K12 inc (LRN)
CashFlow / TTM
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

22,935

32,643

35,761

37,209

43,239

37,820

27,297

27,420

11,470

7,309

5,019

-459

5,810

10,593

7,578

8,551

-3,690

-828

3,251

9,326

33,853

32,838

16,625

18,116

7,415

3,322

16,892

26,534

26,476

21,743

16,304

16,109

11,454

10,033

13,862

11,665

0

0

0

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

70,931

69,555

70,035

71,400

70,907

72,295

73,135

75,260

75,567

77,091

77,236

74,280

73,928

71,565

69,340

68,225

78,631

78,808

79,967

80,282

69,049

69,302

86,197

86,267

87,052

85,317

67,026

65,737

63,897

62,259

60,702

58,033

54,783

51,090

46,534

42,934

0

0

0

Stock-based compensation expense

22,347

20,211

18,174

16,676

18,078

18,685

21,762

20,817

22,894

23,602

20,983

22,598

19,414

18,367

18,723

18,616

21,587

21,871

21,713

21,299

20,100

19,587

23,321

22,828

20,740

20,804

15,182

14,374

12,561

11,123

10,745

10,067

9,352

8,791

8,247

9,466

0

0

0

Excess tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

0

0

103

-

116

117

117

118

-1,199

-455

-2,057

-1,679

4,910

6,046

9,094

9,795

2

-1,822

-2,747

-3,122

800

4,878

5,543

4,954

0

0

0

Deferred income taxes

-483

-2,295

1,604

3,693

6,290

2,370

-5,915

-4,015

-11,784

-11,239

-7,591

-7,065

-3,525

-5,440

-2,716

-3,818

-7,774

-2,552

-3,163

-3,094

-1,748

7,583

4,954

-5,754

-456

-1,846

8,832

15,770

17,074

13,346

11,484

10,297

7,220

9,384

10,921

10,978

0

0

0

(Recovery of) provision for doubtful accounts

3,383

5,241

5,599

6,325

6,338

4,361

4,415

4,089

921

4,707

4,393

4,512

5,911

2,117

2,514

4,610

10,753

11,230

11,352

9,300

1,675

1,558

1,420

1,439

1,462

2,003

1,975

2,070

1,538

659

400

204

1,383

1,519

1,755

1,472

0

0

0

Provision for excess and obsolete inventory

-

-

-

-

-

-

-

-

-

-

-

-

0

0

713

-

1,408

1,403

1,442

1,406

673

628

4,462

4,293

4,276

4,311

353

387

1,426

1,809

1,621

1,618

795

332

435

1,060

0

0

0

Provision for student computer shrinkage and obsolescence

-

-

-

-

-

-

-

-

-

-

-

-

0

0

49

-

-590

-593

-725

-430

-233

-301

-255

-526

-512

-471

595

482

1,050

1,147

288

1,038

464

593

525

219

0

0

0

Expensed computer peripherals

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

10,299

7,130

5,194

3,985

5,356

5,308

5,331

4,822

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in assets and liabilities:
Accounts receivable

