$913.6 M

LRN Mkt cap, 14-Dec-2018

$251.3 M

K12 Revenue Q1, 2019
K12 Net income (Q1, 2019)-8.3 M
K12 EBIT (Q1, 2019)-13.8 M
K12 Cash, 30-Sep-2018143 M
K12 EV808.2 M

K12 Income Statement

Annual

USDFY, 2016FY, 2017FY, 2018

Revenue

872.7m888.5m917.7m

Revenue growth, %

(8%)2%3%

R&D expense

10.1m12.5m9.2m

General and administrative expense

302.2m305.6m290.4m

Operating expense total

858.8m875.4m892.2m

EBIT

13.9m13.1m25.5m

EBIT margin, %

2%1%3%

Interest expense

617.0k

Interest income

1.8m965.0k

Pre tax profit

13.3m4.9m26.5m

Income tax expense

4.7m5.4m(910.0k)

Net Income

8.6m(459.0k)27.4m

K12 Balance Sheet

Annual

USDFY, 2015FY, 2016FY, 2017FY, 2018

Cash

195.9m214.0m230.9m231.1m

Accounts Receivable

169.6m192.2m176.3m

Prepaid Expenses

9.6m8.0m10.3m

Inventories

29.6m30.6m30.5m31.1m

Current Assets

459.0m445.9m473.6m459.2m

PP&E

34.4m28.4m26.3m28.9m

Goodwill

66.2m87.3m87.2m90.2m

Total Assets

708.6m734.1m735.3m742.0m

Accounts Payable

29.8m25.9m30.1m29.4m

Short-term debt

16.6m13.2m11.9m13.4m

Current Liabilities

110.7m123.0m117.8m116.2m

Long-term debt

9.9m10.0m12.7m

Total Debt

16.6m23.1m21.9m26.0m

Total Liabilities

162.1m167.8m160.2m154.8m

Common Stock

4.0k4.0k4.0k

Additional Paid-in Capital

663.5m675.4m690.5m703.4m

Retained Earnings

(50.5m)(41.4m)(41.0m)(13.4m)

Total Equity

558.7m574.3m587.2m

EPS

0.20.00.7

Debt to Equity Ratio

0 x0 x0 x

Debt to Assets Ratio

0 x0 x0 x

Financial Leverage

1.3 x1.3 x1.3 x

Quarterly

USDQ1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018Q1, 2019

Cash

150.9m171.3m199.5m135.1m182.1m194.7m147.3m189.5m227.9m143.0m

Accounts Receivable

260.8m229.6m222.9m264.2m218.7m225.8m282.8m244.1m208.0m283.8m

Prepaid Expenses

29.5m21.2m16.8m31.5m18.1m15.4m33.8m22.0m14.4m25.2m

Inventories

16.7m17.9m16.1m16.3m17.4m18.8m18.6m18.4m18.1m18.1m

Current Assets

488.3m469.7m488.6m472.3m459.8m479.6m498.2m488.8m482.1m485.2m

PP&E

31.7m28.7m26.7m31.5m28.4m26.0m32.5m29.5m29.5m37.0m

Goodwill

66.2m66.2m66.2m87.3m87.3m87.3m87.2m90.2m90.2m90.2m

Total Assets

737.4m715.0m733.9m761.0m737.5m745.4m762.4m748.7m761.1m784.8m

Accounts Payable

42.3m16.8m15.7m31.2m18.4m16.1m34.0m17.2m17.5m39.1m

Short-term debt

15.5m14.4m13.5m14.4m13.3m13.3m14.1m13.4m13.7m17.1m

Current Liabilities

149.7m169.9m121.2m147.8m125.4m123.1m139.7m117.7m123.1m158.3m

Long-term debt

11.8m10.1m9.7m13.3m12.0m12.0m15.2m13.9m14.0m20.6m

Total Debt

27.3m24.4m23.1m27.8m25.3m25.2m29.3m27.3m27.7m37.7m

Total Liabilities

203.8m169.9m172.0m207.3m177.1m172.7m194.9m162.3m161.7m209.1m

Common Stock

4.0k4.0k4.0k4.0k4.0k4.0k4.0k4.0k4.0k4.0k

Additional Paid-in Capital

663.2m665.8m668.2m674.1m678.2m681.4m691.3m697.0m697.8m701.4m

Retained Earnings

(63.3m)(54.7m)(40.4m)(55.3m)(43.6m)(34.5m)(49.1m)(35.8m)(22.8m)(23.0m)

