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Scholastic Corp (SCHL) SEC Filing 10-K Annual Report for the fiscal year ending Tuesday, May 31, 2022

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Scholastic Corp

CIK: 866729 Ticker: SCHL

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SCHOLASTIC REPORTS FOURTH QUARTER AND FISCAL 2022 RESULTS LED BY
RECORD REVENUE PER FAIR LEVELS AND STRONG EDUCATION SOLUTIONS SALES

Fourth Quarter Operating Income Up $55.8M on 28% YOY Higher Revenue of $514.4M
Company Expects Full Year 2023 Revenue to Increase 8%-10% Versus Fiscal 2022
Regular Quarterly Dividend Raised 33% to $0.20 Per Share

New York – July 21, 2022 -
Scholastic Corporation (NASDAQ: SCHL), the global children’s publishing, education and media company, today reported financial results for the Company’s fiscal fourth quarter and full year ended May 31, 2022. Scholastic recorded significant revenue and operating income gains in both reporting periods, led by increased in-person book fairs and record revenue-per-fair levels in the U.S. book fairs channel, as well as strong demand for the Company’s educational offerings.
As previously announced, reflecting confidence in the Company’s performance and outlook, its Board of Directors also approved a 33% increase in its regular quarterly cash dividend to $0.20 per share from $0.15 per share on the Company’s Class A and Common Stock for the first quarter of fiscal 2023. The dividend is payable on September 15, 2022 to shareholders of record as of the close of business on August 31, 2022.

Company Commentary from Peter Warwick, Scholastic President & CEO

“Scholastic’s strong fourth fiscal quarter and full-year results were driven by the success of our strategic and operational initiatives, and the ever growing demand for our products by children, parents and our long-standing school partners.”
“It’s clear that Scholastic has emerged from the challenges of the pandemic even stronger and better positioned for future sustainable growth, as indicated by our higher expectations for fiscal 2023 and the recently announced increase in our regular quarterly dividend. Scholastic’s employees did an amazing job fulfilling our Company mission during these uncertain times by embracing every opportunity to increase collaboration and foster innovation.”
“Looking ahead to fiscal 2023 and beyond, we see continuing demand for our products and services deeply rooted in the fundamental role of our engaging independent reading materials in the learning goals of children. This goes beyond recovery as there is a renewed focus on the benefits that independent reading and book ownership have for young readers and their overall development. As educators, parents and policymakers look to close the learning gaps exacerbated by the pandemic, Scholastic will continue to be a trusted and preferred partner. In addition, our popular and highly-valued intellectual property will fuel our growth and financial performance, as we continually expand and refresh our deep library of content."

Fiscal 2022 Q4 Review

In $ millionsFourth QuarterChange
20222021$%
Revenues$514.4 $401.4 $113.0 28 %
Operating income (loss)$65.5 $9.7 $55.8 NM
Earnings (loss) before taxes$53.7 $8.0 $45.7 NM
Operating income (loss), ex. one-time items*$66.1 $41.6 $24.5 59 %
Earnings (loss) before taxes, ex. one-times *$65.9 $39.9 $26.0 65 %
Adjusted EBITDA*$88.5 $63.6 $24.9 39 %
* Please refer to the non-GAAP financial tables attached
NM - Not meaningful
1

