$LRN
Stride, Inc.

2023 Q1 Form 10-Q Financial Statement

#000155837023000472 Filed on January 25, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4
Revenue $470.3M $458.4M
YoY Change 11.52% 11.95%
Cost Of Revenue $295.0M $288.3M
YoY Change 10.55% 10.08%
Gross Profit $175.3M $170.1M
YoY Change 13.18% 15.27%
Gross Profit Margin 37.27% 37.1%
Selling, General & Admin $103.1M $102.0M
YoY Change 9.35% 12.55%
% of Gross Profit 58.8% 59.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.94M $27.46M
YoY Change 11.62% 9.07%
% of Gross Profit 15.37% 16.15%
Operating Expenses $103.1M $102.0M
YoY Change 9.35% 12.55%
Operating Profit $72.20M $68.07M
YoY Change 19.15% 19.6%
Interest Expense -$2.206M -$2.082M
YoY Change -7.04% 11.04%
% of Operating Profit -3.06% -3.06%
Other Income/Expense, Net $4.587M $3.970M
YoY Change 824.8% 2.21%
Pretax Income $74.58M $69.96M
YoY Change 27.02% 18.73%
Income Tax $19.53M $18.86M
% Of Pretax Income 26.18% 26.96%
Net Earnings $55.46M $50.71M
YoY Change 29.22% 20.71%
Net Earnings / Revenue 11.79% 11.06%
Basic Earnings Per Share $1.31 $1.20
Diluted Earnings Per Share $1.30 $1.19
COMMON SHARES
Basic Shares Outstanding 43.11M 43.03M
Diluted Shares Outstanding 42.71M 42.55M

Balance Sheet

Concept 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $373.7M $318.3M
YoY Change 21.1% 23.85%
Cash & Equivalents $373.7M $318.3M
Short-Term Investments
Other Short-Term Assets $96.57M $100.6M
YoY Change 19.88% 33.18%
Inventory $22.88M $23.96M
Prepaid Expenses $39.01M $43.82M
Receivables $474.7M $442.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.007B $928.8M
YoY Change 15.52% 13.81%
LONG-TERM ASSETS
Property, Plant & Equipment $133.5M $143.9M
YoY Change -13.93% -13.05%
Goodwill $246.7M $246.7M
YoY Change 2.38% 2.39%
Intangibles $80.13M $83.41M
YoY Change -12.84% -12.39%
Long-Term Investments $7.800M $7.200M
YoY Change 27.87% 26.32%
Other Assets $101.4M $89.69M
YoY Change 1.85% -8.12%
Total Long-Term Assets $693.0M $690.5M
YoY Change -1.41% -2.7%
TOTAL ASSETS
Total Short-Term Assets $1.007B $928.8M
Total Long-Term Assets $693.0M $690.5M
Total Assets $1.700B $1.619B
YoY Change 7.96% 6.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.25M $32.81M
YoY Change 7.32% -2.99%
Accrued Expenses $45.75M $40.91M
YoY Change -17.06% -33.44%
Deferred Revenue $94.34M $83.80M
YoY Change 83.08% 66.24%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $40.97M $44.38M
YoY Change 10.68% 23.0%
Total Short-Term Liabilities $284.2M $249.3M
YoY Change 13.62% 4.64%
LONG-TERM LIABILITIES
Long-Term Debt $412.6M $412.3M
YoY Change 0.39% 0.39%
Other Long-Term Liabilities $9.897M $10.37M
YoY Change 1.05% -3.32%
Total Long-Term Liabilities $422.5M $422.6M
YoY Change 0.4% 0.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $284.2M $249.3M
Total Long-Term Liabilities $422.5M $422.6M
Total Liabilities $800.5M $777.4M
YoY Change 0.82% -1.78%
SHAREHOLDERS EQUITY
Retained Earnings $311.0M $255.5M
YoY Change 55.97% 63.3%
Common Stock $690.8M $688.7M
YoY Change 1.01% 1.19%
Preferred Stock
YoY Change
Treasury Stock (at cost) $102.5M $102.5M
YoY Change 0.0% 0.0%
Treasury Stock Shares $5.335M $5.335M
Shareholders Equity $899.4M $841.9M
YoY Change
Total Liabilities & Shareholders Equity $1.700B $1.619B
YoY Change 7.96% 6.13%

