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Demand for Stride Career Learning Continues to Drive Strong Performance

Press Release | Jan 25, 2022 | Timothy Casey
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HERNDON, Va.--(BUSINESS WIRE)-- Stride, Inc. (NYSE: LRN), one of the nation’s leading technology-based education companies, today announced its results for the second fiscal quarter ended December 31, 2021.

Second Quarter Fiscal 2022 Highlights Compared to 2021

  • Revenue of $409.5 million, compared with $376.1 million, driven by continued strength in middle and high school Career Learning enrollments, growth in Adult Learning, and increases in revenue per enrollment.
  • Income from operations of $56.9 million, compared with $38.5 million, due to improved gross margins and flat selling, general and administrative expenses.
  • Net income of $42.0 million, compared with $24.5 million.
  • Diluted net income per share of $1.00, compared with $0.60.
  • Adjusted operating income of $60.7 million, compared with $50.1 million. (1)
  • Adjusted EBITDA of $82.7 million, compared with $70.7 million. (1)

Second Quarter Fiscal 2022 Summary Financial Metrics

  Three Months Ended December 31,   Change 2021/2020
 

2021

 

2020

  $   %
  (In thousands, except percentages and per share data)
Revenues $

409,507

  $

376,145

  $

33,362

 

8.9

%

                     
Income from operations  

56,915

   

38,452

   

18,463

 

48.0

%

Adjusted operating income (1)  

60,731

   

50,050

   

10,681

 

21.3

%

                     
Net income  

42,004

   

24,501

   

17,503

 

71.4

%

Net income per share, diluted  

1.00

   

0.60

   

0.40

 

66.7

%

                     
EBITDA (1)  

82,095

   

61,613

   

20,482

 

33.2

%

Adjusted EBITDA (1)  

82,697

   

70,687

   

12,010

 

17.0

%

Six Month Fiscal 2022 Highlights Compared to 2021

  • Revenue of $809.7 million, compared with $747.1 million.
  • Income from operations of $49.9 million, compared with $50.5 million.
  • Net income of $36.1 million, compared with $37.2 million.
  • Diluted net income per share of $0.85, compared with $0.89.
  • Adjusted operating income of $65.3 million, compared with $73.1 million. (1)
  • Adjusted EBITDA of $108.2 million, compared with $109.9 million. (1)
 

Six Month Fiscal 2022 Summary Financial Metrics

  Six Months Ended December 31,   Change 2021/2020
 

2021

 

2020

  $   %
  (In thousands, except percentages and per share data)
Revenues $

809,733

  $

747,105

  $

62,628

 

 

8.4

%

                     
Income from operations  

49,938

   

50,516

   

(578

)

 

-1.1

%

Adjusted operating income (1)  

65,253

   

73,059

   

(7,806

)

 

-10.7

%

                     
Net income  

36,121

   

37,167

   

(1,046

)

 

-2.8

%

Net income per share, diluted  

0.85

   

0.89

   

(0.04

)

 

-4.5

%

                     
EBITDA (1)  

99,265

   

91,954

   

7,311

 

 

8.0

%

Adjusted EBITDA (1)  

108,153

   

109,921

   

(1,768

)

 

-1.6

%

(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             Six Months Ended          
    December 31,   Change 2021 / 2020   December 31,   Change 2021 / 2020
   

2021

 

2020

  $   %  

2021

 

2020

  $   %
    (In thousands, except percentages)                      
                                             
General Education   $

313,241

  $

313,989

  $

(748

)

 

(0.2

%)

  $

619,582

  $

627,838

  $

(8,256

)

 

(1.3

%)

Career Learning                                            
Middle - High School    

75,287

   

51,376

   

23,911

 

 

46.5

%

   

146,699

   

100,147

   

46,552

 

 

46.5

%

Adult    

20,979

   

10,780

   

10,199

 

 

94.6

%

   

43,452

   

19,120

   

24,332

 

 

127.3

%

Total Career Learning    

96,266

   

62,156

   

34,110

 

 

54.9

%

   

190,151

   

119,267

   

70,884

 

 

59.4

%

Total Revenues   $

409,507

  $

376,145

  $

33,362

 

 

8.9

%

  $

809,733

  $

747,105

  $

62,628

 

 