The following information was filed by Scholastic Corp (SCHL) on Thursday, July 21, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statement Of Changes In Stockholders Equity (Parenthetical)
Consolidated Statement Of Changes In Stockholders??? Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Reclassification Out Of Aoci (Details)
Accumulated Other Comprehensive Income (Loss) - Schedule Of Aoci Activity (Details)
Asset Write Down
Asset Write Down (Details)
Capital Stock And Stock-Based Awards
Capital Stock And Stock-Based Awards (Tables)
Capital Stock And Stock-Based Awards - Narrative (Details)
Capital Stock And Stock-Based Awards - Schedule Of Capital Stock (Details)
Capital Stock And Stock-Based Awards - Schedule Of Employee Stock Purchase Plan Activity (Details)
Capital Stock And Stock-Based Awards - Schedule Of Intrinsic Value Of Stock Options Exercised, Pretax Stock-Based Compensation Cost And Related Tax Benefits (Details)
Capital Stock And Stock-Based Awards - Schedule Of Restricted Stock Units Under The Management Stock Purchase Plan (Details)
Capital Stock And Stock-Based Awards - Schedule Of Rsu Activity (Details)
Capital Stock And Stock-Based Awards - Schedule Of Stock Option Activity For The Class A Stock And Common Stock Plans (Details)
Capital Stock And Stock-Based Awards - Schedule Of Stock Unit And Restricted Stock Unit Activity (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule For Aggregate Minimum Future Contractual Commitments (Details)
Debt
Debt (Details) - Schedule Of Debt
Debt (Tables)
Debt - Narrative (Details)
Derivatives And Hedging
Derivatives And Hedging (Details)
Description Of The Business, Basis Of Presentation And Summary Of Significant Accounting Policies
Description Of The Business, Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Description Of The Business, Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Description Of The Business, Basis Of Presentation And Summary Of Significant Accounting Policies - Narrative (Details)
Description Of The Business, Basis Of Presentation And Summary Of Significant Accounting Policies - Prior Period Adjustment (Details)
Description Of The Business, Basis Of Presentation And Summary Of Significant Accounting Policies - Stock-Based Compensation (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Narrative (Details)
Earnings (Loss) Per Share - Schedule Of Earnings Per Share, Basic And Diluted (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Assumed Health Care Cost Trend Rates (Details)
Employee Benefit Plans - Narrative (Details)
Employee Benefit Plans - Schedule For Measurement Of Benefit Plan Assets At Fair Value (Details)
Employee Benefit Plans - Schedule Of Accumulated Benefit Obligation In Excess Of Plan Assets (Details)
Employee Benefit Plans - Schedule Of Amounts Recognized In Balance Sheet (Details)
Employee Benefit Plans - Schedule Of Change In Benefit Obligations (Details)
Employee Benefit Plans - Schedule Of Change In Fair Value Of Plan Assets (Details)
Employee Benefit Plans - Schedule Of Changes In Fair Value Level 3 Assets (Details)
Employee Benefit Plans - Schedule Of Expected Future Benefit Payments (Details)
Employee Benefit Plans - Schedule Of Net Periodic Costs (Details)
Employee Benefit Plans - Schedule Of Recognized In Accumulated Other Comprehensive Loss (Details)
Employee Benefit Plans - Schedule Of Targeted Weighted Average Asset Allocations (Details)
Employee Benefit Plans - Schedule Of Total Weighted Average Asset Allocations (Details)
Employee Benefit Plans - Summary Of Weighted Average Actuarial Assumptions Utilized To Benefit Obligations (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Schedule Of Non-Financial Assets Measured And Recorded At Fair Value On A Non-Recurring Basis (Details)
Goodwill And Other Intangibles
Goodwill And Other Intangibles (Details)
Goodwill And Other Intangibles (Tables)
Goodwill And Other Intangibles - Schedule Of Activity In Goodwill (Details)
Goodwill And Other Intangibles - Schedule Of Estimated Amortization Expense For Intangibles (Details)
Goodwill And Other Intangibles - Schedule Of Goodwill By Segment (Details)
Goodwill And Other Intangibles - Schedule Of Other Intangible Assets Subject To Amortization (Details)
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Leases - Assets And Liabilities (Details)
Leases - Cash Flow Information (Details)
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Other Accrued Expenses
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Property, Plant And Equipment
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Property, Plant And Equipment (Tables)
Related Party Disclosures (Details)
Revenues (Tables)
Revenues - Allowance For Credit Losses (Details)
Revenues - Deferred Revenue (Details)
Revenues - Disaggregation Of Revenue Data (Details)
Revenues - Narrative (Details)
Revenues Revenues
Schedule Ii Valuation And Qualifying Accounts And Reserves
Schedule Ii Valuation And Qualifying Accounts And Reserves Schedule Ii (Details)
Segment Information
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Subsequent Events
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Taxes - Narrative (Details)
Taxes - Schedule For Components For Deferred Income Taxes (Details)
Taxes - Schedule Of Earnings From Continuing Operations Before Income Taxes (Details)
Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Taxes - Schedule Of Provision For Income Taxes (Details)
Taxes - Schedule Of Unrecognized Tax Benefits (Details)
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Treasury Stock - Schedule Of Repurchase Of Common Stock (Details)
Ticker: SCHL
CIK: 866729
Form Type: 10-K Annual Report
Accession Number: 0000866729-22-000017
Submitted to the SEC: Fri Jul 22 2022 4:12:45 PM EST
Accepted by the SEC: Fri Jul 22 2022
Period: Tuesday, May 31, 2022
Industry: Books Publishing Or Publishing And Printing

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