Stride Inc (LRN)

Cash conversion cycle

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Days of inventory on hand (DOH)	days	9.38	5.86	5.61	6.25	10.51	6.18	5.85	6.60	11.26	7.16	7.68	9.17	12.05	8.23	8.32	8.77	14.46	11.33	12.23	11.31
Days of sales outstanding (DSO)	days	84.92	111.75	96.94	116.83	84.58	106.01	95.94	121.44	92.12	95.77	91.67	115.95	90.58	94.69	98.23	121.06	87.71	109.59	124.78	132.65
Number of days of payables	days	10.98	10.54	8.37	14.01	11.72	10.92	9.39	22.65	14.98	11.03	10.52	22.64	20.76	11.27	11.76	20.67	22.64	18.50	16.78	43.33
Cash conversion cycle	days	83.33	107.07	94.19	109.07	83.38	101.27	92.40	105.39	88.40	91.90	88.83	102.47	81.87	91.65	94.80	109.16	79.53	102.42	120.23	100.64

June 30, 2025 calculation

Cash conversion cycle = DOH + DSO – Number of days of payables
= 9.38 + 84.92 – 10.98
= 83.33

The data indicates that Stride Inc’s cash conversion cycle (CCC) has experienced fluctuations over the reporting periods from September 2020 through June 2025. Initially, the CCC was approximately 100.64 days as of September 30, 2020, rising to peak at around 120.23 days by the end of 2020. Throughout 2021, the cycle demonstrated variability, decreasing to approximately 102.42 days in March 2021, then declining significantly to approximately 79.53 days in June 2021 before rising again to over 109 days by September 2021.

In 2022, the CCC showed signs of stabilization, oscillating between roughly 81.87 days in June and 102.47 days in September, with an overall downward trend from the earlier peaks. At the end of 2022, the cycle moderated at approximately 88.83 days, and early 2023 figures indicated a slight increase to approximately 91.90 days before declining again to around 88.40 days in June 2023.

The latter part of 2023 showed an increase to approximately 105.39 days in September, reflecting a potential tightening or delay in cash conversion activities. During the first half of 2024, the cycle hovered around 101.27 days in March but decreased considerably to 83.38 days in June before rebounding to roughly 109.07 days in September. At the end of 2024, the CCC was approximately 94.19 days, and in the first quarter of 2025, it further increased to 107.07 days, then decreased again to 83.33 days in June 2025.

Overall, the cash conversion cycle for Stride Inc exhibits cyclical behavior with periods of elongation followed by reductions, indicating variability in working capital management efficiency and operational processes. The fluctuations suggest intermittent delays in converting investments in inventory and receivables into cash, possibly influenced by seasonality, changes in operational strategies, or shifts in customer payment terms. The pattern reveals periods of increased liquidity management challenges interspersed with improvements, reflecting ongoing adjustments in the company’s operational cash flow management.