$LRN
Stride, Inc.

2024 Q1 Form 10-Q Financial Statement

#000155837024000439 Filed on January 24, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $520.8M $504.9M
YoY Change 10.75% 10.13%
Cost Of Revenue $319.5M $303.7M
YoY Change 8.3% 5.32%
Gross Profit $201.3M $201.2M
YoY Change 14.88% 18.28%
Gross Profit Margin 38.65% 39.85%
Selling, General & Admin $113.0M $116.9M
YoY Change 9.67% 14.58%
% of Gross Profit 56.13% 58.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.98M $26.46M
YoY Change 0.16% -3.64%
% of Gross Profit 13.4% 13.15%
Operating Expenses $113.0M $116.9M
YoY Change 9.67% 14.58%
Operating Profit $88.31M $84.29M
YoY Change 22.32% 23.82%
Interest Expense -$2.404M -$2.022M
YoY Change 8.98% -2.88%
% of Operating Profit -2.72% -2.4%
Other Income/Expense, Net $7.678M $6.538M
YoY Change 67.39% 64.69%
Pretax Income $93.59M $88.81M
YoY Change 25.49% 26.94%
Income Tax $24.66M $22.19M
% Of Pretax Income 26.35% 24.99%
Net Earnings $69.69M $66.84M
YoY Change 25.65% 31.81%
Net Earnings / Revenue 13.38% 13.24%
Basic Earnings Per Share $1.63 $1.57
Diluted Earnings Per Share $1.60 $1.54
COMMON SHARES
Basic Shares Outstanding 43.37M 43.34M
Diluted Shares Outstanding 43.66M 43.46M

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $376.6M $354.4M
YoY Change 0.78% 11.34%
Cash & Equivalents $376.6M $354.4M
Short-Term Investments
Other Short-Term Assets $193.5M $169.8M
YoY Change 100.42% 68.82%
Inventory $21.04M $19.51M
Prepaid Expenses $40.13M $35.53M
Receivables $577.8M $509.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.209B $1.089B
YoY Change 20.09% 17.23%
LONG-TERM ASSETS
Property, Plant & Equipment $114.9M $121.2M
YoY Change -13.89% -15.77%
Goodwill $246.7M $246.7M
YoY Change 0.0% 0.0%
Intangibles $64.67M $68.77M
YoY Change -19.3% -17.55%
Long-Term Investments $8.500M $8.100M
YoY Change 8.97% 12.5%
Other Assets $107.3M $115.4M
YoY Change 5.8% 28.7%
Total Long-Term Assets $683.1M $693.3M
YoY Change -1.43% 0.41%
TOTAL ASSETS
Total Short-Term Assets $1.209B $1.089B
Total Long-Term Assets $683.1M $693.3M
Total Assets $1.892B $1.782B
YoY Change 11.32% 10.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.16M $31.32M
YoY Change 5.4% -4.54%
Accrued Expenses $67.67M $56.33M
YoY Change 47.93% 37.71%
Deferred Revenue $70.91M $64.24M
YoY Change -24.84% -23.34%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $30.99M $33.11M
YoY Change -24.36% -25.39%
Total Short-Term Liabilities $282.0M $240.9M
YoY Change -0.8% -3.35%
LONG-TERM LIABILITIES
Long-Term Debt $414.3M $413.9M
YoY Change 0.4% 0.39%
Other Long-Term Liabilities $14.44M $12.57M
YoY Change 45.86% 21.23%
Total Long-Term Liabilities $428.7M $426.4M
YoY Change 1.46% 0.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $282.0M $240.9M
Total Long-Term Liabilities $428.7M $426.4M
Total Liabilities $789.0M $749.5M
YoY Change -1.43% -3.59%
SHAREHOLDERS EQUITY
Retained Earnings $495.7M $426.0M
YoY Change 59.42% 66.75%
Common Stock $710.0M $709.2M
YoY Change 2.78% 2.97%
Preferred Stock
YoY Change
Treasury Stock (at cost) $102.5M $102.5M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $1.103B $1.033B
YoY Change
Total Liabilities & Shareholders Equity $1.892B $1.782B
YoY Change 11.32% 10.06%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $69.69M $66.84M
YoY Change 25.65% 31.81%
Depreciation, Depletion And Amortization $26.98M $26.46M
YoY Change 0.16% -3.64%
Cash From Operating Activities $68.57M $173.3M
YoY Change -19.37% 5.48%
INVESTING ACTIVITIES
Capital Expenditures $16.33M $12.69M
YoY Change 7.41% -175.08%
Acquisitions
YoY Change
Other Investing Activities -$15.89M -$49.05M
YoY Change 2815.78% 322.0%
Cash From Investing Activities -$32.22M -$61.73M
YoY Change 104.6% 116.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.16M -11.84M
YoY Change 1.91% -1.76%
NET CHANGE
Cash From Operating Activities 68.57M 173.3M
Cash From Investing Activities -32.22M -61.73M
Cash From Financing Activities -14.16M -11.84M
Net Change In Cash 22.19M 99.76M
YoY Change -59.95% -19.39%
FREE CASH FLOW
Cash From Operating Activities $68.57M $173.3M
Capital Expenditures $16.33M $12.69M
Free Cash Flow $52.24M $160.6M
YoY Change -25.2% -11.36%

