RESTON, Va., April 23, 2024 (GLOBE NEWSWIRE) -- Stride, Inc. (NYSE:LRN), one of the nation's leading technology-based education companies, today announced its results for the third fiscal quarter ended March 31, 2024. Third Quarter Fiscal 2024 Highlights Compared to 2023 Revenue of $520.8 million, compared with $470.3 million, driven by continued strong enrollment trends. Income from operations of $88.3 million, compared with $72.2 million. Net income of $69.7 million, compared with $55.5 million. Diluted net income per share of $1.60 compared with $1.30. Adjusted operating income of $96.4 million, compared with $80.2 million. (1) Adjusted EBITDA of $120.5 million, compared with $103.9 million. (1) Third Quarter Fiscal 2024 Summary Financial Metrics   Three Months Ended March 31,   Change 2024/2023     2024      2023     $   %     (In thousands, except percentages and per share data)   Revenues $ 520,837   $ 470,284   $ 50,553   10.7 %                           Income from operations   88,313     72,199     16,114   22.3 %   Adjusted operating income (1)   96,410     80,224     16,186   20.2 %                           Net income   69,687     55,462     14,225   25.6 %   Net income per share, diluted   1.60     1.30     0.30   23.1 %                           EBITDA (1)   115,297     99,141     16,156   16.3 %   Adjusted EBITDA (1)   120,547     103,886     16,661   16.0 %                           (1)   To supplement our financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), we also present non-GAAP financial measures including adjusted operating income (loss), EBITDA and adjusted EBITDA. Management believes that these additional metrics provide useful information to investors relating to our financial performance. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is provided below. Nine Month Fiscal 2024 Highlights Compared to 2023 Revenue of $1,505.9 million, compared with $1,353.9 million. Income from operations of $175.9 million, compared with $111.6 million. Net income of $141.4 million, compared with $83.5 million. Diluted net income per share of $3.26, compared with $1.96. Adjusted operating income of $206.0 million, compared with $136.6 million. (1) Adjusted EBITDA of $278.7 million, compared with $207.4 million. (1) Nine Month Fiscal 2024 Summary Financial Metrics   Nine Months Ended March 31,   Change 2024/2023     2024      2023     $   %     (In thousands, except percentages and per share data)   Revenues $ 1,505,886     1,353,869     152,017   11.2 %                           Income from operations   175,922     111,553     64,369   57.7 %   Adjusted operating income (1)   206,044     136,597     69,447   50.8 %                           Net income   141,401     83,495     57,906   69.4 %   Net income per share, diluted   3.26     1.96     1.30   66.3 %                           EBITDA (1)   257,386     192,209     65,177   33.9 %   Adjusted EBITDA (1)   278,658     207,405     71,253   34.4 %                           (1)   To supplement our financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), we also present non-GAAP financial measures including adjusted operating income (loss), EBITDA and adjusted EBITDA. Management believes that these additional metrics provide useful information to investors relating to our financial performance. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is provided below. Revenue and Enrollment Data Revenue The following table sets forth the Company's revenues for the periods indicated:     Three Months Ended             Nine Months Ended               March 31,    Change 2024 / 2023   March 31,   Change 2024 / 2023      2024    2023    $    %   2024    2023    $    %     (In thousands, except percentages)                                               General Education   $ 328,894   $ 289,566   $ 39,328     13.6 %   $ 942,135   $ 835,989   $ 106,146     12.7 % Career Learning                                             Middle - High School     167,919     150,772     17,147     11.4 %     483,972     430,101     53,871     12.5 % Adult     24,024     29,946     (5,922 )   (19.8 %)     79,779     87,779     (8,000 )   (9.1 %) Total Career Learning     191,943     180,718     11,225     6.2 %     563,751     517,880     45,871     8.9 % Total Revenues   $ 520,837   $ 470,284   $ 50,553     10.7 %   $ 1,505,886   $ 1,353,869   $ 152,017     11.2 %                                               Enrollment Data1 The following table sets forth enrollment data for students in our General Education and Career Learning lines of revenue. Enrollments for General Education and Career Learning only include those students in full service public or private programs where Stride provides a combination of curriculum, technology, instructional and support services inclusive of administrative support.     Three Months Ended   Change   Nine Months Ended   Change       March 31,   2024 / 2023   March 31,   2024 / 2023        2024    2023    #    %    2024    2023    #    %       (In thousands, except percentages)                                                   General Education (2)     124.6     114.6     10.0   8.7 %     121.9     112.8     9.1   8.1 %   Career Learning (2)(3)     73.8     67.2     6.6   9.8 %     72.7     66.0     6.7   10.2 %   Average Enrollment     198.4     181.8     16.6   9.1 %     194.6     178.8     15.8   8.8 %                                                   (1)   Enrollments are presented as the average monthly enrollments during the third quarter fiscal year 2024.(2)   This data includes enrollments for which Stride receives no public funding or revenue.(3)   No enrollments are included in Career Learning for the Adult Learning offerings. Revenue per Enrollment Data The following table sets forth revenue per average enrollment data for students for the period indicated. If the mix of enrollments changes, our revenues will be impacted to the extent the average revenues per enrollments are significantly different.     Three Months Ended   Change   Nine Months Ended   Change     March 31,   2024 / 2023   March 31,   2024 / 2023      2024    2023    $    %    2024    2023    $    %                                               General Education   $ 2,507   $ 2,332   $ 175   7.5 %   $ 7,298   $ 6,823   $ 475   7.0 % Career Learning     2,272     2,237     35   1.6 %     6,652     6,500     152