Cashflow Statement

Concept 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $55.46M $50.71M
YoY Change 29.22% 20.71%
Depreciation, Depletion And Amortization $26.94M $27.46M
YoY Change 11.62% 9.07%
Cash From Operating Activities $85.04M $164.3M
YoY Change -8.63% 37.12%
INVESTING ACTIVITIES
Capital Expenditures $15.20M -$16.90M
YoY Change -182.46% 19.4%
Acquisitions
YoY Change
Other Investing Activities -$545.0K -$11.62M
YoY Change -95.63% -47.84%
Cash From Investing Activities -$15.75M -$28.52M
YoY Change -49.05% -21.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.89M -12.05M
YoY Change 25.28% -73.18%
NET CHANGE
Cash From Operating Activities 85.04M 164.3M
Cash From Investing Activities -15.75M -28.52M
Cash From Financing Activities -13.89M -12.05M
Net Change In Cash 55.40M 123.8M
YoY Change 8.47% 221.72%
FREE CASH FLOW
Cash From Operating Activities $85.04M $164.3M
Capital Expenditures $15.20M -$16.90M
Free Cash Flow $69.84M $181.2M
YoY Change -37.37% 35.25%

Facts In Submission

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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"> <b style="font-weight:bold;">1.   Description of the Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">Stride, Inc., together with its subsidiaries (“Stride” or the “Company”) is an education services company providing virtual and blended learning. The brand reflects the Company’s continued growth into lifelong learning, regardless of a student’s age or location. The Company’s technology-based products and services enable its clients to attract, enroll, educate, track progress, and support students. These products and services, spanning curriculum, systems, instruction, and support services are designed to help learners of all ages reach their full potential through inspired teaching and personalized learning. The Company’s clients are primarily public and private schools, school districts, and charter boards. Additionally, it offers solutions to employers, government agencies and consumers. These products and services are provided through two lines of revenue:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Products and services for the General Education market are predominantly focused on core subjects, including math, English, science and history, for kindergarten through twelfth grade students to help build a common foundation of knowledge.  These programs provide an alternative to traditional school options and address a range of student needs including, safety concerns, increased academic support, scheduling flexibility, physical/health restrictions or advanced learning. Products and services are sold as a comprehensive school-as-a-service offering or à la carte.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><span style="font-size:10pt;margin-left:0pt;visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Career Learning products and services are focused on developing skills to enter and succeed in careers in high-growth, in-demand industries—including information technology, health care and general business.  The Company pr</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;background:#ffffff;">ovides middle and high school students with Career Learning programs that complement their core general education coursework in math, English, science and history. Stride offers multiple career pathways supported by a diverse catalog of Career Learning courses. The middle school program exposes students to a variety of career options and introduces career skill development. In high school, students may engage in industry content pathway courses, project-based learning in virtual teams, and career development services. High school students also have the opportunity to progress toward certifications, connect with industry professionals, earn college credits while in high school, and participate in job shadowing and/or work-based learning experiences that facilitate success in today’s digital, tech-enabled economy.  A student enrolled in a school that offers Stride’s General Education program may elect to take Career Learning courses, but that student and the associated revenue is reported as a General Education enrollment and General Education revenue. A student and the associated revenue is counted as a Career Learning enrollment or Career Learning revenue only if the student is enrolled in a Career Learning program or school</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">. Like General Education products and services, the products and services for the Career Learning market are sold as a comprehensive school-as-a-service offering or à la carte.  The Company also offers focused post-secondary career learning programs to adult learners, through Galvanize, Inc. (“Galvanize”), Tech Elevator, Inc. (“Tech Elevator”), and MedCerts, LLC (“MedCerts”). These include skills training in the </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;background:#ffffff;">software engineering, healthcare, and medical fields, as well as providing staffing and talent development services to employers</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">. These programs are offered directly to consumers, as well as to employers and government agencies.</span></td></tr></table>
CY2022Q4 lrn Number Of Lines Of Revenues
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2
us-gaap Basis Of Accounting
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">2.   Basis of Presentation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The accompanying condensed consolidated balance sheet as of December 31, 2022, the condensed consolidated statements of operations and comprehensive income for the three and six months ended December 31, 2022 and 2021, the condensed consolidated statements of cash flows for the six months ended December 31, 2022 and 2021, and the condensed consolidated statements of stockholders’ equity for the three and six months ended December 31, 2022 and 2021 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements, and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position and results of operations for the periods presented. The results for the three and six months ended December 31, 2022 are not necessarily indicative of the results to be expected for the year ending June 30, 2023, for any other interim period or for any other future fiscal year. The condensed consolidated balance sheet as of June 30, 2022 has been derived from the audited consolidated financial statements at that date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, the Company does not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments (consisting of normal recurring adjustments) considered necessary to present a fair statement of the Company’s condensed consolidated results of operations, financial position and cash flows. Preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and footnotes. Actual results could differ from those estimates. This quarterly report on Form 10-Q should be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on August 10, 2022, which contains the Company’s audited financial statements for the fiscal year ended June 30, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The Company operates in one operating and <span style="-sec-ix-hidden:Hidden_eSBWOkIeA0uccpJuq-RRiA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">reportable</span></span> business segment as a technology-based education company providing proprietary and third party curriculum, software systems and educational services designed to facilitate individualized learning for students and adults. The Chief Operating Decision Maker evaluates profitability based on consolidated results.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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CY2021Q4 lrn Revenue Reduction School Operating Losses
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lrn Revenue Reduction School Operating Losses
