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Text: Please be advised that the discussion of our financial results may include certain non-GAAP financial measures.
Each summer, as we prepare for the upcoming school year, we face operational and logistical demand to support the needs of millions of potential customers and thousands of teachers and support staff.
These past two summers have proven even more challenging, as a result of the ongoing global pandemic.
Our country has been facing disruptions in the supply chain, shortages of workers across industries, uncertainty in the workplace and renewed fears of inflation, among many other difficulties.
In spite of this, I have great faith in our country, our ability to persevere and create opportunities through adversities.
We are resilient, adaptive, innovative, compassionate, opinionated, proud and sometimes disagree, but we are always united, and as we navigate these recent challenges, we are evolving.
We're being forced to rethink certain norms, and one of those has been our approach to education.
I hope we now realize that there is no one size fits all solution to education, to training or to workforce development.
Certainly, some of the traditional methods work for many.
But we need to ensure we are providing choices for everybody.
Choices about how and where we learn, how employers recruit, how we educate and train the workforce and how we deliver opportunities for those seeking new paths.
Over 20 years ago, Stride was founded on the premise that students and families should have a choice in their education.
The pandemic has made this mission more critical than ever before.
We remain committed to ensuring that we are providing a best-in-class experience across the range of customers we serve, from early elementary to adult workforce solutions, and we want to make sure that these educational options are available to as many learners as possible.
The increasing demand for educational and training options continues to fuel our business.
The pandemic and the resulting disruption across schools and districts has led to a surge of support for School Choice.
Total support for School Choice has increased to almost 75% of the population.
The pandemic raised awareness for parents about their students' education, and many recognize, that they are not getting what they need from their existing school.
And that surge in interest spans private schools, voucher programs, virtual schools, and other similar programs, and specifically interest in virtual education has seen dramatic increases.
In large part, this was because so many were forced into it during the pandemic.
And while the experience was not always positive, it absolutely opened the eyes of many to the benefits of a virtual model.
And for us, this has translated into what we believe is a structural long-term increase in the demand for our products and services.
In fact, peak website traffic this year surpassed the traffic we saw last year at the height of the pandemic.
We are seeing well over 1 million unique visitors to our websites each month and growing.
and they are a more educated consumer.
Conversion rates for those who apply to our program are at a multiyear high.
We attribute this in large part to the increase in awareness.
Families that apply to our program know what they were looking for, and so they convert at higher rates.
This is an important trend for us over the longer term, and as families become more comfortable with virtual education and Stride's experience, it opens up other opportunities for us to offer other institutional and consumer offerings.
And while conversion rates have improved, so have conversion times.
Families both know what they want and we are also making it easier for them to enroll.
Our focus on the consumer experience and customer journey is just beginning, and if these early trends are any indication of what we can expect, we are going to deliver some really exciting customer experience improvements in the coming months and years ahead.
Our roadmap of new products and customer improvements is more robust, than it has been in the over eight years that I've been with the company.
Be on the lookout for some exciting new product announcements during the upcoming year.
However, this demand hasn't come without some additional challenges.
As many of you have likely experienced, there are labor shortages in many industries, and education is not immune.
Teacher shortages have been a real threat to the U.S. education system for many years, and the pandemic has only exacerbated this risk.
Given the dissatisfaction many teachers experience in traditional schools and high satisfaction rates we see for the teachers that we manage, we hope that they consider us as an option.
Particularly with vaccination requirements, accessibility in age restrictions, some teachers just don't feel comfortable in their current environment.
And so over time, we will be looking to shift more and more teachers to online programs, where they have greater flexibility, impact and reach than they have in their current roles.
Another trend that we see accelerating is the focus on career training and workforce development.
We desperately need skilled workers, and many high school students are realizing that their future success does not need to be tied to a four-year college degree.
This fall, our Stride career programs for middle and high school students enrolled 42,000 students, a 36% increase from last year.
It's also three times the level we were at, just two years ago.
And our surveys for Career Learning demand are even more positive than overall virtual education.
Even as interest in virtual options has increased, Career Learning interest continues to outpace it by multiples in the middle and high school space.
We think that this interest, coupled with the opening of new programs and new states, can sustain strong growth in this business over the long term.
I think the investment community was rightfully skeptical of our ability to grow, after last year's pandemic bump [Phonetic], and make no mistake, we continue to see a positive impact on our business from the ongoing pandemic uncertainty.
But we also believe, that there is an ongoing structural shift in education, and we are the digital leader in this space, and we believe that positions us to thrive over the long term, across a broad spectrum of product and service offerings.
For this year, that means we expect to grow both our top and bottom line and we believe we are on pace or better for the long-term goals we set out for ourselves just last November.
Tim will provide more details on this in just a minute.
I also wanted to highlight one of our new product offerings for this school year.
As many of you know, younger students were disproportionately impacted by the pandemic.
Younger students were less likely to attend school consistently, and were more likely to suffer from significant learning loss.
Additionally, supporting younger students during at-home learning can be a challenge for families.
We recognize the particular difficulties in this age group, even prior to the pandemic and have been working on an entirely new design for our K-5 course catalog.
Our new programs are built specifically to support more independent learning and allow parents and families to play a more supporting role in their child's education.
We believe these new courses will allow for deeper engagement and better academic outcomes.
And lastly, while COVID was rightfully receiving much of the attention over the last year, there have been other catastrophic disruptions.
For example, in September, Hurricane Ida hit the Gulf Coast.
A significant number of students were displaced from their homes and schools.
Our team quickly mobilized to offer a free private virtual program for these students, that is now serving hundreds of families.
