$670.4 M

LRN Mkt cap, 18-Oct-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 EV452.6 M

K12 Income Statement

Annual

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

Revenue

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

Revenue growth, %

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

Operating expense total

892.2m

EBIT

22.9m18.4m13.9m25.5m

EBIT margin, %

2%2%2%3%

Interest expense

55.0k965.0k

Interest income

55.0k965.0k

Income tax expense

11.3m11.9m20.0m11.1m5.8m4.7m910.0k

Net Income

18.1m9.3m8.6m27.4m

Quarterly

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

Revenue

228.4m223.9m235.2m236.7m231.3m244.6m221.2m208.8m221.3m229.1m221.1m222.5m228.8m446.0m678.9m

Operating expense total

236.8m232.8m207.8m249.9m210.8m217.2m241.7m194.1m202.2m251.8m202.8m209.8m246.5m450.0m663.2m

EBIT

(8.5m)(8.9m)27.4m(13.2m)20.5m27.4m(20.5m)19.1m(22.7m)18.3m12.8m(17.8m)(4.0m)15.7m

EBIT margin, %

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

Interest expense

84.0k28.0k12.0k31.0k151.0k315.0k101.0k342.0k264.0k641.0k

Interest income

342.0k264.0k641.0k274.0k535.0k

Income tax expense

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

Net Income

(5.1m)(4.3m)15.5m(6.6m)12.0m16.5m(12.7m)7.9m13.7m(13.6m)10.9m8.9m(8.2m)5.0m18.1m

K12 Balance Sheet

Annual

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

Cash

81.8m193.1m144.7m181.5m196.1m195.9m214.0m231.1m

Accounts Receivable

Inventories

31.1m

Current Assets

465.2m459.0m445.9m459.2m

PP&E

48.6m34.4m28.4m28.9m

Goodwill

58.1m66.2m87.3m90.2m

Total Assets

711.7m708.6m734.1m742.0m

Accounts Payable

31.0m29.8m25.9m29.4m

Short-term debt

20.5m16.6m13.2m13.4m

Current Liabilities

113.8m110.7m123.0m116.2m

Long-term debt

Total Debt

13.4m

Total Liabilities

154.8m

Additional Paid-in Capital

639.0m663.5m675.4m703.4m

Retained Earnings

(61.4m)(50.5m)(41.4m)(13.4m)

Total Equity

528.9m587.2m

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

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

Inventories

28.0m23.4m21.3m18.0m19.5m17.8m16.7m17.9m16.1m16.3m17.4m18.8m18.6m18.4m18.1m

Current Assets

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

PP&E

62.9m56.3m50.0m52.1m48.1m47.4m31.7m28.7m26.7m31.5m28.4m26.0m32.5m29.5m29.5m

Goodwill

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

Total Assets

798.3m748.9m737.3m731.2m715.3m743.7m737.4m715.0m733.9m761.0m737.5m745.4m762.4m748.7m761.1m

Accounts Payable

50.6m16.5m24.6m41.6m16.6m20.0m42.3m16.8m15.7m31.2m18.4m16.1m34.0m17.2m17.5m

Short-term debt

21.7m22.2m21.0m19.6m18.3m17.8m15.5m14.4m13.5m14.4m13.3m13.3m14.1m13.4m13.7m

Current Liabilities

174.6m135.0m132.4m157.3m127.8m135.7m149.7m116.4m121.2m147.8m125.4m123.1m139.7m117.7m123.1m

Total Debt

21.7m22.2m21.0m19.6m18.3m17.8m15.5m14.4m13.5m14.4m13.3m13.3m14.1m13.4m13.7m

Total Liabilities

244.7m199.6m188.6m213.2m181.7m189.5m203.8m169.9m172.0m207.3m177.1m172.7m194.9m162.3m161.7m

Additional Paid-in Capital

621.3m626.4m630.5m642.1m645.9m649.2m663.2m665.8m668.2m674.1m678.2m681.4m691.3m697.0m697.8m

Retained Earnings

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

Total Equity

538.4m534.1m533.4m498.2m513.8m524.0m535.3m552.2m543.7m559.6m572.0m566.9m585.8m599.4m

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

18.1m9.3m8.6m27.4m

Depreciation and Amortization

86.3m83.8m68.2m75.3m

Accounts Receivable

(12.0m)(1.9m)14.5m12.0m

Inventories

6.3m2.9m(1.8m)

Accounts Payable

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

Cash From Operating Activities

123.5m120.1m121.8m103.6m

Purchases of PP&E

(7.4m)(9.9m)(5.0m)(8.7m)

Cash From Investing Activities

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

Short-term Borrowings

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

Long-term Borrowings

(13.3m)

Cash From Financing Activities

(64.0m)(50.4m)(20.8m)(50.9m)

Quarterly

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

Net Income

(5.1m)(4.3m)15.5m(6.6m)12.0m16.5m(12.7m)7.9m13.7m(13.6m)10.9m8.9m5.0m18.1m

Depreciation and Amortization

39.2m57.6m

Accounts Receivable

(52.2m)(16.2m)

Inventories

11.2m11.1m

Accounts Payable

41.6m16.6m20.0m42.3m16.8m15.7m31.2m18.4m16.1m(9.1m)(9.2m)

Cash From Operating Activities

(2.7m)53.4m

Purchases of PP&E

(5.9m)(6.6m)

Cash From Investing Activities

(25.9m)(36.5m)

Long-term Borrowings

(7.0m)(10.3m)

Cash From Financing Activities

(12.7m)(19.9m)

K12 Ratios

USDY, 2018

EV/EBIT

17.7 x

EV/CFO

4.4 x

Revenue/Employee

193.2k

Financial Leverage

1.3 x
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K12 Operating Metrics

FY, 2017FY, 2018

Online Students

2.20 m

Schools

77 75

Students

50 m

Teachers

2.50 k2.30 k
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