$LRN
Stride, Inc. Stock $lrn

$lrn Overview Financials Valuation SEC Filings Company Website

2011 Q2 Form 10-K Financial Statement

#000104746912008819 Filed on September 12, 2012

Income Statement

Concept	2011 Q2	2010	2009 Q2
Revenue	$128.3M	$384.5M	$72.20M
YoY Change	45.3%	21.82%	27.79%
Cost Of Revenue	$78.10M	$222.0M	$44.40M
YoY Change	39.71%	12.71%	36.62%
Gross Profit	$50.20M	$162.4M	$27.80M
YoY Change	54.46%	36.97%	15.83%
Gross Profit Margin	39.13%	42.25%	38.5%
Selling, General & Admin	$52.30M	$117.4M	$25.50M
YoY Change	61.92%	43.17%	12.33%
% of Gross Profit	104.18%	72.27%	91.73%
Research & Development	$4.000M	$9.576M	$2.600M
YoY Change	100.0%	-0.25%	30.0%
% of Gross Profit	7.97%	5.9%	9.35%
Depreciation & Amortization	$12.40M	$25.76M	$5.900M
YoY Change	67.57%	23.85%	59.46%
% of Gross Profit	24.7%	15.86%	21.22%
Operating Expenses	$56.40M	$127.0M	$28.00M
YoY Change	64.43%	31.99%	13.36%
Operating Profit	-$6.200M	$35.47M	-$200.0K
YoY Change	244.44%	58.33%	-71.43%
Interest Expense	-$200.0K	-$1.300M	-$500.0K
YoY Change	-33.33%	30.0%	-600.0%
% of Operating Profit		-3.67%
Other Income/Expense, Net	$0.00		$0.00
YoY Change	166.67%
Pretax Income	-$6.400M	$34.10M	-$700.0K
YoY Change	190.91%	59.35%	16.67%
Income Tax	-$3.000M	$13.25M	$0.00
% Of Pretax Income		38.85%
Net Earnings	-$2.800M	$21.53M	-$700.0K
YoY Change	115.38%	75.0%	-104.09%
Net Earnings / Revenue	-2.18%	5.6%	-0.97%
Basic Earnings Per Share		$0.72
Diluted Earnings Per Share	-$81.16K	$0.71	-$24.14K
COMMON SHARES
Basic Shares Outstanding		29.79M shares
Diluted Shares Outstanding		30.25M shares

Balance Sheet

Concept	2011 Q2	2010	2009 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments	$193.1M	$81.80M	$49.50M
YoY Change	136.06%	65.25%	-30.96%
Cash & Equivalents	$193.1M	$81.80M	$49.46M
Short-Term Investments	$5.000M	$1.000M	$1.000M
Other Short-Term Assets	$9.111M	$24.10M	$17.70M
YoY Change	-62.2%	36.16%	35.11%
Inventory	$30.55M	$26.20M	$32.10M
Prepaid Expenses	$10.42M
Receivables	$96.24M	$71.20M	$53.00M
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$348.1M	$203.3M	$152.2M
YoY Change	71.22%	33.57%	11.83%
LONG-TERM ASSETS
Property, Plant & Equipment	$46.60M	$24.30M	$37.90M
YoY Change	91.77%	-35.88%	54.69%
Goodwill	$55.60M
YoY Change
Intangibles	$38.29M
YoY Change
Long-Term Investments	$10.00M	$0.00	$7.000M
YoY Change		-100.0%	-41.67%
Other Assets	$3.448M	$8.100M	$16.90M
YoY Change	-57.43%	-52.07%	25.19%
Total Long-Term Assets	$234.0M	$104.6M	$88.50M
YoY Change	123.71%	18.19%	44.61%
TOTAL ASSETS
Total Short-Term Assets	$348.1M	$203.3M	$152.2M
Total Long-Term Assets	$234.0M	$104.6M	$88.50M
Total Assets	$582.1M	$307.9M	$240.7M
YoY Change	89.05%	27.92%	22.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$21.18M	$12.70M	$10.40M
YoY Change	66.74%	22.12%	-27.78%
Accrued Expenses	$14.13M	$19.40M	$16.10M
YoY Change	-27.19%	20.5%	9.52%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due	$13.40M	$12.20M	$11.30M
YoY Change	9.84%	7.96%	73.85%
Total Short-Term Liabilities	$83.65M	$53.90M	$41.10M
YoY Change	55.2%	31.14%	5.93%
LONG-TERM LIABILITIES
Long-Term Debt	$10.90M	$8.400M	$11.10M
YoY Change	29.76%	-24.32%	68.18%
Other Long-Term Liabilities	$3.343M	$2.200M	$1.700M
YoY Change	51.95%	29.41%	6.25%
Total Long-Term Liabilities	$3.343M	$10.60M	$12.80M
YoY Change	-68.46%	-17.19%	56.1%
TOTAL LIABILITIES
Total Short-Term Liabilities	$83.65M	$53.90M	$41.10M
Total Long-Term Liabilities	$3.343M	$10.60M	$12.80M
Total Liabilities	$112.1M	$86.00M	$58.40M
YoY Change	30.4%	47.26%	24.26%
SHAREHOLDERS EQUITY
Retained Earnings	-$126.7M
YoY Change
Common Stock	$512.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$448.6M	$221.9M	$182.3M
YoY Change
Total Liabilities & Shareholders Equity	$582.1M	$307.9M	$240.7M
YoY Change	89.05%	27.92%	22.0%

