K12 market cap is $1 b, and annual revenue was $1.02 b in FY 2019

K12 Gross profit (Q3, 2020)78.2 M

K12 Gross profit margin (Q3, 2020), %30.4%

K12 Net income (Q3, 2020)8.8 M

K12 EBIT (Q3, 2020)14.5 M

K12 Cash, 31-Mar-2020150 M

K12 EV1.1 B

USD | FY, 2016 | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|---|

## Revenue | 872.7m | 888.5m | 917.7m | 1.0b |

| (8%) | 2% | 3% | |

## Cost of goods sold | 663.4m | |||

## Gross profit | 352.3m | |||

| 35% | |||

## R&D expense | 10.1m | 12.5m | 9.2m | 9.5m |

## General and administrative expense | 302.2m | 305.6m | 290.4m | 297.4m |

## Operating expense total | 858.8m | 875.4m | 892.2m | 306.8m |

## EBIT | 13.9m | 13.1m | 25.5m | 45.5m |

| 2% | 1% | 3% | 4% |

## Interest expense | 617.0k | 2.8m | ||

## Interest income | 1.8m | 965.0k | ||

## Investment income | (632.0k) | |||

## Pre tax profit | 13.3m | 4.9m | 26.5m | 48.4m |

## Income tax expense | 4.7m | 5.4m | (910.0k) | 10.5m |

## Net Income | 8.6m | (459.0k) | 27.4m | 37.2m |

## EPS | 0.2 | 0.0 | 0.7 |

USD | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|---|---|

## Cash | 195.9m | 214.0m | 230.9m | 231.1m | 283.1m |

## Accounts Receivable | 188.2m | 169.6m | 192.2m | 176.3m | 191.6m |

## Prepaid Expenses | 11.4m | 9.6m | 8.0m | 10.3m | 12.6m |

## Inventories | 29.6m | 30.6m | 30.5m | 31.1m | 29.9m |

## Current Assets | 459.0m | 445.9m | 473.6m | 459.2m | 529.7m |

## PP&E | 34.4m | 28.4m | 26.3m | 28.9m | 32.0m |

## Goodwill | 66.2m | 87.3m | 87.2m | 90.2m | 90.2m |

## Total Assets | 708.6m | 734.1m | 735.3m | 742.0m | 819.6m |

## Accounts Payable | 29.8m | 25.9m | 30.1m | 29.4m | 50.5m |

## Short-term debt | 16.6m | 13.2m | 11.9m | 13.4m | 19.6m |

## Current Liabilities | 110.7m | 123.0m | 117.8m | 116.2m | 155.6m |

## Long-term debt | 13.0m | 9.9m | 10.0m | 12.7m | 5.1m |

## Total Debt | 16.6m | 23.1m | 21.9m | 26.0m | 19.6m |

## Total Liabilities | 162.1m | 167.8m | 160.2m | 154.8m | 186.2m |

## Common Stock | 4.0k | 4.0k | 4.0k | 4.0k | 4.0k |

## Additional Paid-in Capital | 663.5m | 675.4m | 690.5m | 703.4m | 713.4m |

## Retained Earnings | (50.5m) | (41.4m) | (41.0m) | (13.4m) | 22.4m |

## Total Equity | 536.9m | 558.7m | 574.3m | 587.2m | 633.4m |

## Debt to Equity Ratio | 0 x | 0 x | 0 x | 0 x | 0 x |

## Debt to Assets Ratio | 0 x | 0 x | 0 x | 0 x | 0 x |

## Financial Leverage | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x |

USD | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 | Q3, 2019 | Q1, 2020 | Q2, 2020 | Q3, 2020 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 150.9m | 171.3m | 199.5m | 135.1m | 182.1m | 194.7m | 147.3m | 189.5m | 227.9m | 143.0m | 203.3m | 234.0m | 165.9m | 211.6m | 150.0m |

## Accounts Receivable | 260.8m | 229.6m | 222.9m | 264.2m | 218.7m | 225.8m | 282.8m | 244.1m | 208.0m | 283.8m | 239.7m | 238.6m | 267.7m | 251.6m | 284.3m |

## Prepaid Expenses | 29.5m | 21.2m | 16.8m | 31.5m | 18.1m | 15.4m | 33.8m | 22.0m | 14.4m | 25.2m | 19.1m | 18.0m | 29.9m | 16.7m | 18.9m |

