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Stride Reports Record Full Year Revenue and Profitability

Fiscal 2022 Career Learning Revenue Grows More Than 60%, Exceeding $400 Million

Stride, Inc. (NYSE: LRN), one of the nation’s leading technology-based education companies, today announced its results for the fourth fiscal quarter and full fiscal year ended June 30, 2022.

Fiscal 2022 Highlights Compared to 2021

  • Revenue of $1,686.7 million, compared with $1,536.8 million, driven by Career Learning enrollment strength, Adult Learning, and increases in revenue per enrollment.
  • Income from operations of $156.6 million, compared with $110.5 million, due to revenue growth and improved gross margins.
  • Net income of $107.1 million, compared with $71.5 million.
  • Diluted net income per share of $2.52, compared with $1.71.
  • Adjusted operating income of $188.2 million, compared with $161.4 million. (1)
  • Adjusted EBITDA of $273.1 million, compared with $239.9 million. (1)

Fiscal 2022 Summary Financial Metrics

 

Year Ended June 30,

 

Change 2022/2021

 

2022

 

2021

 

$

 

%

 

(In thousands, except percentages and per share data)

Revenues  

$

1,686,666

 

$

1,536,760

 

$

149,906

 

9.8%

 

 

 

 

 

 

 

 

Income from operations  

 

156,628

 

 

110,456

 

 

46,172

 

41.8%

Adjusted operating income (1)  

 

188,166

 

 

161,431

 

 

26,735

 

16.6%

 

 

 

 

 

 

 

 

Net income  

 

107,130

 

 

71,451

 

 

35,679

 

49.9%

Net income per share, diluted  

 

2.52

 

 

1.71

 

 

0.81

 

47.4%

 

 

 

 

 

 

 

 

EBITDA (1)  

 

254,542

 

 

200,533

 

 

54,009

 

26.9%

Adjusted EBITDA (1)  

 

273,112

 

 

239,866

 

 

33,246

 

13.9%

(1)

To supplement our financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), we also present non-GAAP financial measures including adjusted operating income, EBITDA and adjusted EBITDA. Management believes that these additional metrics provide useful information to investors relating to our financial performance. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is provided below.

Fourth Quarter Fiscal 2022 Highlights Compared to 2021

  • Revenue of $455.2 million, compared with $397.5 million.
  • Income from operations of $46.1 million, compared with $21.4 million.
  • Net income of $28.1 million, compared with $10.5 million.
  • Diluted net income per share of $0.66, compared with $0.25.
  • Adjusted operating income of $53.5 million, compared with $33.5 million. (1)
  • Adjusted EBITDA of $74.7 million, compared with $54.9 million. (1)

Fourth Quarter Fiscal 2022 Summary Financial Metrics

 

Three Months Ended June 30,

 

Change 2022/2021

 

2022

 

2021

 

$

 

%

 

(In thousands, except percentages and per share data)

Revenues  

$

455,211

 

$

397,510

 

$

57,701

 

14.5%

 

 

 

 

 

 

 

 

Income from operations  

 

46,096

 

 

21,387

 

 

24,709

 

115.5%

Adjusted operating income (1)  

 

53,473

 

 

33,466

 

 

20,007

 

59.8%

 

 

 

 

 

 

 

 

Net income  

 

28,090

 

 

10,495

 

 

17,595

 

167.7%

Net income per share, diluted  

 

0.66

 

 

0.25

 

 

0.41

 

164.0%

 

 

 

 

 

 

 

 

EBITDA (1)  

 

70,546

 

 

46,426

 

 

24,120

 

52.0%

Adjusted EBITDA (1)  

 

74,652

 

 

54,938

 

 

19,714

 

35.9%

(1)

To supplement our financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), we also present non-GAAP financial measures including adjusted operating income, EBITDA and adjusted EBITDA. Management believes that these additional metrics provide useful information to investors relating to our financial performance. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is provided below.