Proud of the team for this effort.
It's doing what I call, absolute right, and is a core principle for Stride.
Now, I'll pass the call over to Tim Medina, to discuss our quarterly results and fiscal '22 guidance.
First, let me quickly recap our reported results.
Revenue for the quarter was $400.2 million, an increase of almost 8% over the same period last year.
Adjusted operating income was $4.5 million, down significantly compared to the prior year, which I'll discuss in few minutes, and capital expenditures were $15.4 million, an increase of $2.6 million over last year.
Driven by strong demand in Career Learning and a recovery and revenue per K-12 enrollment, we expect to grow revenue and profitability this year compared to prior year.
Our first quarter results and this guidance for the rest of the year, demonstrates the confidence we have about our ability to sustainably address the underlying demand for high-quality online educational options.
We believe this sets Stride up for continued long-term growth and expanding margins across our lines of revenue.
Q1 revenue from our General Education business decreased $7.5 million to $306.3 million.
This was due primarily to the expected decline in enrollments, partially offset by an increase in revenue per enrollment.
General Ed enrollments decreased to 147,600 from 164,600 last year, during the height of COVID.
As James discussed, we continue to see strong demand for our offerings, and we expect that over the coming years, this business will grow off this new baseline.
Revenue per enrollment in General Education increased 9.7% in Q1 compared to the same quarter last year.
We are seeing favorable funding impacts in many states, offset by some mix shift to lower funded states.
For the full year, we expect to see revenue per enrollment in line with or even better than our fiscal 2020 results.
Career Learning revenue grew to $93.9 million, an increase of 64.4%.
This was driven by continued strong growth in our Stride career prep enrollments and growth across our adult learning business.
Within our Career Learning business, our middle and high school Career Learning revenue was $71.4 million, up 46.4% from last year.
This was driven by 36.4% increase in enrollments, and an 8% increase in revenue per enrollment.
Like our General Education K-12 business, we expect revenue per enrollment and Stride career prep programs to improve significantly over last year.
Our adult learning business had another strong quarter, finishing with revenue of $22.5 million.
This puts us on a great trajectory for the full year and we expect adult learning to contribute almost $100 million in revenue during fiscal year 2022.
Gross margins for the quarter were 31.6%, down 340 basis points compared to the same period last year.
We returned to a more normal seasonal pattern in our materials and computer expenses this year.
Last year, we had a slower ramp in shipments to students, which pushed first quarter gross margins up.
Therefore, we expect our second quarter comparison to be more favorable, as spending this year is more in line with the normal seasonality we saw in years prior to last year.
We continue to feel confident in our ability to achieve the 2025 gross margin targets we laid out last November, and faster than we originally anticipated.
Selling, general and administrative expenses for the quarter were $133.4 million, up $15.6 million from the first quarter of fiscal 2021.
The increase in SG&A is primarily driven by higher costs associated with enrollment and onboarding and the annualization of expenses from our acquisitions.
Stock-based comp was $8.3 million for the quarter.
We anticipate that we will finish the year with stock-based compensation in the range of $29 million to $31 million.
Adjusted operating income for the quarter was $4.5 million, adjusted EBITDA was $25.5 million.
Both these metrics were impacted by the seasonality of costs that I outlined above.
The timing of our costs and income in fiscal year 2021 had timing anomalies, that we explained during our quarterly calls last year.
This year, we expect our seasonality of expenses will be more similar to the years prior to FY '21, and as you can see in our guidance, we think the second quarter will be very strong from a profitability standpoint.
Interest expense for the quarter was $2 million.
As we mentioned last quarter, we have adopted new accounting guidance that eliminates the non-cash interest expense related to the amortization of the debt discount from our convertible note, this results in lower interest expense.
It also means that we have increased the long-term debt recorded on our balance sheet, even though we have not taken on any additional debt.
For the year, we expect our quarterly interest expense to be fairly consistent with the first quarter.
Our effective tax rate came in at 33%.
For FY '22, we believe we will finish the year, with a tax rate in the 28% to 30% range, mostly due to an increase in non-deductible compensation, above FY '21.
Capital expenditures in the quarter totaled $15.4 million, up $2.6 million from the prior period last year.
This increase was expected, as we invest in more mainstream consumer facing products, expected to contribute to future financial performance, as well as ongoing investments in our high growth career and adult learning businesses.
Free cash flow in the first quarter, defined as cash from operations less capex, was negative $146.9 million as compared to the prior year's $127.3 million.
This normal seasonality of cash flows relates to school launch and the enrollment and on boarding of new students.
We expect to see positive cash flow for the next three quarters.
For fiscal year 2022, we expect to have significantly higher cash flow from operations than in fiscal year 2021.
We ended the quarter with cash and cash equivalents of $218.5 million.
Turning to our guidance; for the second quarter of fiscal year 2022, the company is forecasting revenue in the range of $390 million to $400 million, adjusted operating income between $55 million and $60 million, and capital expenditures between $14 million and $17 million.
For the full year, we are forecasting revenue in the range of $1.56 billion to $1.60 billion, adjusted operating income between $165 million and $180 million, capital expenditures between $65 million and $75 million, and lastly an effective tax rate between 28% and 30%.
Without the collective effort of thousands of Stride employees, we could not have achieved the strong results we saw this quarter, and that we expect to see for the full year.

user
q1 revenue $400.2 million versus refinitiv ibes estimate of $359.5 million.
sees fy revenue $1.56 billion to $1.6 billion.
sees 2022 capital expenditures in the range of $65 million to $75 million.

assistant