Stride, Inc. Files 2024 10-K

Ticker: LRN · Form: 10-K · Filed: 2024-08-07T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, annual-report, education

TL;DR

Stride's 2024 10-K is in: full financial picture for the year ending June 30, 2024.

AI Summary

Stride, Inc. filed its 10-K for the fiscal year ending June 30, 2024, reporting on its operations as an educational services provider. The company, formerly known as K12 Inc., is headquartered in Reston, VA. The filing details financial performance and operational aspects for the period, with specific financial data points and reserves noted for the fiscal years 2022, 2023, and 2024.

Why It Matters

This 10-K filing provides a comprehensive overview of Stride, Inc.'s financial health and business operations for the fiscal year ending June 30, 2024, which is crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not contain immediate red flags or significant new risks.

Key Numbers

Key Players & Entities

FAQ

What was Stride, Inc.'s former name?

Stride, Inc. was formerly known as K12 Inc., with a name change date of 20010813.

What is the fiscal year end for this 10-K filing?

The fiscal year end for this 10-K filing is 20240630.

When was this 10-K filed with the SEC?

This 10-K was filed on 20240807.

Where is Stride, Inc. headquartered?

Stride, Inc. is headquartered at 11720 Plaza America Drive, 9th Floor, Reston, VA 20190.

What is Stride, Inc.'s Standard Industrial Classification (SIC) code?

Stride, Inc.'s SIC code is 8200, categorized under SERVICES-EDUCATIONAL SERVICES.

Filing Stats: 4,303 words · 17 min read · ~14 pages · Grade level 15.5 · Accepted 2024-08-06 17:36:41

Key Financial Figures

Filing Documents

Business

Business 4 ITEM 1A.

Risk Factors

Risk Factors 17 ITEM 1B. Unresolved Staff Comments 36 ITEM 1C. Cybersecurity 37 ITEM 2 .

Properties

Properties 38 ITEM 3.

Legal Proceedings

Legal Proceedings 38 ITEM 4 Mine Safety Disclosures 38 PART II ITEM 5 . Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 ITEM 6 . [Reserved] 40 ITEM 7 .

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 41 ITEM 7A .

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 ITEM 8 .

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 98 ITEM 9A .

Controls and Procedures

Controls and Procedures 98 ITEM 9B. Other Information 101 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 101 PART III ITEM 10 . Directors, Executive Officers and Corporate Governance 102 ITEM 11.

Executive Compensation

Executive Compensation 102 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 102 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 103 ITEM 14. Principal Accountant Fees and Services 103 PART IV ITEM 15. Exhibit and Financial Statement Schedules 104 ITEM 16. Form 10-K Summary 104 2 Table of Contents CERTAIN DEFINITIONS Unless the context requires otherwise, all references in this Annual Report on Form 10 K (the "Annual Report") to "Stride," "Company," "we," "our" and "us" refer to Stride, Inc. and its consolidated subsidiaries. SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS This Annual Report contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Annual Report are forward looking statements. We have tried, whenever possible, to identify these forward looking statements using words such as "anticipates," "believes," "estimates," "continues," "likely," "may," "opportunity," "potential," "projects," "will," "will be," "expects," "plans," "intends," "should," "would" and similar expressions to identify forward looking statements, whether in the negative or the affirmative. These statements reflect our current beliefs and are based upon information currently available to us. Accordingly, such forward looking statements involve known and unknown risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from those expressed in, or implied by, such statements. These risks, uncertainties, factors and contingencies include, but are not limited to: reduction of per pupil funding amounts at the schools we serve; inability to achieve a sufficient level of new enrollments to sustain our business model; limitations of the enrollment data we present, which

BUSINESS

ITEM 1. BUSINESS Company Overview We are a technology company providing an educational platform to deliver online learning to students throughout the U.S. Our platform hosts products and services 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. Our clients are primarily public and private schools, school districts, and charter boards. Additionally, we provide solutions to employers, government agencies and consumers. We provide a wide range of products and services across our platform with the ability to deliver customized solutions. Our comprehensive school-as-a-service offering supports our clients in operating full-time virtual schools in the K-12 market. Together with our network of online schools, Stride has served millions of students with our products and services. Our platform addresses two markets in the K-12 space: General Education and Career Learning. Products and services for the General Education market are predominantly focused on core subjects 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. Products and services are sold as a comprehensive school-as-a-service offering or as stand-alone products and services. 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, healthcare and general business. Through our Career 4 Table of Contents Learning programs, we provide middle and high school students content pathways tha

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