Stride
(NYSE:LRN)

Stride, Inc., a technology-based education company, provides proprietary and third-party online curriculum, software systems, and educational services to facilitate individualized learning for students primarily in kindergarten through 12th grade (K-12) in the United States and internationally. The ...

Website: https://www.stridelearning.com/

Founded: 1999

Full Time Employees: 4,950

Sector: Consumer Defensive

Industry: Education & Training Services

Education

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-03-31	2015-12-31	2015-09-30	2015-03-31	2014-12-31	2014-09-30	2014-03-31	2013-12-31	2013-09-30	2013-03-31	2012-12-31	2012-09-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31

revenues	629,873,000	631,261,000	620,884,000	653,647,000	613,376,000	587,211,000	551,084,000	534,183,000	520,837,000	504,868,000	480,181,000	483,489,000	470,284,000	458,435,000	425,150,000	455,211,000	421,722,000	409,507,000	400,226,000	397,510,000	392,145,000	376,145,000	370,960,000	268,931,000	257,154,000	257,559,000	257,121,000	256,314,000	253,252,000	254,872,000	251,314,000	238,874,000	232,864,000	217,211,000	228,785,000	215,758,000	222,533,000	221,090,000	229,138,000	221,340,000	208,811,000	221,230,000	244,623,000	231,304,000	236,712,000	235,222,000	223,919,000	228,366,000	218,009,000	206,028,000	221,096,000	178,175,000	166,500,000	193,330,000	128,267,000	130,293,000	129,002,000	134,871,000	88,321,000	96,627,000	93,197,000	106,325,000	72,166,000	77,164,000	77,618,000	88,625,000	56,475,000	56,016,000	54,391,000
instructional costs and services	398,308,000	371,630,000	378,761,000	414,728,000	364,086,000	347,353,000	335,231,000	345,971,000	319,508,000	303,694,000	307,293,000	311,408,000	295,032,000	288,347,000	295,501,000	287,534,000	266,883,000	261,950,000	273,824,000	260,909,000	253,128,000	246,754,000	241,069,000	177,436,000	178,968,000	167,470,000	169,358,000	175,863,000	168,260,000	160,329,000	158,985,000	157,087,000	148,878,000	139,163,000	147,367,000	139,244,000	136,431,000	137,542,000	144,099,000	134,755,000	129,616,000	139,003,000	148,985,000	145,029,000	146,842,000	140,592,000	153,672,000	132,902,000	127,759,000	122,799,000	118,648,000	105,955,000	100,877,000	107,579,000	78,107,000	77,727,000	76,195,000	75,082,000	55,868,000	56,479,000	51,589,000	58,093,000	44,375,000	47,868,000	50,312,000	54,421,000	32,462,000	32,062,000	31,980,000
gross margin	231,565,000	259,631,000	242,123,000	238,919,000	249,290,000	239,858,000	215,853,000	188,212,000	201,329,000	201,174,000	172,888,000	172,081,000	175,252,000	170,088,000	129,649,000	167,677,000	154,839,000	147,557,000	126,402,000	136,601,000	139,017,000	129,391,000	129,891,000	91,495,000	78,186,000	90,089,000	87,763,000
yoy	-7.11%	8.24%	12.17%	26.94%	23.82%	19.23%	24.85%	9.37%	14.88%	18.28%	33.35%	2.63%	13.18%	15.27%	2.57%	22.75%	11.38%	14.04%	-2.69%	49.30%	77.80%	43.63%	48.00%
qoq	-10.81%	7.23%	1.34%	-4.16%	3.93%	11.12%	14.69%	-6.52%	0.08%	16.36%	0.47%	-1.81%	3.04%	31.19%	-22.68%	8.29%	4.94%	16.74%	-7.47%	-1.74%	7.44%	-0.38%	41.97%	17.02%	-13.21%	2.65%
selling, general, and administrative expenses	102,485,000	112,779,000	173,140,000	122,576,000	118,504,000	114,758,000	168,509,000	114,534,000	113,016,000	116,885,000	169,568,000	118,135,000	103,053,000	102,015,000	158,368,000	121,581,000	94,245,000	90,642,000	133,379,000	115,214,000	100,464,000	90,939,000	117,827,000	84,454,000	63,687,000	59,784,000	107,151,000
income from operations	129,080,000	146,852,000	68,983,000	56,865,000	130,786,000	125,100,000	47,344,000	73,678,000	88,313,000	84,289,000	3,320,000	53,946,000	72,199,000	68,073,000	-28,719,000	46,096,000	60,594,000	56,915,000	-6,977,000	21,387,000	38,553,000	38,452,000	12,064,000	7,041,000	14,499,000	30,305,000	-19,388,000	2,681,000	23,267,000	33,290,000	-13,752,000	9,876,000	19,717,000	13,714,000	-17,762,000	4,712,000	12,763,000			19,134,000			27,430,000	20,473,000		27,385,000			19,352,000	16,272,000	8,661,000	11,589,000	7,092,000	8,267,000	-6,193,000	10,831,000	14,195,000	5,380,000	-1,875,000	10,381,000	14,294,000	12,667,000	-263,000	7,414,000	6,014,000	9,174,000	-720,000	4,380,000	3,342,000
yoy	-1.30%	17.39%	45.71%	-22.82%	48.09%	48.42%	1326.02%	36.58%	22.32%	23.82%	-111.56%	17.03%	19.15%	19.60%	311.62%	115.53%	57.17%	48.02%	-157.83%	203.75%	165.90%	26.88%	-162.22%	162.63%	-37.68%	-8.97%	40.98%	-72.85%	18.00%	142.74%	-22.58%	109.59%	54.49%			-75.37%				-6.54%						68.30%			172.87%	96.83%	-239.85%	7.00%	-50.04%	53.66%	230.29%	4.33%	-0.69%	-57.53%	612.93%	40.02%	137.68%	38.07%	-63.47%	69.27%	79.95%
qoq	-12.10%	112.88%	21.31%	-56.52%	4.55%	164.24%	-35.74%	-16.57%	4.77%	2438.83%	-93.85%	-25.28%	6.06%	-337.03%	-162.30%	-23.93%	6.46%	-915.75%	-132.62%	-44.53%	0.26%	218.73%	71.34%	-51.44%	-52.16%	-256.31%	-823.16%	-88.48%	-30.11%	-342.07%	-239.25%	-49.91%	43.77%	-177.21%	-476.95%	-63.08%							33.98%						18.93%	87.88%	-25.27%	63.41%	-14.21%	-233.49%	-157.18%	-23.70%	163.85%	-386.93%	-118.06%	-27.38%	12.84%	-4916.35%	-103.55%	23.28%	-34.45%	-1374.17%	-116.44%	31.06%
interest expense	-3,001,000	-2,814,000	-3,075,000	-2,694,000	-2,787,000	-2,670,000	-2,353,000	-2,318,000	-2,404,000	-2,022,000	-2,068,000	-2,070,000	-2,206,000	-2,082,000	-2,046,000	-1,560,250	-2,373,000	-1,875,000	-1,993,000																																	-265,000	-236,000	-221,000	-237,000	-307,000	-366,000	-297,000	-289,000	-361,000	-324,000				-264,000				-389,000
other income	-5,338,000	-10,764,000	16,914,000	10,160,000	7,360,000	7,330,000	8,778,000	7,519,000	7,678,000	6,538,000	5,165,000	5,858,000	4,587,000	3,970,000	1,037,000	-5,568,000	496,000	3,884,000	-89,000	553,000	486,000	1,361,000	429,000	1,008,000	-1,093,000	365,000	-8,000	154,000	556,000
income before income taxes and loss from equity method investments	120,741,000						53,769,000				6,417,000			69,961,000								34,789,000	10,386,000	7,472,000	13,330,000	31,111,000
income tax expense	-31,545,000	-33,966,000	-14,423,000	-12,919,000	-35,450,000	-33,361,000	-11,277,000	-16,099,000	-24,657,000	-22,190,000		-14,468,000	-19,525,000	-18,860,000		-10,337,000	-16,716,000	-15,928,000		-5,998,000	-10,275,000	-10,642,000		-1,498,250	-4,419,000	-10,392,000										-1,876,000	-4,522,000															-4,638,000	-2,976,000	-3,697,000	2,968,000	-5,260,000	-6,119,000	-2,931,000	-3,419,000	-3,927,000	-4,381,000	-5,368,000
loss from equity method investments	-669,000						-1,610,000				-3,000			-396,000									-96,000	-36,000	-157,000	-125,000	-62,000	-70,000	-273,000		-97,000
net income attributable to common stockholders	88,527,000	99,477,000	68,800,000	51,320,000	99,346,000	96,393,000	40,882,000	62,782,000	69,687,000	66,836,000	4,878,000	43,372,000	55,462,000	50,705,000		28,090,000	42,919,000	42,004,000	-5,883,000	10,495,000	23,789,000	24,501,000	12,666,000	4,888,000	8,754,000	20,594,000		3,317,000	18,462,000	23,712,000		9,347,000	13,070,000	13,259,000		-6,483,000	9,115,000	11,652,000		14,273,000	8,538,000																						-666,000	3,547,000	3,520,000	5,914,000	17,103,000	2,460,000
net income attributable to common stockholders per share:
basic	2.09	2.31	1.59	1.19	2.31	2.24	0.95	1.47	1.63	1.57	0.11	1.02	1.31	1.2		0.67	1.03	1.01	-0.15	0.26	0.59	0.61	0.32	0.12	0.22	0.52		0.09	0.47	0.61		0.24	0.33	0.34		-0.17	0.24	0.31		0.38			0.46	0.33					0.31	0.24	0.11	0.18	0.11	0.12	-0.1	0.17	0.24	0.07	-0.05	0.2	0.33	0.24	-0.02	0.12	0.12	0.21	1.06	0.09
diluted	1.93	2.12	1.4	1	2.02	2.03	0.94	1.43	1.6	1.54	0.11	1.01	1.3	1.19		0.65	1.02	1	-0.15	0.25	0.57	0.6	0.3	0.12	0.22	0.52		0.07	0.44	0.59		0.23	0.32	0.33		-0.17	0.23	0.3		0.37			0.45	0.33					0.31	0.24	0.11	0.18	0.11	0.12	-0.09	0.16	0.23	0.07	-0.05	0.2	0.32	0.24	-0.02	0.12	0.12	0.2	0.99	0.09
weighted-average shares used for eps calculation
basic	42,330,276	43,074,993	43,371,952	43,041,274	43,092,682	43,017,190	42,868,310	42,626,588	42,684,561	42,561,035	42,500,011	42,286,392	42,375,480	42,259,061	42,076,628	41,451,101	41,823,564	41,525,736	40,559,066	40,211,016	40,286,109	40,160,362	39,985,417	39,478,928	39,539,791	39,450,017		38,848,780	39,008,990	38,816,669		39,282,674	39,644,074	39,347,244		38,298,581	38,376,984	38,104,909		37,692,826	37,559,999		37,211,634	37,096,480					36,283,353	36,118,519	36,029,252	35,876,629	35,755,685	35,629,836	31,577,758	30,958,807	30,565,683	30,343,696	29,791,973	29,951,327	29,648,674	29,378,074	28,746,188	28,863,137	28,749,126	28,487,440	15,701,278	27,449,893	5,777,767
diluted	45,835,843	46,863,391	49,222,851	48,413,717	49,181,728	47,462,688	43,708,967	43,535,441	43,655,841	43,463,763	42,982,385	42,728,108	42,714,090	42,547,334	42,076,628	42,441,524	42,136,042	41,963,399	40,559,066	41,868,580	41,690,509	41,102,425	42,189,673	40,663,224	39,938,898	39,973,933		40,944,800	41,753,323	40,325,260		40,637,744	40,766,203	40,685,667		39,500,934	39,328,127	39,007,276		38,999,871	37,680,879		37,408,911	37,160,829					36,283,353	36,118,519	36,029,252	35,913,576	35,976,779	35,954,075	32,114,761	31,758,313	31,128,286	30,805,106	30,248,683	30,352,974	29,974,642	29,948,550	29,639,974	29,466,247	29,682,250	29,499,102	16,850,909	28,780,389	5,777,767
income before income taxes and income from equity method investments		133,274,000	82,822,000	64,331,000	135,359,000	129,760,000		78,879,000	93,587,000	88,805,000		57,734,000	74,580,000			38,492,000	58,717,000	58,924,000	-9,059,000	16,463,000	33,668,000
income from equity method investments		169,000	401,000	-92,000	-563,000	-6,000		2,000	757,000	221,000		106,000	407,000		-451,000	-65,000	918,000	-992,000	283,000	30,000	396,000	354,000
income tax benefit											-1,536,000				7,507,000				2,893,000				2,376,000				8,818,000	-662,000	-5,842,000	-9,074,000	5,058,000	-959,000	-6,935,000	-564,000	9,368,000				8,690,000			8,097,000			6,538,000		4,685,000	3,450,000															14,000	-3,490,000	-2,365,000	-3,786,000	17,735,000	-2,229,000	-1,565,000
loss before income taxes and income from equity method investments															-29,728,000
net loss attributable to common stockholders															-22,672,000												-9,730,000				-8,282,000				-8,056,000				-13,833,000			-12,793,000																											-5,640,000
net loss attributable to common stockholders per share:
basic															-0.54																																																						-0.98
diluted															-0.54																																																						-0.98
interest income																				-5,477,000	-5,371,000	-5,024,000	-2,107,000	-577,000	-76,000	441,000	910,000	1,214,000	754,000		509,000	430,000	261,000	39,000	235,000	561,000	641,000	264,000	342,000					151,000	31,000																	-357,000	-129,500	-361,000		107,000	-95,750	309,000