Revenue and Enrollment Data

Revenue

The following table sets forth the Company’s revenues for the periods indicated:

 

Three Months Ended

 

 

 

 

 

Year Ended

 

 

 

 

 

June 30,

 

Change 2022 / 2021

 

June 30,

 

Change 2022 / 2021

 

2022

 

2021

 

$

 

%

 

2022

 

2021

 

$

 

%

 

(In thousands, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General Education  

$

338,343

 

$

330,058

 

$

8,285

 

2.5

%

 

$

1,273,783

 

$

1,280,199

 

$

(6,416

)

 

(0.5

%)

Career Learning  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Middle - High School  

 

91,479

 

 

48,245

 

 

43,234

 

89.6

%

 

 

321,416

 

 

200,774

 

 

120,642

 

 

60.1

%

Adult  

 

25,389

 

 

19,207

 

 

6,182

 

32.2

%

 

 

91,467

 

 

55,787

 

 

35,680

 

 

64.0

%

Total Career Learning  

 

116,868

 

 

67,452

 

 

49,416

 

73.3

%

 

 

412,883

 

 

256,561

 

 

156,322

 

 

60.9

%

Total Revenues  

$

455,211

 

$

397,510

 

$

57,701

 

14.5

%

 

$

1,686,666

 

$

1,536,760

 

$

149,906

 

 

9.8

%

Enrollment Data

The following table sets forth total enrollment data for students in our General Education and Career Learning lines of revenue. Enrollments for General Education and Career Learning include those students in full service public or private programs where Stride provides a combination of curriculum, technology, instructional and support services inclusive of administrative support.

 

Three Months Ended

 

Change

 

Year Ended

 

Change

 

June 30,

 

2022 / 2021

 

June 30,

 

2022 / 2021

 

2022

 

2021

 

#

 

%

 

2022

 

2021

 

#

 

%

 

(In thousands, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General Education (1)  

136.5

 

147.2

 

(10.7

)

 

(7.3

%)

 

143.2

 

156.7

 

(13.5

)

 

(8.6

%)

Career Learning (1)(2)  

41.9

 

28.2

 

13.7

 

 

48.6

%

 

41.9

 

29.6

 

12.3

 

 

41.6

%

Total Enrollment  

178.4

 

175.4

 

3.0

 

 

1.7

%

 

185.1

 

186.3

 

(1.2

)

 

(0.6

%)

(1)

This data includes enrollments for which Stride receives no public funding or revenue.

(2)

No enrollments are included in Career Learning for Galvanize, Tech Elevator or MedCerts.

Revenue per Enrollment Data

The following table sets forth revenue per average enrollment data for students for the period indicated. If the mix of enrollments changes, our revenues will be impacted to the extent the average revenues per enrollments are significantly different.

 

Three Months Ended

 

Change

 

Year Ended

 

Change

 

June 30,

 

2022 / 2021

 

June 30,

 

2022 / 2021

 

2022

 

2021

 

$

 

%

 

2022

 

2021

 

$

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General Education  

$

2,266

 

$

2,035

 

$

231

 

11.4

%

 

$

8,104

 

$

7,389

 

$

715

 

9.7

%

Career Learning  

 

2,177

 

 

1,690

 

 

487

 

28.8

%

 

 

7,640

 

 

6,711

 

 

929

 

13.8

%

Cash Flow and Capital Allocation

As of June 30, 2022, the Company’s cash and cash equivalents totaled $389.4 million, compared with $386.1 million reported at June 30, 2021.

Capital expenditures for fiscal 2022 were $67.6 million, compared to $52.3 million in fiscal 2021, and were comprised of $9.7 million of property and equipment, $42.2 million of capitalized software development, and $15.7 million of capitalized curriculum development.

Fiscal Year 2023 Outlook

The Company will provide an outlook for fiscal year 2023 when it reports results for the first quarter fiscal year 2023, currently anticipated to be released in October 2022. No separate guidance communication, or enrollment counts, for fiscal 2023 will be provided before that time.

Conference Call

The Company will discuss its fourth quarter and full fiscal year 2022 financial results during a conference call scheduled for Tuesday, August 9, 2022 at 5:00 p.m. eastern time (ET).

