Year-to-Date Results Demonstrate Bookings
Strength and Margin Expansion
Cambium Learning® Group, Inc. (Nasdaq: ABCD, the "Company"), a
leading educational technology solutions company committed to
helping all students reach their full potential, announced today
financial results for its third quarter ended September 30,
2018.
THIRD QUARTER 2018 RESULTS
"Cambium Learning Group's momentum continued in the
all-important 2018 back-to-school selling season, with our
year-to-date results driving Bookings growth and profit expansion
over last year," stated John Campbell, Chief Executive Officer.
"Third quarter Bookings grew 6% compared to the third quarter of
2017, led by strong performances in our SaaS segments of 7% at
Learning A-Z and 31% at ExploreLearning. Our Adjusted EBITDA and
cash income margins each expanded 300 basis points, even as we make
planned investments in development, marketing and sales initiatives
to support the long-term growth of our digital solutions. We were
recognized again for our excellence in effective and high-quality
instructional technologies winning an impressive 14 Education
Software Review (EDDIE) Awards for 2018, with Learning A-Z winning
12 awards and ExploreLearning winning two, confirming that teachers
trust that our solutions work in the classroom. We are continuing
to execute our strategy consistently, focused on leveraging
technology to deliver unique, personalized, adaptive, scalable and
effective solutions that tap every learner's potential, keep
teachers at the center of education, and focus on data,
instruction, and practice as the keys to success in the classroom
and beyond."
As previously announced on October 15, 2018, the Company has
entered into a definitive merger agreement with certain affiliates
of Veritas Capital, a leading private equity investment firm, for
the acquisition of the Company.
Financial Snapshot
For the quarter ended September 30, 2018, the Company
reported the following financial results:
|
|
Three Months Ended
September 30, |
|
Nine Months Ended September
30, |
|
(in millions) |
2018 |
|
2017 |
|
$ Change |
|
2018 |
|
2017 |
|
$ Change |
|
GAAP net revenues |
$ |
44.7 |
|
|
$ |
43.5 |
|
|
$ |
1.2 |
|
|
$ |
122.3 |
|
|
$ |
119.9 |
|
|
$ |
2.5 |
|
|
GAAP net income |
5.9 |
|
|
6.5 |
|
|
(0.6 |
) |
|
12.9 |
|
|
14.8 |
|
|
(1.9 |
) |
|
Net income margin % |
13 |
% |
|
15 |
% |
|
|
|
11 |
% |
|
12 |
% |
|
|
|
EBITDA |
14.2 |
|
|
13.5 |
|
|
0.7 |
|
|
33.9 |
|
|
34.6 |
|
|
(0.8 |
) |
|
Adjusted EBITDA |
15.9 |
|
|
14.1 |
|
|
1.7 |
|
|
37.4 |
|
|
36.0 |
|
|
1.4 |
|
|
Adjusted EBITDA margin % |
35 |
% |
|
32 |
% |
|
|
|
31 |
% |
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bookings |
$ |
82.9 |
|
|
$ |
78.5 |
|
|
$ |
4.3 |
|
|
$ |
135.8 |
|
|
$ |
127.4 |
|
|
$ |
8.5 |
|
|
Cash income |
45.1 |
|
|
40.2 |
|
|
5.0 |
|
|
36.5 |
|
|
28.6 |
|
|
7.9 |
|
|
Cash income margin % |
54 |
% |
|
51 |
% |
|
|
|
27 |
% |
|
22 |
% |
|
|
Nine Months Ended September 30, 2018 Financial
Highlights
- Generally Accepted Accounting Principles (GAAP) net revenues
for the nine months ended September 30, 2018 increased by $2.5
million, or 2%, to $122.3 million compared with $119.9 million in
2017. GAAP net revenues by segment for the nine months ended
September 30, 2018, and the change from the same period of
2017, were as follows:
- Learning A-Z® - $59.5 million, increased $4.2 million or
8%
- ExploreLearning® - $23.2 million, increased $2.5 million or
12%
- Voyager Sopris Learning® - $39.6 million, decreased $(4.3)
million or (10)%
- Bookings for the nine months ended September 30, 2018
increased by 7% to $135.8 million, compared with $127.4 million in
the nine months ended September 30, 2017, with growth at the
Learning A-Z and ExploreLearning segments offset by a decline in
the Voyager Sopris Learning segment.
- The Company reported GAAP net income of $12.9 million during
the nine months ended September 30, 2018, decreasing $1.9
million compared to net income of $14.8 million during the nine
months ended September 30, 2017. Net income includes expenses
of $2.1 million related to the Company's definitive agreement to
acquire VKIDZ Holdings Inc. ("VKidz") and its review of strategic
alternatives and subsequent merger agreement with certain
affiliates of Veritas Capital, in addition to higher tax expense.
The Company's effective tax rate for the nine months ended
September 30, 2018 is higher than the effective tax rate for
the nine months ended September 30, 2017 as a result of
reducing most of the valuation allowance against most of the
Company's deferred tax assets in the fourth quarter of 2017.