loss before income taxes and loss from equity method investments																											-18,486,000
net loss attributable to common stockholders per share:
basic and diluted																											-0.25				-0.22				-0.21				-0.36			-0.34			-0.18
weighted-average shares used for eps calculation
basic and diluted																											39,288,557				38,434,049				39,108,172				37,938,705			37,433,493			37,695,681	39,596,798	39,977,228	37,868,928
cost and expenses
selling, administrative, and other operating expenses																												75,207,000	59,382,000	60,183,000	102,578,000	69,939,000	62,267,000	61,958,000	96,282,000	68,791,000	69,828,000	62,352,000	104,646,000	64,888,000	61,440,000	99,270,000	64,871,000	62,557,000	99,546,000	64,414,000	75,753,000	98,244,000	65,828,000	61,379,000	89,619,000	53,619,000	50,957,000	71,260,000	52,324,000	36,763,000	35,177,000	50,498,000	32,329,000	26,843,000	24,899,000	33,327,000	25,494,000	19,467,000	18,887,000	22,835,000	22,712,000	17,032,000	16,609,000
product development expenses																												2,563,000	2,343,000	1,070,000	3,503,000	1,972,000	2,002,000	2,376,000	2,898,000	3,011,000	3,511,000	2,873,000	3,062,000	2,563,000	3,028,000	3,413,000	3,337,000	3,245,000	3,482,000	2,831,000	3,402,000	5,684,000	5,070,000	5,578,000	4,168,000	7,012,000	7,574,000	6,224,000	4,029,000	4,972,000	3,435,000	3,911,000	1,999,000	2,924,000	2,415,000	2,238,000	2,560,000	2,415,000	2,405,000	2,195,000	2,021,000	2,542,000	2,460,000
total costs and expenses																												253,633,000	229,985,000	221,582,000	265,066,000	228,998,000	213,147,000	203,497,000	246,547,000	211,046,000	209,770,000	202,767,000	251,807,000	202,206,000	194,084,000	241,686,000	217,193,000	210,831,000	249,870,000	207,837,000	232,827,000	236,830,000	198,657,000	189,756,000	212,435,000	166,586,000	159,408,000	185,063,000	134,460,000	119,462,000	114,807,000	129,491,000	90,196,000	86,246,000	78,903,000	93,658,000	72,429,000	69,750,000	71,604,000	79,451,000	57,195,000	51,636,000	51,049,000
income before income taxes, loss from equity method investments and noncontrolling interest																												4,049,000	24,577,000
net income																												3,317,000	18,462,000	23,712,000	-8,282,000	9,347,000	13,043,000	13,189,000	-8,159,000	-6,603,000	8,882,000	10,899,000		13,665,000	7,884,000		16,529,000	11,961,000		15,512,000			11,420,000	9,320,000	4,544,000				3,781,750	5,264,000	7,710,000	2,152,000	-1,737,000	6,093,000	9,589,000	6,942,000	-666,000	3,547,000	3,520,000	5,914,000	17,103,000	2,460,000	1,388,000
yoy																												-64.51%	41.55%	79.79%	1.51%	-241.56%	46.85%	21.01%		-148.32%	12.66%			14.25%						66.44%					20.16%				-317.72%	-13.61%	-19.60%	-69.00%	160.81%	71.78%	172.41%	17.38%	-103.89%	44.19%	153.60%
qoq																												-82.03%	-22.14%	-386.31%	-188.61%	-28.34%	-1.11%	-261.65%	23.57%	-174.34%	-18.51%			73.33%			38.19%						22.53%	105.11%					-28.16%	-31.73%	258.27%	-223.89%	-128.51%	-36.46%	38.13%	-1142.34%	-118.78%	0.77%	-40.48%	-65.42%	595.24%	77.23%
add net loss attributable to noncontrolling interest																																	27,000	70,000	103,000	120,000	233,000	753,000											555,000			291,000	285,000	251,000	618,000	335,000	129,000	46,000
interest income and other																														-504,000
income before income taxes and noncontrolling interest																														32,786,000		10,306,000	19,978,000	13,753,000		-4,727,000	13,404,000
loss before income taxes and noncontrolling interest																															-13,340,000				-17,527,000
net income attributable to common stockholders per share
basic	2.09	2.31	1.59	1.19	2.31	2.24	0.95	1.47	1.63	1.57	0.11	1.02	1.31	1.2		0.67	1.03	1.01	-0.15	0.26	0.59	0.61	0.32	0.12	0.22	0.52		0.09	0.47	0.61		0.24	0.33	0.34		-0.17	0.24	0.31		0.38			0.46	0.33					0.31	0.24	0.11	0.18	0.11	0.12	-0.1	0.17	0.24	0.07	-0.05	0.2	0.33	0.24	-0.02	0.12	0.12	0.21	1.06	0.09
diluted	1.93	2.12	1.4	1	2.02	2.03	0.94	1.43	1.6	1.54	0.11	1.01	1.3	1.19		0.65	1.02	1	-0.15	0.25	0.57	0.6	0.3	0.12	0.22	0.52		0.07	0.44	0.59		0.23	0.32	0.33		-0.17	0.23	0.3		0.37			0.45	0.33					0.31	0.24	0.11	0.18	0.11	0.12	-0.09	0.16	0.23	0.07	-0.05	0.2	0.32	0.24	-0.02	0.12	0.12	0.2	0.99	0.09
income (loss) from operations																																						18,323,000			14,727,000
income (loss) before income taxes and noncontrolling interest																																						18,587,000
loss before income tax benefit and noncontrolling interest
add net income attributable to noncontrolling interest
net loss attributable to common stockholders per share
basic and diluted																											-0.25				-0.22				-0.21				-0.36			-0.34			-0.18
income before income tax expense and noncontrolling interest																																								19,033,000			27,115,000	20,624,000		27,373,000			19,046,000	16,000,000	8,433,000	11,324,000	6,856,000	8,046,000	-6,430,000	10,524,000	13,829,000	5,083,000	9,075,000	10,020,000	13,970,000	12,310,000
adjust net loss attributable to noncontrolling interest																																								608,000	654,000		484,000	370,000		437,000	586,000	58,000		191,000
income (loss) before income tax expense and noncontrolling interest																																									14,537,000
net income attributable to common stockholders per share
basic and diluted																																									0.23					0.4	-0.09	-0.13
adjust net income attributable to noncontrolling interest
net income attributable to common stockholders, including series a stockholders																																											17,013,000	12,331,000		15,949,000	-3,665,000	-5,040,000	11,975,000	9,511,000	4,357,000	6,977,000	4,165,000	4,600,000
net income attributable to common stockholders per share, excluding series a stockholders, through the conversion date september 3, 2013:
basic	2.09	2.31	1.59	1.19	2.31	2.24	0.95	1.47	1.63	1.57	0.11	1.02	1.31	1.2		0.67	1.03	1.01	-0.15	0.26	0.59	0.61	0.32	0.12	0.22	0.52		0.09	0.47	0.61		0.24	0.33	0.34		-0.17	0.24	0.31		0.38			0.46	0.33					0.31	0.24	0.11	0.18	0.11	0.12	-0.1	0.17	0.24	0.07	-0.05	0.2	0.33	0.24	-0.02	0.12	0.12	0.21	1.06	0.09
diluted	1.93	2.12	1.4	1	2.02	2.03	0.94	1.43	1.6	1.54	0.11	1.01	1.3	1.19		0.65	1.02	1	-0.15	0.25	0.57	0.6	0.3	0.12	0.22	0.52		0.07	0.44	0.59		0.23	0.32	0.33		-0.17	0.23	0.3		0.37			0.45	0.33					0.31	0.24	0.11	0.18	0.11	0.12	-0.09	0.16	0.23	0.07	-0.05	0.2	0.32	0.24	-0.02	0.12	0.12	0.2	0.99	0.09
net loss attributable to common stockholders, including series a stockholders																																													-6,776,000
net loss attributable to common stockholders per share, excluding series a stockholders through the conversion date september 3, 2013:
basic and diluted																											-0.25				-0.22				-0.21				-0.36			-0.34			-0.18
net income attributable to common stockholders per share, excluding series a stockholders, through the conversion date september 3, 2013:
basic and diluted																																									0.23					0.4	-0.09	-0.13
net income attributable to common stockholders per share, excluding series a stockholders through the conversion date september 3, 2013:
basic and diluted																																									0.23					0.4	-0.09	-0.13
net income attributable to common stockholders per share, excluding series a stockholders:
basic	2.09	2.31	1.59	1.19	2.31	2.24	0.95	1.47	1.63	1.57	0.11	1.02	1.31	1.2		0.67	1.03	1.01	-0.15	0.26	0.59	0.61	0.32	0.12	0.22	0.52		0.09	0.47	0.61		0.24	0.33	0.34		-0.17	0.24	0.31		0.38			0.46	0.33					0.31	0.24	0.11	0.18	0.11	0.12	-0.1	0.17	0.24	0.07	-0.05	0.2	0.33	0.24	-0.02	0.12	0.12	0.21	1.06	0.09
diluted	1.93	2.12	1.4	1	2.02	2.03	0.94	1.43	1.6	1.54	0.11	1.01	1.3	1.19		0.65	1.02	1	-0.15	0.25	0.57	0.6	0.3	0.12	0.22	0.52		0.07	0.44	0.59		0.23	0.32	0.33		-0.17	0.23	0.3		0.37			0.45	0.33					0.31	0.24	0.11	0.18	0.11	0.12	-0.09	0.16	0.23	0.07	-0.05	0.2	0.32	0.24	-0.02	0.12	0.12	0.2	0.99	0.09
net income – k12 inc.																																																				6,686,000
net income — k12 inc.																																																					3,880,000	4,349,000	3,909,000	5,599,000	7,839,000	2,198,000	-1,325,000	6,129,000	9,638,000	7,083,000
add (less) net loss (net income) attributable to noncontrolling interest																																																											56,500	36,000
add net loss — noncontrolling interest																																																													49,000	141,000
income before income tax benefit and minority interest																																																															-727,000	7,053,000	5,750,000
income before minority interest																																																															-713,000	3,563,000	3,385,000	5,495,000
minority interest, net of tax																																																															47,000	-16,000	135,000
dividends on preferred stock																																																																					-1,395,000
preferred stock accretion																																																																					-5,633,000
income before income tax expense and minority interest																																																																		9,281,000
minority interest in loss of consolidated subsidiaries, net of tax																																																																		419,000
net income before income tax expense																																																																			3,336,750	4,689,000	2,953,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-03-31	2015-12-31	2015-09-30	2015-03-31	2014-12-31	2014-09-30	2014-03-31	2013-12-31	2013-09-30	2013-03-31	2012-12-31	2012-09-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31

