$681.8 M

LRN Mkt cap, 16-Aug-2018

$917.7 M

K12 Revenue FY, 2018
K12 Net income (FY, 2018)27.4 M
K12 EBIT (FY, 2018)25.5 M
K12 Cash, 30-Jun-2018231.1 M
K12 EV464.1 M

K12 Income Statement

Annual

usdFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2018

Revenue

522.4 m708.4 m848.2 m919.6 m948.3 m872.7 m917.7 m

Revenue growth, %

36%20%8%3%(8%)

Operating expense total

892.2 m

EBIT

22.9 m18.4 m13.9 m25.5 m

EBIT margin, %

2%2%2%3%

Interest expense

55 k965 k

Interest income

55 k965 k

Income tax expense

11.3 m11.9 m20 m11.1 m5.8 m4.7 m910 k

Net Income

18.1 m9.3 m8.6 m27.4 m

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Revenue

228.4 m223.9 m235.2 m236.7 m231.3 m244.6 m221.2 m208.8 m221.3 m229.1 m221.1 m222.5 m228.8 m446 m678.9 m

Operating expense total

236.8 m232.8 m207.8 m249.9 m210.8 m217.2 m241.7 m194.1 m202.2 m251.8 m202.8 m209.8 m246.5 m450 m663.2 m

EBIT

(8.5 m)(8.9 m)27.4 m(13.2 m)20.5 m27.4 m(20.5 m)19.1 m(22.7 m)18.3 m12.8 m(17.8 m)(4 m)15.7 m

EBIT margin, %

(4%)(4%)12%(6%)9%11%(9%)9%(10%)8%6%(8%)(1%)2%

Interest expense

84 k28 k12 k31 k151 k315 k101 k342 k264 k641 k

Interest income

342 k264 k641 k274 k535 k

Income tax expense

3.5 m4.7 m(11.9 m)6.5 m(8.7 m)(10.6 m)8.1 m(6.7 m)(5.4 m)8.7 m(7.7 m)(4.5 m)9.4 m8.8 m1.9 m

Net Income

(5.1 m)(4.3 m)15.5 m(6.6 m)12 m16.5 m(12.7 m)7.9 m13.7 m(13.6 m)10.9 m8.9 m(8.2 m)5 m18.1 m

K12 Balance Sheet

Annual

USDFY, 2010FY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2018

Cash

81.8 m193.1 m144.7 m181.5 m196.1 m195.9 m214 m231.1 m

Accounts Receivable

Inventories

31.1 m

Current Assets

465.2 m459 m445.9 m459.2 m

PP&E

48.6 m34.4 m28.4 m28.9 m

Goodwill

58.1 m66.2 m87.3 m90.2 m

Total Assets

711.7 m708.6 m734.1 m742 m

Accounts Payable

31 m29.8 m25.9 m29.4 m

Short-term debt

20.5 m16.6 m13.2 m13.4 m

Current Liabilities

113.8 m110.7 m123 m116.2 m

Long-term debt

Total Debt

13.4 m

Total Liabilities

154.8 m

Additional Paid-in Capital

639 m663.5 m675.4 m703.4 m

Retained Earnings

(61.5 m)(50.5 m)(41.4 m)(13.4 m)

Total Equity

528.9 m587.2 m

Financial Leverage

1.3 x1.3 x

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Cash

163.5 m162.9 m185.3 m109.2 m124.2 m142.9 m150.9 m171.3 m199.5 m135.1 m182.1 m194.7 m147.3 m189.5 m227.9 m

Inventories

28 m23.4 m21.3 m18 m19.5 m17.8 m16.7 m17.9 m16.1 m16.3 m17.4 m18.8 m18.6 m18.4 m18.1 m

Current Assets

528.4 m495.6 m487.5 m468.9 m455.1 m481.9 m488.3 m469.7 m488.6 m472.3 m459.8 m479.6 m498.2 m488.8 m482.1 m

PP&E

62.9 m56.3 m50 m52.1 m48.1 m47.4 m31.7 m28.7 m26.7 m31.5 m28.4 m26 m32.5 m29.5 m29.5 m

Goodwill

61.5 m61.6 m61.6 m67.3 m67.2 m67.2 m66.2 m66.2 m66.2 m87.3 m87.3 m87.3 m87.2 m90.2 m90.2 m