- Adjusted EBITDA was $37.4 million, increasing $1.4 million from
$36.0 million in 2017. The increase in GAAP net revenues, along
with a greater portion of the top-line mix coming from the higher
margin Learning A-Z and ExploreLearning segments, drove improvement
in Adjusted EBITDA.
- Net interest expense was $2.7 million for the nine months ended
September 30, 2018, down $1.2 million from the nine months
ended September 30, 2017 as a result of the scheduled debt
amortization payments and voluntary prepayments made during
2017.
- Cash Income was $36.5 million for the nine months ended
September 30, 2018 compared to Cash Income of $28.6 million
for the nine months ended September 30, 2017. Capital
expenditures totaled $12.1 million in the nine months ended
September 30, 2018 versus $13.9 million in the nine months
ended September 30, 2017.
- The Company had cash and cash equivalents of $26.3 million at
September 30, 2018. For the nine months ended
September 30, 2018, cash provided by operations was $33.2
million, cash used in investing activities was $12.1 million, and
cash used in financing activities was $3.4 million. At
September 30, 2018, the principal amount of term loans
outstanding was $44.0 million, there was $29.8 million available
under the revolving credit facility and no borrowings were
outstanding.
- The Company's technology-enabled products continue to receive
industry recognition. The Company was recently awarded 14 Education
Software Review (EDDIE) Awards for 2018, with Learning A-Z
receiving 12 EDDIE awards, and ExploreLearning receiving two EDDIE
awards.
Third Quarter 2018 Financial Highlights
- GAAP net revenues for the third quarter of 2018 increased by
$1.2 million, or 3%, to $44.7 million compared with $43.5 million
in 2017. GAAP net revenues by segment for the three months ended
September 30, 2018, and the change from the same period of
2017, were as follows:
- Learning A-Z - $20.0 million, increased $1.5 million or 8%
- ExploreLearning - $8.0 million, increased $0.8 million or
11%
- Voyager Sopris Learning - $16.8 million, decreased $(1.1)
million or (6)%
- Bookings for the third quarter of 2018 were $82.9 million, an
increase of 6% compared with $78.5 million in the third quarter of
2017.
- The Company reported net income of $5.9 million during the
third quarter of 2018, decreasing $0.6 million compared to net
income of $6.5 million during the third quarter of 2017. Net income
includes expenses of $1.0 million related to the Company's
definitive agreement to acquire VKIDZ Holdings Inc. and its review
of strategic alternatives and subsequent merger agreement with
certain affiliates of Veritas Capital, in addition to higher tax
expense.
- Adjusted EBITDA for the third quarter of 2018 was $15.9
million, increasing $1.7 million from $14.1 million in 2017. The
increase in GAAP net revenues, along with a greater portion of the
top-line mix coming from the higher margin Learning A-Z and
ExploreLearning segments, drove improvement in Adjusted
EBITDA.
- Cash Income was $45.1 million for the third quarter of 2018
compared to Cash Income of $40.2 million for the third quarter of
2017. Capital expenditures totaled $4.1 million in the third
quarter of 2018 versus $5.1 million in the third quarter of
2017.
Third Quarter 2018 Segment Results
Net Revenues, Bookings, Net Income, and Cash Income changes by
segment for the three and nine months ended September 30,
2018, compared to the same period of 2017 were as follows:
|
|
Q3 - 2018 |
|
YTD -
2018 |
|
|
% Change |
|
% Change |
|
|
Net |
|
|
|
|
Net |
|
|
|
|
|
Revenues |
Bookings |
Net Income |
Cash Income |
|
Revenues |
Bookings |
Net Income |
Cash Income |
|
Learning A-Z |
8 |
% |
7 |
% |
5 |
% |
5 |
% |
|
8 |
% |
9 |
% |
2 |
% |
5 |
% |
|
ExploreLearning |
11 |
% |
31 |
% |
3 |
% |
37 |
% |
|
12 |
% |
24 |
% |
(1 |
)% |
27 |
% |
|
Voyager Sopris Learning |
(6 |
)% |
(9 |
)% |
15 |
% |
(2 |
)% |
|
(10 |
)% |
(5 |
)% |
6 |
% |
61 |
% |
|
Shared Services |
|
|
(18 |
)% |
23 |
% |
|
|
|
(10 |
)% |
6 |
% |
|
Cambium Learning Group, Inc. |
3 |
% |
6 |
% |
(9 |
)% |
12 |
% |
|
2 |
% |
7 |
% |
(13 |
)% |
28 |
% |
MERGER AGREEMENT and VKIDZ TRANSACTION
As previously announced on October 15, 2018, the Company has
entered into a definitive merger agreement with certain affiliates
of Veritas Capital, a leading private equity investment firm, for
the acquisition of the Company.
Pursuant to the terms of the merger agreement, the holders of
common stock of the Company currently outstanding are entitled to
receive $14.50 in cash per share at the closing. The transaction
was unanimously approved by the board of directors of the Company.