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lrn Revenue Reduction School Operating Losses
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25200000
CY2022Q4 lrn Number Of Lines Of Revenues
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Contract With Customer Liability Revenue Recognized
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us-gaap Contract With Customer Liability Revenue Recognized
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us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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CY2022Q4 us-gaap Inventory Valuation Reserves
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CY2022Q2 us-gaap Inventory Valuation Reserves
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6500000
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CY2021Q4 us-gaap Equipment Expense
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us-gaap Equipment Expense
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us-gaap Equipment Expense
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CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Payments For Software
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lrn Capitalized Curriculum Development Costs Useful Life
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lrn Payments To Capitalized Curriculum Development Costs
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lrn Payments To Capitalized Curriculum Development Costs
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CY2022Q4 us-gaap Lessee Operating Lease Discount Rate
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3300000
CY2021Q4 us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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6600000
us-gaap Amortization Of Intangible Assets
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6400000
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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8100000
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFiveAndAfterYearFive
35900000
us-gaap Number Of Reportable Segments
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1
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FiniteLivedIntangibleAssetsGross
148300000
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FiniteLivedIntangibleAssetsAccumulatedAmortization
64900000
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FiniteLivedIntangibleAssetsNet
83400000
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LongTermDebtFairValue
377200000
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InvestmentsFairValueDisclosure
103000000.0
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ExpenseOnEstimateOfFairValueOfContingentConsideration
500000
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ExpenseOnEstimateOfFairValueOfContingentConsideration
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ContingentConsiderationFairValueDisclosure
11300000
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ContingentConsiderationFairValueDisclosure
11300000
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NetIncomeLoss
50705000
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
42004000
us-gaap Net Income Loss
NetIncomeLoss
28033000
us-gaap Net Income Loss
NetIncomeLoss
36121000
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42259061
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WeightedAverageNumberOfSharesOutstandingBasic
41525736
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WeightedAverageNumberOfSharesOutstandingBasic
42167844
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WeightedAverageNumberOfSharesOutstandingBasic
41042401
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1.20
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EarningsPerShareBasic
1.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.66
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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NetIncomeLoss
50705000
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
28033000
us-gaap Net Income Loss
NetIncomeLoss
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WeightedAverageNumberOfSharesOutstandingBasic
41042401
CY2022Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
288273
CY2021Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
437663
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
434561
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1371427
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42547334
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41963399
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42602405
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42413828
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.19
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.66
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.85
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.271
CY2021Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.275
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.288
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.265
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EmployerPortionOfSocialSecurityPayrollTaxPercentage
0.062
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SocialSecurityEmployerPayrollTaxAmountDeferredUnderCaresAct
14100000
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SocialSecurityEmployerPayrollTaxDefermentNumberOfInstallmentPayments
2
CY2021Q4 lrn Deferred Employer Social Security Payroll Tax Paid
DeferredEmployerSocialSecurityPayrollTaxPaid
7050000.00
CY2022Q4 lrn Deferred Employer Social Security Payroll Tax Paid
DeferredEmployerSocialSecurityPayrollTaxPaid
7050000.00
CY2022Q4 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
24022000
CY2022Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
38600000
CY2022Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
34593000
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
24816000
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
14244000
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
4468000
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
3194000
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
22000
CY2022Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
76053000
CY2022Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
67906000
CY2022Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
2751000
CY2022Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1629000
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
73302000
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
66277000
CY2022Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
44377000
CY2022Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
37389000
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
28925000
CY2022Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
28888000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
79100000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
88000000.0
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
75800000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
85500000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7321000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
15120000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
16115000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
16638000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
15436000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
16168000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
12051000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
12900000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
8518000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
8797000
CY2022Q4 lrn Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
27455000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
27447000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
86896000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
