1. Stride has transitioned to a recurring-revenue model driven by K-12 enrollment growth, career pathways, and an improved balance sheet; 2. FY2025 saw 20%+ enrollment growth, 18% revenue increase, margin expansion, and operational efficiency gains in teen career programs; 3. Management streamlined operations by addressing underperforming adult learning segments, focusing on high-return K-12 and career initiatives, with FY2026 guidance projecting 10-15% enrollment growth and sustained profitability.