$LRN
Stride, Inc.

2023 Q4 Form 10-Q Financial Statement

#000155837023016672 Filed on October 25, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $504.9M $480.2M
YoY Change 10.13% 12.94%
Cost Of Revenue $303.7M $307.3M
YoY Change 5.32% 3.99%
Gross Profit $201.2M $172.9M
YoY Change 18.28% 33.35%
Gross Profit Margin 39.85% 36.0%
Selling, General & Admin $116.9M $169.6M
YoY Change 14.58% 7.07%
% of Gross Profit 58.1% 98.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.46M $28.02M
YoY Change -3.64% 6.73%
% of Gross Profit 13.15% 16.21%
Operating Expenses $116.9M $169.6M
YoY Change 14.58% 7.07%
Operating Profit $84.29M $3.320M
YoY Change 23.82% -111.56%
Interest Expense -$2.022M -$2.068M
YoY Change -2.88% 1.08%
% of Operating Profit -2.4% -62.29%
Other Income/Expense, Net $6.538M $5.165M
YoY Change 64.69% 398.07%
Pretax Income $88.81M $6.417M
YoY Change 26.94% -121.59%
Income Tax $22.19M $1.536M
% Of Pretax Income 24.99% 23.94%
Net Earnings $66.84M $4.878M
YoY Change 31.81% -121.52%
Net Earnings / Revenue 13.24% 1.02%
Basic Earnings Per Share $1.57 $0.11
Diluted Earnings Per Share $1.54 $0.11
COMMON SHARES
Basic Shares Outstanding 43.34M 42.99M
Diluted Shares Outstanding 43.46M 42.98M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $354.4M $254.6M
YoY Change 11.34% 30.9%
Cash & Equivalents $354.4M $254.6M
Short-Term Investments
Other Short-Term Assets $169.8M $123.9M
YoY Change 68.82% 32.08%
Inventory $19.51M $21.75M
Prepaid Expenses $35.53M $50.35M
Receivables $509.6M $629.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.089B $1.080B
YoY Change 17.23% 16.02%
LONG-TERM ASSETS
Property, Plant & Equipment $121.2M $125.7M
YoY Change -15.77% -17.12%
Goodwill $246.7M $246.7M
YoY Change 0.0% 0.18%
Intangibles $68.77M $71.76M
YoY Change -17.55% -17.23%
Long-Term Investments $8.100M $8.000M
YoY Change 12.5% 122976.92%
Other Assets $115.4M $109.3M
YoY Change 28.7% 36.3%
Total Long-Term Assets $693.3M $687.4M
YoY Change 0.41% -0.52%
TOTAL ASSETS
Total Short-Term Assets $1.089B $1.080B
Total Long-Term Assets $693.3M $687.4M
Total Assets $1.782B $1.768B
YoY Change 10.06% 8.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.32M $74.59M
YoY Change -4.54% 8.16%
Accrued Expenses $56.33M $50.83M
YoY Change 37.71% 19.5%
Deferred Revenue $64.24M $83.92M
YoY Change -23.34% 4.01%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $33.11M $35.07M
YoY Change -25.39% -19.63%
Total Short-Term Liabilities $240.9M $299.1M
YoY Change -3.35% 3.42%
LONG-TERM LIABILITIES
Long-Term Debt $413.9M $413.5M
YoY Change 0.39% 0.39%
Other Long-Term Liabilities $12.57M $11.93M
YoY Change 21.23% 13.79%
Total Long-Term Liabilities $426.4M $425.4M
YoY Change 0.9% 0.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $240.9M $299.1M
Total Long-Term Liabilities $426.4M $425.4M
Total Liabilities $749.5M $809.2M
YoY Change -3.59% -3.13%
SHAREHOLDERS EQUITY
Retained Earnings $426.0M $359.2M
YoY Change 66.75% 75.4%
Common Stock $709.2M $701.8M
YoY Change 2.97% 2.6%
Preferred Stock
YoY Change
Treasury Stock (at cost) $102.5M $102.5M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $1.033B $958.5M
YoY Change
Total Liabilities & Shareholders Equity $1.782B $1.768B
YoY Change 10.06% 8.97%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $66.84M $4.878M
YoY Change 31.81% -121.52%
Depreciation, Depletion And Amortization $26.46M $28.02M
YoY Change -3.64% 6.73%
Cash From Operating Activities $173.3M -$135.3M
YoY Change 5.48% -5.48%
INVESTING ACTIVITIES
Capital Expenditures $12.69M $1.694M
YoY Change -175.08% 85.54%
Acquisitions
YoY Change
Other Investing Activities -$49.05M $9.084M
YoY Change 322.0% -194.19%
Cash From Investing Activities -$61.73M -$7.065M
YoY Change 116.45% -73.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.84M -13.81M
YoY Change -1.76% -45.27%
NET CHANGE
Cash From Operating Activities 173.3M -135.3M
Cash From Investing Activities -61.73M -7.065M
Cash From Financing Activities -11.84M -13.81M
Net Change In Cash 99.76M -156.2M
YoY Change -19.39% -19.86%
FREE CASH FLOW
Cash From Operating Activities $173.3M -$135.3M
Capital Expenditures $12.69M $1.694M
Free Cash Flow $160.6M -$137.0M
YoY Change -11.36% -4.9%

Facts In Submission

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CY2022Q3 lrn Increase Decrease In Inventories Prepaid Expenses And Other Assets
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CY2022Q3 us-gaap Increase Decrease In Accounts Payable
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CY2022Q3 us-gaap Increase Decrease In Accrued Liabilities
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CY2022Q3 us-gaap Increase Decrease In Employee Related Liabilities
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CY2023Q3 lrn Increase Decrease In Operating Lease Liabilities
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CY2022Q3 lrn Increase Decrease In Operating Lease Liabilities
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CY2023Q3 lrn Increase Decrease In Contract With Customer Liability And Other Liabilities
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CY2022Q3 lrn Increase Decrease In Contract With Customer Liability And Other Liabilities
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CY2022Q3 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022Q3 us-gaap Payments For Software
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CY2022Q3 lrn Payments To Capitalized Curriculum Development Costs
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CY2022Q3 us-gaap Payments To Acquire Other Investments
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CY2022Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2022Q3 us-gaap Payments To Acquire Held To Maturity Securities
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CY2022Q3 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q3 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q3 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><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. </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">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><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, </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">healthcare and general </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">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;">. </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 </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">are sold as a comprehensive school-as-a-service offering or à la carte</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">.  The Company also offers focused post-secondary career learning programs to adult learners</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">, through Galvanize, Inc. (“Galvanize”), Tech Elevator, Inc. (“Tech Elevator”), and MedCerts, LLC (“MedCerts”). </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">These include skills training in </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">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>
