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SCHOLASTIC CORP

For the period ended May 31, 2024. Filed Jul 19, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Jul 19, 2024

SCHL$37.20+0.9%Stored close · as of Nov 6, 2026
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United States

Securities and Exchange Commission

Washington, D.C. 20549

Form 10-K

Annual Report pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

For the fiscal year endedMay 31, 2024Commission File No.000-19860

Scholastic Corporation

(Exact name of Registrant as specified in its charter)

Delaware13-3385513
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
557 Broadway
New York,New York10012
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (212)343-6100

Securities Registered Pursuant to Section 12(b) of the Act:

Title of ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, $0.01 par valueSCHLThe NASDAQ Stock Market LLC

Securities Registered Pursuant to Section 12(g) of the Act:

NONE

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý Noo

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yeso No ý

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý Noo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit). Yes ý Noo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

ýLarge accelerated filer☐Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

󠇀

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐ Noý

The aggregate market value of the Common Stock, par value $0.01, held by non-affiliates as of November 30, 2023, was approximately $925,007,979. As of such date, non-affiliates held no shares of the Class A Stock, $0.01 par value. There is no active market for the Class A Stock.

The number of shares outstanding of each class of the Registrant’s voting stock as of June 30, 2024 was as follows:

Title of each classNumber of shares outstanding as of June 30, 2024
Common Stock, $0.01 par value27,412,636
Class A Stock, $0.01 par value828,100

Documents Incorporated By Reference

Part III incorporates certain information by reference from the Registrant’s definitive proxy statement for the Annual Meeting of Stockholders to be held September 18, 2024.

PAGE
Part I
Item 1.Business1
Item 1A.Risk Factors10
Item 1B.Unresolved Staff Comments15
Item 1C.Cybersecurity15
Item 2.Properties17
Item 3.Legal Proceedings17
Item 4.Mine Safety Disclosures18
Part II
Item 5.Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities19
Item 6.[Reserved]20
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations20
Item 7A.Quantitative and Qualitative Disclosures about Market Risk32
Item 8.Consolidated Financial Statements and Supplementary Data33
Consolidated Statements of Operations34
Consolidated Statements of Comprehensive Income (Loss)35
Consolidated Balance Sheets36
Consolidated Statement of Changes in Stockholders’ Equity37
Consolidated Statements of Cash Flows38
Notes to Consolidated Financial Statements40
Reports of Independent Registered Public Accounting Firm76
Supplementary Financial Information79
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure80
Item 9A.Controls and Procedures80
Item 9B.Other Information80
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections80
Part III
Item 10.Directors, Executive Officers and Corporate Governance81
Item 11.Executive Compensation81
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters81
Item 13.Certain Relationships and Related Transactions, and Director Independence81
Item 14.Principal Accounting Fees and Services81
Part IV
Item 15.Exhibits, Financial Statement Schedules82
Item 16.Summary85
Signatures86
Power of Attorney87
Schedule II: Valuation and Qualifying Accounts and ReservesS-1
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