LRN — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-08-05

• private schools, school districts, and charter boards. Additionally, we provide solutions to employers, government agencies and consumers.

• Career Learning products and services are focused on developing skills to enter and succeed in careers in high-growth, in-demand industries—including information technology, healthcare and general business. Through our Career Learning programs, we provide middle and high school students content path…

• certifications in the healthcare field. We can also provide these programs directly to enterprises to create customized, tailored education plans to help companies train, upskill, and reskill their employees.

• We continue to invest in our educational platform to educate students more effectively and efficiently. Much of our investment has been in the development of improved functionality of our curriculum and technology systems. Areas of focus include: (i) integration and user experience; (ii) mobile enab…

• Learning, Inc. and Renaissance Learning, Inc., offer a different pricing model which provides curriculum at a lower cost (sometimes free) but may charge for additional products or services. We also compete with institutions such as The Laurel Springs School (Spring Education Group) and Penn Foster I…

Text removed vs the prior filing · source: 10-K · 2025-08-06

• Career Learning products and services are focused on developing skills to enter and succeed in careers in high-growth, in-demand industries—including information technology, healthcare and general business. Through our Career Learning programs, we provide middle and high school students content path…

• experiences and, for high school students, that can lead toward an industry certification and/or college credits. Like General Education products and services, the products and services for the Career Learning market are sold as a comprehensive school-as-a-service offering or as stand-alone products…

• virtual and blended school students access online lessons over the internet and utilize offline learning materials we provide. Students receive assignments, complete lessons, take assessments, and are instructed by teachers with whom they interact via email, telephonically, in synchronous virtual cl…

• We continue to invest in our educational platform to educate students more effectively and efficiently. Much of our investment has been in the development of improved functionality of our curriculum and technology systems. Areas

• of focus include: (i) integration and user experience (ii) mobile enabled products; (iii) portability; (iv) personalization; (v) flexibility; (vi) reading and oral fluency scoring; (vii) state standard alignment; (viii) tutoring & support; and (ix) automated and artificial intelligence (AI)-assisted…

Text added vs the prior filing · source: 10-K · 2026-08-05

• ●Our reliance on third-party cloud infrastructure and related services to operate our platform and deliver our solutions;

• ●Changes in our effective tax rate and additional liabilities.

• ●From time to time, government funding to schools and school districts is not provided when due, which sometimes causes the affected schools to delay payments to us for our products and services. These payment delays have occurred in the past and can deprive us of significant working capital until t…

• Failure to comply with our contracts or regulatory requirements, poor academic performance, or such allegations, or actual or alleged misconduct by us or operators of other virtual public schools could tarnish the reputation of all the school operators in our industry, which could have a negative im…

• As a non-traditional form of public education, online public school operators will be subject to scrutiny, perhaps even greater than that applied to traditional brick and mortar public schools or public charter schools. Not all virtual public schools will have successful academic programs or operate…

Text removed vs the prior filing · source: 10-K · 2025-08-06

• ●From time to time, government funding to schools and school districts is not provided when due, which sometimes causes the affected schools to delay payments to us for our products and services. These payment delays have occurred in the past and can deprive us of significant working capital until t…

• which could hinder our ability to implement our growth strategies and conduct our business. For example, in fiscal year 2016, the Commonwealth of Pennsylvania was unable to approve a budget, including funding for public school education, and thus the Agora Cyber Charter School received no funds and …

• Failure to comply with regulatory requirements, poor academic performance, or misconduct by us or operators of other virtual public schools could tarnish the reputation of all the school operators in our industry, which could have a negative impact on our business or lead to punitive legislation.

• As a non-traditional form of public education, online public school operators will be subject to scrutiny, perhaps even greater than that applied to traditional brick and mortar public schools or public charter schools. Not all virtual public schools will have successful academic programs or operate…

• Beyond academic performance issues, some virtual school operators, including us, have been subject to governmental investigations alleging, among other things, false attendance reporting, the misuse of public funds or failures in regulatory compliance. These allegations have attracted significant ad…

Text added vs the prior filing · source: 10-K · 2026-08-05

• We are a lessee under finance leases for computers and peripherals under agreements with Banc of America Leasing & Capital, LLC (“BALC”) and CSI Leasing, Inc. (“CSI Leasing”). As of June 30, 2026 and 2025, the finance lease liability was $116.9 million and $86.9 million, respectively, with lease int…

• We entered into agreements with BALC and CSI Leasing in April 2020 and August 2022, respectively, to provide financing for our computers and peripherals. Individual leases with BALC include 36-month payment terms, fixed rates ranging from 4.75% to 6.72%, and a $1 purchase option at the end of each l…

• On November 3, 2025, our Board of Directors authorized a stock repurchase program for the purchase of up to $500 million of the Company’s common stock until October 31, 2026. Share repurchases may be made for cash in open market transactions at prevailing market prices or in privately negotiated tra…

• to accrued liabilities and accrued compensation and benefits.

• Net cash used in investing activities for the year ended June 30, 2026 was $179.8 million compared to $88.0 million for the year ended June 30, 2025. The $91.8 million increase in cash used in investing activities was primarily due to a $38.1 million increase in net purchases of marketable securitie…

Text removed vs the prior filing · source: 10-K · 2025-08-06

• On January 27, 2020, we entered into a $100.0 million senior secured revolving credit facility (“Credit Facility”) to be used for general corporate operating purposes with PNC Capital Markets LLC. The Credit Facility had a five-year term and incorporated customary financial and other covenants, incl…

• We are a lessee under finance leases for computers and peripherals under agreements with Banc of America Leasing & Capital, LLC (“BALC”) and CSI Leasing, Inc. (“CSI Leasing”). As of June 30, 2025 and 2024, the finance lease liability was $86.9 million and $55.6 million, respectively, with lease inte…

• We entered into agreements with BALC and CSI Leasing in April 2020 and August 2022, respectively, to provide financing for our computers and peripherals. Individual leases with BALC include 36-month payment terms, fixed rates ranging from 4.42% to 6.72%, and a $1 purchase option at the end of each l…

• Net cash used in investing activities for the year ended June 30, 2025 was $88.0 million compared to $139.9 million for the year ended June 30, 2024. The $51.9 million decrease in cash used in investing activities between periods was primarily due to higher net maturities of marketable securities of…

• Net cash used in financing activities for the year ended June 30, 2025 was $62.9 million compared to $49.1 million for the year ended June 30, 2024. The $13.8 million increase in cash used in financing activities between periods was primarily due to an increase in the repurchase of restricted stock …