97070000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7788000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9113000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
79108000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
87957000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
13281000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
12830000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
65827000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
75127000
CY2022Q4 lrn Number Of Facilities Being Subleased Through July2023
NumberOfFacilitiesBeingSubleasedThroughJuly2023
1
lrn Number Of Facilities Being Subleased Through November2024
NumberOfFacilitiesBeingSubleasedThroughNovember2024
1
lrn Number Of Facilities Being Subleased Through December2025
NumberOfFacilitiesBeingSubleasedThroughDecember2025
1
CY2022Q4 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Remainder Of Fiscal Year
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsRemainderOfFiscalYear
698000
CY2022Q2 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due In Next Twelve Months
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueInNextTwelveMonths
1396000
CY2022Q4 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due In Next Twelve Months
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueInNextTwelveMonths
665000
CY2022Q2 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due In Year Two
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueInYearTwo
665000
CY2022Q4 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due In Year Two
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueInYearTwo
412000
CY2022Q2 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due In Year Three
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueInYearThree
412000
CY2022Q4 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due In Year Three
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueInYearThree
140000
CY2022Q2 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due In Year Four
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueInYearFour
140000
CY2022Q4 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
1915000
CY2022Q2 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
2613000
CY2022Q4 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
10018000
CY2021Q4 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
9368000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
19952000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
16988000
CY2022Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
507000
CY2021Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
445000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
895000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
862000
CY2022Q4 us-gaap Lease Cost
LeaseCost
13479000
CY2021Q4 us-gaap Lease Cost
LeaseCost
15112000
us-gaap Lease Cost
LeaseCost
27857000
us-gaap Lease Cost
LeaseCost
28313000
CY2022Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
3361000
CY2021Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
5341000
us-gaap Operating Lease Payments
OperatingLeasePayments
5966000
us-gaap Operating Lease Payments
OperatingLeasePayments
10662000
CY2022Q4 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
10624000
CY2021Q4 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
7724000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
19938000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
14744000
CY2022Q4 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
5305000
CY2021Q4 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
6898000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
25212000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
20881000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
576000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6805000
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y10M2D
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M7D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y4M6D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y8M23D
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0331
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0240
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0277
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0276
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
7740000
CY2022Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
8562000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
412260000
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
411438000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
412260000
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
411438000
CY2022Q4 lrn Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable After Expiration Of Option Term Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableAfterExpirationOfOptionTermNumber
0
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1350
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.77
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P0Y11M23D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
35127
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
675
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
14.77
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
675
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.77
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P0Y6M21D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11144
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
238863
CY2021Q2 lrn Number Of Metrics Assumed To Be Achieved At Threshold
NumberOfMetricsAssumedToBeAchievedAtThreshold
1000
CY2021 lrn Percentage Of Target Stock Awards Granted At
PercentageOfTargetStockAwardsGrantedAt
1.23
us-gaap Interest Paid Net
InterestPaidNet
3328000
us-gaap Interest Paid Net
InterestPaidNet
3286000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
22434000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
13099000
lrn Operating Lease Right Of Use Asset Obtained From Acquisition
OperatingLeaseRightOfUseAssetObtainedFromAcquisition
385000
lrn Finance Lease Right Of Use Asset Obtained In Exchange For New Finance Lease Liabilities
FinanceLeaseRightOfUseAssetObtainedInExchangeForNewFinanceLeaseLiabilities
25212000
lrn Finance Lease Right Of Use Asset Obtained In Exchange For New Finance Lease Liabilities
FinanceLeaseRightOfUseAssetObtainedInExchangeForNewFinanceLeaseLiabilities
20881000
lrn Stock Based Compensation Expense Capitalized On Software Development
StockBasedCompensationExpenseCapitalizedOnSoftwareDevelopment
215000
lrn Stock Based Compensation Expense Capitalized On Software Development
StockBasedCompensationExpenseCapitalizedOnSoftwareDevelopment
143000
lrn Stock Based Compensation Expense Capitalized On Curriculum Development
StockBasedCompensationExpenseCapitalizedOnCurriculumDevelopment
44000
lrn Stock Based Compensation Expense Capitalized On Curriculum Development
StockBasedCompensationExpenseCapitalizedOnCurriculumDevelopment
57000
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
5861000
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
1145000
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
1132000
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
464000
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
1309000
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
2157000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
5655000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
568000
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
385000
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
42000
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Deferred Revenue
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeferredRevenue
441000
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Deferred Revenue
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeferredRevenue
1084000

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