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Stride, Inc. (NYSE: LRN) is a leading American online educational company that redefines traditional learning experiences through advanced digital learning platforms and technology. The company provides an alternative to traditional on-campus schooling by operating state-funded virtual charter schools across the United States. Stride's educational programs cater to K-12 students, offering a range of virtual classroom environments where interactions with teachers occur online, by phone, or in-person.
Stride's core business segments include Managed Public School Programs, Institutional, and Private Pay Schools and Other. The company has built substantial partnerships with various school districts, contributing significantly to its revenue through contractual agreements to deliver its curriculum programs. Stride's innovative approach has reached over 2,000 schools and school districts, delivering more than four million courses in the past decade.
The company is committed to providing a high-quality education that helps students thrive academically and prepare for post-secondary education and future careers. This commitment is reflected in their engaging curriculum, which is developed by master teachers, cognitive scientists, technologists, and interactive designers.
Recent Achievements and Financial Highlights
- Third Quarter Fiscal 2024 highlights include revenue growth and increased enrollment figures compared to the same period in the previous year.
- As of March 31, 2024, Stride reported cash and cash equivalents totaling $570.7 million, up from $545.5 million at June 30, 2023.
- Capital expenditures for the three months ended March 31, 2024, were $16.3 million, reflecting investments in capitalized software and curriculum development.
Current Projects and Partnerships
Stride continues to expand its footprint by entering new contracts and renewing existing ones with school districts. The company also focuses on enhancing its technology and curriculum to meet evolving academic standards and testing programs.
Products and Services
Stride offers a variety of learning solutions, including public school programs through K12 partner schools, blended school programs, and direct-to-family options. The company's services also extend to professional skills training in healthcare and technology for adult learners, along with staffing and talent development for Fortune 500 companies.
Outlook
Stride's outlook for the rest of the fiscal year remains positive, with an adjusted operating income forecast and a targeted revenue range. The company aims to continue its growth trajectory by focusing on quality education, innovative technology, and strong partnerships.
Stride (NYSE: LRN) announced a partnership between its subsidiary, Galvanize, and the Defense Logistics Agency (DLA) to enhance the data analytics skills of DLA personnel. This collaboration aims to support DLA's digital transformation and improve its operational efficiency. Galvanize, recognized for its expertise in software engineering and data science training, will provide targeted training over the next year. The DLA, with a workforce of approximately 26,000, is committed to leveraging data analytics to optimize logistics for U.S. military operations.
Stride, Inc. (NYSE: LRN) announced the winners of its nationwide photography contest, celebrating student creativity under the theme 'My Community.' Over 1,700 entries were received, with winners to be recognized during a Facebook Live event. Stride CEO James Rhyu and professional photographer Jeff Mauritzen will host the event. The contest awards include Amazon gift cards, display at Stride's Virginia headquarters, and features in educational materials. Stride emphasizes its commitment to enriching student experiences through various programs, with new offerings launching frequently.
Despite the rollout of vaccines for young children, a nationwide survey indicates significant concerns among teachers about potential school shutdowns due to high COVID-19 cases. The Kaiser Family Foundation found that 32% of parents are hesitant about vaccinating their children. Stride, Inc. (NYSE: LRN) reports that 63% of teachers are worried about their schools' online learning capabilities. Additionally, 85% are concerned about teacher shortages, with 54% seeking more resources for online education. Stride's study shows its schools outperformed national learning loss trends during the pandemic.
MedCerts, a leader in online career certification training, partners with Snagajob to facilitate workforce reskilling across 33 U.S. states. The program, titled "MedCerts + Snagajob = Dream Career," aims to assist unemployed and low-income individuals in obtaining certifications for high-demand jobs in the healthcare and IT sectors, at no cost. Snagajob, with over 700,000 employers, will connect eligible job seekers, including veterans and low-income workers, to MedCerts' training programs. This collaboration supports a growing need for skilled professionals in key industries projected to grow substantially by 2030.
Tech Elevator has launched a new tuition-free coding bootcamp in Wilmington, Delaware, aiming to meet the growing demand for tech talent. In partnership with Tech Impact, this initiative will train 200 students over three years. Funded by the Delaware Department of Labor's One Workforce grant, the program promotes career transformation for individuals seeking tech jobs. Tech Elevator boasts a 95% graduation rate and has placed nearly 2,000 students in technology jobs, contributing over $2.5 billion in lifetime earnings.
Stride, Inc. (NYSE: LRN) reported revenue of $400.2 million for the first fiscal quarter of 2022, an increase of 7.9% from $371.0 million in 2021. However, the company recorded a loss from operations of $7.0 million compared to an income of $12.1 million in the prior year. The net loss was $5.9 million, a shift from $12.7 million net income. Adjusted EBITDA fell to $25.5 million, down 35.1%. The company anticipates FY 2022 revenue between $1.56 billion and $1.60 billion, with adjusted operating income of $165 million to $180 million.
Dr. Sherri Wilson, Director of Health Career Programs at Stride, Inc. (NYSE: LRN), has been elected President-elect of the Virginia Nurses Association (VNA), effective September 2022. Dr. Wilson will collaborate with current President Linda Shepherd for a seamless transition. She brings over two decades of nursing expertise and aims to lead VNA in promoting education and advocacy for over 115,000 registered nurses in Virginia. Under her leadership, Stride continues to innovate in career learning, particularly in healthcare education.
Insight Academy of Arizona (ISAZ) has become the first fully online school recognized by the Arizona Department of Education for its Career Prep program. This initiative enables middle and high school students to take career-oriented electives in fields such as Business, Health & Human Services, and Information Technology. Dr. Erica Young-Jackson emphasized the importance of this recognition, which highlights the rigorous virtual learning and work-based experiences provided to students. The approval required ISAZ to demonstrate a coherent course sequence and industry collaboration, ensuring inclusivity and skill development.
Tallo is partnering with the Greater Des Moines Partnership to host a virtual IT and technology career exploration event for high school students on October 14. The event aims to connect students with technology companies like Microsoft and Amazon, providing insights into career opportunities in the IT sector. Attendees can explore various educational pathways through institutions such as Des Moines Area Community College and Iowa State University. This initiative addresses the need for greater visibility into tech career options for students.
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