, 2025, including cash and cash equivalents of $528.6 million and accounts receivable of $699.8 million[197] - Net cash provided by operating activities increased by $27.9 million to $134.5 million for the nine months ended March 31, 2025, compared to $106.6 million for the same period in 2024[206] - Net cash used in investing activities decreased by $47.7 million to $53.3 million for the nine months ended March 31, 2025, compared to $101.0 million for the same period in 2024[208] - Net cash used in financing activities increased by $10.8 million to $50.6 million for the nine months ended March 31, 2025, compared to $39.8 million in the prior year[209] Investments and Agreements - Stride has invested over $700 million in the last twenty years to develop curriculum, systems, instructional practices, and support services[177] - The average duration of agreements for the school-as-a-service offering is greater than five years, with most providing for automatic renewals[164]