assets
current assets
cash and cash equivalents	614,047,000	497,098,000	518,439,000	782,497,000	528,547,000	515,049,000	317,765,000	500,614,000	376,577,000	354,387,000	254,626,000	410,807,000	373,678,000	318,279,000	194,524,000	389,398,000	308,564,000	256,986,000	218,519,000	386,080,000	329,031,000	258,107,000	308,784,000	212,299,000	150,034,000	211,641,000	165,944,000	283,121,000	234,025,000	203,275,000	143,049,000	231,113,000	227,907,000	189,502,000	147,342,000	230,864,000	194,708,000	182,146,000	135,088,000	199,508,000	171,277,000	150,864,000	142,850,000	124,234,000	109,196,000	185,332,000	162,889,000	163,474,000	156,968,000	143,192,000	107,938,000	123,653,000	133,872,000	133,472,000	193,099,000	40,080,000	35,157,000	62,348,000	81,751,000	66,491,000	48,030,000	38,298,000	49,461,000	56,437,000	50,372,000	49,023,000	71,682,000	66,966,000	68,723,000
accounts receivable	854,874,000	868,964,000	809,302,000	559,646,000	699,817,000	582,548,000	675,709,000	472,754,000	577,792,000	509,635,000	629,600,000	463,722,000	474,663,000	442,166,000	543,705,000	418,558,000	422,615,000	430,436,000	519,393,000	369,303,000	422,786,000	435,254,000	419,615,000	236,134,000	284,326,000	251,624,000	267,690,000	191,639,000	238,614,000	239,702,000	283,806,000	176,319,000	207,998,000	244,124,000	282,785,000	192,205,000	225,784,000	218,743,000	264,191,000	222,884,000	229,589,000	260,755,000	275,795,000	266,760,000	285,038,000	236,445,000	254,350,000	271,808,000	234,550,000	223,312,000	258,832,000	205,307,000	197,096,000	214,388,000	96,235,000	134,048,000	142,486,000	148,097,000	71,184,000	93,413,000	100,095,000	106,766,000	52,532,000	75,792,000	83,053,000	88,969,000	30,630,000	45,554,000	45,982,000
inventories	21,501,000	17,942,000	19,814,000	37,570,000	22,375,000	20,707,000	22,319,000	36,748,000	21,038,000	19,506,000	21,752,000	36,716,000	22,884,000	23,960,000	27,919,000	36,003,000	23,986,000	23,941,000	24,873,000	39,690,000	28,814,000	28,618,000	24,009,000	28,300,000	19,579,000	20,071,000	20,516,000	29,946,000	17,195,000	17,068,000	18,116,000	31,134,000	18,051,000	18,388,000	18,588,000	30,503,000	18,789,000	17,409,000	16,328,000	16,146,000	17,858,000	16,714,000	17,757,000	19,515,000	17,967,000	21,294,000	23,363,000	28,013,000	29,344,000	29,470,000	28,113,000	27,525,000	20,203,000	18,427,000	30,554,000	19,028,000	16,906,000	16,549,000	26,193,000	22,820,000	21,990,000	20,052,000	32,052,000	23,296,000	12,357,000	14,000,000	20,672,000	8,813,000	8,643,000
prepaid expenses	64,573,000	74,384,000	91,261,000	35,579,000	49,733,000	51,367,000	53,902,000	29,164,000	40,127,000	35,529,000	50,350,000	24,817,000	39,012,000	43,822,000	71,149,000	25,974,000	35,861,000	29,240,000	38,358,000	19,453,000	26,656,000	21,525,000	33,338,000	13,058,000	18,945,000	16,669,000	29,871,000	12,643,000	17,958,000	19,120,000	25,205,000	10,278,000	14,422,000	21,988,000	33,826,000	8,006,000	15,448,000	18,110,000	31,535,000	16,837,000	21,239,000	29,458,000	11,580,000	11,610,000	22,909,000	10,396,000	9,090,000	11,206,000	21,086,000	19,833,000	14,621,000	14,428,000	13,825,000	13,232,000	10,424,000	10,246,000	9,617,000	6,849,000	8,849,000	8,636,000	6,481,000	4,369,000	7,810,000
marketable securities	191,793,000	128,615,000	196,659,000	202,769,000	195,144,000	202,447,000	204,473,000	191,672,000
other current assets	12,002,000	13,314,000	14,634,000	14,673,000	17,361,000	16,361,000	17,158,000	14,494,000	193,547,000	169,815,000	123,948,000	129,137,000	96,569,000	100,588,000	93,840,000	80,601,000	80,553,000	75,528,000	56,436,000	43,004,000	22,918,000	24,973,000	19,745,000	11,480,000	13,814,000	13,689,000	14,289,000	12,307,000	14,181,000	14,447,000	15,028,000	10,388,000	13,767,000	14,753,000	15,678,000	12,004,000	24,828,000	23,377,000	25,124,000	24,797,000	25,105,000	27,538,000	29,217,000	29,056,000	31,603,000	27,823,000	27,368,000	32,385,000	13,606,000	16,000,000	20,440,000	12,973,000	14,537,000	17,899,000	9,111,000	9,280,000	16,105,000	11,286,000	7,286,000	6,368,000	6,368,000	7,834,000	3,454,000
total current assets	1,758,790,000	1,600,317,000	1,650,109,000	1,632,734,000	1,512,977,000	1,388,479,000	1,291,326,000	1,245,446,000	1,209,081,000	1,088,872,000	1,080,276,000	1,065,199,000	1,006,806,000	928,815,000	931,137,000	950,534,000	871,579,000	816,131,000	857,579,000	857,530,000	830,205,000	768,477,000	805,491,000	501,271,000	486,698,000	513,694,000	498,310,000	529,656,000	521,973,000	493,612,000	485,204,000	459,232,000	482,145,000	488,755,000	498,219,000	473,582,000	479,557,000	459,785,000	472,266,000	488,578,000	469,729,000	488,334,000	481,876,000	455,144,000	468,944,000	487,455,000	495,631,000	528,364,000	465,353,000	444,170,000	444,617,000	390,356,000	389,084,000	406,718	348,099,000	218,950,000	226,449,000	252,165,000	203,278,000	205,925,000	190,261,000	184,137,000	151,697,000	172,150,000	160,079,000	163,387,000	134,976,000	123,568,000	128,923,000
property and equipment	103,281,000	110,580,000	112,993,000	78,582,000	88,490,000	84,685,000	84,801,000	50,856,000	57,213,000	60,555,000	61,085,000	52,332,000	61,326,000	68,124,000	72,307,000	61,537,000	67,565,000	74,149,000	76,884,000	72,069,000	82,918,000	78,503,000	70,147,000	38,668,000	44,174,000	35,188,000	37,253,000	31,980,000	32,778,000	32,481,000	37,002,000	28,868,000	29,468,000	29,472,000	32,468,000	26,297,000	25,976,000	28,426,000	31,504,000	26,717,000	28,661,000	31,654,000	47,369,000	48,127,000	52,084,000	50,010,000	56,262,000	62,892,000	61,390,000	63,134,000	65,864,000	61,385,000	60,297,000	58,148,000	46,625,000	44,377,000	42,573,000	36,735,000		43,183,000	43,591,000	44,827,000	37,860,000	39,144,000	38,041,000	35,949,000	24,536,000	25,233,000	24,597,000
capitalized software	82,653,000	79,084,000	76,156,000	75,314,000	76,932,000	77,299,000	77,181,000	81,952,000	83,320,000	81,413,000	82,046,000	83,465,000	80,360,000	76,192,000	74,748,000	71,800,000	64,921,000	60,520,000	57,965,000	57,308,000	51,922,000	50,296,000	49,263,000	48,493,000	48,304,000	49,259,000	50,232,000	51,165,000	51,693,000	52,997,000	54,163,000	55,488,000	55,729,000	57,904,000	60,839,000	62,695,000	64,231,000	66,728,000	69,237,000	67,710,000	66,360,000	65,741,000	59,591,000	56,884,000	53,964,000	46,660,000	42,738,000	44,782,000	42,288,000	39,639,000	37,674,000				24,386,000
capitalized curriculum development costs	62,444,000	61,066,000	59,642,000	58,584,000	55,860,000	53,759,000	52,754,000	53,232,000	51,451,000	50,290,000	50,114,000	50,787,000	50,970,000	50,557,000	51,430,000	50,580,000	50,476,000	49,787,000	49,866,000	50,376,000	48,482,000	48,147,000	48,931,000	48,849,000	51,717,000	52,345,000	53,495,000	53,297,000	51,160,000	52,085,000	52,952,000	53,558,000	53,299,000	54,816,000	57,056,000	59,213,000	60,960,000	62,920,000	64,642,000	58,345,000	57,311,000	58,151,000	59,946,000	59,569,000	60,189,000	61,219,000	61,824,000	63,989,000	63,374,000	62,926,000	61,944,000	56,962,000	56,249,000	56,424,000	55,619,000	52,643,000	50,642,000	44,426,000	39,860,000	37,166,000	35,584,000	33,979,000	31,649,000	29,445,000	26,592,000	23,943,000	21,366,000	18,962,000	17,334,000
intangible assets	12,646,000	14,416,000	16,294,000	18,227,000	52,759,000	55,170,000	57,714,000	60,282,000	64,668,000	68,768,000	71,755,000	74,771,000	80,131,000	83,410,000	86,690,000	88,669,000	91,940,000	95,210,000	96,267,000	99,480,000	103,047,000	106,547,000	75,360,000	77,451,000	43,893,000	13,495,000	14,238,000	14,981,000	15,723,000	16,466,000	17,209,000	17,951,000	18,694,000	19,449,000	19,509,000	20,226,000	20,948,000	21,665,000	22,382,000	19,347,000	19,964,000	20,580,000	21,831,000	22,464,000	23,098,000	24,783,000	25,436,000	31,332,000	33,288,000	34,437,000	35,587,000	37,912,000	38,993,000	37,435,000	38,291,000	39,148,000	40,005,000	36,834,000	14,081,000									390,000	439,000
goodwill	246,676,000	246,676,000	246,676,000	246,676,000	246,676,000	246,676,000	246,676,000	246,676,000	246,676,000	246,676,000	246,676,000	246,676,000	246,676,000	246,676,000	246,238,000	241,022,000	240,952,000	240,921,000	240,353,000	240,353,000	240,251,000	240,799,000	174,523,000	174,939,000	197,803,000	90,197,000	90,197,000	90,197,000	90,197,000	90,197,000	90,197,000	90,197,000	90,197,000	90,197,000	87,214,000	87,214,000	87,285,000	87,285,000	87,285,000	66,160,000	66,160,000	66,160,000	67,241,000	67,241,000	67,270,000	61,581,000	61,571,000	61,523,000	61,400,000	61,501,000	61,428,000	62,404,000	62,404,000	66,668,000	55,627,000	53,580,000	53,531,000	36,809,000	1,825,000	1,825,000	1,825,000	1,825,000	1,825,000	1,825,000	1,825,000	1,825,000	1,754,000	2,550,000	2,551,000
deferred tax asset				26,377,000	3,363,000			7,200,000	14,773,000	9,499,000	1,766,000	8,776,000																												8,406,000	4,661,000	3,005,000
deposits and other assets	180,446,000	194,411,000	171,245,000	141,505,000	124,876,000	116,150,000	109,900,000	120,318,000	107,306,000	115,436,000	109,339,000	109,152,000	101,425,000	89,694,000	80,221,000	93,946,000	99,583,000	97,617,000	94,980,000	105,510,000	77,316,000	75,175,000	73,014,000	71,824,000	56,487,000	72,772,000	69,772,000	48,330,000	45,486,000	45,865,000	48,075,000	36,669,000	31,592,000	8,063,000	7,134,000	6,057,000	6,459,000	10,679,000	13,649,000	7,049,000	6,806,000	6,791,000	5,849,000	5,853,000	5,668,000	5,547,000	5,425,000	5,415,000	2,825,000	2,902,000	2,384,000	3,219,000	3,297,000	2,515,000	3,448,000	4,625,000	14,411,000	2,202,000	2,213,000	2,247,000	2,542,000	2,169,000	2,526,000					395,000	424,000
total assets	2,446,936,000	2,306,550,000	2,333,115,000	2,293,959,000	2,207,944,000	2,070,781,000	1,971,961,000	1,920,465,000	1,892,213,000	1,782,196,000	1,767,645,000	1,760,666,000	1,699,848,000	1,619,291,000	1,622,098,000	1,643,545,000	1,574,532,000	1,525,745,000	1,570,365,000	1,577,297,000	1,534,168,000	1,471,954,000	1,404,476,000	1,073,263,000	1,036,005,000	826,950,000	813,497,000	819,606,000	809,010,000	783,703,000	784,802,000	741,963,000	761,124,000	748,656,000	762,439,000	735,284,000	745,416,000	737,488,000	760,965,000	733,906,000	714,991,000	737,411,000	743,703,000	715,282,000	731,217,000	737,255,000	748,887,000	798,297,000	739,918,000	718,709,000	719,498,000	651,734,000	647,626,000	662,316,000	582,095,000	447,665,000	451,521,000	434,597,000	307,882,000	294,462,000	280,464,000	276,509,000	240,176,000	254,222,000	241,302,000	242,529,000	197,324,000	174,105,000	176,765,000
liabilities and stockholders' equity
current liabilities
accounts payable	45,090,000	45,739,000	55,596,000	43,962,000	40,204,000	30,896,000	50,057,000	40,970,000	37,156,000	31,319,000	74,586,000	48,854,000	35,252,000	32,809,000	68,956,000	61,997,000	32,848,000	33,821,000	58,589,000	62,144,000	47,043,000	39,251,000	91,957,000	40,428,000	25,235,000	30,598,000	46,204,000	50,488,000	23,208,000	20,460,000	39,062,000	29,362,000	17,548,000	17,162,000	34,010,000	30,052,000	16,105,000	18,378,000	31,196,000	15,745,000	16,760,000	42,308,000	20,032,000	16,633,000	41,641,000	24,614,000	16,538,000	50,617,000	19,976,000	20,121,000	33,393,000	17,276,000	20,249,000	31,850,000	21,176,000	13,773,000	14,825,000	30,374,000	12,691,000	12,108,000	7,736,000	10,463,000	10,366,000	14,443,000	8,170,000	14,021,000	14,388,000	6,445,000	7,574,000
