Technology
Sabre Corporation Announces Exchange Offers by Sabre GLBL Inc. for Certain Senior Secured Debt Securities
Published
2 years agoon
By
SOUTHLAKE, Texas, Nov. 7, 2024 /PRNewswire/ — Sabre Corporation (“Sabre”) today announced that Sabre GLBL Inc. (“Sabre GLBL”), a wholly-owned subsidiary of Sabre, has commenced exchange offers (each, an “Exchange Offer” and together, the “Exchange Offers”) to exchange certain of its outstanding 11.250% Senior Secured Notes due 2027 (the “December 2027 Notes”) and 8.625% Senior Secured Notes due 2027 (the “June 2027 Notes” and, together with the December 2027 Notes, the “Existing Notes” and each of them a “series” of Existing Notes) for up to $500 million (as such amount may be amended by Sabre GLBL in its sole discretion, the “Maximum Exchange Amount”) in aggregate principal amount of Sabre GLBL’s new 10.750% Senior Secured Notes due 2029 (the “New Notes” and together with the Existing Notes, the “Securities”), upon the terms and subject to the conditions described in the confidential offering circular, dated as of November 7, 2024, for the Exchange Offers (as it may be amended or supplemented, the “Offering Circular”). The primary purpose of the Exchange Offers is to improve the Company’s maturity profile by extending the maturity date of the indebtedness represented by the Existing Notes from 2027 to 2029.
The aggregate principal amount of New Notes to be issued pursuant to the Exchange Offers is subject to a minimum principal amount of $250 million (the “New Notes Issuance Minimum”).
In addition, the principal amount of each series of Existing Notes that is accepted pursuant to the Exchange Offers will be subject to the “Acceptance Priority Level” (in numerical priority order), as set forth in the table below and as further described in the Offering Circular.
The following table summarizes certain terms of the Exchange Offers:
CUSIP No./ ISIN
Title of
Security
Principal
Amount
Outstanding
Acceptance
Priority
Level(1)
Exchange
Consideration(2)
Early Exchange
Premium(2)(3)
Total Exchange
Consideration(1)(2)(3)
CUSIP: 78573NAH5 (144A);
U86043AF0 (Reg. S) / ISIN:
US78573NAH52 (144A);
USU86043AF04 (Reg. S)
11.250%
Senior
Secured Notes
due 2027
$555,000,000
1
$1,000.00 principal
amount of New Notes
$82.50 principal
amount of New
Notes
$1,082.50 principal
amount of New Notes
CUSIP: 78573NAJ1 (144A);
U86043AG8 (Reg. S) / ISIN:
US78573NAJ19 (144A);
USU86043AG86 (Reg. S)
8.625%
Senior
Secured Notes
due 2027
$903,077,000
2
$930.00 principal
amount of New Notes
$82.50 principal
amount of New
Notes
$1,012.50 principal
amount of New Notes
(1) Acceptance of the Existing Notes is subject to the Acceptance Priority Level as described below.
(2) For each $1,000 principal amount of Existing Notes.
(3) Includes Early Exchange Premium.
If the aggregate principal amount of Existing Notes validly tendered on or before the Early Exchange Date (as defined below) constitutes a principal amount of Existing Notes that, if accepted by the Company, would result in issuing New Notes having an aggregate principal amount equal to or in excess of the Maximum Exchange Amount, the Company will not accept any Existing Notes tendered for exchange after the Early Exchange Date (even if they are of Acceptance Priority Level 1). If acceptance of all validly tendered Existing Notes of a series on the Early Exchange Date or the Expiration Date (as defined below), as applicable, would result in the Company issuing New Notes having an aggregate principal amount in excess of the Maximum Exchange Amount, the tendered Existing Notes of such series will be accepted on a pro rata basis as described in the Offering Circular. On each settlement date, Existing Notes of a series having a higher Acceptance Priority Level will be accepted for exchange before any Existing Notes of a series having a lower Acceptance Priority Level. For the avoidance of doubt, if the Exchange Offers are not fully subscribed as of the Early Exchange Date, subject to the terms and conditions of the Exchange Offers, all existing Notes tendered at or prior to the Early Exchange Date will be accepted for exchange in priority to all Existing Notes tendered after the Early Exchange Date even if such Existing Notes tendered after the Early Exchange Date have a higher Acceptance Priority Level than the Existing Notes tendered at or prior to the Early Exchange Date.