Cashflow Statement

Concept	2011 Q2	2010	2009 Q2
OPERATING ACTIVITIES
Net Income	-$2.800M	$21.53M	-$700.0K
YoY Change	115.38%	75.0%	-104.09%
Depreciation, Depletion And Amortization	$12.40M	$25.76M	$5.900M
YoY Change	67.57%	23.85%	59.46%
Cash From Operating Activities	$40.20M	$54.70M	$1.700M
YoY Change	95.15%	-681.91%	-82.29%
INVESTING ACTIVITIES
Capital Expenditures	-$15.60M	-$24.30M	-$6.600M
YoY Change	108.0%	-12.9%	46.67%
Acquisitions
YoY Change
Other Investing Activities	$1.200M	$0.00	-$1.500M
YoY Change	50.0%
Cash From Investing Activities	-$14.40M	-$24.30M	-$8.100M
YoY Change	114.93%	-12.9%	80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	127.4M	1.900M	-600.0K
YoY Change	9700.0%	-87.33%	50.0%
NET CHANGE
Cash From Operating Activities	40.20M	54.70M	1.700M
Cash From Investing Activities	-14.40M	-24.30M	-8.100M
Cash From Financing Activities	127.4M	1.900M	-600.0K
Net Change In Cash	153.2M	32.30M	-7.000M
YoY Change	907.89%	-244.84%	-248.94%
FREE CASH FLOW
Cash From Operating Activities	$40.20M	$54.70M	$1.700M
Capital Expenditures	-$15.60M	-$24.30M	-$6.600M
Free Cash Flow	$55.80M	$79.00M	$8.300M
YoY Change	98.58%	327.03%	-41.13%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2012Q2	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		USD
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CY2012Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	477648000	USD
CY2012Q2	us-gaap	Minority Interest MinorityInterest	4154000	USD
CY2012Q2	us-gaap	Stockholders Equity StockholdersEquity	473494000	USD
CY2012Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-109161000	USD
CY2012Q2	us-gaap	Accumulated Other Comprehensive Income Loss Net Of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax	100000	USD
CY2012Q2	us-gaap	Additional Paid In Capital Common Stock AdditionalPaidInCapitalCommonStock	519439000	USD
CY2012Q2	us-gaap	Common Stock Value CommonStockValue	4000	USD
CY2012Q2	us-gaap	Redeemable Noncontrolling Interest Equity Carrying Amount RedeemableNoncontrollingInterestEquityCarryingAmount	17200000	USD
CY2012Q2	us-gaap	Liabilities Liabilities	153987000	USD
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CY2012Q2	us-gaap	Deferred Tax Liabilities Noncurrent DeferredTaxLiabilitiesNoncurrent	31591000	USD
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CY2012	dei	Entity Registrant Name EntityRegistrantName	K12 INC
CY2012	dei	Entity Central Index Key EntityCentralIndexKey	0001157408
CY2012	dei	Document Type DocumentType	10-K
CY2012	dei	Document Period End Date DocumentPeriodEndDate	2012-06-30
CY2012	dei	Amendment Flag AmendmentFlag	false
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CY2010	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	2271000	USD
CY2010	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	1012000	USD
CY2010	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	2326000	USD
CY2010	us-gaap	Increase Decrease In Other Noncurrent Assets IncreaseDecreaseInOtherNoncurrentAssets	-30000	USD
CY2010	us-gaap	Increase Decrease In Other Current Assets IncreaseDecreaseInOtherCurrentAssets	5199000	USD
CY2010	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	-327000	USD
CY2010	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	-4840000	USD
CY2010	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	18460000	USD
CY2010	lrn	Provision For Student Computer Shrinkage And Obsolescence ProvisionForStudentComputerShrinkageAndObsolescence	-178000	USD
CY2010	us-gaap	Inventory Write Down InventoryWriteDown	1019000	USD
CY2010	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	308000	USD
CY2011	lrn	Repurchase Of Restricted Stock For Income Tax Withholding RepurchaseOfRestrictedStockForIncomeTaxWithholding	1627000	USD
CY2011	us-gaap	Excess Tax Benefit From Share Based Compensation Financing Activities ExcessTaxBenefitFromShareBasedCompensationFinancingActivities	4954000	USD
CY2011	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	13364000	USD
CY2011	us-gaap	Repayments Of Lines Of Credit RepaymentsOfLinesOfCredit	15000000	USD
CY2011	us-gaap	Proceeds From Lines Of Credit ProceedsFromLinesOfCredit	15000000	USD
CY2011	us-gaap	Repayments Of Notes Payable RepaymentsOfNotesPayable	1969000	USD
CY2011	us-gaap	Repayments Of Long Term Capital Lease Obligations RepaymentsOfLongTermCapitalLeaseObligations	15135000	USD
CY2011	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	125619000	USD
CY2011	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	-83031000	USD
CY2011	us-gaap	Payments To Acquire Equity Method Investments PaymentsToAcquireEquityMethodInvestments	10000000	USD
CY2011	lrn	Cash Returned From Escrow For Business Acquisition CashReturnedFromEscrowForBusinessAcquisition	6825000	USD
CY2011	lrn	Cash Advanced To Escrow For Business Acquisition CashAdvancedToEscrowForBusinessAcquisition	6825000	USD
CY2011	us-gaap	Payments To Acquire Business Three Net Of Cash Acquired PaymentsToAcquireBusinessThreeNetOfCashAcquired	839000	USD
CY2011	us-gaap	Payments To Acquire Business Two Net Of Cash Acquired PaymentsToAcquireBusinessTwoNetOfCashAcquired	24543000	USD
CY2011	lrn	Payments To Capitalized Curriculum Development Costs PaymentsToCapitalizedCurriculumDevelopmentCosts	18086000	USD
CY2011	lrn	Payments To Acquire Property Plant Equipment And Application Software Development Costs PaymentsToAcquirePropertyPlantEquipmentAndApplicationSoftwareDevelopmentCosts	29563000	USD
CY2011	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	67213000	USD
CY2011	lrn	Increase Decrease In Deferred Rent And Other Long Term Liabilities IncreaseDecreaseInDeferredRentAndOtherLongTermLiabilities	3384000	USD
CY2011	us-gaap	Increase Decrease In Restricted Cash For Operating Activities IncreaseDecreaseInRestrictedCashForOperatingActivities	-1842000	USD
CY2011	us-gaap	Increase Decrease In Deferred Revenue IncreaseDecreaseInDeferredRevenue	6760000	USD
CY2011	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	1976000	USD
CY2011	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	615000	USD
