On August 6, 2024, Stride Inc (LRN, Financial) released its 8-K filing for the fourth quarter and full fiscal year ended June 30, 2024. Stride Inc is an American online educational company offering alternative programs to traditional on-campus schooling, including state-funded virtual charter schools across the United States.
Fiscal 2024 Performance Overview
Stride Inc (LRN, Financial) reported impressive financial results for fiscal 2024, surpassing analyst estimates. The company achieved a revenue of $2,040.1 million, an 11% increase from $1,837.4 million in 2023. Income from operations rose by 50.8% to $249.6 million, compared to $165.5 million in the previous year. Net income saw a significant increase of 60.9%, reaching $204.2 million, up from $126.9 million in 2023. Diluted net income per share was $4.69, a 57.9% increase from $2.97 in the prior year.
Quarterly Highlights
For the fourth quarter of fiscal 2024, Stride Inc (LRN, Financial) reported revenue of $534.2 million, a 10.5% increase from $483.5 million in the same period last year. Income from operations for the quarter was $73.7 million, up 36.6% from $53.9 million in Q4 2023. Net income for the quarter was $62.8 million, a 44.8% increase from $43.4 million in the previous year. Diluted net income per share for the quarter was $1.42, compared to $1.01 in Q4 2023.
Financial Achievements and Metrics
Stride Inc (LRN, Financial) demonstrated strong financial performance across several key metrics:
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| Revenue | $2,040.1 million | $1,837.4 million | 11.0% |
| Income from Operations | $249.6 million | $165.5 million | 50.8% |
| Net Income | $204.2 million | $126.9 million | 60.9% |
| Diluted Net Income per Share | $4.69 | $2.97 | 57.9% |
| Adjusted EBITDA | $390.7 million | $296.2 million | 31.9% |
Revenue and Enrollment Data
Stride Inc (LRN, Financial) reported a 10.5% increase in total revenue for the fourth quarter, driven by growth in both General Education and Career Learning segments. General Education revenue increased by 17.5% to $347.1 million, while Career Learning revenue saw a slight decline of 0.5% to $187.1 million. The company also reported a 9.8% increase in average enrollment, reaching 193.4 thousand students.
Cash Flow and Capital Allocation
As of June 30, 2024, Stride Inc (LRN, Financial) had cash and cash equivalents and marketable securities totaling $714.2 million, compared to $545.5 million at the end of the previous fiscal year. Capital expenditures for fiscal 2024 were $61.6 million, down from $66.5 million in fiscal 2023.
Analysis and Outlook
Stride Inc (LRN, Financial)'s strong financial performance in fiscal 2024 highlights its ability to capitalize on the growing demand for online education. The significant increases in revenue, net income, and adjusted EBITDA demonstrate the company's operational efficiency and strategic growth initiatives. However, the slight decline in Career Learning revenue indicates potential challenges in this segment that may need to be addressed.
Investors and analysts will be keenly watching Stride Inc (LRN, Financial)'s performance in fiscal 2025, with the company expected to provide an outlook during its first-quarter earnings report in October 2024. For more detailed financial information, readers are encouraged to review the full 8-K filing.
Explore the complete 8-K earnings release (here) from Stride Inc for further details.
