K12 inc (LRN)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10
Cash flows from operating activities
Net income

8,754

20,594

-9,730

3,317

18,462

23,712

-8,282

9,347

13,043

13,189

-8,159

-6,603

8,882

10,899

-13,637

-334

13,665

7,884

-12,664

-12,575

16,527

11,963

-6,589

11,952

15,512

-4,250

-5,098

1,251

11,419

9,320

4,544

1,193

6,686

3,881

4,349

-3,462

5,265

7,710

2,152

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization expense

18,414

17,230

17,146

18,141

17,038

17,710

18,511

17,648

18,426

18,550

20,636

17,955

19,950

18,695

17,680

17,603

17,587

16,470

16,565

28,009

17,764

17,629

16,880

16,776

18,017

34,524

16,950

17,561

16,282

16,233

15,661

15,721

14,644

14,676

12,992

12,471

10,951

10,120

9,392

Stock-based compensation expense

6,086

6,177

5,522

4,562

3,950

4,140

4,024

5,964

4,557

7,217

3,079

8,041

5,265

4,598

4,694

4,857

4,218

4,954

4,587

7,828

4,502

4,796

4,173

6,629

3,989

8,530

3,680

4,541

4,053

2,908

2,872

2,728

2,615

2,530

2,194

2,013

2,054

1,986

3,413

Excess tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

0

147

103

-

0

0

6

110

1

0

7

-1,207

745

-1,602

385

5,382

1,881

1,446

1,086

-4,411

57

521

711

-489

4,135

1,186

122

Deferred income taxes

805

-3,430

3,776

-1,634

-1,007

469

5,865

963

-4,927

-7,816

7,765

-6,806

-4,382

-4,168

8,291

-3,266

-6,297

-1,444

7,189

-7,222

-1,075

-2,055

7,258

-5,876

8,256

-4,684

-3,450

-578

6,866

5,994

3,488

726

3,138

4,132

2,301

-2,351

5,302

5,669

2,358

(Recovery of) provision for doubtful accounts

256

-64

-280

3,471

2,114

294

446

3,484

137

348

120

316

3,923

34

239

1,715

129

431

2,335

7,858

606

553

283

233

489

415

302

256

1,030

387

397

-276

151

128

201

903

287

364

-82

Provision for excess and obsolete inventory

-

-

-

-

-

-

-

-

-

-

-

-

-102

262

235

-

87

243

213

865

82

282

177

132

37

4,116

8

115

72

158

42

1,154

455

-30

39

331

-8

73

664

Provision for student computer shrinkage and obsolescence

-

-

-

-

-

-

-

-

-

-

-

-

-9

41

224

-

-33

-105

-284

-168

-36

-237

11

29

-104

-191

-260

43

-63

875

-373

611

34

16

377

37

163

-52

71

Expensed computer peripherals

-

-

-

-

-

-

-

-

-

-

-

-

683

804

1,925

-

537

643

1,352

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

4,489

2,975

4,141

-1,306

1,320

1,039

2,932

65

1,272

1,062

2,423

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in assets and liabilities:
Accounts receivable

