Cengage Learning market cap is $777.9 m, and annual revenue was $1.45 b in FY 2019

Cengage Learning Gross profit (Q3, 2019)199 M

Cengage Learning Gross profit margin (Q3, 2019), %48.5%

Cengage Learning Net income (Q3, 2019)11.5 M

Cengage Learning EBIT (Q3, 2019)52.9 M

Cengage Learning Cash, 30-Sept-201923.8 M

Cengage Learning EV3 B

Cengage Learning revenue was $1.45 b in FY, 2019 which is a 1.4% year over year decrease from the previous period.

Cengage Learning revenue breakdown by business segment: 20.4% from International, 15.6% from Gale and 64.0% from Learning

Cengage Learning revenue breakdown by geographic segment: 21.6% from Rest of World and 78.4% from United States

USD | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|

## Revenue | 1.5b | 1.5b | 1.4b |

| (10%) | 0% | (1%) |

## Cost of goods sold | 785.4m | 756.9m | 757.3m |

## Gross profit | 674.6m | 709.3m | 688.2m |

| 46% | 48% | 48% |

## General and administrative expense | 384.7m | 462.0m | 459.3m |

## Operating expense total | 585.5m | 634.9m | 643.1m |

## Depreciation and amortization | 173.9m | 162.5m | 166.3m |

## EBIT | 89.1m | 74.4m | 45.1m |

| 6% | 5% | 3% |

## Interest expense | 157.1m | 162.1m | 177.5m |

## Interest income | 1.1m | 2.7m | 5.6m |

## Pre tax profit | (79.1m) | (74.9m) | (124.5m) |

## Income tax expense | (36.0m) | (73.1m) | (27.5m) |

## Net Income | (43.1m) | (1.8m) | (97.0m) |

USD | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 | Q3, 2019 | Q1, 2020 | Q3, 2019 |
---|---|---|---|---|---|---|---|---|