CY2023Q3 lrn Number Of Lines Of Revenues
NumberOfLinesOfRevenues
2
CY2023Q3 us-gaap Basis Of Accounting
BasisOfAccounting
<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 September 30, 2023, the condensed consolidated statements of operations and comprehensive income for the three months ended September 30, 2023 and 2022, the condensed consolidated statements of cash flows for the three months ended September 30, 2023 and 2022, and the condensed consolidated statements of stockholders’ equity for the three months ended September 30, 2023 and 2022 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 months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending June 30, 2024, for any other interim period or for any other future fiscal year. The condensed consolidated balance sheet as of June 30, 2023 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 16, 2023, which contains the Company’s audited financial statements for the fiscal year ended June 30, 2023.</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__ClMhJSAM0-Cq2WJ_wtHVQ;"><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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1
lrn Percentage Of Impact On Total Revenue
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CY2022Q3 lrn Revenue Reduction School Operating Losses
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CY2023Q3 lrn Number Of Lines Of Revenues
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2
CY2023Q3 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
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CY2022Q2 us-gaap Held To Maturity Securities Fair Value
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CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q2 us-gaap Unbilled Receivables Current
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CY2022Q3 us-gaap Investment Income Nonoperating
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CY2023Q3 us-gaap Held To Maturity Securities
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CY2022Q3 us-gaap Equipment Expense
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CY2022Q3 us-gaap Payments For Software
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9800000
CY2023Q3 lrn Capitalized Curriculum Development Costs Useful Life
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P5Y
CY2023Q3 lrn Payments To Capitalized Curriculum Development Costs
PaymentsToCapitalizedCurriculumDevelopmentCosts
4400000
CY2022Q3 lrn Payments To Capitalized Curriculum Development Costs
PaymentsToCapitalizedCurriculumDevelopmentCosts
6100000
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2022Q3 us-gaap Amortization Of Intangible Assets
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3300000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
10400000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
9300000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
29900000
CY2023Q3 us-gaap Number Of Reportable Segments
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1
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
139000000.0
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
67200000
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
71800000
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
139000000.0
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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64200000
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
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CY2023Q3 us-gaap Long Term Debt Fair Value
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CY2023Q3 us-gaap Investments Fair Value Disclosure
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CY2023Q3 us-gaap Net Income Loss
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4878000
CY2022Q3 us-gaap Net Income Loss
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42500011
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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42076628
CY2023Q3 us-gaap Earnings Per Share Basic
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CY2022Q3 us-gaap Earnings Per Share Basic
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CY2023Q3 us-gaap Net Income Loss
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4878000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-22672000
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WeightedAverageNumberOfSharesOutstandingBasic
42500011
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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42076628
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
482374
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42982385
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42076628
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.54
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.239
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.249
CY2020Q1 lrn Employer Portion Of Social Security Payroll Tax Percentage
EmployerPortionOfSocialSecurityPayrollTaxPercentage
-0.062
CY2020Q4 lrn Social Security Employer Payroll Tax Amount Deferred Under Cares Act
SocialSecurityEmployerPayrollTaxAmountDeferredUnderCaresAct
14100000
CY2020Q4 lrn Social Security Employer Payroll Tax Deferment Number Of Installment Payments
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
CY2023Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
29760000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
37056000
CY2023Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
23824000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
16691000
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
12515000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
5457000
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
2423000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
60000
CY2023Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
68522000
CY2023Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
59264000
CY2023Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
3816000
CY2023Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
2365000
CY2023Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
64706000
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
56899000
CY2023Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
35065000
CY2023Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
35621000
CY2023Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
29641000
CY2023Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
