SCHOLASTIC CORP
For the period ended Aug 31, 2024. Filed Sep 27, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Aug 31, 2024 · Filed Sep 27, 2024
SCHL$36.56-1.7%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows (Unaudited)
SCHOLASTIC CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED(Dollar amounts in millions)
| Three months ended | ||
|---|---|---|
| August 31, | August 31, | |
| 2024 | 2023 | |
| Cash flows - operating activities: | ||
| Net income (loss) | $(62.5) | $(74.2) |
| Adjustments to reconcile Net income (loss) to net cash provided by (used in) operating activities: | ||
| Provision for losses on accounts receivable | 0.9 | 0.6 |
| Provision for losses on inventory | 4.8 | 6.2 |
| Provision for losses on royalty advances | 0.7 | 0.9 |
| Amortization of prepublication costs | 5.5 | 6.7 |
| Amortization of production costs | 1.2 | — |
| Depreciation and amortization | 18.3 | 15.8 |
| Amortization of pension and postretirement plans | 0.1 | 0.1 |
| Deferred income taxes | 0.8 | 0.5 |
| Stock-based compensation | 2.2 | 2.3 |
| Income from equity-method investments | (0.2) | (0.2) |
| Changes in assets and liabilities, net of amounts acquired: | ||
| Accounts receivable | 50.6 | 75.8 |
| Inventories | (49.3) | (24.5) |
| Prepaid expenses and other current assets | (17.2) | (23.4) |
| Investment in film and television programs | 2.0 | — |
| Income tax receivable | (30.3) | (24.5) |
| Royalty advances | (7.8) | (2.6) |
| Accounts payable | 42.4 | (3.4) |
| Accrued income taxes | 0.1 | (0.1) |
| Accrued royalties | 21.7 | 19.2 |
| Deferred revenue | 1.5 | 2.0 |
| Other accrued expenses | (24.7) | (21.4) |
| Other, net | (2.7) | 6.1 |
| Net cash provided by (used in) operating activities | (41.9) | (38.1) |
| Cash flows - investing activities: | ||
| Prepublication expenditures | (4.4) | (5.4) |
| Additions to property, plant and equipment | (20.0) | (14.3) |
| Acquisitions, net of cash acquired | (176.4) | — |
| Purchase of noncontrolling interest | — | (2.1) |
| Net cash provided by (used in) investing activities | (200.8) | (21.8) |
| Cash flows - financing activities: | ||
| Borrowings under lines of credit, credit agreement and revolving loan | 225.6 | 0.7 |
| Repayments of lines of credit, credit agreement and revolving loan | (0.7) | (0.9) |
| Borrowings under film related obligations | 2.6 | — |
| Repayments of film related obligations | (5.0) | — |
| Repayment of capital lease obligations | (0.6) | (0.6) |
| Reacquisition of common stock | (5.0) | (35.9) |
| Proceeds pursuant to stock-based compensation plans | 0.5 | 3.8 |
| Payment of dividends | (5.7) | (6.5) |
| Other | 0.2 | 0.1 |
| Net cash provided by (used in) financing activities | 211.9 | (39.3) |
| Effect of exchange rate changes on cash and cash equivalents | 1.2 | 0.5 |
| Net increase (decrease) in cash and cash equivalents | (29.6) | (98.7) |
| Cash and cash equivalents at beginning of period | 113.7 | 224.5 |
| Cash and cash equivalents at end of period | $84.1 | $125.8 |
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