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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.
Insight Pennsylvania Cyber Charter School is partnering with Kinsa to distribute free smart thermometers to families amidst rising COVID-19 cases, aiming to enhance student health and safety. The Kinsa FLUency health program will benefit nearly 350,000 families in the U.S. and Canada this year, with Insight PA receiving nearly 200 thermometers already and more on the way. This initiative underscores the priority of student health as vital for effective learning. Kinsa's technology allows schools to make informed decisions based on real-time health data.
The California Virtual Academies (CAVA) has partnered with the California Broadcasters Association (CBA) to create pathways for high school students in Multimedia Production and Marketing. This initiative aims to provide students with exposure to broadcast careers through a mix of virtual experiences and an industry-focused curriculum. CAVA, serving over 17,000 students, will launch this program in Spring 2021, enhancing student employability in the $720 billion broadcasting industry.
Stride, Inc. has appointed Angela Williams as Senior Director of External Affairs. With a strong background in education policy, Williams will enhance the organization's outreach to policymakers and advocacy efforts. Known for her work on education choice and equality, she previously served in the Colorado legislature for a decade, where she championed equitable funding for public schools. Williams will collaborate with Stride’s national advocacy team, aiming to expand educational opportunities. This leadership change may strengthen Stride's positioning in the education sector.
Stride, Inc. (NYSE: LRN) reported a ransomware attack on its network, confirmed as a criminal act. The company quickly acted to contain the threat and is cooperating with federal law enforcement. Importantly, the attack did not affect the Learning Management System used by students, and all major corporate systems remain operational. Some student and employee information may have been accessed, prompting a payment to the attacker through cyber insurance to prevent data misuse. The company emphasizes the ongoing investigation and believes the incident will not materially impact its business or financial results.
K12 Inc. is rebranding to Stride, Inc. effective December 16, 2020, marking its expansion beyond K-12 education to lifelong learning. CEO Nate Davis emphasized the company's commitment to personalized education and career readiness. Stride serves nearly 165,000 students in K-12 and has added adult learning through acquisitions of Tech Elevator and MedCerts. The company anticipates nearly $1.5 billion in revenue for fiscal 2021, with career learning projected to generate approximately $250 million. A Virtual Investor Day is scheduled for November 18, 2020.
K12 Inc. (NYSE: LRN), set to become Stride, Inc. on December 16, 2020, has agreed to acquire MedCerts for $70 million in cash, enhancing its career learning solutions in healthcare. MedCerts, recognized for its online certification training with an 88% exam pass rate, has served over 25,000 students. This acquisition, expected to close in Q2 FY 2021, aims to address the healthcare industry's demand for skilled workers. Stride anticipates combined revenue contributions of $14 to $19 million for FY 2021 from both MedCerts and another acquisition, Tech Elevator.
K12 Inc. (NYSE: LRN), rebranding to Stride, Inc. on December 16, 2020, has announced its acquisition of Tech Elevator for $23.5 million in cash. This strategic move aims to enhance access to technology careers by expanding the company's student demographic and geographic reach. Tech Elevator boasts a 95% graduation rate and a 92% job placement rate, with revenues of approximately $11 million, representing a 47% year-over-year increase. The acquisition is projected to positively affect Stride's fiscal 2021 revenue, although its impact will be moderated by purchase accounting adjustments.
Galvanize announces the opening of a new campus in Dallas in January 2021, responding to the demand for software engineering education in the area. This new facility aims to provide in-person access to bootcamp programs, complementing the popularity of their remote offerings. The Dallas campus will coincide with the launch of its Hack Reactor immersive program, designed to prepare students for tech careers. Galvanize, a subsidiary of K12, Inc. (NYSE: LRN), supports career progression in technology, having already trained over 8,000 graduates who find roles in leading companies.
Tallo introduces its web-based app, Ping, in South Carolina, connecting students and job seekers with employers and educational institutions through virtual events. The app is free for users and allows them to match based on interests and qualifications. Upcoming events include the College Application Month Wrap-Up Fair on November 10, a Virtual Healthcare Job Fair on November 17, and an HBCU fair on November 19, providing direct access to colleges and job opportunities. Tallo has facilitated over 13,000 connections, highlighting its growth and impact in workforce development.
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