8.4

%

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   Six Months Ended   Change
    December 31,   2021 / 2020   December 31,   2021 / 2020
   

2021

 

2020

  #   %  

2021

 

2020

  #   %
    (In thousands, except percentages)                      
                                             
General Education (1)    

145.6

   

161.2

   

(15.6

)

 

(9.7

%)

   

146.1

   

162.0

   

(15.9

)

 

(9.8

%)

Career Learning (1)(2)    

41.9

   

30.3

   

11.6

 

 

38.3

%

   

41.9

   

30.4

   

11.5

 

 

37.8

%

Total Enrollment    

187.5

   

191.5

   

(4.0

)

 

(2.1

%)

   

188.0

   

192.4

   

(4.4

)

 

(2.3

%)

(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   Six Months Ended   Change
    December 31,   2021 / 2020   December 31,   2021 / 2020
   

2021

 

2020

  #   %  

2021

 

2020

  #   %
                                             
General Education   $

1,953

  $

1,755

  $

198

 

11.3

%

  $

3,852

  $

3,491

  $

361

 

10.3

%

Career Learning    

1,794

   

1,681

   

113

 

6.7

%

   

3,482

   

3,258

   

224

 

6.9

%

Cash Flow and Capital Allocation

As of December 31, 2021, the Company’s cash and cash equivalents totaled $257.0 million, compared with $386.1 million reported at June 30, 2021. The decrease is largely the result of normal seasonal trends.

Capital expenditures for the first six months of fiscal 2022 were $29.5 million, compared to $23.6 million in the first six months of fiscal 2021, and were comprised of $2.7 million of property and equipment, $19.3 million of capitalized software development, and $7.5 million of capitalized curriculum development.

Fiscal Year 2022 Outlook

The Company is raising its forecast for the full fiscal year 2022:

  • Revenue in the range of $1.62 billion to $1.64 billion.
  • Capital expenditures in the range of $65 million to $75 million. Note that capital expenditures include the purchase of property and equipment, capitalized software, and curriculum development costs as defined on our Statement of Cash Flows.
  • Effective tax rate of 27% to 30%.
  • Adjusted operating income in the range of $175 million to $185 million. (1)
 

The Company is forecasting the following for the third quarter fiscal 2022:

  • Revenue in the range of $405 million to $415 million.
  • Capital expenditures in the range of $15 million to $18 million. Note that capital expenditures include the purchase of property and equipment, and capitalized software and curriculum development costs as defined on our Statement of Cash Flows.
  • Adjusted operating income in the range of $60 million to $65 million. (1)
(1)   

In addition to providing an outlook for revenue and capital expenditures, adjusted operating income is provided as a supplemental non-GAAP financial measure as management believes that it provides useful information to our investors. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is provided below. Please also see Special Note on Forward Looking Statements below.

Conference Call

The Company will discuss its second quarter fiscal year 2022 financial results during a conference call scheduled for Tuesday, January 25, 2022 at 5:00 p.m. eastern time (ET).

A live webcast of the call will be available at https://events.q4inc.com/attendee/148057977. 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 January 25, 2022 at 8:00 p.m. ET through February 25, 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/148057977 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 readiness education 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 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 and six months ended December 31, 2021 and are presented below without footnotes. Readers are encouraged to obtain and carefully review Stride Inc.’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2021, 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.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

         
    Three Months Ended   Six Months Ended
    December 31,   December 31,
   

2021

 

2020

 

2021

 

2020

    (In thousands except share and per share
data)
           
Revenues   $

409,507

 

  $

376,145

 

  $

809,733

 

  $

747,105

 

Instructional costs and services    

261,950

 

   

246,754

 

   

535,774

 

   

487,823

 

Gross margin    

147,557

 

   

129,391

 

   

273,959

 

   

259,282

 

Selling, general, and administrative expenses    

90,642

 

   

90,939

 

   

224,021

 

   

208,766

 

Income from operations    

56,915

 

   

38,452

 

   

49,938

 

   

50,516

 

Interest expense, net    

(1,875

)

   

(5,024

)

   

(3,868

)

   

(7,131

)

Other income, net    

3,884

 

   

1,361

 

   

3,795

 

   

1,790

 

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

58,924

 

   

34,789

 

   

49,865

 

   

45,175

 

Income tax expense    

(15,928

)

