0001104659-25-103288
SEC filingStride 营收与利润双增，Career Learning 强劲驱动，经营杠杆显著。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $620.9M | $551.1M | +12.7% |
| Gross Profit | $242.1M | $215.9M | +12.2% |
| Gross Margin | 39.0% | 39.2% | -20 bps |
| Operating Income | $69.0M | $47.3M | +45.9% |
| Operating Margin | 11.1% | 8.6% | +250 bps |
| Net Income | $68.8M | $40.9M | +68.3% |
| Diluted EPS | $1.40 | $0.94 | +48.9% |
| Operating Cash Flow | -$195.8M | -$142.0M | — |
| Free Cash Flow | -$220.5M | — | — |
FY26Q1 营收增长 12.7% 至 $620.9M，主要由 Career Learning 驱动（+16.3%），其中 Middle-High School 营收 +21.4%，得益于入学人数 +20.0% 和学校组合改善。General Education 营收 +10.2%，入学人数 +5.2%，学校组合变化贡献额外增长。Adult Career Learning 营收 -28.6% 至 $16.3M，为主要逆风。
毛利率同比 -20 bps 至 39.0%，因 Instructional costs and services 占营收比例从 60.8% 升至 61.0%，主要来自增长州的人员招聘和薪资上涨。但 SG&A 占营收比例从 30.6% 降至 27.9%，主要因 bad debt expense 减少 $3.7M，推动 Operating Margin 大幅提升 250 bps 至 11.1%。
盈利质量方面，Net Income 增长 68.3% 至 $68.8M，除经营利润增长外，Other income, net 从 $8.8M 增至 $16.9M（主要来自 marketable securities 投资收益），有效税率从 21.6% 降至 17.3%（因 stock-based compensation）。经营现金流为 -$195.8M，主要因季节性 Accounts receivable 增加 $253.0M，符合第一财季特征。
| 分部 | 营收 | 同比 | 驱动 |
|---|---|---|---|
| General Education | $363.1M | +10.2% | 入学 +5.2%，学校组合变化 |
| Career Learning - Middle/High School | $241.5M | +21.4% | 入学 +20.0%，学校组合改善 |
| Career Learning - Adult | $16.3M | -28.6% | 成人学习业务下滑 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $518.4M | -$264.1M |
| Total Debt | $416.8M | +$0.4M |
| Accounts Receivable | $809.3M | +$249.7M |
| Deferred Revenue | $18.8M | -$8.2M |
| Operating Cash Flow | -$195.8M | -$53.8M |
| Capex | $21.7M | +$6.9M |
| Free Cash Flow | -$220.5M | — |
Net Debt 为 -$101.6M（现金 $518.4M - 债务 $416.8M），净现金状态。Finance lease liability 增至 $125.0M，主要因新增长期租赁。