Total Equity

524.0m535.3m552.2m543.7m559.6m572.0m566.9m585.8m599.4m575.7m

EPS

(0.3)0.20.4(0.4)0.30.2(0.2)0.30.3(0.2)

Debt to Equity Ratio

0.1 x0 x0 x0.1 x0 x0 x0.1 x0 x0 x0.1 x

Debt to Assets Ratio

0 x0 x0 x0 x0 x0 x0 x0 x0 x0 x

Financial Leverage

1.4 x1.3 x1.3 x1.4 x1.3 x1.3 x1.3 x1.3 x1.3 x1.4 x

K12 Cash Flow

Annual

USDFY, 2016FY, 2017FY, 2018

Net Income

8.6m(459.0k)27.4m

Depreciation and Amortization

68.2m74.3m75.3m

Accounts Receivable

14.5m(27.7m)12.0m

Inventories

(1.8m)(348.0k)(3.8m)

Accounts Payable

(3.9m)5.3m(2.3m)

Cash From Operating Activities

121.8m88.7m103.6m

Purchases of PP&E

(5.0m)(2.2m)(8.7m)

Cash From Investing Activities

(82.9m)(57.2m)(50.5m)

Long-term Borrowings

(17.4m)(15.7m)(13.3m)

Cash From Financing Activities

(20.8m)(14.6m)(50.9m)

Net Change in Cash

18.1m16.9m2.2m

Quarterly

USDQ1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018Q1, 2019

Net Income

(12.7m)(4.8m)8.9m(13.6m)(2.7m)6.1m8.9m5.0m18.1m(8.3m)

Depreciation and Amortization

16.6m33.0m50.6m17.7m36.4m56.3m20.6m39.2m57.6m18.5m

Accounts Receivable

(74.8m)(44.1m)(37.5m)(94.9m)(49.4m)(61.0m)(90.7m)(52.2m)(16.2m)(107.9m)

Inventories

12.6m11.3m12.9m14.1m12.7m11.4m11.6m11.2m11.1m(6.4m)

Accounts Payable

12.5m(13.1m)(14.1m)5.3m(7.5m)(9.8m)8.2m(9.1m)(9.2m)16.0m

Cash From Operating Activities

(23.9m)12.9m61.1m(59.9m)10.3m37.4m(60.2m)(2.7m)53.4m(49.1m)

Purchases of PP&E

(977.0k)(2.0m)(2.5m)(960.0k)(1.3m)(1.4m)(5.1m)(5.9m)(6.6m)(1.7m)

Cash From Investing Activities

(14.2m)(25.8m)(41.0m)(14.0m)(33.0m)(42.3m)(15.5m)(25.9m)(36.5m)(29.4m)

Long-term Borrowings

(4.9m)(9.4m)(13.4m)(4.0m)(8.1m)(11.9m)(3.7m)(7.0m)(10.3m)(3.5m)

Cash From Financing Activities

(6.8m)(11.7m)(16.5m)(4.9m)(9.1m)(14.3m)(7.8m)(12.7m)(19.9m)(9.6m)

Net Change in Cash

(45.0m)(24.6m)3.7m(78.9m)(31.8m)(19.3m)(83.5m)(41.4m)(3.0m)(88.1m)

K12 Ratios

USDY, 2018

EV/EBIT

-58.8 x

EV/CFO

-16.5 x

Debt/Equity

0.1 x

Financial Leverage

1.4 x

P/E Ratio

(103.3)
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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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K12 Employee Rating

3.4587 votes
Culture & Values
3.3
Work/Life Balance
3.3
Senior Management
3.2
Salary & Benefits
2.9
Career Opportunities
3.2
Source