## Revenue | 296.0m | 522.4m | 326.3m | 288.3m | 474.3m | 310.9m | 282.6m | 410.4m |

## Cost of goods sold | 166.9m | 244.4m | 173.3m | 174.4m | 228.5m | 174.4m | 167.0m | 211.4m |

## Gross profit | 129.1m | 278.0m | 153.0m | 113.9m | 245.8m | 136.5m | 115.6m | 199.0m |

| 44% | 53% | 47% | 40% | 52% | 44% | 41% | 48% |

## General and administrative expense | 103.4m | 111.6m | 116.5m | 116.8m | 117.0m | 112.5m | 108.0m | 95.6m |

## Operating expense total | 145.3m | 153.5m | 160.8m | 160.4m | 157.8m | 155.7m | 156.9m | 146.1m |

## Depreciation and amortization | 42.3m | 40.1m | 39.8m | 39.5m | 40.1m | 39.7m | 34.8m | 35.2m |

## EBIT | (16.2m) | 124.5m | (7.8m) | (46.5m) | 88.0m | (19.2m) | (41.3m) | 52.9m |

| (5%) | 24% | (2%) | (16%) | 19% | (6%) | (15%) | 13% |

## Interest expense | 39.6m | 40.4m | 40.6m | 43.1m | 44.2m | 45.0m | 45.3m | 44.6m |

## Interest income | 500.0k | 500.0k | 600.0k | 900.0k | 900.0k | 1.8m | 1.5m | 900.0k |

## Pre tax profit | (43.1m) | 83.3m | (47.6m) | (86.9m) | 44.6m | (61.5m) | (83.5m) | 9.8m |

## Income tax expense | (14.0m) | 27.9m | (73.1m) | (18.4m) | 10.2m | (14.5m) | (17.7m) | (1.7m) |

## Net Income | (29.1m) | 55.4m | 25.5m | (68.5m) | 34.4m | (47.0m) | (65.8m) | 11.5m |

USD | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|

## Cash | 352.3m | 319.3m | 335.8m |

## Accounts Receivable | 173.6m | 180.8m | 202.3m |

## Prepaid Expenses | 51.7m | 58.3m | 77.7m |

## Inventories | 112.5m | 116.8m | 109.6m |

## Current Assets | 690.1m | 675.2m | 725.4m |

## PP&E | 183.4m | 164.4m | 146.2m |

## Goodwill | 1.6b | 1.6b | 1.6b |

## Total Assets | 3.9b | 3.8b | 3.7b |

## Accounts Payable | 90.0m | 79.9m | 104.5m |

## Short-term debt | 33.1m | 6.7m | 17.2m |

## Current Liabilities | 476.1m | 484.6m | 543.5m |

## Long-term debt | 2.2b | 2.2b | 2.2b |

## Total Debt | 2.3b | 2.3b | 2.3b |

## Total Liabilities | 2.9b | 2.9b | 2.9b |

## Common Stock | 700.0k | 600.0k | 600.0k |

## Additional Paid-in Capital | 1.3b | 1.2b | 1.2b |

## Retained Earnings | (269.1m) | (270.9m) | (367.9m) |

## Total Equity | 954.2m | 915.0m | 804.0m |

## Debt to Equity Ratio | 2.4 x | 2.5 x | 2.8 x |

## Debt to Assets Ratio | 0.6 x | 0.6 x | 0.6 x |

## Financial Leverage | 4.1 x | 4.1 x | 4.6 x |

USD | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|

## Net Income | (43.1m) | (1.8m) | (97.0m) |

## Depreciation and Amortization | 326.9m | 293.9m | 281.0m |

## Accounts Receivable | 23.4m | (4.2m) | (23.8m) |

## Inventories | 26.8m | (3.4m) | 10.1m |

## Accounts Payable | (22.2m) | 29.9m | 26.7m |

## Cash From Operating Activities | 316.6m | 253.3m | 189.7m |

## Purchases of PP&E | (53.1m) | (63.7m) | (53.4m) |

## Cash From Investing Activities | (217.0m) | (191.2m) | (152.4m) |

## Long-term Borrowings | (2.0b) | (28.0m) | (6.7m) |

## Dividends Paid | (200.0m) | (900.0k) | (4.9m) |

## Cash From Financing Activities | (500.0k) | (95.4m) | (19.4m) |

## Net Change in Cash | 98.8m | (33.0m) | 16.5m |

## Interest Paid | 125.2m | 152.8m | 165.4m |

## Income Taxes Paid | 5.9m | 9.7m | 11.0m |

USD | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 | Q3, 2019 | Q1, 2020 | Q2, 2020 |
---|---|---|---|---|---|---|---|---|

## Net Income | (29.1m) | 26.3m | 51.8m | (68.5m) | (34.1m) | (81.1m) | (65.8m) | (54.3m) |

## Depreciation and Amortization | 69.4m | 155.3m | 227.2m | 65.6m | 145.3m | 212.6m | 59.7m | 133.6m |

## Accounts Receivable | (9.8m) | (179.3m) | (46.4m) | 11.3m | (163.3m) | (8.0m) | 15.7m | (93.3m) |

## Inventories | 200.0k | 300.0k | (2.7m) | (5.6m) | 800.0k | (1.1m) | (5.5m) | 9.6m |

## Accounts Payable | 12.0m | 80.5m | 57.7m | (6.3m) | 26.6m | 16.8m | (29.6m) | (30.9m) |

## Cash From Operating Activities | (14.3m) | 156.5m | 237.4m | (82.3m) | 43.1m | 123.9m | (105.7m) | 8.7m |

## Purchases of PP&E | (24.6m) | (36.7m) | (50.1m) | (15.5m) | (30.0m) | (41.1m) | (28.1m) | (47.2m) |

## Cash From Investing Activities | (50.7m) | (91.6m) | (149.6m) | (40.5m) | (78.9m) | (112.7m) | (52.1m) | (93.9m) |

## Long-term Borrowings | (27.8m) | (27.9m) | (27.9m) | (100.0k) | (100.0k) | (2.4m) | (4.3m) | (8.6m) |

## Dividends Paid | (4.2m) | (4.2m) | (4.4m) | (3.4m) | (3.4m) | |||

## Cash From Financing Activities | (43.6m) | (88.9m) | (88.9m) | (6.6m) | (7.3m) | (10.2m) | (7.9m) | (12.2m) |

## Net Change in Cash | (108.6m) | (23.8m) | (1.0m) | (130.6m) | (44.4m) | (700.0k) | (165.8m) | (98.0m) |

USD | Y, 2019 |
---|---|

## EV/EBIT | 56.7 x |

## EV/CFO | 345 x |

## Debt/Equity | 3 x |

## Debt/Assets | 0.6 x |

## Financial Leverage | 4.9 x |

Cengage Learning's Users was reported to be 5.1 m in FY, 2019.