accrued liabilities	96,775,000	63,369,000	59,468,000	103,276,000	71,185,000	82,664,000	56,030,000	60,796,000	67,671,000	56,334,000	50,834,000	76,626,000	45,745,000	40,909,000	42,540,000	63,200,000	55,152,000	61,462,000	75,746,000	77,642,000	44,199,000	41,514,000	25,782,000	27,351,000	25,953,000	19,616,000	18,590,000	20,685,000	17,706,000	14,619,000	14,016,000	14,345,000	13,304,000	12,479,000	11,509,000	21,622,000	17,822,000	13,551,000	13,968,000	14,209,000	10,893,000	10,724,000	19,308,000	10,154,000	10,642,000	14,910,000	14,585,000	15,702,000	26,030,000	22,218,000	16,183,000	16,252,000	17,011,000	19,025,000	14,126,000	12,468,000	13,716,000	10,995,000	8,840,000	5,909,000	6,260,000	10,011,000	7,329,000	9,967,000	7,594,000	7,955,000	4,684,000	3,867,000	6,591,000
accrued compensation and benefits	60,449,000	43,409,000	43,870,000	74,939,000	68,959,000	44,508,000	40,469,000	64,878,000	62,383,000	43,076,000	40,014,000	57,426,000	53,761,000	34,083,000	40,084,000	73,027,000	59,843,000	41,193,000	35,945,000	80,363,000	62,816,000	42,501,000	27,598,000	47,227,000	28,384,000	28,055,000	18,961,000	41,998,000	30,549,000	28,120,000	18,729,000	36,050,000	29,489,000	19,667,000	14,281,000	29,367,000	25,118,000	20,890,000	16,395,000	26,898,000	17,301,000	16,828,000	22,019,000	19,085,000	12,470,000	19,436,000	20,541,000	12,063,000	19,683,000	13,296,000	12,219,000	16,127,000	13,662,000	16,474,000	13,086,000	8,627,000	7,238,000	5,008,000	10,563,000	9,942,000	5,124,000	4,883,000	8,291,000	5,053,000	4,653,000	5,653,000	10,049,000	7,572,000	5,478,000
deferred revenue	19,118,000	5,084,000	18,820,000	26,995,000	32,902,000	16,797,000	32,330,000	35,742,000	70,907,000	64,237,000	83,920,000	76,159,000	94,342,000	83,799,000	80,682,000	53,630,000	51,530,000	50,409,000	64,918,000	38,110,000	53,449,000	62,635,000	55,373,000	24,417,000	39,618,000	23,569,000	25,557,000	22,828,000	52,827,000	51,476,000	69,434,000	23,114,000	49,039,000	54,945,000	65,769,000	24,830,000	50,797,000	59,225,000	71,754,000	50,898,000	57,083,000	64,317,000	56,528,000	63,630,000	72,882,000	52,468,000	61,160,000	74,549,000	49,518,000	59,249,000	69,952,000	46,558,000	52,154,000	63,257,000	21,907,000	28,315,000	32,682,000	38,262,000	9,593,000	15,202,000	19,600,000	24,060,000	3,389,000	13,479,000	18,124,000	24,938,000	3,114,000	8,961,000	12,350,000
current portion of finance lease liability	58,499,000	58,459,000	55,278,000	42,316,000	44,011,000	43,212,000	39,133,000	29,146,000	30,991,000	33,108,000	35,065,000	35,621,000	40,971,000	44,377,000	43,627,000	37,389,000	37,016,000	36,080,000	32,413,000	27,336,000	26,036,000	21,506,000	14,629,000	13,304,000	17,988,000	23,336,000	22,019,000
current portion of operating lease liability	3,239,000	4,073,000	10,528,000	11,391,000	12,306,000	12,583,000	12,636,000	12,748,000	12,853,000	12,828,000	14,717,000	14,449,000	14,176,000	13,281,000	13,356,000	12,830,000	13,790,000	15,233,000	17,023,000	20,649,000	21,259,000	21,204,000	20,655,000	20,689,000	20,441,000	8,496,000	8,371,000
total current liabilities	283,170,000	220,133,000	243,560,000	302,879,000	269,567,000	230,660,000	230,655,000	244,280,000	281,961,000	240,902,000	299,136,000	309,135,000	284,247,000	249,258,000	289,245,000	302,073,000	250,179,000	238,198,000	284,634,000	306,244,000	254,802,000	228,611,000	235,994,000	273,416,000	257,619,000	133,670,000	139,702,000	155,587,000	148,789,000	140,866,000	158,324,000	116,224,000	123,107,000	117,669,000	139,690,000	117,751,000	123,109,000	125,373,000	147,758,000	121,203,000	116,406,000	149,651,000	135,732,000	127,757,000	157,277,000	132,382,000	135,040,000	174,595,000	136,547,000	135,821,000	152,425,000	113,921,000	119,672,000	146,823,000	83,652,000	77,208,000	83,171,000	99,890,000	53,934,000	56,037,000	51,871,000	63,026,000	40,649,000	54,831,000	49,613,000	62,907,000	38,755,000	33,071,000	38,096,000
long-term finance lease liability	59,297,000	65,986,000	69,735,000	44,567,000	52,763,000	50,731,000	50,994,000	26,452,000	29,920,000	30,623,000	29,641,000	21,278,000	26,059,000	28,925,000	34,401,000	28,888,000	37,566,000	44,612,000	46,747,000	41,568,000	43,117,000	37,796,000	18,156,000	4,634,000	5,265,000	2,146,000	3,495,000
long-term operating lease liability	8,807,000	10,566,000	35,743,000	35,164,000	36,790,000	39,202,000	42,326,000	45,192,000	48,418,000	51,552,000	54,991,000	59,425,000	62,295,000	65,827,000	69,113,000	75,127,000	76,342,000	79,020,000	82,568,000	77,458,000	82,600,000	86,977,000	91,624,000	96,544,000	100,803,000	14,906,000	17,048,000
long-term debt	417,579,000	417,182,000	416,751,000	416,322,000	415,913,000	415,522,000	415,098,000	414,675,000	414,271,000	413,869,000	413,452,000	413,035,000	412,638,000	412,260,000	411,848,000	411,438,000	411,047,000	410,674,000	410,269,000	299,271,000	295,388,000	291,624,000	287,811,000
deferred tax liability	17,503,000	26,533,000	21,570,000			470,000	2,300,000						5,351,000	10,752,000	20,182,000	3,205,000	9,034,000	8,282,000	7,783,000	31,853,000	31,531,000	34,645,000	35,872,000	13,771,000	1,252,000	16,789,000	20,357,000	16,670,000	18,211,000	18,114,000	17,878,000	12,577,000	11,572,000	16,023,000	23,772,000	16,726,000	22,356,000	25,178,000	29,521,000	27,654,000	27,529,000	26,741,000	23,571,000	24,218,000	24,489,000	28,690,000	33,584,000	39,575,000	37,185,000	34,764,000	32,525,000	15,283,000	15,283,000	11,818,000	9,604,000	10,899,000	9,596,000
other long-term liabilities	18,655,000	18,309,000	18,348,000	15,408,000	15,539,000	16,091,000	16,242,000	13,841,000	14,436,000	12,572,000	11,932,000	10,497,000	9,897,000	10,370,000	10,486,000	10,233,000	9,794,000	10,726,000	18,458,000	16,255,000	39,951,000	39,872,000	15,998,000	9,569,000	6,438,000	8,343,000	8,183,000	6,655,000	8,048,000	9,441,000	9,280,000	10,038,000	9,519,000	10,946,000	12,299,000	11,579,000	10,950,000	8,512,000	10,391,000	6,475,000	8,714,000	8,109,000	7,784,000	7,424,000	7,387,000	2,297,000	2,729,000	2,598,000
total liabilities	805,011,000	758,709,000	805,707,000	814,340,000	790,572,000	752,676,000	757,615,000	744,440,000	789,006,000	749,518,000	809,152,000	813,370,000	800,487,000	777,392,000	835,275,000	830,964,000	793,962,000	791,512,000	850,459,000	772,649,000	747,389,000	719,525,000	685,455,000	397,934,000	371,377,000	175,854,000	188,785,000	186,241,000	184,270,000	179,747,000	209,106,000	154,774,000	161,692,000	162,314,000	194,867,000	160,238,000	172,735,000	177,141,000	207,319,000	171,950,000	169,887,000	203,770,000	189,483,000	181,695,000	213,238,000	188,615,000	199,579,000	244,669,000	204,757,000	202,029,000	217,051,000	156,597,000	161,521,000	184,572,000	112,148,000	106,331,000	126,544,000	121,323,000	64,516,000	69,399,000	66,583,000	79,270,000	53,476,000	70,183,000	65,432,000	78,185,000	47,036,000	42,912,000	47,952,000
commitments and contingencies
stockholders’ equity
preferred stock, par value 0.0001...
common stock, par value 0.0001...	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000
additional paid-in capital	729,851,000	724,366,000	714,697,000	735,711,000	724,767,000	724,839,000	717,488,000	720,033,000	709,997,000	709,157,000	701,799,000	695,480,000	690,823,000	688,695,000	683,993,000	687,454,000	683,892,000	680,601,000	708,265,000	795,449,000	788,028,000	777,409,000	768,232,000	730,761,000	724,992,000	720,451,000	714,374,000	713,436,000	708,269,000	705,825,000	701,398,000	703,351,000	697,762,000	697,044,000	691,294,000	690,488,000	681,434,000	678,154,000	674,141,000	668,238,000	665,807,000	663,202,000	649,249,000	645,902,000	642,058,000	630,533,000	626,421,000	621,254,000	534,292,000	527,574,000	523,081,000	521,503,000	519,487,000	515,330,000	512,181,000	378,799,000	366,442,000	363,441,000	361,344,000	359,043,000	353,954,000	346,901,000	343,304,000	339,930,000	335,323,000	331,763,000	323,621,000	321,629,000	321,709,000
accumulated other comprehensive loss	-59,000	-63,000	-64,000	-67,000	-50,000	-43,000	-58,000	-42,000	-42,000	-44,000																-188,000		-40,000	-181,000	-59,000	-180,000	-252,000	-562,000	-364,000	-325,000	-170,000
retained earnings	1,103,257,000	1,014,730,000	915,253,000	846,453,000	795,133,000	695,787,000	599,394,000	558,512,000	495,730,000	426,043,000	359,207,000	354,329,000	310,957,000	255,495,000	204,790,000	227,462,000	199,372,000	156,453,000	114,449,000	112,151,000	101,656,000	77,867,000	53,366,000	46,953,000	42,065,000	33,311,000	12,717,000	22,447,000	19,130,000	668,000																																-153,938,000
treasury stock	-191,128,000	-191,196,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-102,482,000	-75,000,000	-75,000,000	-75,000,000	-75,000,000	-75,000,000
total stockholders’ equity	1,641,925,000	1,547,841,000	1,527,408,000	1,479,619,000	1,417,372,000	1,318,105,000	1,214,346,000	1,176,025,000	1,103,207,000	1,032,678,000	958,493,000	947,296,000	899,361,000	841,899,000	786,823,000	812,581,000	780,570,000	734,233,000	719,906,000	804,648,000	786,779,000	752,429,000	719,021,000	675,329,000	664,628,000	651,096,000	624,712,000	633,365,000	624,740,000	603,956,000	575,696,000	587,189,000	599,432,000	585,842,000	566,872,000	574,346,000	571,981,000	559,647,000	543,744,000	552,155,000	535,303,000	524,040,000																					182,286,000	179,578,000	171,424,000	164,344,000	150,288,000	131,193,000	128,813,000
total liabilities and stockholders' equity	2,446,936,000	2,306,550,000	2,333,115,000	2,293,959,000	2,207,944,000	2,070,781,000	1,971,961,000	1,920,465,000	1,892,213,000	1,782,196,000	1,767,645,000	1,760,666,000	1,699,848,000	1,619,291,000	1,622,098,000	1,643,545,000	1,574,532,000	1,525,745,000	1,570,365,000	1,577,297,000	1,534,168,000	1,471,954,000	1,404,476,000	1,073,263,000	1,036,005,000	826,950,000	813,497,000	819,606,000	809,010,000	783,703,000	784,802,000
operating lease right-of-use assets				15,960,000	46,011,000	48,563,000	51,609,000	54,503,000	57,725,000	60,687,000	64,588,000	69,508,000	72,154,000	75,823,000	79,327,000	85,457,000	87,516,000	91,410,000	96,471,000	94,671,000	100,027,000	104,010,000	107,747,000	111,768,000	106,929,000
accumulated other comprehensive income											-35,000	-35,000	59,000	187,000	518,000	143,000	-216,000	-343,000	-330,000	-474,000	-427,000	-369,000	-99,000	93,000	49,000		99,000										36,000	97,000														157,000	134,000	110,000	28,000	176,000	38,000
credit facility																								100,000,000	100,000,000
reflects the adoption of accounting standards update no. 2016-02, leases (topic 842), which the company adopted on july 1, 2019.