A live webcast of the call will be available at https://events.q4inc.com/attendee/647846054. To participate in the live call, investors and analysts should dial (888) 210-2831 (domestic) or 1 (289) 514-2968 (international) at 4:45 p.m. ET. The conference ID number is 4812941. Please access the website at least 15 minutes prior to the start of the call.

A replay of the call will be available starting on August 9, 2022 at 8:00 p.m. ET through September 9, 2022 at 8:00 p.m. ET by dialing (800) 770- 2030 (domestic) or 1 (647) 362 9199 (international) and entering the conference ID 4812941. A webcast replay will be available at https://events.q4inc.com/attendee/647846054 for 30 days.

About Stride Inc.

At Stride, Inc. (NYSE: LRN) we are reimagining learning – where learning is lifelong, deeply personal, and prepares learners for tomorrow. The company has transformed the teaching and learning experience for millions of people by providing innovative, high-quality, tech-enabled education solutions, curriculum, and programs directly to students, schools, the military, and enterprises in primary, secondary, and post-secondary settings. Stride is a premier provider of K-12 education for students, schools, and districts, including career learning services through middle and high school curriculum. For adult learners, Stride delivers professional skills training in healthcare and technology, as well as staffing and talent development for Fortune 500 companies. Stride has delivered millions of courses over the past decade and serves learners in all 50 states and more than 100 countries. The company is a proud sponsor of the Future of School, a nonprofit organization dedicated to closing the gap between the pace of technology and the pace of change in education. More information can be found at stridelearning.com, K12.com, galvanize.com, techelevator.com, and medcerts.com.

Special Note on Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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,” “expects,” “plans,” “intends” 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 may not fully capture trends in the performance of our business; failure to enter into new school contracts or renew existing contracts, in part or in their entirety; failure of the schools we serve or us to comply with federal, state and local regulations, resulting in a loss of funding, an obligation to repay funds previously received, or contractual remedies; governmental investigations that could result in fines, penalties, settlements, or injunctive relief; declines or variations in academic performance outcomes of the students and schools we serve as curriculum standards, testing programs and state accountability metrics evolve; harm to our reputation resulting from poor performance or misconduct by operators or us in any school in our industry and/or in any school in which we operate; legal and regulatory challenges from opponents of virtual public education or for-profit education companies; changes in national and local economic and business conditions and other factors, such as natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as coronavirus disease 2019 (“COVID-19”); discrepancies in interpretation of legislation by regulatory agencies that may lead to payment or funding disputes; termination of our contracts, or a reduction in the scope of services, with schools; failure to develop the Career Learning business; entry of new competitors with superior technologies and lower prices; unsuccessful integration of mergers, acquisitions and joint ventures; failure to further develop, maintain and enhance our technology, products, services and brands; inadequate recruiting, training and retention of effective teachers and employees; infringement of our intellectual property; disruptions to our Internet-based learning and delivery systems, including, but not limited to, our data storage systems, resulting from cybersecurity attacks; misuse or unauthorized disclosure of student and personal data; and failure to mitigate or prevent a cybersecurity incident that affects our systems; and other risks and uncertainties associated with our business described in the Company’s filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this presentation is as of today’s date, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

Financial Statements

The financial statements set forth below are not the complete set of Stride Inc.’s financial statements for the three months and full fiscal year ended June 30, 2022 and are presented below without footnotes. Readers are encouraged to obtain and carefully review Stride Inc.’s Annual Report on Form 10-K for the year ended June 30, 2022, including all financial statements contained therein and the footnotes thereto, filed with the SEC, which may be retrieved from the SEC’s website at www.sec.gov or from Stride Inc.’s website at www.stridelearning.com.