   

(10,642

)

   

(13,035

)

   

(8,266

)

Income (loss) from equity method investments    

(992

)

   

354

 

   

(709

)

   

258

 

Net income attributable to common stockholders   $

42,004

 

  $

24,501

 

  $

36,121

 

  $

37,167

 

Net income attributable to common stockholders per share:                        
Basic   $

1.01

 

  $

0.61

 

  $

0.88

 

  $

0.93

 

Diluted   $

1.00

 

  $

0.60

 

  $

0.85

 

  $

0.89

 

Weighted average shares used in computing per share amounts:                        
Basic    

41,525,736

 

   

40,160,362

 

   

41,042,401

 

   

40,072,360

 

Diluted    

41,963,399

 

   

41,102,425

 

   

42,413,828

 

   

41,681,061

 

 

STRIDE, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

           
   

December 31,

 

June 30,

   

2021

 

2021

          (audited)
    (In thousands except share and
per share data)
ASSETS            
Current assets            
Cash and cash equivalents   $

256,986

 

  $

386,080

 

Accounts receivable, net of allowance of $26,305 and $21,384    

430,436

 

   

369,303

 

Inventories, net    

23,941

 

   

39,690

 

Prepaid expenses    

29,240

 

   

19,453

 

Other current assets    

75,528

 

   

43,004

 

Total current assets    

816,131

 

   

857,530

 

Operating lease right-of-use assets, net    

91,410

 

   

94,671

 

Property and equipment, net    

74,149

 

   

72,069

 

Capitalized software, net    

60,520

 

   

57,308

 

Capitalized curriculum development costs, net    

49,787

 

   

50,376

 

Intangible assets, net    

95,210

 

   

99,480

 

Goodwill    

240,921

 

   

240,353

 

Deposits and other assets    

97,617

 

   

105,510

 

Total assets   $

1,525,745

 

  $

1,577,297

 

LIABILITIES AND STOCKHOLDERS' EQUITY            
Current liabilities            
Accounts payable   $

33,821

 

  $

62,144

 

Accrued liabilities    

61,462

 

   

77,642

 

Accrued compensation and benefits    

41,193

 

   

80,363

 

Deferred revenue    

50,409

 

   

38,110

 

Current portion of finance lease liability    

36,080

 

   

27,336

 

Current portion of operating lease liability    

15,233

 

   

20,649

 

Total current liabilities    

238,198

 

   

306,244

 

Long-term finance lease liability    

44,612

 

   

41,568

 

Long-term operating lease liability    

79,020

 

   

77,458

 

Long-term debt    

410,674

 

   

299,271

 

Deferred tax liability    

8,282

 

   

31,853

 

Other long-term liabilities    

10,726

 

   

16,255

 

Total liabilities    

791,512

 

   

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; 48,084,410 and 46,911,527 shares issued; and 42,749,667 and 41,576,784 shares outstanding, respectively    

4

 

   

4

 

Additional paid-in capital    

680,601

 

   

795,449

 

Accumulated other comprehensive income (loss)    

(343

)

   

(474

)

Retained earnings    

156,453

 

   

112,151

 

Treasury stock of 5,334,743 shares at cost    

(102,482

)

   

(102,482

)

Total stockholders’ equity    

734,233

 

   

804,648

 

Total liabilities and stockholders' equity   $

1,525,745

 

  $

1,577,297

 

 

STRIDE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

     
    Six Months Ended
    December 31,
   

2021

 

2020

    (In thousands)
Cash flows from operating activities            
Net income   $

36,121

 

  $

37,167

 

Adjustments to reconcile net income to net cash used in operating activities:            
Depreciation and amortization expense    

49,327

 

   

41,438

 

Stock-based compensation expense    

8,888

 

   

17,967

 

Deferred income taxes    

6,008

 

   

5,375

 

Provision for doubtful accounts    

4,730

 

   

6,382

 

Amortization of discount and fees on debt    

809

 

   

4,973

 

Noncash operating lease expense    

10,074

 

   

9,627

 

Other    

5,550

 

   

7,244

 

Changes in assets and liabilities:            
Accounts receivable    

(65,606

)

   

(208,870

)

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

11,944

 

   

(23,231

)

Accounts payable    

(26,810

)

   

(7,202

)