The New Notes will mature on November 15, 2029 and will bear interest at a rate per annum equal to 10.750%. The New Notes will first be redeemable, at Sabre GLBL’s option, starting on November 15, 2026, at 105.375% of their outstanding principal amount, plus accrued interest, and under certain other circumstances described in the Offering Circular.
The New Notes and the guarantees thereof will be senior secured indebtedness and will rank equal in right of payment with all of the existing and future senior secured indebtedness of Sabre GLBL and the guarantors. The New Notes will initially be jointly and severally, irrevocably and unconditionally guaranteed by Sabre Holdings Corporation (“Sabre Holdings”) and all of Sabre GLBL’s current and future restricted subsidiaries that are borrowers under or guarantee Sabre GLBL’s senior secured credit facilities under certain of its existing credit agreements or certain other secured indebtedness. The New Notes and the guarantees thereof will be secured, subject to permitted liens, by a first-priority security interest in substantially all present and hereinafter acquired assets of Sabre GLBL and each of the guarantors (other than certain excluded assets). The New Notes will be guaranteed by the same parties and on the same basis, and secured by the same assets and on the same basis, as the Existing Notes. In addition, the covenants in the indenture for the New Notes will be substantially the same as the covenants applicable to the Existing Notes.
The Exchange Offers will expire at 5:00 p.m., New York City time, on December 9, 2024, unless extended (such date and time, as it may be extended, the “Expiration Date”), unless earlier terminated. Tenders of Existing Notes may be withdrawn from the Exchange Offers at or prior to, but not after, 5:00 p.m., New York City time, on November 21, 2024, unless extended (such date and time, as it may be extended, the “Withdrawal Deadline”). Eligible Holders (as defined below) must validly tender their Existing Notes at or prior to 5:00 p.m., New York City time, on November 21, 2024, unless extended (such date and time, as it may be extended, the “Early Exchange Date”), to be eligible to receive the Total Exchange Consideration (as set forth above), which includes the Early Exchange Premium (as set forth above) for such Existing Notes. Eligible Holders tendering Existing Notes after the Early Exchange Date and on or before the Expiration Date will only be eligible to receive the Exchange Consideration (as set forth above), which will equal the Total Exchange Consideration for such series of Existing Notes less the applicable Early Exchange Premium.
In addition to the Total Exchange Consideration or Exchange Consideration (as described in the table above), as applicable, Eligible Holders whose Existing Notes are accepted for exchange will be paid the accrued and unpaid interest, if any, on the Existing Notes to, but not including, the early settlement date, which is expected to be November 25, 2024, unless extended (such date and time, as it may be extended, the “Early Settlement Date”) on such Existing Notes; provided, however, that since any New Notes issued on the final settlement date, which is expected to be December 11, 2024, unless extended (such date and time, as it may be extended, the “Final Settlement Date”) will be issued with accrued interest from the Early Settlement Date up to, but not including, the Final Settlement Date, the amount of such accrued interest on any such New Notes will be deducted, from the cash payable as accrued interest on the Existing Notes exchanged on the Final Settlement Date, provided further that such net amount will not be below zero. For the avoidance of doubt, Eligible Holders (as defined below) who validly tender Existing Notes of a series after the Early Exchange Date but on or before the Expiration Date, will not receive accrued and unpaid interest, if any, on such Existing Notes from the Early Settlement Date through the Final Settlement Date. In addition, Eligible Holders of the December 2027 Notes whose tenders are settled after December 1, 2024 and before December 15, 2024 will be deemed to have consented to giving up any claim to the interest payment due on December 15 in respect of the December 2027 Notes that they might otherwise have as a result of the related interest payment record date of December 1, 2024, and will receive only the accrued interest described above. Interest on the New Notes will accrue from (and including) the Early Settlement Date. Interest on the New Notes will accrue from (and including) the Early Settlement Date.