## Inventories | 16.7m | 17.9m | 16.1m | 16.3m | 17.4m | 18.8m | 18.6m | 18.4m | 18.1m | 18.1m | 17.1m | 17.2m | 20.5m | 20.1m | 19.6m |

## Current Assets | 488.3m | 469.7m | 488.6m | 472.3m | 459.8m | 479.6m | 498.2m | 488.8m | 482.1m | 485.2m | 493.6m | 522.0m | 498.3m | 513.7m | 486.7m |

## PP&E | 31.7m | 28.7m | 26.7m | 31.5m | 28.4m | 26.0m | 32.5m | 29.5m | 29.5m | 37.0m | |||||

## Goodwill | 66.2m | 66.2m | 66.2m | 87.3m | 87.3m | 87.3m | 87.2m | 90.2m | 90.2m | 90.2m | 90.2m | 90.2m | 90.2m | ||

## Total Assets | 737.4m | 715.0m | 733.9m | 761.0m | 737.5m | 745.4m | 762.4m | 748.7m | 761.1m | 784.8m | 783.7m | 809.0m | 813.5m | 827.0m | 1.0b |

## Accounts Payable | 42.3m | 16.8m | 15.7m | 31.2m | 18.4m | 16.1m | 34.0m | 17.2m | 17.5m | 39.1m | 20.5m | 23.2m | 46.2m | 30.6m | 25.2m |

## Short-term debt | 15.5m | 14.4m | 13.5m | 14.4m | 13.3m | 13.3m | 14.1m | 13.4m | 13.7m | 17.1m | 26.2m | 24.5m | 120.4m | ||

## Current Liabilities | 149.7m | 169.9m | 121.2m | 147.8m | 125.4m | 123.1m | 139.7m | 117.7m | 123.1m | 158.3m | 140.9m | 148.8m | 139.7m | 133.7m | 257.6m |

## Long-term debt | 11.8m | 10.1m | 9.7m | 13.3m | 12.0m | 12.0m | 15.2m | 13.9m | 14.0m | 20.6m | 8.6m | 6.7m | 20.5m | 17.1m | 106.1m |

## Total Debt | 27.3m | 24.4m | 23.1m | 27.8m | 25.3m | 25.2m | 29.3m | 27.3m | 27.7m | 37.7m | 26.2m | 24.5m | 20.5m | 17.1m | 226.5m |

## Total Liabilities | 203.8m | 169.9m | 172.0m | 207.3m | 177.1m | 172.7m | 194.9m | 162.3m | 161.7m | 209.1m | 179.7m | 184.3m | 188.8m | 175.9m | 371.4m |

## Common Stock | 4.0k | 4.0k | 4.0k | 4.0k | 4.0k | 4.0k | 4.0k | 4.0k | 4.0k | 4.0k | 4.0k | 4.0k | 4.0k | 4.0k | 4.0k |

## Additional Paid-in Capital | 663.2m | 665.8m | 668.2m | 674.1m | 678.2m | 681.4m | 691.3m | 697.0m | 697.8m | 701.4m | 705.8m | 708.3m | 714.4m | 720.5m | 725.0m |

## Retained Earnings | (63.3m) | (54.7m) | (40.4m) | (55.3m) | (43.6m) | (34.5m) | (49.1m) | (35.8m) | (22.8m) | (23.0m) | 668.0k | 19.1m | 12.7m | 33.3m | 42.1m |

## Total Equity | 524.0m | 535.3m | 552.2m | 543.7m | 559.6m | 572.0m | 566.9m | 585.8m | 599.4m | 575.7m | 604.0m | 624.7m | 624.7m | 651.1m | 664.6m |

## Debt to Equity Ratio | 0.1 x | 0 x | 0 x | 0.1 x | 0 x | 0 x | 0.1 x | 0 x | 0 x | 0.1 x | 0 x | 0 x | |||

## Debt to Assets Ratio | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | |||

## Financial Leverage | 1.4 x | 1.3 x | 1.3 x | 1.4 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.4 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.6 x |