Facts In Submission

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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
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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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><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>
CY2023Q4 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, 2023, the condensed consolidated statements of operations and comprehensive income for the three and six months ended December 31, 2023 and 2022, the condensed consolidated statements of cash flows for the six months ended December 31, 2023 and 2022, and the condensed consolidated statements of stockholders’ equity for the three and six months ended December 31, 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 and six months ended December 31, 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_zGyecYIQgUGpTNJ6llxyuw;"><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
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lrn Revenue Reduction School Operating Losses
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lrn Revenue Reduction School Operating Losses
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16600000
CY2023Q4 lrn Number Of Lines Of Revenues
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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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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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2600000
us-gaap Investment Income Nonoperating
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us-gaap Investment Income Nonoperating
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CY2023Q4 us-gaap Held To Maturity Securities
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CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
5900000
lrn Provision On Allowance For Doubtful Accounts
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lrn Increase Decrease In Doubtful Accounts Related To Initial Adoption Of Asc326
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CY2023Q2 us-gaap Inventory Noncurrent
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CY2023Q4 us-gaap Inventory Valuation Reserves
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CY2023Q2 us-gaap Inventory Valuation Reserves
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CY2023Q4 us-gaap Equipment Expense
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1400000
CY2022Q4 us-gaap Equipment Expense
EquipmentExpense
600000
us-gaap Equipment Expense
EquipmentExpense
3000000.0
us-gaap Equipment Expense
EquipmentExpense
1800000
us-gaap Payments For Software
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18400000
us-gaap Payments For Software
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21400000
lrn Capitalized Curriculum Development Costs Useful Life
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P5Y
lrn Payments To Capitalized Curriculum Development Costs
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8700000
lrn Payments To Capitalized Curriculum Development Costs
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9500000
CY2023Q4 us-gaap Amortization Of Intangible Assets
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CY2022Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3300000
us-gaap Amortization Of Intangible Assets
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6000000.0
us-gaap Amortization Of Intangible Assets
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6600000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
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1
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1
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385000
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LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueInNextTwelveMonths
836000
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455000
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LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsDueInYearTwo
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CY2023Q4 lrn Lessee Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
LesseeOperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
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CY2023Q4 us-gaap Finance Lease Right Of Use Asset Amortization
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FinanceLeaseRightOfUseAssetAmortization
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FinanceLeaseRightOfUseAssetAmortization
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FinanceLeaseRightOfUseAssetAmortization
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FinanceLeaseInterestExpense
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CY2022Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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OperatingLeasePayments
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OperatingLeasePayments
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CY2022Q4 us-gaap Finance Lease Interest Payment On Liability
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us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
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us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
19938000
CY2023Q4 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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8434000
CY2022Q4 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
26277000
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 Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
625000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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576000
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P2Y1M13D
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P1Y10M2D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P5Y11M15D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y4M6D
CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
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0.0522
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
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0.0331
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0277
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6131000
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6965000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
413869000
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
413035000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
413869000
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
413035000
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
5861000
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
1132000
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
1309000
us-gaap Goodwill Acquired During Period
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5655000
us-gaap Interest Paid Net
InterestPaidNet
3414000
us-gaap Interest Paid Net
InterestPaidNet
3328000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
38398000
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IncomeTaxesPaidNet
22434000
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OperatingLeaseRightOfUseAssetObtainedFromAcquisition
385000
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FinanceLeaseRightOfUseAssetObtainedInExchangeForNewFinanceLeaseLiabilities
26277000
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FinanceLeaseRightOfUseAssetObtainedInExchangeForNewFinanceLeaseLiabilities
25212000
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StockBasedCompensationExpenseCapitalizedOnSoftwareDevelopment
278000
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StockBasedCompensationExpenseCapitalizedOnSoftwareDevelopment
215000
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StockBasedCompensationExpenseCapitalizedOnCurriculumDevelopment
71000
lrn Stock Based Compensation Expense Capitalized On Curriculum Development
StockBasedCompensationExpenseCapitalizedOnCurriculumDevelopment
44000

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