current portion of capital lease obligations																												19,588,000	24,499,000	26,191,000	17,083,000	13,353,000	13,727,000	13,416,000	14,121,000	11,880,000	13,267,000	13,329,000	14,445,000	13,453,000	14,369,000	15,474,000	17,845,000	18,255,000	19,642,000	20,954,000	22,216,000	21,664,000	20,595,000	19,799,000	19,525,000	16,571,000	15,467,000	15,101,000	11,914,000	13,371,000	13,736,000	13,981,000	10,996,000	11,926,000	12,197,000	12,650,000	10,240,000	10,746,000	10,150,000	10,014,000	6,107,000	6,056,000	5,905,000
capital lease obligations, net of current portion																												5,060,000	6,698,000	8,560,000	20,609,000	12,665,000	13,983,000	13,931,000	15,167,000	10,025,000	11,955,000	11,953,000	13,307,000	9,660,000	10,059,000	11,830,000	14,449,000	14,109,000	15,664,000	16,651,000	19,430,000	18,981,000	20,477,000	20,619,000	21,231,000	17,541,000	16,569,000	15,710,000	8,552,000	11,015,000	11,745,000	12,572,000	7,710,000	10,145,000	11,259,000	12,983,000	9,222,000	11,461,000	11,620,000	13,522,000	6,445,000	8,070,000	8,072,000
deferred rent, net of current portion																												2,269,000	2,524,000	2,766,000	3,015,000	3,270,000	3,511,000	3,745,000	3,939,000	4,157,000	4,365,000	6,125,000	6,342,000	6,958,000	7,179,000	7,439,000	7,947,000	8,187,000	8,421,000	8,595,000	8,796,000	8,920,000	8,578,000	8,679,000	8,493,000	5,499,000	5,294,000	5,056,000	4,698,000	3,886,000	3,813,000	3,828,000	2,217,000	2,243,000	2,164,000	1,661,000	1,699,000	1,678,000	1,671,000	1,644,000	1,640,000	1,694,000	1,690,000
accumulated deficit																															-23,044,000	-13,432,000	-22,772,000	-35,842,000	-49,101,000	-40,976,000	-34,493,000															-110,961,000	-117,938,000	-122,104,000	-126,704,000	-123,860,000	-129,459,000	-137,298,000	-139,496,000	-138,171,000	-144,300,000		-161,021,000	-160,355,000	-163,902,000	-167,422,000	-173,336,000	-190,439,000	-192,899,000
liabilities, redeemable noncontrolling interest and stockholders' equity
redeemable noncontrolling interest																																		500,000	700,000	700,000	700,000	700,000	9,902,000	9,801,000	9,801,000	9,601,000	19,801,000	19,801,000	19,801,000	15,200,000	15,200,000	15,200,000	17,200,000	17,200,000	17,200,000	17,200,000	17,200,000	17,200,000	17,200,000	19,040,000	20,800,000	20,000,000	17,374,000
total liabilities, redeemable noncontrolling interest and stockholders' equity																																741,963,000	761,124,000	748,656,000	762,439,000	735,284,000	745,416,000
liabilities, redeemable noncontrolling interest and equity
total liabilities, redeemable noncontrolling interest and equity																																						737,488,000	760,965,000	733,906,000	714,991,000	737,411,000	743,703,000	715,282,000	731,217,000	737,255,000	748,887,000	798,297,000	739,918,000	718,709,000	719,498,000	651,734,000	647,626,000	662,316,000	582,095,000	447,665,000			307,882,000
current portion of deferred tax asset																																											4,677,000	3,969,000	2,231,000	6,165,000	18,571,000	21,478,000	9,799,000	12,363,000	14,673,000	4,969,000	8,050,000	7,799,000	7,175,000	4,768,000	4,678,000	5,536,000	4,672,000	4,855,000	4,796,000	4,318,000	3,888,000	11,068,000	10,351,000	8,575,000	8,344,000	951,000	3,919,000
equity:
k12 inc. stockholders’ equity
total k12 inc. stockholders’ equity																																											534,419,000	513,786,000	498,178,000	530,053,000	530,686,000	534,979,000	513,763,000	495,347,000	481,179,000	473,815,000	464,799,000	456,452,000	448,621,000	318,230,000	237,024,000	226,146,000	221,851,000	220,875,000	209,657,000	192,966,000
current portion of note payable																																																	745,000	1,138,000	1,153,000
series a special stock, par value 0.0001...																																																	63,112,000	63,112,000	63,112,000	63,112,000	63,112,000	63,112,000	63,112,000	63,112,000
noncontrolling interest																																														3,387,000	3,422,000	3,449,000	4,198,000	4,133,000	4,068,000	4,122,000	4,106,000	4,092,000	4,126,000	4,064,000	4,041,000	4,016,000	4,141,000	4,188,000	4,224,000	4,273,000
total equity																																														533,440,000	534,108,000	538,428,000	517,961,000	499,480,000	485,247,000	477,937,000	468,905,000	460,544,000	452,747,000	322,294,000	241,065,000	230,162,000	225,992,000	225,063,000	213,881,000	197,239,000
restricted cash and cash equivalents																																																				1,501,000	1,501,000	1,501,000	1,501,000		1,500,000	1,500,000	3,343,000	3,342,000	2,501,000	2,500,000	2,500,000
investment in web international																																																	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000
note payable, net of current portion																																																			390,000
other long term liabilities																																																	1,970,000	2,146,000	1,987,000	3,191,000	3,160,000	3,242,000	3,343,000	3,323,000	3,219,000	4,703,000
capitalized software development costs																																																				29,496,000	27,302,000	24,408,000		24,342,000	23,910,000	25,426,000
current portion of notes payable																																																				1,137,000	1,129,000	1,116,000	1,443,000	654,000	974,000	1,270,000	1,251,000	950,000	954,000	959,000	1,034,000	1,143,000	922,000	326,000	413,000	170,000	198,000
notes payable, net of current portion																																																				1,162,000	1,543,000	1,923,000	2,299,000			330,000	655,000	974,000	1,289,000	1,600,000	1,906,000	2,213,000	2,528,000	112,000	196,000	77,000	94,000
deferred tax asset, net of current portion																																																											5,912,000	4,116,000	6,661,000	9,572,000	14,619,000	7,589,000	8,702,000	11,037,000	12,749,000	1,560,000	760,000
restricted cash																																																								1,500,000								1,000,000
liabilities, series a special stock, redeemable noncontrolling interest and equity
line of credit																																																									15,000,000
series a special stock																																																									63,112,000	63,112,000
total liabilities, series a special stock, redeemable noncontrolling interest and equity																																																									451,521,000	434,597,000
property, equipment and capitalized software development costs																																																											40,713,000
liabilities and equity
total liabilities and equity																																																												294,462,000	280,464,000	276,509,000
liabilities and stockholders’ equity
minority interest																																																															4,414,000	4,461,000	4,446,000
total liabilities and stockholders’ equity																																																															240,176,000	254,222,000	241,302,000	242,529,000
prepaid expenses and other current assets																																																																4,557,000	3,946,000	2,820,000	3,648,000	1,284,000	1,656,000
other assets																																																																4,069,000	6,063,000	6,388,000	1,943,000	1,447,000	1,737,000
liabilities, redeemable convertible preferred stock and stockholders’ equity
bank overdraft
redeemable convertible preferred stock
redeemable convertible series c preferred stock, par value 0.0001...
redeemable convertible series b preferred stock, par value 0.0001...
total liabilities, redeemable convertible preferred stock and stockholders’ equity																																																																			197,324,000	174,105,000	176,765,000
bank overdraft.