16,537

-16,115

75,765

-37,089

6,552

-40,410

92,584

-28,207

-35,982

-38,502

90,704

-33,255

11,551

-45,422

94,871

-51,984

-6,583

-30,737

74,841

-79,529

9,006

-18,137

90,552

-39,290

-17,238

-16,874

85,659

-47,841

12,211

-34,959

98,297

-44,858

8,363

-17,589

118,354

-36,918

-8,901

-8,112

69,741

Inventories, prepaid expenses, deposits and other current and long-term assets

2,316

-11,498

8,942

7,941

-685

-9,709

5,774

4,353

16,379

-10,128

17,887

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inventories

-

-

-

-

-

-

-

-

-

-

-

-

-729

1,647

-14,067

-

-1,625

1,387

-12,644

12,679

-1,676

1,830

-15,686

12,669

-2,033

-534

-16,374

15,166

-54

1,516

-9,699

11,483

7,776

1,747

-12,088

11,856

2,114

411

-9,760

Prepaid expenses

-

-

-

-

-

-

-

-

-

-

-

-

-656

-13,729

21,901

-

-4,403

-8,218

18,030

-153

-29

-11,298

15,553

-2,774

1,296

-2,118

861

-10,762

1,289

5,199

3,431

-3,220

604

592

2,808

182

2,426

-207

-2,764

Other current assets

-

-

-

-

-

-

-

-

-

-

-

-

1,451

-1,747

3,077

-

-307

-2,433

2,661

-1,140

161

-2,547

6,105

-2,261

398

-5,016

8,524

310

-2,394

-4,440

5,842

1,625

-1,564

-3,589

8,788

-169

-1,007

-1,266

4,267

Deposits and other assets

-

-

-

-

-

-

-

-

-

-

1,220

-

-4,158

-3,206

-2,447

8,751

117

-100

142

1,015

-41

238

228

-139

124

7

220

324

-75

516

-299

-535

-78

782

-933

932

85

168

-148

Accounts payable

-5,925

-11,745

-2,396

23,308

294

-19,426

15,998

6,879

-109

-17,274

8,168

15,130

-2,273

-12,817

5,277

10,174

-1,015

-25,547

12,488

9,787

3,398

-25,007

10,630

7,019

8,069

-34,083

28,773

1,861

-138

-13,257

9,419

6,695

-2,973

-11,601

10,673

6,876

-1,023

-15,993

12,866

Accrued liabilities

5,570

956

-266

3,084

4,442

1,167

-398

1,091

1,895

-283

-8,976

2,645

5,583

-331

-12,860

12,014

5,546

-322

-1,741

-5,880

8,709

-656

-10,027

7,639

319

-1,131

-1,353

-9,003

3,826

6,035

2,368

-2,416

-761

-2,014

4,899

-901

-1,248

1,084

1,680

Accrued compensation and benefits

-1,600

9,095

-23,038

11,449

2,429

9,391

-17,321

6,561

9,822

5,375

-15,086

4,248

4,229

4,495

-14,646

4,145

9,598

473

-9,961

4,770

2,935

6,614

-4,930

-1,679

-1,100

8,472

-9,907

2,283

6,391

1,076

-5,134

1,235

2,465

-2,813

3,388

6,353

1,389

149

-5,915

Operating lease liability

-4,062

-2,016

-2,073

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue and other liabilities

10,356

-1,836

5,091

-25,230

5,236

-14,638

27,491

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue

-

-

-

-

-

-

-

-

-

-

40,939

-

-8,428

-12,529

45,790

-25,335

-6,185

-7,234

39,390

-31,715

-7,294

-9,205

48,835

-24,972

-8,606

-13,393

45,542

-20,973

-9,437

-10,779

44,308

-20,959

-5,596

-11,102

41,008

-7,718

-4,367

-7,142

25,987

Deferred rent and other liabilities

-

-

-

-

-

-

-

-

-

-

499

-

676

-2,112

296

59

-2,465

343

-374

-948

34

-172

2,648

245

-632

3

175

393

-279

340

1,605

193

237

155

258

-

-

-

-

Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-1,501

-

-

-

-

-130

131

0

-1,843

Deferred rent

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,190

Net cash provided by operating activities

24,290

65,549

-86,814

68,310

48,411

73,977

-49,092

50,216

56,148

57,485

-58,403

51,353

27,124

70,181

-59,930

60,656

48,173

36,890

-23,941

74,346

38,730

34,419

-27,410

41,367

60,954

24,465

-3,913

35,171

27,164

49,266

-17,214

46,521

5,937

15,494

-34,961

40,189

19,957

11,906

-4,839

Cash flows from investing activities
Purchase of property and equipment

155

92

1,246

3,080

483

176

1,738

2,163

663

774

5,143

783

115

316

960

2,550

434

1,047

977

2,272

969

