Scholastic Corporation (NASDAQ:SCHL) Q4 2023 Earnings Call Transcript July 20, 2023 4:30 PM ET Company Participants Jeffrey Mathews - Executive Vice President, Corporate Development and IR Peter Warwick - President and CEO Ken Cleary - Chief Financial Officer Conference Call Participants Brendan McCarthy - Sidoti Operator Thank you for standing by, and welcome to today's program entitled Scholastic Reports Fourth Quarter and Fiscal Year 2023 Results. At this time, all participants are in listen-only mode. A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 SCHOLASTIC CORPORATION (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 557 Broadway, New York, New York 10012 (Address of principal executive offices) (Zip Code) Delaware 13-3385513 (IRS Employer Identification No.) Registrant's telephone number, including area code (212) ...

6© Shutterstock.com Image credit: © Shutterstock.com • Results most impacted by challenging market conditions and lower Trade sales in Canada, the UK and Australia • Over $53M returned to shareholders in Q3, through increased dividend and expanded open market share repurchases, reflecting optimism in long-term outlook Q3 FY23 Segment Revenues Questions ADD COVER IMAGE HERE 8 • Revised FY23 guidance based on Q3 results and updated outlook for seasonally important Q4, both impacted by short-term headwinds in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended November 30, 2022 Commission File No. 000-19860 SCHOLASTIC CORPORATION (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 557 Broadway, New York, New York 10012 (Address of principal executive offices) (Zip Code) Delaware 13-3385513 (IRS Employ ...

Scholastic Corporation (NASDAQ:SCHL) Q2 2023 Earnings Conference Call December 15, 2022 4:30 PM ET Company Participants Jeffrey Mathews - Executive Vice President, Corporate Development and IR Peter Warwick - President and CEO Ken Cleary - Chief Financial Officer Conference Call Participants Operator Good day and thank you for standing by, and welcome to Scholastic Reports Q2 Fiscal Year 2023 Results Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today’s co ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended August 31, 2022 Commission File No. 000-19860 SCHOLASTIC CORPORATION (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 557 Broadway, New York, New York 10012 (Address of principal executive offices) (Zip Code) Delaware 13-3385513 (IRS Employer ...

Scholastic Corporation (NASDAQ:SCHL) Q1 2023 Earnings Conference Call September 22, 2022 4:30 PM ET Company Participants Jeffrey Mathews - EVP, Corporate Development and IR Peter Warwick - President and CEO Ken Cleary - CFO Operator Thank you for standing by. Welcome to Scholastic Reports First Quarter Fiscal Year 2023 Results. During the program today, all participants are in a listen-only mode. As a reminder, today’s program may be recorded. And now I’d like to introduce your host for today’s program, Jef ...