Sabre GLBL’s obligation to accept for exchange the Existing Notes validly tendered and not validly withdrawn in each Exchange Offer is subject to the satisfaction or waiver of certain conditions as described in the Offering Circular, including the New Notes Issuance Minimum. Such conditions may be waived by Sabre GLBL in its sole discretion, subject to applicable law. Any waiver of a condition by Sabre GLBL will not constitute a waiver of any other condition. For avoidance of doubt, the Exchange Offer in respect of the December 2027 Notes is not conditioned on the Exchange Offer in respect of the June 2027 Notes, or vice versa. Sabre GLBL reserves the right to extend, amend or terminate any Exchange Offer for any reason or for no reason. In addition, Sabre GLBL reserves the right to increase, decrease or otherwise change the Maximum Exchange Amount in its sole discretion without extending the Early Exchange Date or the Withdrawal Deadline or otherwise reinstating withdrawal rights, subject to compliance with applicable law and the terms of outstanding indebtedness. Sabre GLBL will not receive any cash proceeds from the Exchange Offers and will not incur additional indebtedness in excess of the aggregate principal amount of Existing Notes that are exchanged in the Exchange Offers.
Concurrently with the Exchange Offers, Sabre GLBL is offering lenders under its senior secured term loans (the “Old Term Loans”) to exchange up to approximately $375 million of their Old Term Loans for the same amount of new senior secured term loans maturing in November 2029 (the “New Term Loans”). Except for the extended maturity and new pricing terms of the New Term Loans, we expect that the New Term Loans will have substantially similar terms as the Old Term Loans. The consummation of each term loan exchange is conditioned on participation from at least $50 million in principal amount per tranche of the New Term Loans.
The consummation of each Exchange Offer is not subject to, or conditioned upon, the consummation of such term loan exchanges. The consummation of such term loan exchanges is not subject to, or conditioned upon, the consummation of any Exchange Offer. The proposed term loan exchanges are subject to market conditions and there can be no assurance that any or all of them will in fact be consummated in the manner described herein or at all.
The Exchange Offers are being made only to holders of Existing Notes that have certified, by submitting an instruction to the clearing system, that they are either (i) “qualified institutional buyers” as defined in Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”) or (ii) are located outside the United States and are not “U.S. persons” as defined in Rule 902 under the Securities Act (such holders, “Eligible Holders”). Only Eligible Holders are authorized to receive or review the Offering Circular or to participate in the Exchange Offers. Non U.S.-persons may also be subject to additional eligibility criteria.
Information Relating to the Exchange Offers
The complete terms and conditions of the Exchange Offers are set forth in the Offering Circular. The Offering Circular contains important information and Eligible Holders are encouraged to read it in its entirety. The Offering Circular will only be distributed to Eligible Holders who complete and return an eligibility form confirming that they are either a “qualified institutional buyer” under Rule 144A or not a “U.S. person” under Regulation S under the Securities Act for purposes of applicable securities laws. Holders of Existing Notes who desire to complete an eligibility form should either visit www.dfking.com/sabre or request instructions by sending an e-mail to sabre@dfking.com or by calling D.F. King & Co., Inc., the information and exchange agent for the Exchange Offers, at (toll-free) (800) 848-3374 (toll-free) or (banks and brokers) (212) 269-5550.
None of Sabre, Sabre Holdings, Sabre GLBL, their affiliates, their respective boards of directors and stockholders, the Exchange Agent or Computershare Trust Company, N.A., as trustee for the Existing Notes and New Notes, are making any recommendation as to whether holders should tender any Existing Notes in response to the Exchange Offers. Holders must make their own decision as to whether to tender any of their Existing Notes, and, if so, the principal amount of Existing Notes to tender.
This press release is for informational purposes only and is neither an offer to buy nor a solicitation of an offer to sell any of the New Notes or any other securities. The Exchange Offers are not being made to holders of Existing Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. The Exchange Offers are only being made pursuant to the Offering Circular. Eligible Holders are strongly encouraged to read the Offering Circular carefully because it will contain important information.
The New Notes have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. The New Notes have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the Offering Circular.