CY2011	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	2726000	USD
CY2011	us-gaap	Increase Decrease In Other Noncurrent Assets IncreaseDecreaseInOtherNoncurrentAssets	1037000	USD
CY2011	us-gaap	Increase Decrease In Other Current Assets IncreaseDecreaseInOtherCurrentAssets	1825000	USD
CY2011	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	-363000	USD
CY2011	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	4621000	USD
CY2011	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	15810000	USD
CY2011	lrn	Provision For Student Computer Shrinkage And Obsolescence ProvisionForStudentComputerShrinkageAndObsolescence	219000	USD
CY2011	us-gaap	Inventory Write Down InventoryWriteDown	1060000	USD
CY2012	us-gaap	Increase Decrease In Other Noncurrent Assets IncreaseDecreaseInOtherNoncurrentAssets	-764000	USD
CY2012	us-gaap	Increase Decrease In Other Current Assets IncreaseDecreaseInOtherCurrentAssets	5260000	USD
CY2012	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	784000	USD
CY2012	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	8918000	USD
CY2011	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	1472000	USD
CY2011	us-gaap	Excess Tax Benefit From Share Based Compensation Operating Activities ExcessTaxBenefitFromShareBasedCompensationOperatingActivities	4954000	USD
CY2011	us-gaap	Share Based Compensation ShareBasedCompensation	9466000	USD
CY2011	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	42934000	USD
CY2012	us-gaap	Net Cash Provided By Used In Continuing Operations NetCashProvidedByUsedInContinuingOperations	-48447000	USD
CY2012	us-gaap	Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations	-430000	USD
CY2012	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	-19767000	USD
CY2012	lrn	Repurchase Of Restricted Stock For Income Tax Withholding RepurchaseOfRestrictedStockForIncomeTaxWithholding	1292000	USD
CY2012	us-gaap	Excess Tax Benefit From Share Based Compensation Financing Activities ExcessTaxBenefitFromShareBasedCompensationFinancingActivities	-3122000	USD
CY2012	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	3380000	USD
CY2012	us-gaap	Repayments Of Notes Payable RepaymentsOfNotesPayable	1820000	USD
CY2012	us-gaap	Repayments Of Long Term Capital Lease Obligations RepaymentsOfLongTermCapitalLeaseObligations	16600000	USD
CY2012	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	-61241000	USD
CY2012	lrn	Payments To Capitalized Curriculum Development Costs PaymentsToCapitalizedCurriculumDevelopmentCosts	16123000	USD
CY2012	lrn	Payments To Acquire Property Plant Equipment And Application Software Development Costs PaymentsToAcquirePropertyPlantEquipmentAndApplicationSoftwareDevelopmentCosts	32477000	USD
CY2012	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	32991000	USD
CY2012	lrn	Increase Decrease In Deferred Rent And Other Long Term Liabilities IncreaseDecreaseInDeferredRentAndOtherLongTermLiabilities	843000	USD
CY2012	us-gaap	Increase Decrease In Deferred Revenue IncreaseDecreaseInDeferredRevenue	3351000	USD
CY2012	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	4275000	USD
CY2012	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	-292000	USD
CY2012	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	2794000	USD
CY2012	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	64270000	USD
CY2012	us-gaap	Inventory Write Down InventoryWriteDown	1618000	USD
CY2012	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	204000	USD
CY2012	us-gaap	Excess Tax Benefit From Share Based Compensation Operating Activities ExcessTaxBenefitFromShareBasedCompensationOperatingActivities	-3122000	USD
CY2012	us-gaap	Share Based Compensation ShareBasedCompensation	10067000	USD
CY2012	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	58033000	USD
CY2012	us-gaap	Nature Of Operations NatureOfOperations	<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="2"><b>1. Description of the Business </b></font></p> <p style="FONT-FAMILY: times"><font size="2">        K<sup>12</sup> Inc. and its subsidiaries ("K<sup>12</sup>" or the "Company") is a technology-based education company. The Company offers proprietary curriculum, software systems and educational services designed to facilitate individualized learning for students primarily in kindergarten through 12th grade, ("K-12"). The Company's mission is to maximize a child's potential by providing access to an engaging and effective education, regardless of geographic location or socio-economic background. Since the Company's inception, the Company has invested approximately $305 million to develop and to a lesser extent, acquire curriculum and online learning platforms that promote mastery of core concepts and skills for students of all abilities. This learning system combines the Company's curriculum and offerings with an individualized learning approach well-suited for virtual and blended public schools, school district online programs, public charter schools and private schools that utilize varying degrees of online and traditional classroom instruction, and other educational applications. In contracting with a virtual and blended public school, the Company typically provides students with access to the K<sup>12</sup> online curriculum, offline learning kits and the use of a personal computer in certain cases, in addition to providing management services. For fiscal year 2013, the Company will manage virtual schools in 32 states and the District of Columbia. </font></p> <p style="FONT-FAMILY: times"><font size="2">        In addition, the Company works closely as partners with a growing number of public schools, school districts, private schools and charter schools enabling them to offer their students an array of solutions, including full-time virtual programs, semester course and supplemental solutions. In addition to curriculum, systems and programs, the Company provides teacher training, teaching services and other support services. </font></p></td></tr></table>
CY2012	us-gaap	Number Of Reportable Segments NumberOfReportableSegments	1	item

