Stride, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Stride, Inc. (LRN) has filed its Q3 2024 10-Q report, detailing financial information and corporate structure.</b>

AI Summary

Stride, Inc. (LRN) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Stride, Inc. (LRN) filed a 10-Q report on April 24, 2024, for the period ending March 31, 2024. The filing covers the third quarter of their fiscal year. The company's principal business address is 11720 Plaza America Drive, 9th Floor, Reston, VA 20190. Stride, Inc. was formerly known as K12 Inc. until August 13, 2001. The filing includes data related to common stock, treasury stock, and various equity incentive plans.

Why It Matters

For investors and stakeholders tracking Stride, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational details for Stride, Inc. during the third quarter of fiscal year 2024. Understanding the specifics of this report is crucial for assessing Stride's current financial health, strategic direction, and potential future performance in the educational services sector.

Risk Assessment

Risk Level: low — Stride, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically disclosed in such filings.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand Stride, Inc.'s performance and outlook for the remainder of the fiscal year.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-04-24 — Filing Date (Filed as of date)
• 0630 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• Stride, Inc. (company) — Filer name
• LRN (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-04-24 (date) — Filed as of date
• 11720 Plaza America Drive, 9th Floor, Reston, VA 20190 (address) — Business address
• K12 Inc. (company) — Former company name
• 2001-08-13 (date) — Date of name change

FAQ

Industry Context

Stride, Inc. operates in the educational services sector, providing online education and learning solutions.

Regulatory Implications

The filing is a standard 10-Q, a required quarterly report under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ending March 31, 2024.
2. Examine any disclosures related to equity awards and stock plans.
3. Compare key financial metrics to previous periods if available in the full filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-24: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing provided for analysis; therefore, a comparison to a previous filing is not possible with the given data.

Key Financial Figures

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

Filing Documents

• lrn-20240331x10q.htm (10-Q) — 2116KB
• lrn-20240331xex31d1.htm (EX-31.1) — 12KB
• lrn-20240331xex31d2.htm (EX-31.2) — 12KB
• lrn-20240331xex32d1.htm (EX-32.1) — 8KB
• lrn-20240331xex32d2.htm (EX-32.2) — 8KB
• 0001558370-24-005496.txt (&nbsp;) — 10307KB
• lrn-20240331.xsd (EX-101.SCH) — 61KB
• lrn-20240331_cal.xml (EX-101.CAL) — 68KB
• lrn-20240331_def.xml (EX-101.DEF) — 295KB
• lrn-20240331_lab.xml (EX-101.LAB) — 591KB
• lrn-20240331_pre.xml (EX-101.PRE) — 444KB
• lrn-20240331x10q_htm.xml (XML) — 2156KB

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 March 31, June 30, 2024 2023 (audited) (In thousands except share and per share data) ASSETS Current assets Cash and cash equivalents $ 376,577 $ 410,807 Accounts receivable, net of allowance of $ 34,852 and $ 30,031 577,792 463,722 Inventories, net 21,038 36,716 Prepaid expenses 40,127 24,817 Other current assets 193,547 129,137 Total current assets 1,209,081 1,065,199 Operating lease right-of-use assets, net 57,725 69,508 Property and equipment, net 57,213 52,332 Capitalized software, net 83,320 83,465 Capitalized curriculum development costs, net 51,451 50,787 Intangible assets, net 64,668 74,771 Goodwill 246,676 246,676 Deferred tax asset 14,773 8,776 Deposits and other assets 107,306 109,152 Total assets $ 1,892,213 $ 1,760,666 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 37,156 $ 48,854 Accrued liabilities 67,671 76,626 Accrued compensation and benefits 62,383 57,426 Deferred revenue 70,907 76,159 Current portion of finance lease liability 30,991 35,621 Current portion of operating lease liability 12,853 14,449 Total current liabilities 281,961 309,135 Long-term finance lease liability 29,920 21,278 Long-term operating lease liability 48,418 59,425 Long-term debt 414,271 413,035 Other long-term liabilities 14,436 10,497 Total liabilities 789,006 813,370 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; 48,586,413 and 48,339,048 shares issued; and 43,251,670 and 43,004,305 shares outstanding, respectively 4 4 Additional paid-in capital 709,997 695,480 Accumulated