Forward-Looking Statements
Certain statements herein are forward-looking statements about trends, future events, uncertainties and our plans and expectations of what may happen in the future. Any statements that are not historical or current facts are forward-looking statements. In many cases, you can identify forward-looking statements by terms such as “guidance,” “outlook,” “target,” “expect, ” “anticipate,” “on track,” “continue,” “believe,” “momentum,” “position,” “continue,” “progress,” “confident,” “trend,” “plan,” “recurring,” “trajectory,” “pipeline,” “opportunity,” “potential,” “positioned,” “benefit,” “goal,” “confident,” “indicate,” “optimistic,” “will,” “forecast,” “strategy,” “estimate,” “project,” “may,” “should,” “would,” “intend,” or the negative of these terms, where applicable, or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Sabre’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. The potential risks and uncertainties include, among others, our ability to realize the anticipated benefits of the Exchange Offers and the proposed term loan exchange transaction and the risk that the Exchange Offers and the proposed term loan exchange transaction may not be consummated, financial condition and credit ratings, as well as on the travel industry and consumer spending more broadly, the effect of remote working arrangements on our operations and the speed and extent of the recovery across the broader travel ecosystem, dependency on transaction volumes in the global travel industry, particularly air travel transaction volumes, the timing, implementation and effects of our growth strategies and technology transformation, the completion and effects of travel platforms, exposure to pricing pressure in the Travel Solutions business, changes affecting travel supplier customers, maintenance of the integrity of our systems and infrastructure and the effect of any security incidents, our ability to recruit, train and retain employees, competition in the travel distribution industry and solutions industry, failure to adapt to technological advancements, implementation of software solutions, implementation and effects of new, amended or renewed agreements and strategic partnerships, dependence on establishing, maintaining and renewing contracts with customers and other counterparties and collecting amounts due to us under these agreements, dependence on relationships with travel buyers, the ability to achieve our cost savings and efficiency goals and the effects of these goals, our collection, processing, storage, use and transmission of personal data and risks associated with PCI compliance, the effects of cost savings initiatives, the effects of new legislation or regulations or the failure to comply with regulations or other legal requirements, use of third-party distributor partners, the financial and business results and effects of acquisitions and divestitures of businesses or business operations, reliance on the value of our brands, reliance on third parties to provide information technology services and the effects of these services, the effects of any litigation, regulatory reviews and investigations, adverse global and regional economic and political conditions, risks related to global conflicts, risks arising from global operations, risks related to our significant amount of indebtedness, including increases in interest rates and our ability to refinance our debt, and tax-related matters.
More information about potential risks and uncertainties that could affect our business and results of operations is included in the “Risk Factors” and “Forward-Looking Statements” sections of Sabre Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the Securities and Exchange Commission (“SEC”) on October 31, 2024 and Sabre Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 15, 2024, as well as other risks and uncertainties specified in the “Risk Factors” section of the Offering Circular. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, outlook, guidance, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. Unless required by law, Sabre undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.
About Sabre
Sabre Corporation is a software and technology company that takes on the biggest opportunities and solves the most complex challenges in travel. The Company connects travel suppliers and buyers around the globe and across the ecosystem through innovative products and next-generation technology solutions. Sabre harnesses speed, scale and insights to build tomorrow’s technology today – empowering airlines, hoteliers, agencies and other partners to retail, distribute and fulfill travel worldwide. Headquartered in Southlake, Texas, USA, Sabre serves customers in more than 160 countries around the world.
SABR-F
Contacts:
Media
Investors
Kristin Hays
Brian Roberts
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SOURCE Sabre Corporation
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Fiscal 2026 Operating Income of $15.2 Million; Adjusted EBITDA of $151.5 Million, Up 4%, in Line With Guidance
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NEW YORK, July 23, 2026 /PRNewswire/ — 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, 2026.
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Outlook
In fiscal 2027, the Company expects revenue growth of approximately 2% to 4% and Adjusted EBITDA of approximately $135 million to $145 million. The Adjusted EBITDA range represents growth compared with fiscal 2026 Adjusted EBITDA on a comparable basis, reflecting the full-year impact of the sale-leaseback transactions in both periods.
