$LRN
Stride, Inc.

2024 Q2 Form 10-Q Financial Statement

#000155837024005496 Filed on April 24, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $534.2M $520.8M
YoY Change 10.49% 10.75%
Cost Of Revenue $346.0M $319.5M
YoY Change 11.1% 8.3%
Gross Profit $188.2M $201.3M
YoY Change 9.37% 14.88%
Gross Profit Margin 35.23% 38.65%
Selling, General & Admin $107.6M $113.0M
YoY Change -8.95% 9.67%
% of Gross Profit 57.15% 56.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.22M $26.98M
YoY Change -4.99% 0.16%
% of Gross Profit 14.99% 13.4%
Operating Expenses $114.5M $113.0M
YoY Change -3.05% 9.67%
Operating Profit $73.68M $88.31M
YoY Change 36.58% 22.32%
Interest Expense -$2.318M -$2.404M
YoY Change 11.98% 8.98%
% of Operating Profit -3.15% -2.72%
Other Income/Expense, Net $7.519M $7.678M
YoY Change 28.35% 67.39%
Pretax Income $78.88M $93.59M
YoY Change 36.62% 25.49%
Income Tax $16.10M $24.66M
% Of Pretax Income 20.41% 26.35%
Net Earnings $62.78M $69.69M
YoY Change 44.75% 25.65%
Net Earnings / Revenue 11.75% 13.38%
Basic Earnings Per Share $1.63
Diluted Earnings Per Share $1.43 $1.60
COMMON SHARES
Basic Shares Outstanding 43.25M 43.37M
Diluted Shares Outstanding 43.66M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $692.3M $376.6M
YoY Change 68.52% 0.78%
Cash & Equivalents $500.6M $376.6M
Short-Term Investments $191.7M
Other Short-Term Assets $14.49M $193.5M
YoY Change -88.78% 100.42%
Inventory $36.75M $21.04M
Prepaid Expenses $29.16M $40.13M
Receivables $472.8M $577.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.245B $1.209B
YoY Change 16.92% 20.09%
LONG-TERM ASSETS
Property, Plant & Equipment $50.86M $114.9M
YoY Change -2.82% -13.89%
Goodwill $246.7M $246.7M
YoY Change 0.0% 0.0%
Intangibles $60.28M $64.67M
YoY Change -19.38% -19.3%
Long-Term Investments $8.500M
YoY Change 8.97%
Other Assets $120.3M $107.3M
YoY Change 10.23% 5.8%
Total Long-Term Assets $675.0M $683.1M
YoY Change -2.94% -1.43%
TOTAL ASSETS
Total Short-Term Assets $1.245B $1.209B
Total Long-Term Assets $675.0M $683.1M
Total Assets $1.920B $1.892B
YoY Change 9.08% 11.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.97M $37.16M
YoY Change -16.14% 5.4%
Accrued Expenses $60.80M $67.67M
YoY Change -20.66% 47.93%
Deferred Revenue $35.74M $70.91M
YoY Change -53.07% -24.84%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $29.15M $30.99M
YoY Change -18.18% -24.36%
Total Short-Term Liabilities $244.3M $282.0M
YoY Change -20.98% -0.8%
LONG-TERM LIABILITIES
Long-Term Debt $414.7M $414.3M
YoY Change 0.4% 0.4%
Other Long-Term Liabilities $13.84M $14.44M
YoY Change 31.86% 45.86%
Total Long-Term Liabilities $428.5M $428.7M
YoY Change 1.18% 1.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $244.3M $282.0M
Total Long-Term Liabilities $428.5M $428.7M
Total Liabilities $744.4M $789.0M
YoY Change -8.47% -1.43%
SHAREHOLDERS EQUITY
Retained Earnings $558.5M $495.7M
YoY Change 57.63% 59.42%
Common Stock $720.0M $710.0M
YoY Change 3.53% 2.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $102.5M $102.5M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $1.176B $1.103B
YoY Change
Total Liabilities & Shareholders Equity $1.920B $1.892B
YoY Change 9.08% 11.32%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $62.78M $69.69M
YoY Change 44.75% 25.65%
Depreciation, Depletion And Amortization $28.22M $26.98M
YoY Change -4.99% 0.16%
Cash From Operating Activities $172.2M $68.57M
YoY Change 77.66% -19.37%
INVESTING ACTIVITIES
Capital Expenditures $16.42M $16.33M
YoY Change -6.66% 7.41%
Acquisitions
YoY Change
Other Investing Activities -$22.43M -$15.89M
YoY Change -24.94% 2815.78%
Cash From Investing Activities -$38.86M -$32.22M
YoY Change -18.16% 104.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.310M -14.16M
YoY Change -24.45% 1.91%
NET CHANGE
Cash From Operating Activities 172.2M 68.57M
Cash From Investing Activities -38.86M -32.22M
Cash From Financing Activities -9.310M -14.16M
Net Change In Cash 124.0M 22.19M
YoY Change 234.07% -59.95%
FREE CASH FLOW
Cash From Operating Activities $172.2M $68.57M
Capital Expenditures $16.42M $16.33M
Free Cash Flow $155.8M $52.24M
YoY Change 96.36% -25.2%

Facts In Submission

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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>
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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 March 31, 2024, the condensed consolidated statements of operations and comprehensive income for the three and nine months ended March 31, 2024 and 2023, the condensed consolidated statements of cash flows for the nine months ended March 31, 2024 and 2023, and the condensed consolidated statements of stockholders’ equity for the three and nine months ended March 31, 2024 and 2023 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 nine months ended March 31, 2024 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_PyryIDwHDE-GVU28zfTmKw;"><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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P2Y1M2D
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P1Y10M2D
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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OperatingLeaseRightOfUseAssetObtainedFromAcquisition
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StockBasedCompensationExpenseCapitalizedOnSoftwareDevelopment
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StockBasedCompensationExpenseCapitalizedOnSoftwareDevelopment
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CY2023Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
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us-gaap Goodwill Acquired During Period
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CY2023Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
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CY2023Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Deferred Revenue
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