Total Assets

798.3 m748.9 m737.3 m731.2 m715.3 m743.7 m737.4 m715 m733.9 m761 m737.5 m745.4 m762.4 m748.7 m761.1 m

Accounts Payable

50.6 m16.5 m24.6 m41.6 m16.6 m20 m42.3 m16.8 m15.7 m31.2 m18.4 m16.1 m34 m17.2 m17.5 m

Short-term debt

21.7 m22.2 m21 m19.6 m18.3 m17.8 m15.5 m14.4 m13.5 m14.4 m13.3 m13.3 m14.1 m13.4 m13.7 m

Current Liabilities

174.6 m135 m132.4 m157.3 m127.8 m135.7 m149.7 m116.4 m121.2 m147.8 m125.4 m123.1 m139.7 m117.7 m123.1 m

Total Debt

21.7 m22.2 m21 m19.6 m18.3 m17.8 m15.5 m14.4 m13.5 m14.4 m13.3 m13.3 m14.1 m13.4 m13.7 m

Total Liabilities

244.7 m199.6 m188.6 m213.2 m181.7 m189.5 m203.8 m169.9 m172 m207.3 m177.1 m172.7 m194.9 m162.3 m161.7 m

Additional Paid-in Capital

621.3 m626.4 m630.5 m642.1 m645.9 m649.2 m663.2 m665.8 m668.2 m674.1 m678.2 m681.4 m691.3 m697 m697.8 m

Retained Earnings

(86.1 m)(89.8 m)(73.8 m)(68.2 m)(55.9 m)(38.9 m)(63.3 m)(54.7 m)(40.4 m)(55.3 m)(43.6 m)(34.5 m)(49.1 m)(35.8 m)(22.8 m)

Total Equity

538.4 m534.1 m533.4 m498.2 m513.8 m524 m535.3 m552.2 m543.7 m559.6 m572 m566.9 m585.8 m599.4 m

Financial Leverage

1.5 x1.4 x1.4 x1.5 x1.4 x1.4 x1.3 x1.3 x1.4 x1.3 x1.3 x1.3 x1.3 x1.3 x

K12 Cash Flow

Annual

usdFY, 2014FY, 2015FY, 2016FY, 2018

Net Income

18.1 m9.3 m8.6 m27.4 m

Depreciation and Amortization

86.3 m83.8 m68.2 m75.3 m

Accounts Receivable

(12 m)(1.9 m)14.5 m12 m

Inventories

6.3 m2.9 m(1.8 m)

Accounts Payable

9.8 m(1.2 m)(3.9 m)(2.3 m)

Cash From Operating Activities

123.5 m120.1 m121.8 m103.6 m

Purchases of PP&E

(7.4 m)(9.9 m)(5 m)(8.7 m)

Cash From Investing Activities

(45.8 m)(68.3 m)(82.9 m)(50.5 m)

Short-term Borrowings

(22.7 m)(21.9 m)(17.4 m)

Long-term Borrowings

(13.3 m)

Cash From Financing Activities

(64 m)(50.4 m)(20.8 m)(50.9 m)

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q2, 2018Q3, 2018

Net Income

(5.1 m)(4.3 m)15.5 m(6.6 m)12 m16.5 m(12.7 m)7.9 m13.7 m(13.6 m)10.9 m8.9 m5 m18.1 m

Depreciation and Amortization

39.2 m57.6 m

Accounts Receivable

(52.2 m)(16.2 m)

Inventories

11.2 m11.1 m

Accounts Payable

41.6 m16.6 m20 m42.3 m16.8 m15.7 m31.2 m18.4 m16.1 m(9.1 m)(9.2 m)

Cash From Operating Activities

(2.7 m)53.4 m

Purchases of PP&E

(5.9 m)(6.6 m)

Cash From Investing Activities

(25.9 m)(36.5 m)

Long-term Borrowings

(7 m)(10.3 m)

Cash From Financing Activities

(12.7 m)(19.9 m)

K12 Ratios

USDY, 2018

EV/EBIT

18.2 x

EV/CFO

4.5 x

Revenue/Employee

193.2 k

Financial Leverage

1.3 x
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