Stride, Inc. reported significant financial growth for the three months ended September 30, 2024, with total revenues reaching $551.1 million, a 14.8% increase from $480.2 million in the same period of 2023. This growth was driven by a rise in both General Education and Career Learning segments, which saw revenues of $329.4 million and $221.7 million, respectively. General Education revenues increased by 10.0%, attributed to an 11.3% rise in enrollments, while Career Learning revenues surged by 22.6%, reflecting a 30.4% increase in enrollments.
The company's gross margin improved to $215.9 million, representing 39.2% of revenues, compared to 36.0% in the prior year. Operating income also saw a substantial rise to $47.3 million, up from $3.3 million in the previous year, indicating enhanced profitability. Net income attributable to common stockholders was $40.9 million, a significant increase from $4.9 million in 2023, resulting in a net income per share of $0.95, compared to $0.11 for the same period last year.
Stride's total current assets increased to $1.29 billion as of September 30, 2024, from $1.25 billion at the end of June 2024, while total assets rose to $1.97 billion. The company reported a decrease in cash and cash equivalents, which fell to $317.8 million from $500.6 million, primarily due to seasonal fluctuations in working capital and increased cash used in operating activities.
The company’s liabilities also saw changes, with total current liabilities decreasing to $230.7 million from $244.3 million. Total stockholders' equity increased to $1.21 billion, up from $1.18 billion, reflecting the strong net income performance.
In terms of strategic developments, Stride continues to focus on its dual market approach, providing educational services through its General Education and Career Learning segments. The company serves 89 schools in 31 states and D.C. for General Education and 56 schools in 27 states for Career Learning. The total enrollment for the quarter was 222.6 thousand, an increase of 18.5% from the previous year.
The company also reported an increase in finance lease liabilities, which rose to $90.1 million from $55.6 million, reflecting ongoing investments in educational technology and infrastructure. Overall, Stride, Inc. demonstrated robust financial performance and strategic growth in its educational offerings during the quarter.
About Stride, Inc.
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