USD | FY, 2016 | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|---|

## Net Income | 8.6m | (459.0k) | 27.4m | 37.2m |

## Depreciation and Amortization | 68.2m | 74.3m | 75.3m | 71.4m |

## Accounts Receivable | 14.5m | (27.7m) | 12.0m | (21.6m) |

## Inventories | (1.8m) | (348.0k) | (3.8m) | |

## Accounts Payable | (3.9m) | 5.3m | (2.3m) | 20.2m |

## Cash From Operating Activities | 121.8m | 88.7m | 103.6m | 141.6m |

## Purchases of PP&E | (5.0m) | (2.2m) | (8.7m) | (5.5m) |

## Cash From Investing Activities | (82.9m) | (57.2m) | (50.5m) | (61.1m) |

## Long-term Borrowings | (17.4m) | (15.7m) | (13.3m) | (21.0m) |

## Cash From Financing Activities | (20.8m) | (14.6m) | (50.9m) | (29.0m) |

## Net Change in Cash | 18.1m | 16.9m | 2.2m | 51.5m |

USD | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 | Q3, 2019 | Q1, 2020 | Q2, 2020 | Q3, 2020 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | (12.7m) | (4.8m) | 8.9m | (13.6m) | (2.7m) | 6.1m | 8.9m | 5.0m | 18.1m | (8.3m) | 15.4m | 33.9m | (9.7m) | 10.9m | 19.6m |

## Depreciation and Amortization | 16.6m | 33.0m | 50.6m | 17.7m | 36.4m | 56.3m | 20.6m | 39.2m | 57.6m | 18.5m | 36.2m | 53.3m | 17.1m | 34.4m | 52.8m |

## Accounts Receivable | (74.8m) | (44.1m) | (37.5m) | (94.9m) | (49.4m) | (61.0m) | (90.7m) | (52.2m) | (16.2m) | (107.9m) | (64.1m) | (65.1m) | (75.8m) | (59.6m) | (76.2m) |

## Inventories | 12.6m | 11.3m | 12.9m | 14.1m | 12.7m | 11.4m | 11.6m | 11.2m | 11.1m | (6.4m) | |||||

## Accounts Payable | 12.5m | (13.1m) | (14.1m) | 5.3m | (7.5m) | (9.8m) | 8.2m | (9.1m) | (9.2m) | 16.0m | (3.4m) | (3.1m) | (2.4m) | (14.1m) | (20.1m) |

## Cash From Operating Activities | (23.9m) | 12.9m | 61.1m | (59.9m) | 10.3m | 37.4m | (60.2m) | (2.7m) | 53.4m | (49.1m) | 24.9m | 73.3m | (86.8m) | (21.3m) | 3.0m |

## Purchases of PP&E | (977.0k) | (2.0m) | (2.5m) | (960.0k) | (1.3m) | (1.4m) | (5.1m) | (5.9m) | (6.6m) | (1.7m) | (1.9m) | (2.4m) | (1.2m) | (1.3m) | (1.5m) |

## Cash From Investing Activities | (14.2m) | (25.8m) | (41.0m) | (14.0m) | (33.0m) | (42.3m) | (15.5m) | (25.9m) | (36.5m) | (29.4m) | (38.9m) | (48.0m) | (18.2m) | (30.4m) | (208.1m) |

## Short-term Borrowings | (5.0m) | ||||||||||||||

## Long-term Borrowings | (4.9m) | (9.4m) | (13.4m) | (4.0m) | (8.1m) | (11.9m) | (3.7m) | (7.0m) | (10.3m) | (3.5m) | (6.9m) | (13.9m) | (7.5m) | (15.0m) | (21.6m) |

## Cash From Financing Activities | (6.8m) | (11.7m) | (16.5m) | (4.9m) | (9.1m) | (14.3m) | (7.8m) | (12.7m) | (19.9m) | (9.6m) | (13.8m) | (22.4m) | (12.1m) | (19.8m) | 71.9m |

## Net Change in Cash | (45.0m) | (24.6m) | 3.7m | (78.9m) | (31.8m) | (19.3m) | (83.5m) | (41.4m) | (3.0m) | (88.1m) | (27.8m) | 2.9m | (117.2m) | (71.5m) | (133.1m) |

USD | Y, 2020 |
---|---|

## EV/EBIT | 74.9 x |

## EV/CFO | 358.9 x |

## Financial Leverage | 1.6 x |