Stride, Inc. (NYSE:LRN) Q3 2022 Earnings Conference Call April 19, 2022 5:00 PM ET

Company Participants

Tim Casey - VP, IR

James Rhyu - CEO

Tim Medina - CFO

Conference Call Participants

Jeff Silber - BMO Capital Markets

Alex Paris - Barrington Research

Tom Singlehurst - Citi

Operator

Ladies and gentlemen, thank you for standing by and welcome to the Stride, Inc. Third Quarter Fiscal 2022 Earnings Call. [Operator Instructions]

Tim Casey, Head of Investor Relations, you may begin your conference.

Tim Casey

Thank you and good afternoon. Welcome to Stride's third quarter earnings call for fiscal year 2022. With me on today's call are James Rhyu, Chief Executive Officer and Tim Medina, Chief Financial Officer.

As a reminder, today's conference call and webcast are accompanied by a presentation that can be found on the Stride Investor Relations website. Please be advised that today's discussion of our financial results may include certain non-GAAP financial measures. A reconciliation of these measures is provided in the earnings release issued this afternoon and can also be found in the Investors section of our website.

In addition to historical information, this call may also involve forward-looking statements. The Company's actual results could differ materially from any forward-looking statements due to several important factors as described in the Company's latest SEC filings. These statements are made on the basis of our views and assumptions regarding future events and business performance at the time we make them and the Company assumes no obligation to update any forward-looking statements made during this call. Following our prepared remarks, we will answer any questions you may have.

I will now turn the call over to James. James?

James Rhyu

Thanks, Tim, and good afternoon.

As you can see from our results, our business remains strong and continues to grow. Now, more than two years into the pandemic and with multiple closings, reopenings and mandates to return to normal only to find that there is a new normal, I think the world of education is not going to return to its pre-pandemic ways along multiple fronts.

Demand for alternative learning remains strong. We see this in our core business as applications for this in-year period, which just ended, were over 30% higher than the previous year. And even past that, we see acceptance for online learning growing.

Just this past year some of the largest school districts in the country, notably Los Angeles and New York, have announced initiatives to offer more online programs. Home schooling has increased over 50% since the start of the pandemic to around 4 million students and increasingly those families need online resources. The Associated Press recently published an article indicating that the vast majority of families that began home schooling during the pandemic have not returned to their brick and mortar schools.