Stride, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Stride, Inc. (LRN) filed its Q2 2024 10-Q report detailing financial positions and equity awards.</b>

AI Summary

Stride, Inc. (LRN) filed a Quarterly Report (10-Q) with the SEC on January 24, 2024. Stride, Inc. filed its 10-Q report for the period ending December 31, 2023. The filing includes data on retained earnings, additional paid-in capital, and accumulated other comprehensive income for various periods. Information on treasury stock and common stock is provided as of December 31, 2023, and prior dates. Details regarding equity award incentive plans, including restricted stock and performance shares, are presented. The report covers fiscal years 2021, 2023, and 2024 incentive plans.

Why It Matters

For investors and stakeholders tracking Stride, Inc., this filing contains several important signals. This 10-Q filing provides a snapshot of Stride's financial health and equity structure as of the end of the second quarter of fiscal year 2024. Investors can analyze changes in equity accounts and understand the company's incentive programs, which are crucial for executive compensation and employee retention.

Risk Assessment

Risk Level: low — Stride, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without immediate indicators of significant new risks or opportunities.

Analyst Insight

Monitor future filings for revenue growth and profitability trends, as well as any updates to executive compensation or equity awards.

Key Numbers

• 2023-12-31 — Period of Report (10-Q filing)
• 2024-01-24 — Filing Date (10-Q filing)
• 2023-09-30 — Prior Quarter End (Balance sheet data)
• 2023-06-30 — Prior Fiscal Year End (Balance sheet data)

Key Players & Entities

• Stride, Inc. (company) — Filer name
• LRN (company) — Ticker symbol
• 2023-12-31 (date) — Period of report
• 2024-01-24 (date) — Filing date
• K12 INC (company) — Former company name
• 2001-08-13 (date) — Date of name change

FAQ

Key Dates

• 2023-12-31: Quarter End — Financial data reported as of this date.
• 2024-01-24: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and position during the quarter.)

Retained Earnings

The cumulative earnings of a company that have not been distributed to shareholders as dividends. (Indicates the company's historical profitability and its ability to reinvest earnings.)

Additional Paid-In Capital

The amount shareholders have paid for stock above its par value. (Reflects capital raised from equity issuance beyond the nominal stock value.)

Accumulated Other Comprehensive Income

The cumulative amount of unrealized gains and losses that have not been reported in net income. (Represents gains and losses not yet reflected in net income, affecting total equity.)

Equity Awards

Stock options, restricted stock, or other equity-based compensation granted to employees. (Key component of executive and employee compensation, impacting dilution and company culture.)

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value LRN New York Stock Exchan

Filing Documents

• lrn-20231231x10q.htm (10-Q) — 1997KB
• lrn-20231231xex31d1.htm (EX-31.1) — 12KB
• lrn-20231231xex31d2.htm (EX-31.2) — 12KB
• lrn-20231231xex32d1.htm (EX-32.1) — 8KB
• lrn-20231231xex32d2.htm (EX-32.2) — 8KB
• 0001558370-24-000439.txt (&nbsp;) — 10062KB
• lrn-20231231.xsd (EX-101.SCH) — 61KB
• lrn-20231231_cal.xml (EX-101.CAL) — 66KB
• lrn-20231231_def.xml (EX-101.DEF) — 297KB
• lrn-20231231_lab.xml (EX-101.LAB) — 593KB
• lrn-20231231_pre.xml (EX-101.PRE) — 446KB
• lrn-20231231x10q_htm.xml (XML) — 2131KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42 PART II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 44

Signatures

Signatures 45 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited). STRIDE, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS December 31, June 30, 2023 2023 (audited) (In thousands except share and per share data) ASSETS Current assets Cash and cash equivalents $ 354,387 $ 410,807 Accounts receivable, net of allowance of $ 35,880 and $ 30,031 509,635 463,722 Inventories, net 19,506 36,716 Prepaid expenses 35,529 24,817 Other current assets 169,815 129,137 Total current assets 1,088,872 1,065,199 Operating lease right-of-use assets, net 60,687 69,508 Property and equipment, net 60,555 52,332 Capitalized software, net 81,413 83,465 Capitalized curriculum development costs, net 50,290 50,787 Intangible assets, net 68,768 74,771 Goodwill 246,676 246,676 Deferred tax asset 9,499 8,776 Deposits and other assets 115,436 109,152 Total assets $ 1,782,196 $ 1,760,666 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities Accounts payable $ 31,319 $ 48,854 Accrued liabilities 56,334 76,626 Accrued compensation and benefits 43,076 57,426 Deferred revenue 64,237 76,159 Current portion of finance lease liability 33,108 35,621 Current portion of operating lease liability 12,828 14,449 Total current liabilities 240,902 309,135 Long-term finance lease liability 30,623 21,278 Long-term operating lease liability 51,552 59,425 Long-term debt 413,869 413,035 Other long-term liabilities 12,572 10,497 Total liabilities 749,518 813,370 Commitments and contingencies Stockholders' equity Preferred stock, par value $ 0.0001 ; 10,000,000 shares authorized; zero shares issued or outstanding — — Common stock, par value $ 0.0001 ; 100,000,000 shares authorized; 48,718,413 and 48,339,048 shares issued; and 43,383,670 and 43,004,305 shares outstanding, respectively 4 4 Additional paid-in capital 709,157 695,480 Accumulate