39,098

29,113

4,818

21,637

30,519

-12,015

-10,107

-11,987

-17,035

30,498

23,578

27,745

9,016

-9,118

5,567

-14,463

-42,008

-26,419

-13,819

1,892

42,131

15,887

17,150

12,257

3,706

33,155

15,070

27,708

30,691

26,843

44,213

64,270

72,210

54,946

64,423

15,810

0

0

0

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

7,701

4,700

6,489

3,321

-267

16,797

16,378

28,491

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inventories

-

-

-

-

-

-

-

-

-

-

-

-

0

0

328

-

-203

-254

189

-2,853

-2,863

-3,220

-5,584

-6,272

-3,775

-1,796

254

6,929

3,246

11,076

11,307

8,918

9,291

3,629

2,293

4,621

0

0

0

Prepaid expenses

-

-

-

-

-

-

-

-

-

-

-

-

0

0

2,011

-

5,256

9,630

6,550

4,073

1,452

2,777

11,957

-2,735

-10,723

-10,730

-3,413

-843

6,699

6,014

1,407

784

4,186

6,008

5,209

-363

0

0

0

Other current assets

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-2,414

-

-1,219

-751

-865

2,579

1,458

1,695

-774

1,645

4,216

1,424

2,000

-682

633

1,463

2,314

5,260

3,466

4,023

6,346

1,825

0

0

0

Deposits and other assets

-

-

-

-

-

-

-

-

-

-

-6,353

-

-1,060

3,215

6,321

8,910

1,174

1,016

1,354

1,440

286

451

220

212

675

476

985

466

-393

-396

-130

-764

703

866

252

1,037

0

0

0

Accounts payable

3,242

9,461

1,780

20,174

3,745

3,342

5,494

-2,336

5,915

3,751

8,208

5,317

361

1,619

-11,111

-3,900

-4,287

126

666

-1,192

-3,960

711

-8,365

9,778

4,620

-3,587

17,239

-2,115

2,719

-116

1,540

2,794

2,975

4,925

533

2,726

0

0

0

Accrued liabilities

9,344

8,216

8,427

8,295

6,302

3,755

2,305

-6,273

-4,719

-1,031

-1,079

-4,963

4,406

4,369

4,378

15,497

-2,397

766

432

-7,854

5,665

-2,725

-3,200

5,474

-11,168

-7,661

-495

3,226

9,813

5,226

-2,823

-292

1,223

736

3,834

615

0

0

0

Accrued compensation and benefits

-4,094

-65

231

5,948

1,060

8,453

4,437

6,672

4,359

-1,234

-2,114

-1,674

-1,777

3,592

-430

4,255

4,880

-1,783

4,358

9,389

2,940

-1,095

763

-4,214

-252

7,239

-157

4,616

3,568

-358

-4,247

4,275

9,393

8,317

11,279

1,976

0

0

0

Operating lease liability

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue and other liabilities

-11,619

-16,739

-29,541

-7,141

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue

-

-

-

-

-

-

-

-

-

-

-5,986

-

-502

1,741

7,036

636

-5,744

-6,853

-8,824

621

7,364

6,052

1,864

-1,429

2,570

1,739

4,353

3,119

3,133

6,974

6,651

3,351

16,592

17,821

21,781

6,760

0

0

0

Deferred rent and other liabilities

-

-

-

-

-

-

-

-

-

-

-364

-

-1,081

-4,222

-1,767

-2,437

-3,444

-945

-1,460

1,562

2,755

2,089

2,264

-209

-61

292

629

2,059

1,859

2,375

2,190

843

0

0

0

-

-

-

-

Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,501

0

0

0

-

-

-

-

-1,842

0

0

0

Deferred rent

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Net cash provided by operating activities