Following the execution of the merger agreement, the stockholder
representing a majority of the issued and outstanding common stock
delivered a written consent approving and adopting the merger
agreement and the transaction. The Company's outstanding credit
facility will be repaid at closing. Subject to customary closing
conditions and regulatory approvals, the Company expects the
transaction to close in the fourth quarter of 2018 or the first
quarter of 2019.
Immediately prior to the closing, the Company will close its
previously announced acquisition of VKIDZ Holdings Inc. ("VKidz"),
an award winning Florida-based edtech company dedicated to helping
deliver the best education to students using digital solutions.
Under the terms of the agreement, the purchase price will include
issuance of 6.7 million shares of Cambium Learning Group common
stock to the sellers, plus payment of outstanding debt of VKidz on
the consummation date of the transaction. In 2017, VKidz had
Bookings of approximately $21.1 million and Cash Income of
approximately $5.7 million. At September 30, 2018, VKidz had debt
principal outstanding of $19.8 million and cash of $3.3 million.
For each share of Company common stock issued in connection with
the Company's acquisition of VKidz, holders are entitled to receive
$11.50 in cash.
Conference Call
In consideration of the Company's recently announced
definitive merger agreement with certain affiliates of Veritas
Capital, management will not conduct a third quarter 2018
conference call.
Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, and Cash Income are not prepared in
accordance with GAAP and may be different from similarly named,
non-GAAP financial measures used by other companies. Non-GAAP
financial measures should not be considered a substitute for, or
superior to, measures of financial performance prepared in
accordance with GAAP. The Company believes these non-GAAP measures
provide useful information to investors because they reflect the
underlying performance of the ongoing operations of the Company and
provide investors with a view of the Company's operations from
management's perspective. Adjusted EBITDA and Cash Income remove
significant restructuring, non-operational, or certain non-cash
items from earnings. The Company uses Adjusted EBITDA and Cash
Income to monitor and evaluate the operating performance of the
Company and as the basis to set and measure progress toward
performance targets. Further, the Cash Income measure directly
affects compensation for employees and executives. The Company
generally uses these non-GAAP measures as measures of operating
performance and not as measures of the Company's liquidity. The
Company's presentation of EBITDA, Adjusted EBITDA, and Cash Income
should not be construed as an indication that our future results
will be unaffected by unusual, non-operational, or non-cash
items.
About Cambium Learning Group, Inc.
Cambium Learning® Group (Nasdaq: ABCD) is an award-winning
educational technology solutions leader dedicated to helping all
students reach their full potential through individualized and
differentiated instruction. Using a research-based, personalized
approach, Cambium Learning Group delivers SaaS resources and
instructional products that engage students and support teachers in
fun, positive, safe and scalable environments. These solutions
are provided through Learning A-Z® (online differentiated
instruction for elementary school reading, writing and science),
ExploreLearning® (online interactive math and science simulations
and a math fact fluency solution) and Voyager Sopris Learning®
(blended solutions that accelerate struggling learners to achieve
in literacy and math and professional development for teachers). We
believe that every student has unlimited potential, that teachers
matter, and that data, instruction, and practice are the keys to
success in the classroom and beyond.
Come learn with us at www.cambiumlearning.com.
Media and Investor Contact:
Barbara BensonCambium Learning Group,
Inc.investorrelations@cambiumlearning.com
LHAJody Burfening/Carolyn
Capaccio212.838.3777ccapaccio@lhai.com
Forward-Looking Statements
Some of the statements contained herein constitute
forward-looking statements. These statements relate to future
events, including the future financial performance of Cambium
Learning Group, Inc., business plans or strategies, projected or
anticipated benefits or other consequences of Cambium Learning
Group, Inc.’s plans or strategies, financing plans, projected or
anticipated benefits from acquisitions that Cambium Learning Group,
Inc. may make, and involve known and unknown risks, uncertainties,
and other factors that may cause the markets, actual results,
levels of activity, performance, or achievements of Cambium
Learning Group, Inc., to be materially different from any actual
future results, levels of activity, performance, or achievements.
These risks and other factors you should consider include, but are
not limited to, conditions to the closing of the proposed
transaction, including the obtaining of required regulatory
approvals, may not be satisfied; risks associated with the
financing of the transaction; the proposed transaction may involve
unexpected costs, liabilities or delays; the business of the
Company may suffer as a result of uncertainty surrounding the
proposed transaction; the outcome of any legal proceedings related
to the proposed transaction; the Company may be adversely affected
by other economic, business and/or competitive factors; the
occurrence of any event, change or other circumstances that could
give rise to the termination of the merger agreement; the ability
to recognize benefits of the proposed transaction; risks that the
proposed transaction disrupts current plans and operations and the
potential difficulties in employee retention as a result of the
proposed transaction; other risks to consummation of the proposed
transaction, including the risk that the proposed transaction will
not be consummated within the expected time period or at all; the
ability to successfully attract and retain a broad customer base
for current and future products; changes in customer demands or
industry standards; success of ongoing product development;
maintaining acceptable margins; the ability to control costs; K-12
enrollment and demographic trends; the level of educational
funding; the impact of federal, state, and local regulatory
requirements on the business of the company; the loss of key
personnel; the impact of competition; the uncertainty of general
economic conditions and financial market performance; explorations
of possible transactions and other strategic alternatives; and
those other risks and uncertainties listed under the heading "RISK
FACTORS" in Cambium Learning Group, Inc.'s Form 10-K and other
reports filed with the Securities and Exchange Commission. In some
cases, you can identify forward-looking statements by terminology
such as "may," "should," "expects," "plans," "anticipates,"
"believes," "estimates," "predicts," "potential," "continue,"
"projects," "intends," "prospects," or "priorities," or the
negative of such terms, or other comparable terminology. These
statements are only predictions. Actual events or results may
differ materially. Cambium Learning Group, Inc., does not assume or
undertake any obligation to update the information contained in
this press release, and expressly disclaims any obligation to do
so, whether as a result of new information, future events, or
otherwise.