STRIDE, INC.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 
 

Three Months Ended

 

Year Ended

 

June 30,

 

June 30,

 

2022

 

2021

 

2022

 

2021

 

(In thousands except share and per share data)

Revenues  

$

455,211

 

 

$

397,510

 

 

$

1,686,666

 

 

$

1,536,760

 

Instructional costs and services  

 

287,534

 

 

 

260,909

 

 

 

1,090,191

 

 

 

1,001,860

 

Gross margin  

 

167,677

 

 

 

136,601

 

 

 

596,475

 

 

 

534,900

 

Selling, general, and administrative expenses  

 

121,581

 

 

 

115,214

 

 

 

439,847

 

 

 

424,444

 

Income from operations  

 

46,096

 

 

 

21,387

 

 

 

156,628

 

 

 

110,456

 

Interest income (expense), net  

 

(2,036

)

 

 

(5,477

)

 

 

(8,277

)

 

 

(17,979

)

Other income (expense), net  

 

(5,568

)

 

 

553

 

 

 

(1,277

)

 

 

2,829

 

Income before income taxes and income (loss) from equity method investments  

 

38,492

 

 

 

16,463

 

 

 

147,074

 

 

 

95,306

 

Income tax expense  

 

(10,337

)

 

 

(5,998

)

 

 

(40,088

)

 

 

(24,539

)

Income (loss) from equity method investments  

 

(65

)

 

 

30

 

 

 

144

 

 

 

684

 

Net income attributable to common stockholders  

$

28,090

 

 

$

10,495

 

 

$

107,130

 

 

$

71,451

 

Net income attributable to common stockholders per share:  

 

 

 

 

 

 

 

Basic  

$

0.67

 

 

$

0.26

 

 

$

2.58

 

 

$

1.78

 

Diluted  

$

0.66

 

 

$

0.25

 

 

$

2.52

 

 

$

1.71

 

Weighted average shares used in computing per share amounts:  

 

 

 

 

 

 

 

Basic  

 

41,896,039

 

 

 

40,413,235

 

 

 

41,451,101

 

 

 

40,211,016

 

Diluted  

 

42,574,712

 

 

 

42,251,633

 

 

 

42,441,524

 

 

 

41,868,580

 

STRIDE, INC.

 

CONSOLIDATED BALANCE SHEETS

 
 

June 30,

 

June 30,

 

2022

 

2021

 

(In thousands except share and per share data)

ASSETS  

 

 

 

Current assets  

 

 

 

Cash and cash equivalents  

$

389,398

 

 

$

386,080

 

Accounts receivable, net of allowance of $26,993 and $21,384  

 

418,558

 

 

 

369,303

 

Inventories, net  

 

36,003

 

 

 

39,690

 

Prepaid expenses  

 

25,974

 

 

 

19,453

 

Other current assets  

 

80,601

 

 

 

43,004

 

Total current assets  

 

950,534

 

 

 

857,530

 

Operating lease right-of-use assets, net  

 

85,457

 

 

 

94,671

 

Property and equipment, net  

 

61,537

 

 

 

72,069

 

Capitalized software, net  

 

71,800

 

 

 

57,308

 

Capitalized curriculum development costs, net  

 

50,580

 

 

 

50,376

 

Intangible assets, net  

 

88,669

 

 

 

99,480

 

Goodwill  

 

241,022

 

 

 

240,353

 

Deposits and other assets  

 

93,946

 

 

 

105,510

 

Total assets  

$

1,643,545

 

 

$

1,577,297

 

LIABILITIES AND STOCKHOLDERS' EQUITY  

 

 

 

Current liabilities  

 

 

 

Accounts payable  

$

61,997

 

 

$

62,144

 

Accrued liabilities  

 

63,200

 

 

 

77,642

 

Accrued compensation and benefits  

 

73,027

 

 

 

80,363

 

Deferred revenue  

 

53,630

 

 

 

38,110

 

Current portion of finance lease liability  

 

37,389

 

 

 

27,336

 

Current portion of operating lease liability  

 

12,830

 

 

 

20,649

 

Total current liabilities  

 

302,073

 

 

 

306,244

 

Long-term finance lease liability  

 

28,888

 

 

 

41,568

 

Long-term operating lease liability  

 

75,127

 

 

 

77,458

 

Long-term debt  

 

