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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.
The Botetourt County Public Schools (BCPS) is launching the BCPS Virtual Academy for the 2021-2022 school year, providing tuition-free online education options for families. Supported by Stride Learning Solutions, the online academy will cater to K-12 students with a standards-aligned curriculum and live instructional sessions from state-credentialed teachers. The initiative responds to a growing demand for educational alternatives, as highlighted by a survey indicating that 91% of parents favor multiple school options. Stride has over 20 years of experience in online education.
MedCerts has partnered with the SkillUp Coalition to provide IT certification training for under- or unemployed residents in Maryland. Supported by the SkillUp Together Fund, this initiative targets individuals affected by COVID-19, offering free classes that can be completed in 3-6 months. Participants may receive financial incentives of up to $1,000 for completing milestones. This effort aims to reskill Maryland’s workforce, providing citizens with opportunities to secure jobs in high-demand IT roles.
Boeing announced its mentorship program during the 2021 STEM Signing Day on April 29, aimed at supporting high school seniors pursuing STEM degrees. The program, powered by Tallo, connects honorees with mentors to facilitate career guidance. Over 600 students across 16 states will benefit this year, building on the recognition of nearly 2,000 STEM students since the program's inception in 2017. Boeing's leadership emphasized the importance of STEM graduates in shaping the future, as students engage in sessions to explore high-growth career paths.
Galvanize, a leading provider of software engineering and data science training, has appointed Ricky Hamilton as its new Chief Executive Officer. This announcement follows Stride, Inc.'s (NYSE: LRN) report of a 191% year-over-year increase in career learning revenue for its third fiscal quarter ended March 31, 2021. Hamilton, previously Executive VP of Revenue Operations, aims to drive Galvanize's mission of connecting professionals to tech careers and improving access to quality education.
Stride, Inc. (NYSE: LRN) has launched the We Stand Together College Scholarship, part of its $10 million commitment to assist underrepresented students. For the 2021-2022 academic year, the program will award up to $250,000 in scholarships to 22 Black students from Stride K12-powered schools. The initiative aims to alleviate financial barriers faced by Black college-bound students amid a national student loan debt crisis. Applications are due by May 18, 2021.
Boeing and Tallo are hosting the 2021 STEM Signing Day to honor over 600 high school seniors pursuing STEM degrees. The event takes place on April 29, 2021, featuring speakers like Dave Calhoun, Boeing's CEO, and will be streamed online. Students will sign letters of intent for their STEM education paths. The event emphasizes Boeing's commitment to equitable education access and the importance of STEM fields in society.
Stride, Inc. (NYSE: LRN) has partnered with the National Association of Black Male Educators (NABME) to enhance recruitment and professional development for Black male educators in the U.S. The initiative aims to address the underrepresentation of Black male teachers, who constitute only 2% of educators, by providing culturally relevant workshops and opening recruitment opportunities at Stride-powered schools. This partnership aligns with Stride's commitment to diversity and educational equity, backed by a multi-year investment including $10 million in scholarships for underserved students.
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