| Cambium Learning Group,
Inc. and Subsidiaries |
| Condensed Consolidated
Statements of Operations |
| (In thousands, except per
share data) |
| (unaudited) |
|
|
|
|
|
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Net revenues |
$ |
44,734 |
|
|
$ |
43,523 |
|
|
$ |
122,337 |
|
|
$ |
119,855 |
|
|
Cost of revenues: |
|
|
|
|
|
|
|
| Cost of revenues |
7,801 |
|
|
7,928 |
|
|
20,902 |
|
|
21,328 |
|
| Amortization expense |
4,200 |
|
|
4,676 |
|
|
12,147 |
|
|
13,094 |
|
|
Total cost of revenues |
12,001 |
|
|
12,604 |
|
|
33,049 |
|
|
34,422 |
|
|
Research and development expense |
4,059 |
|
|
3,352 |
|
|
11,678 |
|
|
9,744 |
|
|
Sales and marketing expense |
12,283 |
|
|
12,771 |
|
|
37,803 |
|
|
37,871 |
|
|
General and administrative expense |
5,962 |
|
|
5,457 |
|
|
17,378 |
|
|
15,240 |
|
|
Shipping and handling costs |
323 |
|
|
414 |
|
|
630 |
|
|
727 |
|
|
Depreciation and amortization expense |
721 |
|
|
670 |
|
|
2,156 |
|
|
2,020 |
|
| Total costs and expenses |
35,349 |
|
|
35,268 |
|
|
102,694 |
|
|
100,024 |
|
|
Income before interest and income taxes |
9,385 |
|
|
8,255 |
|
|
19,643 |
|
|
19,831 |
|
|
Net interest expense |
(897 |
) |
|
(1,271 |
) |
|
(2,654 |
) |
|
(3,834 |
) |
|
Other income (expense), net |
(103 |
) |
|
(108 |
) |
|
(88 |
) |
|
(325 |
) |
|
Income before income taxes |
8,385 |
|
|
6,876 |
|
|
16,901 |
|
|
15,672 |
|
|
Income tax expense |
(2,508 |
) |
|
(399 |
) |
|
(3,982 |
) |
|
(873 |
) |
|
Net income |
$ |
5,877 |
|
|
$ |
6,477 |
|
|
$ |
12,919 |
|
|
$ |
14,799 |
|
|
Net income per common share: |
|
|
|
|
|
|
|
| Basic |
$ |
0.12 |
|
|
$ |
0.14 |
|
|
$ |
0.27 |
|
|
$ |
0.32 |
|
| Diluted |
$ |
0.12 |
|
|
$ |
0.14 |
|
|
$ |
0.27 |
|
|
$ |
0.31 |
|
|
Average number of common shares and equivalents outstanding: |
|
|
|
|
|
|
|
| Basic |
47,273 |
|
|
46,460 |
|
|
47,116 |
|
|
46,316 |
|
| Diluted |
48,503 |
|
|
47,629 |
|
|
48,351 |
|
|
47,522 |
|
| Cambium Learning Group,
Inc. and Subsidiaries |
| Condensed Consolidated
Balance Sheets |
| (In thousands, except per
share data) |
|
|
|
|
|
|
|
September 30,
2018 |
|
December 31,
2017 |
|
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
| Cash and cash equivalents |
$ |
26,255 |
|
|
$ |
8,493 |
|
| Accounts receivable, net |
26,327 |
|
|
12,937 |
|
| Inventory |
1,704 |
|
|
2,382 |
|
| Restricted assets, current |
961 |
|
|
961 |
|
| Other current assets |
13,167 |
|
|
11,193 |
|
|
Total current assets |
68,414 |
|
|
35,966 |
|
| Property, equipment and software at cost |
63,720 |
|
|
65,250 |
|
| Accumulated depreciation and amortization |
(43,440 |
) |
|
(43,164 |
) |
|
Property, equipment and software, net |
20,280 |
|
|
22,086 |
|
|
Goodwill |
43,518 |
|
|
43,518 |
|
|
Other intangible assets, net |
2,858 |
|
|
3,607 |
|
|
Pre-publication costs, net |
18,071 |
|
|
17,758 |
|
|
Restricted assets, less current portion |
615 |
|
|
1,293 |
|
|
Deferred tax assets |
27,497 |
|
|
30,614 |
|
|
Other assets |
4,040 |
|
|
3,712 |
|
|
Total assets |
$ |
185,293 |
|
|
$ |
158,554 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
|
|
|
|
Current liabilities: |
|
|
|
| Accounts payable |
$ |
2,344 |
|
|
$ |
2,388 |
|
| Accrued expenses |
16,302 |
|
|
12,121 |
|
| Current portion of long-term debt |
6,776 |
|
|
5,958 |
|
| Deferred revenue, current |