411,438

 

 

 

299,271

 

Deferred tax liability  

 

3,205

 

 

 

31,853

 

Other long-term liabilities  

 

10,233

 

 

 

16,255

 

Total liabilities  

 

830,964

 

 

 

772,649

 

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; 48,112,664 and 46,911,527 shares issued; and 42,777,921 and 41,576,784 shares outstanding, respectively  

 

4

 

 

 

4

 

Additional paid-in capital  

 

687,454

 

 

 

795,449

 

Accumulated other comprehensive income (loss)  

 

143

 

 

 

(474

)

Retained earnings  

 

227,462

 

 

 

112,151

 

Treasury stock of 5,334,743 shares at cost  

 

(102,482

)

 

 

(102,482

)

Total stockholders’ equity  

 

812,581

 

 

 

804,648

 

Total liabilities and stockholders' equity  

$

1,643,545

 

 

$

1,577,297

 

   

STRIDE, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 
 

Year Ended

 

June 30,

 

2022

 

2021

 

(In thousands)

Cash flows from operating activities  

 

 

 

Net income  

$

107,130

 

 

$

71,451

 

Adjustments to reconcile net income to net cash provided by operating activities:  

 

 

 

Depreciation and amortization expense  

 

97,914

 

 

 

90,077

 

Stock-based compensation expense  

 

18,570

 

 

 

39,333

 

Deferred income taxes  

 

1,190

 

 

 

2,549

 

Provision for doubtful accounts  

 

15,673

 

 

 

6,561

 

Amortization of discount and fees on debt  

 

1,573

 

 

 

12,620

 

Noncash operating lease expense  

 

19,810

 

 

 

19,567

 

Other  

 

9,949

 

 

 

9,766

 

Changes in assets and liabilities:  

 

 

 

Accounts receivable  

 

(57,501

)

 

 

(143,073

)

Inventories, prepaid expenses, deposits and other current and long-term assets  

 

4,798

 

 

 

(39,164

)

Accounts payable  

 

11

 

 

 

18,930

 

Accrued liabilities  

 

7,598

 

 

 

15,899

 

Accrued compensation and benefits  

 

(7,465

)

 

 

32,437

 

Operating lease liability  

 

(20,742

)

 

 

(21,025

)

Deferred revenue and other liabilities  

 

8,376

 

 

 

18,222

 

Net cash provided by operating activities  

 

206,884

 

 

 

134,150

 

Cash flows from investing activities  

 

 

 

Purchase of property and equipment  

 

(9,748

)

 

 

(3,567

)

Capitalized software development costs  

 

(42,191

)

 

 

(31,264

)

Capitalized curriculum development costs  

 

(15,687

)

 

 

(17,432

)

Sale of long-lived assets  

 

 

 

 

223

 

Sale of other investments  

 

5,261

 

 

 

 

Acquisition of MedCerts, LLC, net of cash acquired  

 

 

 

 

(55,031

)

Acquisition of Tech Elevator, Inc., net of cash acquired  

 

 

 

 

(16,107

)

Other acquisitions, loans and investments, net of distributions  

 

(3,899

)

 

 

(1,723

)

Proceeds from the maturity of marketable securities  

 

40,163

 

 

 

 

Purchases of marketable securities  

 

(84,657

)

 

 

(40,542

)

Net cash used in investing activities  

 

(110,758

)

 

 

(165,443

)

Cash flows from financing activities  

 

 

 

Repayments on finance lease obligations  

 

(33,011

)

 

 

(24,315

)

Repayments on credit facility  

 

 

 

 

(100,000

)

Issuance of convertible senior notes, net of issuance costs  

 

 

 

 

408,610

 

Purchases of capped calls in connection with convertible senior notes  

 

 

 

 

(60,354

)

Payments of deferred purchase consideration  

 

(22,858

)

 

 

 

Proceeds from exercise of stock options  

 

414

 

 

 

748

 

Withholding of stock options for tax withholding  

 

 

 

 

(10,885

)

Repurchase of restricted stock for income tax withholding  

 

