Scholastic(US:SCHL)2021-12-17 01:17Financial Performance - Revenues increased by 29% to $5242 million in Q2 FY22[8] - Operating income improved by approximately $30 million[8] - Adjusted EBITDA for the three months ended November 30, 2021, was $1137 million, compared to $777 million for the same period in 2020[26] - Free cash flow for the three months ended November 30, 2021, was $754 million, compared to $309 million for the same period in 2020[29] - Total debt decreased significantly to $143 million from $1948 million[29] Business Segment Performance - Children's Book Publishing & Distribution saw significant recovery in book fairs, moving towards pre-pandemic levels[10] - Book Fairs revenue increased significantly, contributing to a 44% increase in total Children's Book Publishing and Distribution revenue[33, 33] - Book Clubs experienced increased demand but faced industry-wide labor shortages[10] - Education Solutions revenue increased by 18%[33] - International business experienced disruptions in Asia, leading to a decrease in demand[13] Key Initiatives and Outlook - The company is focused on increasing the number of book fairs held and recovering from operational difficulties in book clubs[14] - New revenue channels in Education Solutions, such as PreK On My Way™, Scholastic Literacy Pro®, and Scholastic FIRS.T.®, are gaining traction[12] - Scholastic is a partner in the State of Florida's New Worlds Reading Initiative[16]