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-03-31	2015-12-31	2015-09-30	2015-03-31	2014-12-31	2014-09-30	2014-03-31	2013-12-31	2013-09-30	2013-03-31	2012-12-31	2012-09-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31

cash flows from operating activities
net income	88,527,000	99,477,000	68,800,000	51,320,000	99,346,000	96,393,000	40,882,000	62,782,000	69,687,000	66,836,000	4,878,000	43,372,000	55,462,000			28,090,000	42,919,000	42,004,000	-5,883,000	10,495,000	23,789,000	24,501,000	12,666,000	4,888,000	8,754,000			3,317,000	18,462,000			9,347,000	13,043,000			-6,603,000							16,527,000			15,512,000	-4,250,000	-5,098,000	25,283,000	9,320,000	4,544,000	6,686,000	3,881,000	4,349,000	-3,462,000	5,265,000	7,710,000	2,152,000	-1,737,000	6,093,000	9,589,000	6,942,000	-666,000	3,547,000	3,520,000	5,914,000	17,103,000	2,460,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization expense	32,596,000	30,953,000	29,234,000	30,199,000	28,941,000	27,395,000	28,134,000	28,219,000	26,984,000	26,463,000	28,017,000	29,702,000	26,942,000	27,463,000	26,251,000	24,450,000	24,137,000	25,180,000	24,147,000	25,039,000	23,600,000	23,161,000	18,277,000	19,301,000	18,414,000	17,230,000	17,146,000	18,141,000	17,038,000	17,710,000	18,511,000	17,648,000	18,426,000	18,550,000	20,636,000	17,955,000	19,950,000	18,695,000	17,680,000	17,587,000	16,470,000	16,565,000	17,764,000	17,629,000	16,880,000	18,017,000	34,524,000	16,950,000	48,176,000	16,233,000	15,661,000	14,644,000	14,676,000	12,992,000	12,471,000	10,951,000	10,120,000	9,392,000	7,396,000	6,052,000	6,080,000	6,233,000	5,921,000	5,941,000	4,527,000	4,446,000	3,709,000	3,679,000
stock-based compensation expense	9,574,000	10,267,000	10,222,000	11,872,000	8,548,000	7,925,000	8,449,000	10,190,000	5,250,000	7,596,000	8,426,000	5,124,000	4,745,000	4,941,000	5,510,000	4,106,000	5,576,000	602,000	8,286,000	8,512,000	12,854,000	9,074,000	8,893,000	5,824,000	6,086,000	6,177,000	5,522,000	4,562,000	3,950,000	4,140,000	4,024,000	5,964,000	4,557,000	7,217,000	3,079,000	8,041,000	5,265,000	4,598,000	4,694,000	4,218,000	4,954,000	4,587,000	4,502,000	4,796,000	4,173,000	3,989,000	8,530,000	3,680,000
deferred income taxes	-8,826,000	4,976,000	49,472,000	-23,438,000	-3,634,000	-1,562,000	10,851,000	7,519,000	-5,054,000	-7,476,000	7,901,000	-13,355,000	-5,013,000	-9,228,000	17,223,000	-5,382,000	564,000	524,000	5,484,000	293,000	-3,119,000	-2,690,000	8,065,000	-2,456,000	805,000	-3,430,000	3,776,000	-1,634,000	-1,007,000	469,000	5,865,000	963,000	-4,927,000	-7,816,000	7,765,000	-6,806,000	-4,382,000	-4,168,000	8,291,000		-1,444,000	7,189,000	-1,355,000	-2,008,000	7,512,000				16,348,000	5,994,000	3,488,000	3,138,000	4,132,000	2,301,000	-2,351,000	5,302,000	5,669,000	2,358,000	-1,883,000	4,498,000	4,294,000	4,949,000	58,000	3,440,000	2,412,000	3,674,000	-17,646,000	2,168,000
provision for credit losses	2,371,000	4,941,000	3,377,000	1,910,000	3,733,000	2,571,000	7,053,000	3,949,000	3,563,000	5,982,000	9,350,000	3,219,000
amortization of fees on debt	398,000	430,000	429,000	409,000	391,000	424,000	423,000	404,000	402,000	418,000	416,000		378,000	412,000	410,000
noncash operating lease expense	543,000	1,337,000	2,661,000	3,035,000	3,008,000	3,046,000	3,176,000	3,191,000	3,142,000	3,541,000	4,372,000	3,689,000	3,670,000	3,503,000	3,866,000	4,726,000	5,010,000	5,069,000	5,005,000
other	12,500,000	3,366,000	-3,989,000	-2,308,000	-157,000	-459,000	2,328,000	-595,000	14,000	577,000	853,000	49,000	854,000	1,049,000	-3,918,000	5,274,000	-875,000	1,225,000	4,325,000	-12,690,000	5,585,000	6,079,000	10,792,000	7,973,000	4,489,000	2,975,000	4,141,000	-1,306,000	1,320,000	1,039,000	2,932,000
changes in assets and liabilities:
accounts receivable	11,725,000	-64,602,000	-253,026,000	138,241,000	-121,013,000	90,612,000	-210,028,000	101,088,000	-71,897,000	113,968,000	-175,215,000	7,041,000	-36,269,000	100,841,000	-126,521,000	-1,429,000	9,534,000	84,657,000	-150,263,000	54,586,000	11,211,000	-11,917,000	-196,953,000	38,415,000	-16,537,000	16,115,000	-75,765,000	43,510,000	-1,031,000	43,814,000	-107,930,000	28,207,000	35,982,000	38,502,000	-90,704,000	33,255,000																-8,363,000	17,589,000	-118,354,000	36,918,000	8,901,000	8,112,000	-69,741,000	22,774,000	6,507,000	6,556,000	-54,297,000	22,761,000	7,326,000	6,323,000	-58,409,000	14,186,000	440,000
inventories, prepaid expenses, deposits and other current and long-term assets	12,155,000	35,773,000	-36,322,000	-2,596,000	441,000	5,226,000	-9,310,000	-6,114,000	-3,646,000	15,213,000	-14,330,000	-9,423,000	-789,000	25,518,000	-34,695,000	-3,169,000	-3,977,000	10,684,000	1,260,000	-11,366,000	-4,567,000	744,000	-23,975,000	-16,421,000	-2,316,000	11,498,000	-8,942,000	-7,941,000
accounts payable	-2,555,000	-11,912,000	15,716,000	838,000	8,455,000	-19,775,000	10,792,000	4,741,000	4,409,000	-44,741,000	28,747,000	14,102,000	-42,000	-34,484,000	8,425,000	26,772,000	49,000	-25,554,000	-1,256,000	19,843,000	6,289,000	-38,095,000	30,893,000	13,853,000	-5,925,000	-11,745,000	-2,396,000	23,308,000	294,000	-19,426,000	15,998,000	6,879,000	-109,000	-17,274,000	8,168,000	15,130,000			5,277,000			12,488,000			10,630,000			28,773,000			9,419,000	-2,973,000	-11,601,000	10,673,000	6,876,000	-1,023,000	-15,993,000	12,866,000	585,000	4,372,000	-2,727,000	96,000	-4,076,000	6,273,000	-5,852,000	-367,000	7,944,000	-1,129,000
accrued liabilities	32,969,000	3,619,000	-45,356,000	32,452,000	-11,785,000	26,390,000	-6,142,000	-6,681,000	11,112,000	5,908,000	-26,895,000	30,587,000	4,226,000	-710,000	-9,971,000	22,228,000	-6,060,000	-6,106,000	-2,464,000	7,049,000	4,504,000	6,229,000	-1,883,000	1,164,000	5,570,000	956,000	-266,000	3,084,000	4,442,000	1,167,000	-398,000	1,091,000	1,895,000	-283,000	-10,795,000	2,645,000													12,229,000	6,035,000	2,368,000	-761,000	-2,014,000	4,899,000	-901,000	-1,248,000	1,084,000	1,680,000	2,431,000	-351,000	-3,750,000	2,682,000	-2,638,000	2,374,000	-362,000	3,271,000	818,000	-419,000
accrued compensation and benefits	17,040,000	-433,000	-30,882,000	5,764,000	24,452,000	4,038,000	-24,341,000	2,560,000	19,174,000	3,062,000	-17,402,000	3,657,000	19,676,000	-6,001,000	-32,805,000	13,187,000	18,505,000	5,238,000	-44,395,000	17,524,000	20,314,000	14,228,000	-19,629,000	18,646,000	-1,600,000	9,095,000	-23,038,000	11,449,000	2,429,000	9,391,000	-17,321,000	6,561,000	9,822,000	5,375,000	-15,086,000	4,248,000							2,935,000						2,333,000			2,465,000	-2,813,000	3,388,000	6,353,000	1,389,000	149,000	-5,915,000	620,000	4,818,000	242,000	-3,409,000	3,238,000	400,000	-1,000,000	-4,396,000	2,476,000	2,095,000
operating lease liability	-2,484,000	-12,587,000	-879,000	-2,813,000	-3,146,000	-3,178,000	-3,259,000	-3,295,000	-3,108,000	-4,968,000	-3,619,000	-3,641,000	-2,636,000	-3,361,000	-2,605,000	-4,843,000	-5,237,000	-5,341,000	-5,321,000	-5,375,000	-5,286,000	-5,199,000	-5,165,000	-4,973,000	-4,062,000	-2,016,000	-2,073,000
deferred revenue and other liabilities	14,374,000	-13,769,000	-5,237,000	-6,039,000	15,552,000	-15,682,000	-1,012,000	-35,756,000	8,534,000	-19,045,000	9,196,000	-17,590,000	10,068,000	3,010,000	26,853,000	2,454,000	236,000	-23,323,000	29,009,000	-13,258,000	-9,112,000	3,200,000	37,392,000	-11,794,000	10,356,000	-1,836,000	5,091,000
net cash from operating activities	220,907,000	91,836,000	-195,780,000	298,324,000	53,132,000	223,364,000	-142,004,000	172,202,000	68,566,000	173,334,000	-135,305,000	96,930,000	85,038,000	164,328,000	-143,146,000	125,481,000	93,071,000	119,842,000	-131,510,000	123,028,000	91,079,000	34,576,000	-114,533,000	77,390,000	24,290,000	65,549,000	-86,814,000	68,310,000	48,411,000	73,977,000	-49,092,000	50,216,000	56,148,000	57,485,000	-60,222,000	51,353,000	27,124,000			48,173,000			38,834,000			60,954,000			59,216,000			5,937,000	15,494,000	-34,961,000	40,189,000	19,957,000	11,906,000	-4,839,000	21,465,000	24,238,000	13,235,000	-3,415,000	1,700,000	12,367,000	1,628,000	-22,550,000	9,594,000	6,734,000
capital expenditures	-13,315,000	-10,724,000	-14,019,000	-8,254,000	-10,201,000	-10,292,000	-9,462,000	-11,293,000	-11,525,000	-8,370,000	-11,735,000	-13,156,000	-11,931,000	-13,516,000	-10,706,000	-16,368,000	-13,536,000	-11,067,000	-10,968,000	-11,675,000	-7,126,000	-7,720,000	-8,310,000	-5,347,000	-6,002,000	-5,874,000	-8,442,000	-8,818,000	-5,800,000	-6,122,000	-11,055,000	-7,844,000	-6,137,000	-6,218,000	-13,077,000	-8,356,000	0			0			0			0			0			-7,576,000	-9,991,000	-4,911,000	0	-6,998,000	-4,736,000	-8,561,000	0	-2,373,000	-2,261,000	-2,853,000	-3,334,000	-2,861,000	-5,347,000	-2,397,000	-1,349,000	-1,960,000
free cash flows	207,592,000	81,112,000	-209,799,000	290,070,000	42,931,000	213,072,000	-151,466,000	160,909,000	57,041,000	164,964,000	-147,040,000	83,774,000	73,107,000	150,812,000	-153,852,000	109,113,000	79,535,000	108,775,000	-142,478,000	111,353,000	83,953,000	26,856,000	-122,843,000	72,043,000	18,288,000	59,675,000	-95,256,000	59,492,000	42,611,000	67,855,000	-60,147,000	42,372,000	50,011,000	51,267,000	-73,299,000	42,997,000	27,124,000			48,173,000			38,834,000			60,954,000			59,216,000			-1,639,000	5,503,000	-39,872,000	40,189,000	12,959,000	7,170,000	-13,400,000	21,465,000	21,865,000	10,974,000	-6,268,000	-1,634,000	9,506,000	-3,719,000	-24,947,000	8,245,000	4,774,000
cash flows from investing activities
purchase of property and equipment	-535,000	254,000	-306,000	-431,000	-197,000	-484,000	-669,000	-770,000	203,000	-9,000	-1,694,000	-757,000	-756,000	-1,910,000	-913,000	-5,014,000	-2,029,000	-1,427,000	-1,278,000	-600,000	-998,000	-863,000	-1,106,000	-184,000	-155,000	-92,000	-1,246,000	-3,080,000	-483,000	-176,000	-1,738,000	-2,163,000	-663,000	-774,000	-5,143,000	-783,000																				-4,379,000	-2,647,000	-6,374,000		-2,373,000	-2,261,000	-2,853,000	-3,334,000	-2,861,000	-5,347,000	-2,397,000	-1,349,000	-1,960,000