(37,855

)

 

 

(9,228

)

Net cash provided by (used in) financing activities  

 

(93,310

)

 

 

204,576

 

Net change in cash, cash equivalents and restricted cash  

 

2,816

 

 

 

173,283

 

Cash, cash equivalents and restricted cash, beginning of period  

 

386,582

 

 

 

213,299

 

Cash, cash equivalents and restricted cash, end of period  

$

389,398

 

 

$

386,582

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash to balance sheet as of June 30th:  

 

 

 

Cash and cash equivalents  

$

389,398

 

 

$

386,080

 

Other current assets (restricted cash)  

 

 

 

 

502

 

Deposits and other assets (restricted cash)  

 

 

 

 

 

Total cash, cash equivalents and restricted cash  

$

389,398

 

 

$

386,582

 

   

Non-GAAP Financial Measures

To supplement our financial statements presented in accordance with GAAP, we have presented adjusted operating income, EBITDA, and adjusted EBITDA, which are not presented in accordance with GAAP.

  • Adjusted operating income (loss) is defined as income (loss) from operations as adjusted for stock-based compensation and the amortization of intangible assets.
  • EBITDA is defined as income (loss) from operations as adjusted for depreciation and amortization.
  • Adjusted EBITDA is defined as income (loss) from operations as adjusted for stock-based compensation and depreciation and amortization.
  • Adjusted EBITDA and adjusted operating income (loss) exclude stock-based compensation, which consists of expenses for stock options, restricted stock, restricted stock units, and performance stock units.

Management believes that the presentation of these non-GAAP financial measures provides useful information to investors relating to our financial performance. Adjusted operating income (loss) and Adjusted EBITDA remove stock-based compensation, which is a non-cash charge that varies based on market volatility and the terms and conditions of the awards. EBITDA and Adjusted EBITDA remove depreciation and amortization, which can vary depending upon accounting methods and the book value of assets. EBITDA and Adjusted EBITDA provide a measure of corporate performance exclusive of capital structure and the method by which assets were acquired.

Our management uses these non-GAAP financial measures:

  • as additional measures of operating performance because they assist us in comparing our performance on a consistent basis; and
  • in presentations to the members of our Board of Directors to enable our Board to review the same measures used by management to compare our current operating results with corresponding prior periods.

Other companies may define these non-GAAP financial measures differently and, as a result, our use of these non-GAAP financial measures may not be directly comparable to similar non-GAAP financial measures used by other companies. Although we use these non-GAAP financial measures to assess the performance of our business, the use of non-GAAP financial measures is limited as they include and/or do not include certain items not included and/or included in the most directly comparable GAAP financial measure.

These non-GAAP financial measures should be considered in addition to, and not as a substitute for, revenues, income (loss), net income (loss) and net income (loss) per share or other related financial information prepared in accordance with GAAP. Adjusted EBITDA is not intended to be a measure of liquidity. You are cautioned not to place undue reliance on these non-GAAP financial measures.

A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is provided below.

 

Three Months Ended

 

Year Ended

 

June 30,

 

June 30,

 

2022

 

2021

 

2022

 

2021

 

(In thousands)

Income from operations  

$

46,096

 

$

21,387

 

$

156,628

 

$

110,456

Stock-based compensation expense  

 

4,106

 

 

8,512

 

 

18,570

 

 

39,333

Amortization of intangible assets  

 

3,271

 

 

3,567

 

 

12,968

 

 

11,642

Adjusted operating income  

 

53,473

 

 

33,466

 

 

188,166

 

 

161,431

Depreciation and other amortization  

 

21,179

 

 

21,472

 

 

84,946

 

 

78,435

Adjusted EBITDA  

$

74,652

 

$

54,938

 

$

273,112

 

$

239,866

 

 

 

 

 

 

 

 

EBITDA  

$

70,546

 

$

46,426

 

$

254,542

 

$

200,533

 

Contacts

Investor Contact

Timothy Casey

Vice President, Investor Relations

Stride, Inc.

tcasey@k12.com

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