96,468 |
|
|
86,913 |
|
|
Total current liabilities |
121,890 |
|
|
107,380 |
|
|
Long-term liabilities: |
|
|
|
| Long-term debt |
36,781 |
|
|
41,841 |
|
| Deferred revenue, less current portion |
17,751 |
|
|
13,995 |
|
| Other liabilities |
9,072 |
|
|
9,630 |
|
|
Total long-term liabilities |
63,604 |
|
|
65,466 |
|
|
Stockholders' equity (deficit): |
|
|
|
| Preferred stock ($.001 par value, 15,000 shares
authorized, zero shares issued and outstanding at September 30,
2018 and December 31, 2017) |
— |
|
|
— |
|
| Common stock ($.001 par value, 150,000 shares
authorized, 53,832 and 53,333 shares issued, and 47,300 and 46,800
shares outstanding at September 30, 2018 and December 31, 2017,
respectively) |
54 |
|
|
53 |
|
| Capital surplus |
290,837 |
|
|
289,022 |
|
| Accumulated deficit |
(276,322 |
) |
|
(288,490 |
) |
| Treasury stock at cost (6,532 shares at September
30, 2018 and December 31, 2017) |
(12,784 |
) |
|
(12,784 |
) |
| Accumulated other comprehensive loss: |
|
|
|
| Pension and postretirement plans |
(1,986 |
) |
|
(2,093 |
) |
| Accumulated other comprehensive loss |
(1,986 |
) |
|
(2,093 |
) |
|
Total stockholders' equity (deficit) |
(201 |
) |
|
(14,292 |
) |
|
Total liabilities and stockholders' equity (deficit) |
$ |
185,293 |
|
|
$ |
158,554 |
|
| Cambium Learning Group,
Inc. and Subsidiaries |
| Reconciliation of Net
Income to EBITDA, Adjusted EBITDA and Cash Income |
| (unaudited) |
|
|
|
|
|
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
(in thousands) |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Net income |
$ |
5,877 |
|
|
$ |
6,477 |
|
|
$ |
12,919 |
|
|
$ |
14,799 |
|
|
Reconciling items between net income and EBITDA: |
|
|
|
|
|
|
|
| Depreciation and amortization expense |
4,921 |
|
|
5,346 |
|
|
14,303 |
|
|
15,114 |
|
| Net interest expense |
897 |
|
|
1,271 |
|
|
2,654 |
|
|
3,834 |
|
| Income tax expense |
2,508 |
|
|
399 |
|
|
3,982 |
|
|
873 |
|
|
Income from operations before interest, income taxes, and
depreciation and amortization (EBITDA) |
14,203 |
|
|
13,493 |
|
|
33,858 |
|
|
34,620 |
|
|
Non-operational or non-cash costs included in EBITDA but excluded
from Adjusted EBITDA: |
|
|
|
|
|
|
|
| Income from sale of excess state tax credits |
— |
|
|
— |
|
|
(222 |
) |
|
— |
|
| Restructuring costs |
— |
|
|
281 |
|
|
— |
|
|
281 |
|
| Merger, acquisition and disposition activities |
1,402 |
|
|
138 |
|
|
3,023 |
|
|
477 |
|
| Stock-based compensation and expense |
249 |
|
|
217 |
|
|
728 |
|
|
641 |
|
|
Adjusted EBITDA |
15,854 |
|
|
14,129 |
|
|
37,387 |
|
|
36,019 |
|
| Change in deferred revenues |
37,701 |
|
|
35,065 |
|
|
12,887 |
|
|
7,646 |
|
| Change in deferred costs |
(4,344 |
) |
|
(3,906 |
) |
|
(1,755 |
) |
|
(1,175 |
) |
| Capital expenditures |
(4,068 |
) |
|
(5,096 |
) |
|
(12,056 |
) |
|
(13,912 |
) |
|
Cash income |
$ |
45,143 |
|
|
$ |
40,192 |
|
|
$ |
36,463 |
|
|
$ |
28,578 |
|
| Cambium Learning Group,
Inc. and Subsidiaries |
| Reconciliation of
Bookings to Net Revenues by Segment – 2018 |
| (unaudited) |
|
|
|
|
|
Three Months Ended
September 30, 2018 |
|
|
|
|
|
|
Voyager Sopris |
|
|
|
(in thousands) |
Learning A-Z |
|
ExploreLearning |
|
Learning |
|
Consolidated |
|
Bookings |
$ |
40,714 |
|
|
$ |
18,007 |
|
|
$ |
24,151 |
|
|
$ |
82,872 |
|
|