capitalized software development costs	-12,780,000	-10,978,000	-13,713,000	-7,823,000	-10,004,000	-9,808,000	-8,793,000	-10,523,000	-11,728,000	-8,361,000	-10,041,000	-12,399,000	-11,175,000	-11,606,000	-9,793,000	-11,354,000	-11,507,000	-9,640,000	-9,690,000	-11,075,000	-6,128,000	-6,857,000	-7,204,000	-5,163,000	-5,847,000	-5,782,000	-7,196,000	-5,738,000	-5,317,000	-5,946,000	-9,317,000	-5,681,000	-5,474,000	-5,444,000	-7,934,000	-7,573,000																				-2,619,000	-2,089,000	-2,187,000
capitalized curriculum development costs	-5,232,000	-5,247,000	-7,677,000	-6,350,000	-5,610,000	-4,518,000	-5,323,000	-5,132,000	-4,803,000	-4,317,000	-4,414,000	-4,441,000	-3,271,000	-3,382,000	-6,145,000	-3,326,000	-4,900,000	-3,085,000	-4,376,000	-5,690,000	-4,218,000	-3,036,000	-4,488,000	-3,869,000	-3,472,000	-3,463,000	-8,528,000	-2,865,000	-3,647,000	-3,414,000	-6,685,000	-2,157,000	-3,296,000	-2,029,000	-2,445,000	-6,705,000																-3,872,000	-2,763,000	-3,706,000	-6,358,000	-4,767,000	-3,753,000	-3,208,000	-4,599,000	-2,933,000	-2,981,000	-3,391,000	-3,236,000	-3,703,000	-3,374,000	-3,618,000	-3,125,000	-4,630,000
other acquisitions, loans and investments, net of distributions	-4,048,000	-47,720,000	-2,574,000	-19,001,000	-731,000	-603,000	-347,000	-4,503,000	-418,000	-109,000	-166,000	-275,000	-610,000	-554,000	-213,000	-245,000	302,000
proceeds from the maturity of marketable securities	30,460,000	121,659,000	61,767,000	31,400,000	80,790,000	86,340,000	54,400,000	97,467,000	26,659,000	39,627,000	40,734,000	25,675,000	29,475,000	24,685,000	12,044,000	20,259,000	12,656,000	5,747,000	1,501,000
purchases of marketable securities	-92,505,000	-67,918,000	-62,220,000	-32,447,000	-81,921,000	-85,703,000	-60,162,000	-115,394,000	-42,132,000	-88,563,000	-31,484,000	-55,281,000	-29,410,000	-35,753,000	-20,126,000	-20,506,000	-25,431,000	-29,524,000	-9,196,000
net cash from investing activities	-84,640,000	-9,950,000	-24,723,000	-34,652,000	-17,673,000	-14,776,000	-20,894,000	-38,855,000	-32,219,000	-61,732,000	-7,065,000	-47,478,000	-15,747,000	-28,520,000	-26,495,000	-20,186,000	-30,909,000	-36,432,000	-23,231,000	-58,935,000	-12,233,000	-78,587,000	-15,688,000	-9,312,000	-177,632,000	-12,174,000	-18,247,000	-13,123,000	-9,058,000	-9,536,000	-29,392,000	-14,001,000	-10,537,000	-10,417,000	-15,522,000	-14,901,000																-11,448,000	-12,754,000	-21,258,000	-14,424,000	-4,942,000	-51,896,000	-11,769,000	-7,470,000	-6,148,000	-5,242,000	-6,244,000	-8,070,000	-7,564,000	-8,737,000	-6,015,000	-4,474,000	-6,590,000
cash flows from financing activities
repayments on finance lease obligations	-15,338,000	-13,978,000	-11,961,000	-11,512,000	-13,243,000	-7,967,000	-8,747,000	-8,707,000	-9,721,000	-10,770,000	-11,721,000	-11,718,000	-11,300,000	-10,624,000	-9,314,000	-9,092,000	-9,175,000	-7,724,000	-7,020,000	-7,212,000	-5,648,000	-5,786,000	-5,669,000	-6,072,000	-6,644,000	-7,499,000	-7,460,000
purchase of treasury stock	0
repurchase of restricted stock for income tax withholding	-3,980,000	-604,000	-31,594,000	-797,000	-8,709,000	-759,000	-11,204,000	-603,000	-4,436,000	-1,071,000	-2,090,000	-605,000	-2,602,000	-1,429,000	-8,905,000	-392,000	-2,059,000	-29,361,000	-6,043,000	-356,000	-2,764,000	-300,000	-5,808,000	-257,000	-1,621,000	-185,000	-4,698,000	-302,000	-2,751,000	-833,000	-6,072,000	-551,000	-4,006,000	-1,664,000	-4,093,000	-1,955,000																-711,000	1,000	-581,000		-575,000
net cash from financing activities	-19,318,000	-103,227,000	-43,555,000	-12,309,000	-21,952,000	-8,726,000	-19,951,000	-9,310,000	-14,157,000	-11,841,000	-13,811,000	-12,323,000	-13,892,000	-12,053,000	-25,233,000	-24,461,000	-11,089,000	-44,943,000	-12,817,000	-7,544,000	-7,991,000	-6,595,000	226,706,000	-6,313,000	91,735,000	-7,678,000	-12,116,000	-6,591,000	-8,603,000	-4,215,000	-9,580,000	-31,009,000	-7,206,000	-4,908,000	-7,778,000	-297,000												37,000				-4,731,000	-2,364,000	-3,490,000	127,402,000	-10,230,000	12,761,000	-2,795,000	1,265,000	371,000	1,739,000	-1,504,000	-606,000	1,262,000	8,458,000	5,906,000	-404,000	-1,901,000
net change in cash, cash equivalents and restricted cash	116,949,000	-21,341,000	-264,058,000	251,363,000	13,507,000	199,862,000	-182,849,000	124,037,000	22,190,000	99,761,000	-156,181,000	37,129,000	55,399,000	123,755,000	-194,874,000	80,834,000	51,073,000	38,467,000	-167,558,000	56,549,000	70,855,000	-50,606,000	96,485,000	61,765,000	-61,607,000	45,697,000	-117,177,000	48,596,000	30,750,000	60,226,000	-88,064,000
cash, cash equivalents and restricted cash, beginning of period	0	0	782,497,000	0	0	0	500,614,000	0	0	0	410,807,000	0	0	0	389,398,000	0	0	0	386,582,000	0	0	0	213,299,000	0	0	0	284,621,000	0	0	0	233,113,000
cash, cash equivalents and restricted cash, end of period	116,949,000	-21,341,000	518,439,000	251,363,000	13,507,000	199,862,000	317,765,000	124,037,000	22,190,000	99,761,000	254,626,000	37,129,000	55,399,000	123,755,000	194,524,000	80,834,000	51,073,000	38,467,000	219,024,000	56,549,000	70,855,000	-50,606,000	309,784,000	61,765,000	-61,607,000	45,697,000	167,444,000	48,596,000	30,750,000	60,226,000	145,049,000
reconciliation of cash, cash equivalents and restricted cash to balance sheet as of march 31st:
cash and cash equivalents	116,949,000				13,498,000									123,755,000	194,524,000	80,834,000	51,578,000	38,467,000	218,519,000	57,049,000	70,924,000	-50,677,000	308,784,000	62,265,000	-61,607,000	45,697,000	165,944,000	49,096,000	30,750,000	60,226,000	143,049,000
other current assets																		0	505,000	0	-69,000	71,000	500,000	0	0	0	500,000						-215,000	926,000	-3,674,000	2,824,000													992,000			1,564,000	3,589,000	-8,788,000	169,000	1,007,000	1,266,000	-4,267,000	-2,285,000	-1,000	1,466,000	-4,379,000
deposits and other assets					-467,000																0	0	500,000	-500,000	0	0	1,000,000	-1,000,000	0	1,336,000	664,000	1,203,000	-23,708,000	-965,000	-1,220,000	209,000	4,158,000	3,206,000	2,447,000												299,000	78,000	-782,000	933,000	-932,000	-85,000	-168,000	148,000	-232,000	295,000	-373,000	340,000			-1,208,000	28,000	-29,000	21,000
total cash, cash equivalents and restricted cash	116,949,000				13,507,000									123,755,000	194,524,000	80,834,000	51,073,000	38,467,000	219,024,000	56,549,000	70,855,000	-50,606,000	309,784,000	61,765,000	-61,607,000	45,697,000	167,444,000	48,596,000	30,750,000	60,226,000	145,049,000
reconciliation of cash, cash equivalents and restricted cash to balance sheet as of december 31st:
impairment of long-lived assets
sale of other investments												0	0	0	60,000	0	0
acquisition of assets												0	0	0	-1,409,000
payments of contingent consideration												0	0	0	-7,024,000													0	-40,000
proceeds from exercise of stock options												0	10,000	0	10,000	23,000	145,000	0	246,000	24,000	421,000	271,000	32,000	16,000	0	6,000	42,000	847,000	1,148,000	1,025,000	10,000	12,000	126,000	0	58,000	5,435,000	1,081,000	0	437,000	0	0	14,000	352,000	0	161,000	827,000	511,000	7,106,000	3,027,000	551,000	56,000	363,000	1,718,000	1,042,000	5,112,000	5,341,000	1,802,000	1,109,000	1,548,000	2,010,000	3,545,000	1,383,000	2,677,000	825,000	974,000	5,348,000	1,389,000	22,000
payments of deferred purchase consideration																-15,000,000	0
amortization of discount and fees on debt																391,000	373,000	405,000	404,000	3,883,000	3,764,000	3,754,000	1,219,000
sale of long-lived assets																				0	0	0	223,000					0
acquisition of medcerts, llc, net of cash acquired																				-236,000	-20,000
acquisition of tech elevator, inc., net of cash acquired																				-77,000	-49,000
repayments on credit facility																				0	0	0	-100,000,000	0
issuance of convertible senior notes, net of issuance costs
purchases of capped calls in connection with convertible senior notes																				0	0	0	-60,354,000
withholding of stock options for tax withholding																				0	0	0	-10,885,000
reconciliation of cash, cash equivalents and restricted cash to balance sheet as of june 30, 2021:
provision for doubtful accounts														670,000	1,503,000	8,626,000	2,317,000	4,578,000	152,000									3,471,000	2,114,000	294,000	446,000	3,484,000	137,000	348,000	120,000	316,000	3,923,000	34,000	239,000	129,000	431,000	2,335,000	606,000	553,000	283,000	488,000	416,000	302,000	1,814,000	387,000	397,000	151,000				287,000				175,000	115,000	63,000				70,000
net loss															-22,672,000												-9,730,000				-8,282,000				-8,159,000			10,899,000	-13,637,000			-12,664,000			-6,589,000
adjustments to reconcile net loss to net cash from operating activities:
reconciliation of cash, cash equivalents and restricted cash to balance sheet as of september 30th:
acquisition of galvanize, inc., net of cash acquired																								0
borrowings from credit facility
reconciliation of cash, cash equivalents and restricted cash to balance sheet as of june 30th:
other acquisitions and investments, net of distributions																			-192,000	-715,000	-820,000	2,925,000	-3,113,000
borrowing from credit facility																								0
provision for (recovery of) doubtful accounts																					1,253,000	1,507,000	4,875,000
issuance of convertible senior notes																					0	-780,000	409,390,000
(recovery of) provision for doubtful accounts																									256,000	-64,000	-280,000
acquisitions and investments, net of distributions
previously referred to as repayments on capital lease obligations.