Accrued liabilities    

(8,570

)

   

4,346

 

Accrued compensation and benefits    

(39,157

)

   

(5,401

)

Operating lease liability    

(10,662

)

   

(10,364

)

Deferred revenue and other liabilities    

5,686

 

   

40,592

 

Net cash used in operating activities    

(11,668

)

   

(79,957

)

Cash flows from investing activities            
Purchase of property and equipment    

(2,705

)

   

(1,969

)

Capitalized software development costs    

(19,330

)

   

(14,061

)

Capitalized curriculum development costs    

(7,461

)

   

(7,524

)

Sale of long-lived assets    

—

 

   

223

 

Sale of other investments    

5,261

 

   

—

 

Acquisition of MedCerts, LLC, net of cash acquired    

—

 

   

(54,775

)

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

—

 

   

(15,981

)

Other acquisitions, loans and investments, net of distributions    

(3,956

)

   

(188

)

Proceeds from the maturity of marketable securities    

7,248

 

   

—

 

Purchases of marketable securities    

(38,720

)

   

—

 

Net cash used in investing activities    

(59,663

)

   

(94,275

)

Cash flows from financing activities            
Repayments on finance lease obligations    

(14,744

)

   

(11,455

)

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    

(7,858

)

   

—

 

Proceeds from exercise of stock options    

246

 

   

303

 

Withholding of stock options for tax withholding    

—

 

   

(10,885

)

Repurchase of restricted stock for income tax withholding    

(35,404

)

   

(6,108

)

Net cash provided by (used in) financing activities    

(57,760

)

   

220,111

 

Net change in cash, cash equivalents and restricted cash    

(129,091

)

   

45,879

 

Cash, cash equivalents and restricted cash, beginning of period    

386,582

 

   

213,299

 

Cash, cash equivalents and restricted cash, end of period   $

257,491

 

  $

259,178

 

             
Reconciliation of cash, cash equivalents and restricted cash to balance sheet as of December 31st:            
Cash and cash equivalents   $

256,986

 

  $

258,107

 

Other current assets (restricted cash)    

505

 

   

571

 

Deposits and other assets (restricted cash)    

—

 

   

500

 

Total cash, cash equivalents and restricted cash   $

257,491

 

  $

259,178

 

 

Non-GAAP Financial Measures

To supplement our financial statements presented in accordance with GAAP, we have presented adjusted operating income, 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.
  • 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. These measures remove stock-based compensation, which is a non-cash charge that varies based on market volatility and the terms and conditions of the awards. Adjusted EBITDA also removes depreciation and amortization, which can vary depending upon accounting methods and the book value of assets. Adjusted EBITDA provides 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.

 

Second Quarter Fiscal 2022

  Three Months Ended   Six Months Ended
  December 31,   December 31,
 

2021

 

2020

 

2021

 

2020

  (In thousands)
Income from operations

$

56,915

 

$

38,452

 

$

49,938

 

$

50,516

Stock-based compensation expense

 

602

 

 

9,074

 

 

8,888

 

 

17,967

Amortization of intangible assets

 

3,214

 

 

2,524

 

 

6,427

 

 

4,576

Adjusted operating income

 

60,731

 

 

50,050

 

 

65,253

 

 

73,059

Depreciation and other amortization

 

21,966

 

 

20,637

 

 

42,900

 

 

36,862

Adjusted EBITDA

$

82,697

 

$

70,687

 

$

108,153

 

$

109,921

               
EBITDA

$

82,095

 

$

61,613

 

$

99,265

 

$

91,954

Fiscal Year 2022 Outlook

  Three Months Ended
March 31, 2022
  Year Ended
June 30, 2022
  Low   High   Low   High
  (In millions)
Income from operations

$

50.7

 

$

54.7

 

$

142.0

 

$

150.0

Stock-based compensation expense

 

6.0

 

 

7.0

 

 

20.0

 

 

22.0

Amortization of intangible assets

 

3.3

 

 

3.3

 

 

13.0

 

 

13.0

Adjusted operating income

$

60.0

 

$

65.0

 

$

175.0

 

$

185.0

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220125005106/en/

Investor Contact
Timothy Casey
Vice President, Investor Relations
Stride, Inc.
tcasey@k12.com

Source: Stride, Inc.

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