Change in deferred revenues |
(20,653 |
) |
|
(10,208 |
) |
|
(6,840 |
) |
|
(37,701 |
) |
|
Other |
(88 |
) |
|
153 |
|
|
(502 |
) |
|
(437 |
) |
| Net revenues |
$ |
19,973 |
|
|
$ |
7,952 |
|
|
$ |
16,809 |
|
|
$ |
44,734 |
|
|
|
Nine Months Ended September
30, 2018 |
|
|
|
|
|
|
Voyager Sopris |
|
|
|
(in thousands) |
Learning A-Z |
|
ExploreLearning |
|
Learning |
|
Consolidated |
|
Bookings |
$ |
64,996 |
|
|
$ |
27,977 |
|
|
$ |
42,868 |
|
|
$ |
135,841 |
|
|
Change in deferred revenues |
(5,364 |
) |
|
(4,870 |
) |
|
(2,653 |
) |
|
(12,887 |
) |
|
Other |
(88 |
) |
|
81 |
|
|
(610 |
) |
|
(617 |
) |
| Net revenues |
$ |
59,544 |
|
|
$ |
23,188 |
|
|
$ |
39,605 |
|
|
$ |
122,337 |
|
| Reconciliation of Net
Income to EBITDA, Adjusted EBITDA and Cash Income by Segment –
2018 |
| (unaudited) |
|
|
|
|
|
Three Months Ended
September 30, 2018 |
|
|
|
|
Explore |
|
Voyager Sopris |
|
|
|
|
|
(in thousands) |
Learning A-Z |
|
Learning |
|
Learning |
|
Other |
|
Consolidated |
|
Net income |
$ |
9,619 |
|
|
$ |
2,975 |
|
|
$ |
5,948 |
|
|
$ |
(12,665 |
) |
|
$ |
5,877 |
|
|
Reconciling items between net income and EBITDA: |
|
|
|
|
|
|
|
|
|
| Depreciation and amortization expense |
— |
|
|
— |
|
|
— |
|
|
4,921 |
|
|
4,921 |
|
| Net interest expense |
— |
|
|
— |
|
|
— |
|
|
897 |
|
|
897 |
|
| Income tax expense |
— |
|
|
— |
|
|
— |
|
|
2,508 |
|
|
2,508 |
|
|
Income from operations before interest, income taxes, and
depreciation and amortization (EBITDA) |
9,619 |
|
|
2,975 |
|
|
5,948 |
|
|
(4,339 |
) |
|
14,203 |
|
|
Non-operational or non-cash costs included in EBITDA but excluded
from Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
| Merger, acquisition and disposition activities |
— |
|
|
— |
|
|
— |
|
|
1,402 |
|
|
1,402 |
|
| Stock-based compensation and expense |
70 |
|
|
53 |
|
|
59 |
|
|
67 |
|
|
249 |
|
|
Adjusted EBITDA |
9,689 |
|
|
3,028 |
|
|
6,007 |
|
|
(2,870 |
) |
|
15,854 |
|
| Change in deferred revenues |
20,653 |
|
|
10,208 |
|
|
6,840 |
|
|
— |
|
|
37,701 |
|
| Change in deferred costs |
(2,256 |
) |
|
(900 |
) |
|
(1,188 |
) |
|
— |
|
|
(4,344 |
) |
| Capital expenditures - product development |
(1,995 |
) |
|
(1,002 |
) |
|
(598 |
) |
|
— |
|
|
(3,595 |
) |
| Capital expenditures - general expenditures |
(271 |
) |
|
(110 |
) |
|
(67 |
) |
|
(25 |
) |
|
(473 |
) |
|
Cash income |
$ |
25,820 |
|
|
$ |
11,224 |
|
|
$ |
10,994 |
|
|
$ |
(2,895 |
) |
|
$ |
45,143 |
|
|
|
Nine Months Ended September
30, 2018 |
|
|
|
|
Explore |
|
Voyager Sopris |
|
|
|
|
|
(in thousands) |
Learning A-Z |
|
Learning |
|
Learning |
|
Other |
|
Consolidated |
|
Net income |
$ |
28,396 |
|
|
$ |
8,322 |
|
|
$ |
9,738 |
|
|
$ |
(33,537 |
) |
|
$ |
12,919 |
|
|
Reconciling items between net income and EBITDA: |
|
|
|
|
|
|
|
|
|
| Depreciation and amortization expense |
— |
|
|
— |
|
|
— |
|
|
14,303 |
|
|
14,303 |
|
| Net interest expense |
— |
|
|
— |
|
|
— |
|
|
2,654 |
|
|
2,654 |
|
| Income tax expense |
— |
|
|
— |
|
|
— |
|
|
3,982 |
|
|
3,982 |
|
|
Income from operations before interest, income taxes, and
depreciation and amortization (EBITDA) |
28,396 |
|
|
8,322 |
|
|
9,738 |
|
|
(12,598 |
) |
|
33,858 |
|
|
Non-operational or non-cash costs included in EBITDA but excluded
from Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
