$LRN

K12 INC

CIK:0001157408|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 2,518,081	$ 2,405,317	$ 2,040,069
Instructional costs and services	1,567,481	1,461,398	1,276,466
Gross margin	950,600	943,919	763,603
Selling, general, and administrative expenses	499,833	524,347	514,003
Impairment of long-lived assets		59,478
Income from operations	450,767	360,094	249,600
Interest expense, net	(11,778)	(10,504)	(8,812)
Other income, net	2,173	33,629	26,900
Income before income taxes and income (loss) from equity method investments	441,162	383,219	267,688
Income tax expense	(102,765)	(93,007)	(64,482)
Income (loss) from equity method investments	(205)	(2,271)	977
Net income attributable to common stockholders	$ 338,192	$ 287,941	$ 204,183
Net income attributable to common stockholders per share:
Basic (in dollars per share)	$ 7.92	$ 6.69	$ 4.79
Diluted (in dollars per share)	$ 7.14	$ 5.95	$ 4.69
Weighted average shares used in computing per share amounts:
Basic (in shares)	42,717,156	43,041,274	42,626,588
Diluted (in shares)	47,332,855	48,413,717	43,535,441

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net income	$ 338,192	$ 287,941	$ 204,183
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	126,562	114,669	109,683
Stock-based compensation expense	40,255	36,794	31,462
Deferred income taxes	39,993	(17,783)	2,890
Provision for credit losses	16,463	15,267	22,844
Amortization of fees on debt	1,673	1,647	1,640
Noncash operating lease expense	5,063	12,265	14,246
Impairment of long-lived assets		59,478
Other	20,514	(596)	849
Changes in assets and liabilities:
Accounts receivable	(121,370)	(102,188)	(32,056)
Inventories, prepaid expenses, deposits and other current and long-term assets	6,538	(6,239)	(8,877)
Accounts payable	2,164	310	(6,844)
Accrued liabilities	(10,188)	40,915	(16,556)
Accrued compensation and benefits	(11,828)	9,913	7,394
Operating lease liability	(16,943)	(12,396)	(14,990)
Deferred revenue and other liabilities	(3,274)	(7,181)	(37,071)
Net cash provided by operating activities	433,814	432,816	278,797
Cash flows from investing activities
Purchase of property and equipment	(587)	(1,781)	(2,270)
Capitalized software development costs	(61,591)	(36,428)	(40,653)
Capitalized curriculum development costs	(16,668)	(21,801)	(18,666)
Other acquisitions, loans and investments, net of distributions	(55,538)	(20,682)	(5,196)
Proceeds from the maturity of marketable securities	279,497	252,930	204,487
Purchases of marketable securities	(324,941)	(260,233)	(277,573)
Net cash used in investing activities	(179,828)	(87,995)	(139,871)
Cash flows from financing activities
Repayments on finance lease obligations	(56,856)	(41,469)	(40,919)
Purchase of treasury stock	(188,659)
Repurchase of restricted stock for income tax withholding	(36,467)	(21,469)	(8,200)
Net cash used in financing activities	(281,982)	(62,938)	(49,119)
Net change in cash, cash equivalents and restricted cash	(27,996)	281,883	89,807
Cash, cash equivalents and restricted cash, beginning of period	782,497	500,614	410,807
Cash, cash equivalents and restricted cash, end of period	$ 754,501	$ 782,497	$ 500,614

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Current assets
Cash and cash equivalents	$ 754,501	$ 782,497
Accounts receivable, net of allowance of $31,302 and $31,124	664,788	559,646
Inventories, net	38,250	37,570
Prepaid expenses	43,052	35,579
Marketable securities	203,499	202,769
Other current assets	12,033	14,673
Total current assets	1,716,123	1,632,734
Property and equipment, net	102,042	78,582
Capitalized software, net	95,002	75,314
Capitalized curriculum development costs, net	56,895	58,584
Intangible assets, net	10,876	18,227
Goodwill	246,676	246,676
Deferred tax asset		26,377
Deposits and other assets	207,938	157,465
Total assets	2,435,552	2,293,959
Current liabilities
Accounts payable	46,742	43,962
Accrued liabilities	95,446	103,276
Accrued compensation and benefits	62,896	74,939
Deferred revenue	20,553	26,995
Current portion of finance lease liability	60,477	42,316
Current portion of operating lease liability	2,737	11,391
Total current liabilities	288,851	302,879
Long-term finance lease liability	56,455	44,567
Long-term operating lease liability	8,316	35,164
Long-term debt	417,995	416,322
Deferred tax liability	13,033
Other long-term liabilities	18,573	15,408
Total liabilities	803,223	814,340
Commitments and contingencies
Stockholders' equity
Preferred stock, par value $0.0001; 10,000,000 shares authorized; zero shares issued or outstanding
Common stock, par value $0.0001; 100,000,000 shares authorized; 49,126,917 and 48,852,419 shares issued; and 41,477,230 and 43,517,676 shares outstanding, respectively	4	4
Additional paid-in capital	739,829	735,711
Accumulated other comprehensive loss	(59)	(67)
Retained earnings	1,184,645	846,453
Treasury stock of 7,649,687 and 5,334,743 shares at cost, respectively	(292,090)	(102,482)
Total stockholders' equity	1,632,329	1,479,619
Total liabilities and stockholders' equity	$ 2,435,552	$ 2,293,959