Revenue Growth - Revenues for the fiscal year ended May 31, 2022, increased by $342.6 million, or 26.3%, reaching $1,642.9 million compared to $1,300.3 million in the prior fiscal year[110] - Total revenues for fiscal year 2022 increased by $342.6 million, or 26.3%, to $1,642.9 million compared to $1,300.3 million in fiscal year 2021[136] - Revenues from the Children's Book Publishing and Distribution segment rose by $271.5 million, driven by a $265.4 million increase in book fairs channel revenues due to the return of in-person fairs[137] - Education Solutions segment revenues increased by $81.3 million, fueled by higher demand for educational products, particularly cultural awareness and early childhood programs[138] - Revenues for fiscal 2022 increased by $271.5 million to $946.5 million, a 40.2% increase compared to $675.0 million in fiscal 2021, driven by the recovery of the book fairs channel[150] - The book fairs channel revenues increased by $265.4 million, with a 26% increase in revenue-per-fair levels compared to the prior year[150] Profitability - The net income per basic and diluted share for Class A and Common Stock was $2.33 and $2.27, respectively, compared to a net loss of $0.32 per share in the prior fiscal year[110] - Operating income improved to $97.4 million from an operating loss of $22.7 million in the prior fiscal year, reflecting a $120.1 million improvement driven by the recovery of the book fairs business[111] - Net income attributable to Scholastic Corporation for fiscal year 2022 was $80.9 million, compared to a net loss of $11.0 million in fiscal year 2021[136] - Net income for fiscal 2022 was $81.0 million, an improvement of $91.9 million compared to a net loss of $10.9 million in fiscal 2021[147] - Segment operating income for the Children's Book Publishing and Distribution segment was $115.3 million, compared to $8.9 million in the prior fiscal year, reflecting a significant recovery[154] - The Company anticipates modest growth in operating income in fiscal 2023, despite increased spending associated with growth initiatives[160] Expenses and Costs - Cost of goods sold for fiscal year 2022 was $765.5 million, representing 46.6% of total revenues, down from 48.4% in the prior year[140] - Selling, general and administrative expenses increased by $100.1 million to $722.8 million, primarily due to higher employee-related costs and increased labor and warehouse-related expenses[141] - Other operating expenses rose to $380.5 million, an increase of $71.1 million, mainly due to higher employee-related costs and increased marketing expenses[152] - Management anticipates higher cost of goods sold as a percentage of revenues in fiscal 2023 due to inflationary pressures and newly purchased inventory[140] - A one percentage point change in the estimated reserve for returns could impact operating income by approximately $3.3 million[117] Future Outlook - For fiscal 2023, the company anticipates an 85% recovery in book fair count to pre-pandemic levels while maintaining strong revenue per fair[112] - The company expects continued growth in educational product sales due to government funding programs and improvements in sales and marketing efforts[113] - The New Worlds Reading Initiative program will enter its second year in August, contributing to revenue growth[113] - Internationally, modest improvement in operating profits is expected as major markets recover from the pandemic, aided by the exit from the low-margin direct-sales business in Asia[113] - The Company plans to exit and sell the direct sales business in Asia, which generated revenues of $17.2 million in fiscal 2022[162] Cash Flow and Liquidity - Cash provided by operating activities increased by $155.0 million to $226.0 million, driven by $390.0 million in higher customer collections and $54.0 million in higher net federal tax refunds[168] - Cash used in investing activities decreased by $7.3 million to $43.2 million, mainly due to lower spending on property, plant, and equipment[169] - Cash used by financing activities increased by $176.9 million to $229.2 million, primarily due to repayments of borrowings under the U.S. credit agreement of $175.0 million[170] - The Company's cash and cash equivalents totaled $316.6 million as of May 31, 2022, down from $366.5 million in the prior year[171] - The Company expects to maintain sufficient liquidity for ongoing operations, with primary sources including cash and cash equivalents of $316.6 million and U.S. loan agreements[175] - The U.S. credit agreement was amended to increase the borrowing limit from $250.0 million to $300.0 million, providing flexibility for business operations[173] Strategic Initiatives - The Company repurchased $33.4 million of common stock during the fiscal year, lifting the temporary suspension of its buy-back program[174] - The Company is exploring domestic and international expansion opportunities, including potential niche and strategic acquisitions[179] - The Company manages foreign currency exchange rate risks through established procedures and short-term forward exchange contracts[180]

ADD COVER IMAGE HERE ■SCHOLASTIC Fourth Quarter & FY 2022 Earnings Call Presentation Thursday, July 21, 2022 Forward-Looking Statements This presentation contains certain statements made today which will be forward-looking. These forward-looking statements, by their nature, are subject to various risks and uncertainties, and actual results may differ materially from those currently anticipated. 2 Regulation G Today's comments include references to certain non-GAAP financial measures as defined in Regulation ...

Scholastic Corporation (NASDAQ:SCHL) Q4 2022 Earnings Conference Call July 21, 2022 4:30 PM ET Company Participants Paul Hukkanen - Chief Accounting Officer Peter Warwick - President and Chief Executive Officer Ken Cleary - Chief Financial Officer Operator Good day and thank you for standing by and welcome to the Scholastic Reports Q4 and Fiscal Year 2022 Results Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over ...