71,335

95,456

103,884

141,606

123,512

131,249

114,757

105,446

106,583

77,559

90,255

88,728

98,031

119,080

85,789

121,778

135,468

126,025

123,554

120,085

87,106

109,330

99,376

122,873

116,677

82,887

107,688

94,387

105,737

84,510

50,738

32,991

26,659

40,679

37,091

67,213

0

0

0

Cash flows from investing activities
Purchase of property and equipment

4,573

4,901

4,985

5,477

4,560

4,740

5,338

8,743

7,363

6,815

6,357

2,174

3,941

4,260

4,991

5,008

4,730

5,265

4,572

9,928

8,738

8,763

9,464

7,405

9,397

9,144

8,750

8,339

7,030

8,731

12,174

10,483

8,039

12,595

13,227

19,616

0

0

0

Capitalized software development costs

24,518

24,018

24,218

26,318

26,281

26,455

25,899

24,533

26,425

26,850

27,630

26,918

29,289

32,786

33,972

36,265

34,646

33,587

34,384

33,755

33,497

33,014

30,433

26,553

24,065

22,445

22,163

23,446

26,101

25,001

25,544

21,994

0

0

0

-

-

-

-

Capitalized curriculum development costs

18,411

18,511

18,411

16,611

15,857

15,553

14,182

9,927

14,475

14,465

15,731

19,132

21,848

23,901

23,774

21,627

18,069

17,657

18,381

18,057

16,281

15,029

15,464

15,411

16,287

16,581

16,790

18,560

19,379

19,282

17,509

16,123

16,699

17,594

18,584

18,086

0

0

0

Mortgage note to managed school partner

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,100

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Acquisitions, net

5,717

5,554

2,717

13,092

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,641

0

0

0

-

-

-

-

Investment in LearnBop, Inc.

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-221,176

-52,602

-49,964

-61,109

-61,987

-63,466

-64,347

-50,477

-51,377

-50,140

-58,692

-57,198

-84,165

-90,034

-82,690

-82,853

-57,445

-56,509

-57,337

-68,252

-59,363

-57,653

-56,208

-45,804

-51,849

-50,270

-49,803

-50,345

-52,510

-53,014

-55,227

-61,241

-59,884

-53,378

-92,520

-83,031

0

0

0

Cash flows from financing activities
Repayments on finance lease obligations

28,739

29,055

24,976

21,034

16,886

13,252

13,076

13,301

14,131

14,568

15,463

15,697

15,853

16,148

16,438

17,402

18,624

19,822

20,981

21,939

22,449

23,036

23,037

22,694

22,589

21,569

21,209

20,275

19,324

18,567

17,263

16,600

15,972

15,716

15,374

15,135

0

0

0

Repayments on notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

390

746

1,138

1,543

1,533

1,554

1,536

1,497

1,820

2,161

2,108

2,366

1,969

0

0

0

Purchase of treasury stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

26,452

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of contingent consideration

-

-

-

-

-

-

-

1,819

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of stock options

895

2,043

3,062

3,030

2,195

1,173

148

196

5,619

6,574

6,574

6,953

1,518

437

437

14

54

406

406

553

2,363

2,838

3,349

10,294

12,670

14,263

14,303

7,253

3,284

1,227

2,394

3,380

8,235

13,213

13,297

13,364

0

0

0

Excess tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

291

250

250

103

6

116

117

117

118

2,159

2,903

1,301

1,679

4,910

6,046

9,094

9,795

2

-1,822

-2,747

-3,122

800

4,878

5,543

4,954

0

0

0

Repurchase of restricted stock for income tax withholding

6,806

7,936

8,584

9,958

10,207

11,462

12,293

10,314

11,718

10,298

8,786

6,191

4,574

2,704

2,964

3,394

3,340

3,544

3,488

2,672

3,136

3,263

4,622

5,018

4,999

4,968

3,409

2,546

1,818

1,513

1,356

1,292

0

0

0

-

-

-

-

Net cash provided by (used in) financing activities

65,350

-34,988

-31,525

-28,989

-53,407

-52,010

-52,703

-52,720

-22,008

-20,070

-19,306

-14,644

-18,659

-18,165

-18,862

-20,776

-21,794

-22,843

-23,946

-50,392

-68,164

-88,400

-96,734

-63,402

-37,378

-13,249

-2,764

-7,306

-19,410

-22,211

-20,782

-19,767

116,817

111,318

126,443

127,138

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-11

-7

-12

-13

-12

429

370

-603

-1,698

-2,061

-1,932

-712

962

914

329

415

92

-502

35

-263

-430

0

0

0

-

-

-

-

Net change in cash, cash equivalents and restricted cash

-84,491

7,866

22,395

51,508

8,118

15,773

-2,293

2,249

33,199

7,356

12,254

16,875

-4,800

10,869

-15,776

18,137

56,658

47,043

41,668

-257

-42,482

-38,655

-54,278

14,629

28,364

19,697

55,536

36,828

33,315

9,320

-25,534

-48,447

83,573

98,715

71,124

111,348

0

0

0