Files In Submission

Name	View Source	Status
0001047469-12-008819-index-headers.html	Edgar Link	pending
0001047469-12-008819-index.html	Edgar Link	pending
0001047469-12-008819.txt	Edgar Link	pending
0001047469-12-008819-xbrl.zip	Edgar Link	pending
a2210967z10-k.htm	Edgar Link	pending
a2210967zex-21_1.htm	Edgar Link	pending
a2210967zex-23_1.htm	Edgar Link	pending
a2210967zex-31_1.htm	Edgar Link	pending
a2210967zex-31_2.htm	Edgar Link	pending
a2210967zex-32_1.htm	Edgar Link	pending
a2210967zex-32_2.htm	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
Financial_Report.xls	Edgar Link	pending
g168363.jpg	Edgar Link	pending
lrn-20120630.xml	Edgar Link	completed
lrn-20120630.xsd	Edgar Link	pending
lrn-20120630_cal.xml	Edgar Link	unprocessable
lrn-20120630_def.xml	Edgar Link	unprocessable
lrn-20120630_lab.xml	Edgar Link	unprocessable
lrn-20120630_pre.xml	Edgar Link	unprocessable
R1.htm	Edgar Link	pending
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report.css	Edgar Link	pending
Show.js	Edgar Link	pending

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2011 Q2 Form 10-K Financial Statement

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2011 Q2 Form 10-K Financial Statement

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