| Income from sale of excess state tax credits |
— |
|
|
— |
|
|
— |
|
|
(222 |
) |
|
(222 |
) |
| Merger, acquisition and disposition activities |
— |
|
|
— |
|
|
— |
|
|
3,023 |
|
|
3,023 |
|
| Stock-based compensation and expense |
197 |
|
|
153 |
|
|
177 |
|
|
201 |
|
|
728 |
|
|
Adjusted EBITDA |
28,593 |
|
|
8,475 |
|
|
9,915 |
|
|
(9,596 |
) |
|
37,387 |
|
| Change in deferred revenues |
5,364 |
|
|
4,870 |
|
|
2,653 |
|
|
— |
|
|
12,887 |
|
| Change in deferred costs |
(964 |
) |
|
(243 |
) |
|
(548 |
) |
|
— |
|
|
(1,755 |
) |
| Capital expenditures - product development |
(5,869 |
) |
|
(3,038 |
) |
|
(1,793 |
) |
|
— |
|
|
(10,700 |
) |
| Capital expenditures - general expenditures |
(847 |
) |
|
(271 |
) |
|
(182 |
) |
|
(56 |
) |
|
(1,356 |
) |
|
Cash income |
$ |
26,277 |
|
|
$ |
9,793 |
|
|
$ |
10,045 |
|
|
$ |
(9,652 |
) |
|
$ |
36,463 |
|
| Deferred Revenue by
Segment – 2018 |
| (unaudited) |
|
|
|
|
|
September 30,
2018 |
|
|
|
|
|
|
Voyager Sopris |
|
|
|
(in thousands) |
Learning A-Z |
|
ExploreLearning |
|
Learning |
|
Consolidated |
|
Deferred revenue, current |
$ |
55,955 |
|
|
$ |
23,355 |
|
|
$ |
17,158 |
|
|
$ |
96,468 |
|
|
Deferred revenue, less current portion |
8,482 |
|
|
4,087 |
|
|
5,182 |
|
|
17,751 |
|
|
Deferred revenue |
$ |
64,437 |
|
|
$ |
27,442 |
|
|
$ |
22,340 |
|
|
$ |
114,219 |
|
| Deferred Costs by Segment
– 2018 |
| (unaudited) |
|
|
|
|
|
September 30,
2018 |
|
|
|
|
|
|
Voyager Sopris |
|
|
|
(in thousands) |
Learning A-Z |
|
ExploreLearning |
|
Learning |
|
Consolidated |
|
Deferred costs, current |
$ |
5,425 |
|
|
$ |
1,956 |
|
|
$ |
2,640 |
|
|
$ |
10,021 |
|
|
Deferred costs, less current portion |
822 |
|
|
343 |
|
|
1,006 |
|
|
2,171 |
|
|
Deferred costs |
$ |
6,247 |
|
|
$ |
2,299 |
|
|
$ |
3,646 |
|
|
$ |
12,192 |
|
| Cambium Learning Group,
Inc. and Subsidiaries |
| Reconciliation of
Bookings to Net Revenues by Segment – 2017 |
| (unaudited) |
|
|
|
|
|
Three Months Ended
September 30, 2017 |
|
|
|
|
|
|
Voyager Sopris |
|
|
|
(in thousands) |
Learning A-Z |
|
ExploreLearning |
|
Learning |
|
Consolidated |
|
Bookings |
$ |
38,136 |
|
|
$ |
13,742 |
|
|
$ |
26,660 |
|
|
$ |
78,538 |
|
|
Change in deferred revenues |
(19,625 |
) |
|
(6,755 |
) |
|
(8,685 |
) |
|
(35,065 |
) |
|
Other |
— |
|
|
152 |
|
|
(102 |
) |
|
50 |
|
| Net revenues |
$ |
18,511 |
|
|
$ |
7,139 |
|
|
$ |
17,873 |
|
|
$ |
43,523 |
|
|
|
Nine Months Ended September
30, 2017 |
|
|
|
|
|
|
Voyager Sopris |
|
|
|
(in thousands) |
Learning A-Z |
|
ExploreLearning |
|
Learning |
|
Consolidated |
|
Bookings |
$ |
59,696 |
|
|
$ |
22,506 |
|
|
$ |
45,189 |
|
|
$ |
127,391 |
|
|
Change in deferred revenues |
(4,350 |
) |
|
(1,901 |
) |
|
(1,395 |
) |
|
(7,646 |
) |
|
Other |
— |
|
|
47 |
|
|
63 |
|
|
110 |
|
| Net revenues |
$ |
55,346 |
|
|
$ |
20,652 |
|
|
$ |
43,857 |
|
|
$ |
119,855 |
|
| Reconciliation of Net
Income to EBITDA, Adjusted EBITDA and Cash Income by Segment –
2017 |
| (unaudited) |
|
|
|
|
|
Three Months Ended
September 30, 2017 |
|
|
|
|
|
|
Voyager |
|
|
|
|
|
|
|
|
Explore |
|
Sopris |
|
|
|
|
|
(in thousands) |
Learning A-Z |
|
Learning |
|
Learning |
|
Other |
|
Consolidated |
|
Net income |
$ |
9,169 |
|
|
$ |
2,876 |
|
|
$ |
5,186 |
|
|
$ |
(10,754 |
) |
|
$ |
6,477 |
|
|
Reconciling items between net income and EBITDA: |