354

6,333

1,082

994

1,055

4,274

3,074

741

661

3,863

1,765

2,442

4,104

2,172

-679

6,998

4,736

8,561

Capitalized software development costs

5,800

5,800

7,200

5,718

5,300

6,000

9,300

5,681

5,474

5,444

7,934

7,573

5,899

6,224

7,222

9,944

9,396

7,410

9,515

8,325

8,337

8,207

8,886

8,067

7,854

5,626

5,006

5,579

6,234

5,344

6,289

8,234

5,134

5,887

2,739

-

-

-

-

Capitalized curriculum development costs

3,500

3,500

8,500

2,911

3,600

3,400

6,700

2,157

3,296

2,029

2,445

6,705

3,286

3,295

5,846

9,421

5,339

3,168

3,699

5,863

4,927

3,892

3,375

4,087

3,675

4,327

3,322

4,963

3,969

4,536

5,092

5,782

3,872

2,763

3,706

6,358

4,767

3,753

3,208

Mortgage note to managed school partner

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2,100

-

-

-

-

-

-

-

-

-

-

-

-

Acquisitions, net

163

2,837

1,277

1,440

0

0

11,652

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

12,641

-

-

-

-

Investment in LearnBop, Inc.

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

6,512

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-177,632

-12,174

-18,247

-13,123

-9,058

-9,536

-29,392

-14,001

-10,537

-10,417

-15,522

-14,901

-9,300

-18,969

-14,028

-41,868

-15,169

-11,625

-14,191

-16,460

-14,233

-12,453

-25,106

-7,571

-12,523

-11,008

-14,702

-13,616

-10,944

-10,541

-15,244

-15,781

-11,448

-12,754

-21,258

-14,424

-4,942

-51,896

-11,769

Cash flows from financing activities
Repayments on finance lease obligations

6,644

7,499

7,460

7,136

6,960

3,420

3,518

2,988

3,326

3,244

3,743

3,818

3,763

4,139

3,977

3,974

4,058

4,429

4,941

5,196

5,256

5,588

5,899

5,706

5,843

5,589

5,556

5,601

4,823

5,229

4,622

4,650

4,066

3,925

3,959

4,022

3,810

3,583

3,720

Repayments on notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

390

356

392

405

380

377

374

366

703

718

321

624

306

Purchase of treasury stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

26,452

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of contingent consideration

-

-

-

-

-

-

-

0

0

0

1,819

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of stock options

0

6

42

847

1,148

1,025

10

12

126

0

58

5,435

1,081

0

437

0

0

0

14

40

352

0

161

1,850

827

511

7,106

4,226

2,420

551

56

257

363

1,718

1,042

5,112

5,341

1,802

1,109

Excess tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

41

0

147

103

0

0

0

6

110

1

0

7

2,151

745

-1,602

385

5,382

1,881

1,446

1,086

-4,411

57

521

711

-489

4,135

1,186

122

Repurchase of restricted stock for income tax withholding

1,621

185

4,698

302

2,751

833

6,072

551

4,006

1,664

4,093

1,955

2,586

152

1,498

338

716

412

1,928

284

920

356

1,112

748

1,047

1,715

1,508

729

1,016

156

645

1

711

-1

581

-

-

-

-

Net cash provided by (used in) financing activities

91,735

-7,678

-12,116

-6,591

-8,603

-4,215

-9,580

-31,009

-7,206

-4,908

-9,597

-297

-5,268

-4,144

-4,935

-4,312

-4,774

-4,841

-6,849

-5,330

-5,823

-5,944

-33,295

-23,102

-26,059

-14,278

37

2,922

-1,930

-3,793

-4,505

-9,182

-4,731

-2,364

-3,490

127,402

-10,230

12,761

-2,795

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

-

-

-

-

-

-

-

-

-

-

-

1

6

-10

-8

5

1

-11

-7

446

-58

-984

-1,102

83

71

236

572

35

-514

322

249

-559

23

24

82

-

-

-

-

Net change in cash, cash equivalents and restricted cash

-61,607

45,697

-117,177

48,596

30,750

60,226

-88,064

5,206

38,405

42,160

-83,522

36,156

12,562

47,058

-78,901

14,481

28,231

20,413

-44,988

53,002

18,616

15,038

-86,913

10,777

22,443

-585

-18,006

24,512

13,776

35,254

-36,714

20,999

-10,219

400

-59,627

153,019

4,923

-27,191

-19,403