21278000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
69700000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
73900000
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
64600000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
69500000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
12788000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
16341000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
14347000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
15668000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
12436000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
12290000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8775000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
8753000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
7748000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
7727000
CY2023Q3 lrn Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
19978000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
19975000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
76072000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
80754000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6364000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6880000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
69708000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
73874000
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
14717000
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
14449000
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
54991000
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
59425000
CY2023Q3 lrn Number Of Facilities Being Subleased Through September2024
NumberOfFacilitiesBeingSubleasedThroughSeptember2024
1
CY2023Q3 lrn Number Of Facilities Being Subleased Through November2024
NumberOfFacilitiesBeingSubleasedThroughNovember2024
1
CY2023Q3 lrn Number Of Facilities Being Subleased Through December2025
NumberOfFacilitiesBeingSubleasedThroughDecember2025
1
CY2023Q3 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Remainder Of Fiscal Year
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsRemainderOfFiscalYear
577000
CY2023Q2 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due In Next Twelve Months
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueInNextTwelveMonths
836000
CY2023Q3 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due In Next Twelve Months
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueInNextTwelveMonths
455000
CY2023Q2 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due In Year Two
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueInYearTwo
455000
CY2023Q3 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due In Year Two
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueInYearTwo
139000
CY2023Q2 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Due In Year Three
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueInYearThree
139000
CY2023Q3 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
1171000
CY2023Q2 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
1430000
CY2023Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
8842000
CY2022Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
9934000
CY2023Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
517000
CY2022Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
388000
CY2023Q3 us-gaap Lease Cost
LeaseCost
13930000
CY2022Q3 us-gaap Lease Cost
LeaseCost
14379000
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
3619000
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
2605000
CY2023Q3 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
11721000
CY2022Q3 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
9314000
CY2023Q3 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
17843000
CY2022Q3 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
19907000
CY2023Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
625000
CY2022Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
576000
CY2023Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y8M4D
CY2022Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y9M25D
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y11M15D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y6M3D
CY2023Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0467
CY2022Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0300
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0284
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0277
CY2023Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6548000
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6965000
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
413452000
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
413035000
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
413452000
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
413035000
CY2023Q3 us-gaap Interest Paid Net
InterestPaidNet
2911000
CY2022Q3 us-gaap Interest Paid Net
InterestPaidNet
2796000
CY2023Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
36275000
CY2022Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
21296000
CY2022Q3 lrn Operating Lease Right Of Use Asset Obtained From Acquisition
OperatingLeaseRightOfUseAssetObtainedFromAcquisition
385000
CY2023Q3 lrn Finance Lease Right Of Use Asset Obtained In Exchange For New Finance Lease Liabilities
FinanceLeaseRightOfUseAssetObtainedInExchangeForNewFinanceLeaseLiabilities
17843000
CY2022Q3 lrn Finance Lease Right Of Use Asset Obtained In Exchange For New Finance Lease Liabilities
FinanceLeaseRightOfUseAssetObtainedInExchangeForNewFinanceLeaseLiabilities
19907000
CY2023Q3 lrn Stock Based Compensation Expense Capitalized On Software Development
StockBasedCompensationExpenseCapitalizedOnSoftwareDevelopment
138000
CY2022Q3 lrn Stock Based Compensation Expense Capitalized On Software Development
StockBasedCompensationExpenseCapitalizedOnSoftwareDevelopment
101000
CY2023Q3 lrn Stock Based Compensation Expense Capitalized On Curriculum Development
StockBasedCompensationExpenseCapitalizedOnCurriculumDevelopment
36000
CY2022Q3 lrn Stock Based Compensation Expense Capitalized On Curriculum Development
StockBasedCompensationExpenseCapitalizedOnCurriculumDevelopment
19000
CY2022Q3 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
5423000
CY2022Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
1132000
CY2022Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
1309000
CY2022Q3 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
5217000
CY2022Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
385000
CY2022Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Deferred Revenue
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDeferredRevenue
441000
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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