|
|
|
|
|
|
|
|
|
| Depreciation and amortization expense |
— |
|
|
— |
|
|
— |
|
|
5,346 |
|
|
5,346 |
|
| Net interest expense |
— |
|
|
— |
|
|
— |
|
|
1,271 |
|
|
1,271 |
|
| Income tax expense |
— |
|
|
— |
|
|
— |
|
|
399 |
|
|
399 |
|
|
Income from operations before interest, income taxes, and
depreciation and amortization (EBITDA) |
9,169 |
|
|
2,876 |
|
|
5,186 |
|
|
(3,738 |
) |
|
13,493 |
|
|
Non-operational or non-cash costs included in EBITDA but excluded
from Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
| Restructuring costs |
— |
|
|
— |
|
|
281 |
|
|
— |
|
|
281 |
|
| Merger, acquisition and disposition activities |
— |
|
|
— |
|
|
— |
|
|
138 |
|
|
138 |
|
| Stock-based compensation and expense |
53 |
|
|
30 |
|
|
67 |
|
|
67 |
|
|
217 |
|
|
Adjusted EBITDA |
9,222 |
|
|
2,906 |
|
|
5,534 |
|
|
(3,533 |
) |
|
14,129 |
|
| Change in deferred revenues |
19,625 |
|
|
6,755 |
|
|
8,685 |
|
|
— |
|
|
35,065 |
|
| Change in deferred costs |
(1,585 |
) |
|
(624 |
) |
|
(1,697 |
) |
|
— |
|
|
(3,906 |
) |
| Capital expenditures - product development |
(2,020 |
) |
|
(667 |
) |
|
(1,150 |
) |
|
— |
|
|
(3,837 |
) |
| Capital expenditures - general expenditures |
(637 |
) |
|
(202 |
) |
|
(201 |
) |
|
(219 |
) |
|
(1,259 |
) |
|
Cash income |
$ |
24,605 |
|
|
$ |
8,168 |
|
|
$ |
11,171 |
|
|
$ |
(3,752 |
) |
|
$ |
40,192 |
|
|
|
Nine Months Ended September
30, 2017 |
|
|
|
|
|
|
Voyager |
|
|
|
|
|
|
|
|
Explore |
|
Sopris |
|
|
|
|
|
(in thousands) |
Learning A-Z |
|
Learning |
|
Learning |
|
Other |
|
Consolidated |
|
Net income |
$ |
27,725 |
|
|
$ |
8,366 |
|
|
$ |
9,229 |
|
|
$ |
(30,521 |
) |
|
$ |
14,799 |
|
|
Reconciling items between net income and EBITDA: |
|
|
|
|
|
|
|
|
|
| Depreciation and amortization expense |
— |
|
|
— |
|
|
— |
|
|
15,114 |
|
|
15,114 |
|
| Net interest expense |
— |
|
|
— |
|
|
— |
|
|
3,834 |
|
|
3,834 |
|
| Income tax expense |
— |
|
|
— |
|
|
— |
|
|
873 |
|
|
873 |
|
|
Income from operations before interest, income taxes, and
depreciation and amortization (EBITDA) |
27,725 |
|
|
8,366 |
|
|
9,229 |
|
|
(10,700 |
) |
|
34,620 |
|
|
Non-operational or non-cash costs included in EBITDA but excluded
from Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
| Restructuring costs |
— |
|
|
— |
|
|
281 |
|
|
— |
|
|
281 |
|
| Merger, acquisition and disposition activities |
— |
|
|
— |
|
|
— |
|
|
477 |
|
|
477 |
|
| Stock-based compensation and expense |
153 |
|
|
84 |
|
|
212 |
|
|
192 |
|
|
641 |
|
|
Adjusted EBITDA |
27,878 |
|
|
8,450 |
|
|
9,722 |
|
|
(10,031 |
) |
|
36,019 |
|
| Change in deferred revenues |
4,350 |
|
|
1,901 |
|
|
1,395 |
|
|
— |
|
|
7,646 |
|
| Change in deferred costs |
(423 |
) |
|
(131 |
) |
|
(621 |
) |
|
— |
|
|
(1,175 |
) |
| Capital expenditures - product development |
(5,818 |
) |
|
(2,148 |
) |
|
(3,959 |
) |
|
— |
|
|
(11,925 |
) |
| Capital expenditures - general expenditures |
(1,030 |
) |
|
(369 |
) |
|
(316 |
) |
|
(272 |
) |
|
(1,987 |
) |
|
Cash income |
$ |
24,957 |
|
|
$ |
7,703 |
|
|
$ |
6,221 |
|
|
$ |
(10,303 |
) |
|
$ |
28,578 |
|
Cambium Learning Grp., Inc. (delisted) (NASDAQ:ABCD)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Cambium Learning Grp., Inc. (delisted) (NASDAQ:ABCD)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