acquisitions and investments																										-2,837,000	-1,277,000	-1,440,000	0	0	-11,652,000
impairment of investment in web international education group, ltd.
deferred revenue, rent and other liabilities																												-31,651,000	-285,000
repayments on capital lease obligations																												-7,136,000	-6,960,000	-3,420,000	-3,518,000	-2,988,000	-3,326,000	-3,244,000	-3,743,000	-3,818,000																-4,066,000	-3,925,000	-3,959,000	-4,022,000	-3,810,000	-3,583,000	-3,720,000	-3,370,000	-3,330,000	-3,404,000	-2,841,000				-1,466,000	-1,427,000
excess tax benefit from stock-based compensation																																				-41,000	-500,000	147,000	103,000	0	0	6,000	103,000			-744,000	831,000	385,000								-4,135,000	-1,186,000	-122,000		-2,010,000	-1,862,000	-332,000		-3,044,000	-1,852,000	-2,194,000
effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
inventories, prepaid expenses, deposits and other assets
inventories, prepaid expenses and other current assets																															-6,438,000
deferred revenue																															43,854,000	-25,925,000	-5,907,000	-11,184,000	40,939,000	-25,968,000	-8,428,000	-12,529,000	45,790,000	-6,185,000	-7,234,000	39,390,000	-7,294,000	-9,205,000	48,835,000	-8,606,000	-13,393,000	45,542,000	24,092,000	-10,779,000	44,308,000	-5,596,000	-11,102,000	41,008,000	-7,718,000	-4,367,000	-7,142,000	25,987,000	-5,610,000	-4,398,000	-4,460,000	20,671,000	-10,090,000	-4,646,000	-6,814,000	21,825,000	-5,848,000	-3,388,000
deferred rent and other liabilities																															-1,017,000	285,000	-1,664,000	-1,549,000	499,000	573,000			296,000				34,000	-172,000	2,648,000
sale of trade name
reconciliation of cash, cash equivalents and restricted cash to balance sheet:
provision for excess and obsolete inventory																																	360,000	651,000	308,000	80,000	-102,000	262,000	235,000	87,000	243,000	213,000	82,000	282,000	177,000	37,000
provision for student computer shrinkage and obsolescence																																			23,000	-10,000	-9,000	41,000	224,000						11,000				439,000	129,000	373,000	34,000	16,000	377,000										165,000
impairment loss on other assets																																				0
expensed computer peripherals																																	804,000	439,000	2,092,000	113,000	683,000	804,000	1,925,000			1,352,000
inventories																																	-22,000	-451,000	11,607,000	-11,795,000	-1,277,000	-1,343,000	14,067,000	1,625,000	-1,387,000	12,644,000	1,676,000	-1,830,000	15,686,000	2,033,000	534,000	16,374,000	8,237,000	-1,516,000	9,699,000	-7,776,000	-1,747,000	12,088,000	-11,856,000	-2,114,000	-411,000	9,760,000	-3,833,000	-1,023,000	-2,049,000	11,745,000	-8,870,000	-10,910,000	1,619,000	6,632,000	-12,230,000	-176,000
prepaid expenses																																	7,566,000	11,838,000	-25,820,000	7,442,000																-604,000	-592,000	-2,808,000	-182,000	-2,426,000	207,000	2,764,000	1,153,000	-2,156,000	-2,111,000	3,441,000
acquisition of big universe, inc., net of cash acquired																																	-604,000
purchase of noncontrolling interest																																				0
effect of foreign exchange rate changes on cash and cash equivalents																																				1,000										71,000	236,000	572,000	57,000	322,000	249,000	23,000	24,000	82,000	-148,000	138,000
net change in cash and cash equivalents																																	38,405,000	42,160,000	-83,522,000	36,156,000													12,316,000			-10,219,000	400,000	-59,627,000	153,019,000	4,923,000	-27,191,000	-19,403,000	15,260,000	18,461,000	9,732,000	-11,163,000	-6,976,000	6,065,000	1,349,000	-22,659,000	4,716,000	-1,757,000
cash and cash equivalents, beginning of period																																	0	0	230,864,000	0	0	0	213,989,000	0	0	195,852,000	0	0	196,109,000	0	0	181,480,000	144,652,000	0	144,652,000	0	0	193,099,000		0	0	81,751,000		0	0	49,461,000		0	0	71,682,000		0
cash and cash equivalents, end of period																																	38,405,000	42,160,000	147,342,000	36,156,000	12,562,000	47,058,000	135,088,000	28,231,000	20,413,000	150,864,000	18,616,000	15,038,000	109,196,000	22,443,000	-585,000	163,474,000	156,968,000	35,254,000	107,938,000	-10,219,000	400,000	133,472,000		4,923,000	-27,191,000	62,348,000		18,461,000	9,732,000	38,298,000		6,065,000	1,349,000	49,023,000		-1,757,000
acquisition of learnbop, inc.
acquisition of lts education systems, net of cash acquired
adjustments to reconcile net income to net cash from operating activities
benefit for student computer shrinkage and obsolescence
expensed leased computer peripherals																																								537,000
investment in learnbop, inc.
retirement of restricted stock for income tax withholding
net (loss) income
investment in learnbop inc.
mortgage note to managed school partner
repayments on note payable
excess tax expense from stock-based compensation																																													387,000
release of restricted cash																																																	1,501,000	0	1,501,000
retirement of restricted stock for tax withholding
deferred rent and other long term liabilities																																																				237,000
provision for inventory obsolescence																																																8,000	272,000	158,000	42,000	455,000	-30,000	39,000	331,000	-8,000	73,000	664,000	461,000	192,000	111,000	255,000	114,000	-29,000	24,000	40,000		6,000
deferred rent																																																175,000	1,666,000		1,605,000			258,000	901,000	175,000	118,000	2,190,000	-25,000	79,000	502,000	-37,000	29,000	6,000	19,000	5,000	-55,000	199,000
stock based compensation expense																																																	9,833,000	2,908,000	2,872,000	2,615,000	2,530,000	2,194,000	2,013,000	2,054,000	1,986,000	3,413,000	1,387,000	1,069,000	1,596,000	1,882,000	790,000	737,000	734,000	529,000	438,000	369,000
excess tax benefit from stock based compensation																																																	4,413,000	1,446,000	1,086,000	-57,000	-521,000	-711,000
purchase of acquired entity
payment of stock registration expense																																																				0
cash invested in restricted cash and cash equivalents
purchase of property, equipment and software development costs																																																				-7,576,000	-9,991,000	-4,911,000
purchase of aec, net of cash acquired of 3,841																																																							1,000	-2,000
cash advanced for aec performance escrow																																																							0	0
cash returned from aec performance escrow
cash paid for investment in web																																																							0	0
cash paid for other investment																																																								0
purchase of kaplan/insight assets																																																				0
repayments on notes payable																																																				-374,000	-366,000	-703,000	-718,000	-321,000	-624,000	-306,000	-18,000	-319,000	-314,000	-378,000				-170,000
borrowings from line of credit																																																							0	0
repayments under line of credit
provision for (reduction of) doubtful accounts																																																						201,000									499,000	-65,000			738,000	-12,000
purchase of assets																																																						-12,641,000
provision for (reduction of) student computer shrinkage and obsolescence																																																							37,000	163,000	-52,000	71,000								-6,000	-26,000	39,000
impairment of capitalized curriculum development cost
purchase of property, and equipment
purchase of is berne, net of cash acquired of 1,563
cash returned for aec performance escrow
purchase of domain name																																																															0	0			0	0
proceeds from issuance of common stock
proceeds from notes payable																																																															5,000	0
repayments under the line of credit
net proceeds from noncontrolling interest contribution
proceeds from exercise of stock warrants																																																											0	0
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
restricted cash																																																								-131,000	0	1,843,000
(reduction of) provision for doubtful accounts																																																										-82,000
adjustments to reconcile net income to net cash from (used in) operating activities:
(reduction of) provision for student computer shrinkage and obsolescence																																																											39,000
purchase of property,and equipment including capitalized software development costs
acquisition of power-glide
cash received from issuance of common stock, net of underwriters commission																																																																			0	0
cash received from issuance of common stock — regulation s transaction																																																																			0	0
deferred initial public offering costs																																																																			-728,000	-471,000
net (repayments on) borrowings from revolving credit facility
payment of cash dividend — preferred stock
bank overdraft
cash invested in restricted cash
proceeds from noncontrolling interest contribution
reduction of student computer shrinkage and obsolescence reserve
reduction of student computer shrinkage and obsolescence																																																														-260,000
adjustments to reconcile net income to net cash (used in) provided by operating activities:
minority interest, net of tax																																																															-47,000	15,000
cash (invested in) released from restricted cash and cash equivalents
repayments on notes payable — related party
proceeds from minority interest contribution																																																															0	0
changes in assets and liabilities, net of assets and liabilities acquired:
prepaid expenses and other current assets																																																																-611,000	-1,118,000	828,000	-2,364,000	372,000
other assets																																																																268,000	1,581,000	-4,440,000	10,000	10,000
cash paid in the acquisition of power-glide																																																																				0
net borrowings from revolving credit facility
repayments for capital lease obligations																																																																-2,521,000
payments on notes payable																																																																-86,000
payment of cash dividend																																																																				0
repayment of bank overdraft
adjustments to reconcile net income to net cash (used in) operating activities:
provision for (reduction of) inventory obsolescence
net borrowings from (repayments on) revolving credit facility																																																																			0
cash invested in restricted escrow account
proceeds from (repayments on) notes payable — related party
release of cash from restricted escrow account
proceeds (payments on) from notes payable — related party
repayment of bank overdraft.

Stride(NYSE:LRN)

Stride
(NYSE:LRN)