Stride Inc (LRN, Financial), a leading technology-based education company, announced its first fiscal quarter results for the period ended September 30, 2023, on October 24, 2023. The company reported a record Q1 revenue of $480.2 million, up 12.9% from $425.2 million in the same period last year. This growth was primarily driven by strong enrollment in General Education and Career Learning programs.
Financial Highlights
Stride's income from operations was $3.3 million, a significant improvement from a loss of $28.7 million in Q1 2023. The company also reported a net income of $4.9 million, compared to a net loss of $22.7 million in the same period last year. Diluted net income per share stood at $0.11, compared to a net loss per share of $0.54 in Q1 2023.
Adjusted operating income was $14.8 million, compared to an adjusted operating loss of $19.9 million in Q1 2023. Adjusted EBITDA also saw a substantial increase, reaching $39.8 million, compared to $3.0 million in the same period last year.
Revenue and Enrollment Data
Stride's General Education revenue increased by 10.2% to $299.3 million, while Career Learning revenue grew by 17.8% to $180.8 million. Total enrollment increased by 8.1% to 187.9 thousand students. The company's cash and cash equivalents totaled $254.6 million as of September 30, 2023, compared to $410.8 million as of June 30, 2023.
Fiscal Year 2024 Outlook
For the full fiscal year 2024, Stride forecasts revenue in the range of $1.96 billion to $2.03 billion and capital expenditures in the range of $65.0 million to $75.0 million. The company also expects an effective tax rate of 25% to 27% and adjusted operating income in the range of $250.0 million to $275.0 million.
For the second quarter of fiscal year 2024, Stride anticipates revenue in the range of $490.0 million to $510.0 million, capital expenditures in the range of $15.0 million to $18.0 million, and adjusted operating income in the range of $80.0 million to $90.0 million.
Stride Inc (LRN, Financial) continues to demonstrate strong financial performance, driven by robust enrollment growth and operational efficiency. The company's positive outlook for fiscal year 2024 further underscores its commitment to delivering value to its shareholders.
