SCHOLASTIC CORP
For the period ended May 31, 2024. Filed Jul 19, 2024.
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FY2024 · Filed Jul 19, 2024
SCHL$36.56-1.7%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| (Amounts in millions)Years ended May 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows - operating activities: | |||
| Net income (loss) attributable to Scholastic Corporation | $12.1 | $86.3 | $80.9 |
| Adjustments to reconcile Net income (loss) to net cash provided by (used in) operating activities: | |||
| Provision for losses on accounts receivable | 5.2 | 3.3 | 15.2 |
| Provision for losses on inventory | 20.4 | 26.5 | 27.7 |
| Provision for losses on royalty advances | 2.7 | 4.2 | 4.1 |
| Amortization of prepublication costs | 26.2 | 25.1 | 26.4 |
| Depreciation and amortization | 67.0 | 64.6 | 64.9 |
| Amortization of pension and postretirement plans | 0.4 | (0.4) | 0.0 |
| Deferred income taxes | (1.9) | (0.7) | 3.2 |
| Stock-based compensation | 11.0 | 10.5 | 7.8 |
| Income from equity investments | (0.5) | (0.9) | (2.0) |
| Non cash write off related to asset impairments and write downs | 10.0 | — | 0.4 |
| Non cash write off related to assets held for sale | — | — | 11.6 |
| (Gain) loss on sale of assets and other | — | — | (9.7) |
| Changes in assets and liabilities, net of amounts acquired: | |||
| Accounts receivable | 38.2 | 15.0 | (73.1) |
| Inventories | 50.9 | (83.6) | (46.7) |
| Income tax receivable | (6.3) | 17.7 | 62.0 |
| Prepaid expenses and other current assets | (1.7) | 21.5 | (22.2) |
| Assets held for sale | — | — | (3.7) |
| Royalty advances | (3.4) | (12.0) | (10.4) |
| Accounts payable | (32.5) | 9.4 | 27.4 |
| Accrued income taxes | (11.5) | 10.9 | (0.1) |
| Liabilities related to assets held for sale | — | — | 3.5 |
| Accrued royalties | (4.5) | (7.6) | 17.0 |
| Deferred revenue | (8.1) | (2.9) | 74.7 |
| Other accrued expenses | (10.3) | (15.3) | (6.8) |
| Other, net | (8.8) | (22.7) | (26.1) |
| Net cash provided by (used in) operating activities | 154.6 | 148.9 | 226.0 |
| Cash flows - investing activities: | |||
| Prepublication expenditures | (22.8) | (26.9) | (17.2) |
| Additions to property, plant and equipment | (58.4) | (62.0) | (42.0) |
| Proceeds from sale of assets | — | — | 16.0 |
| Acquisition-related payments | (8.5) | (10.7) | — |
| Net cash provided by (used in) investing activities | (89.7) | (99.6) | (43.2) |
| (Amounts in millions)Years ended May 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows - financing activities: | |||
| Borrowings under lines of credit, credit agreement and revolving loan | 54.1 | 3.5 | 3.2 |
| Repayments of lines of credit, credit agreement and revolving loan | (54.1) | (3.7) | (186.2) |
| Repayment of capital lease obligations | (2.3) | (2.3) | (2.3) |
| Reacquisition of common stock | (158.2) | (132.1) | (33.4) |
| Proceeds pursuant to stock-based compensation plans | 9.1 | 20.7 | 10.2 |
| Payment of dividends | (24.7) | (25.6) | (20.7) |
| Net cash provided by (used in) financing activities | (176.1) | (139.5) | (229.2) |
| Effect of exchange rate changes on cash and cash equivalents | 0.4 | (1.9) | (3.5) |
| Net increase (decrease) in cash and cash equivalents | (110.8) | (92.1) | (49.9) |
| Cash and cash equivalents at beginning of period | 224.5 | 316.6 | 366.5 |
| Cash and cash equivalents at end of period | $113.7 | $224.5 | $316.6 |
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Supplemental Information: | |||
| Income tax payments (refunds) | $23.7 | $2.5 | $(48.8) |
| Interest paid | 2.2 | 1.5 | 3.3 |
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