This outlook reflects expected growth in Children’s Books, Entertainment and International, improved performance in Education, disciplined cost management and targeted investment in long-term growth opportunities.
The Company also expects Free Cash Flow (a non-GAAP financial measure, explained in the accompanying tables) of approximately $35 million to $40 million.
Fiscal 2026 Q4 Review
In $ millions (except per share data)
Fourth Quarter
Change
Fiscal 2026
Fiscal 2025
$
%
Revenues
$
476.1
$
508.3
$
(32.2)
(6) %
Operating income (loss)
$
51.4
$
53.5
$
(2.1)
(4) %
Earnings (loss) before taxes
$
14.5
$
48.9
$
(34.4)
(70) %
Diluted earnings (loss) per share
$
0.45
$
0.59
$
(0.14)
(24) %
Operating income (loss), ex. one-time items* (1)
$
58.3
$
63.4
$
(5.1)
(8) %
Diluted earnings (loss) per share, ex. one-time items*
$
2.19
$
0.87
$
1.32
152 %
Adjusted EBITDA* (1)
$
84.7
$
91.2
$
(6.5)
(7) %
Pro forma Adjusted operating income* (2)
$
58.3
$
59.5
$
(1.2)
(2) %
Pro forma Adjusted EBITDA* (2)
$
84.7
$
83.7
$
1.0
1 %
* Please refer to the non-GAAP financial tables attached
(1)
Fiscal 2026 fourth-quarter Operating income excluding one-time items and Adjusted EBITDA include
net costs of $4.2 and $7.8, respectively, related to the sale-leaseback transactions completed in
December 2025.
(2)
Pro forma Adjusted operating income and Pro forma Adjusted EBITDA reflect the full-period impact of
the sale-leaseback transactions in each period presented. The Company refers to these measures in
this release as results “on a comparable basis.” See Table 7 for the reconciliation to Adjusted operating
income and Adjusted EBITDA.
Revenues decreased 6% to $476.1 million, as continued growth in Book Fairs and higher Entertainment revenues were more than offset by lower Trade and International revenues due to more challenging comparisons with the prior-year publishing schedule and lower revenues in Education.
Operating Income decreased 4% to $51.4 million in the quarter compared to $53.5 million a year ago, including $6.9 million and $9.9 million in one-time charges in each period, respectively. Excluding one-time charges in both periods, adjusted operating income decreased $5.1 million to $58.3 million. On a comparable basis, reflecting the full-period impact of the sale-leaseback in both periods, adjusted operating income decreased $1.2 million from $59.5 million. Adjusted EBITDA (a non-GAAP measure of operations explained in the accompanying tables) was $84.7 million, compared to $91.2 million in the prior-year period. On the same comparable basis, Adjusted EBITDA increased $1.0 million from $83.7 million in the prior year period, primarily reflecting improved profitability in Children’s Book Publishing and Distribution and Entertainment, partly offset by lower results in Education and International.
Quarterly Results
Children’s Book Publishing and Distribution
In the fiscal fourth quarter, the Children’s Book Publishing and Distribution segment’s revenues decreased 4% to $276.3 million.
In School Reading Events, Book Fairs revenues were $186.6 million, up 5% from the prior year period, reflecting higher fair count. Book Clubs revenues were $12.2 million, a decline of 7% from the prior year period, primarily reflecting lower participation throughout the year.
Consolidated Trade revenues decreased 20% from the prior year period to $77.5 million, reflecting a challenging comparison with the prior-year publishing schedule, which included the release of Sunrise on the Reaping, the fifth book in Suzanne Collins’ global bestselling The Hunger Games® series.
Segment operating income was $60.3 million, compared to $57.6 million a year ago, which included one-time charges of $0.6 million. Excluding one-time charges, adjusted operating income increased $2.1 million, primarily driven by higher revenues and improved profitability in Book Fairs, partly offset by lower Trade results.
Education
Education revenues decreased 13% to $109.2 million, primarily reflecting continued pressure on school and district spending for supplemental curriculum materials. Segment operating income was $27.0 million, which included one-time charges of $0.9 million, compared to $30.7 million in the prior year period, which included one-time charges of $0.6 million. Excluding one-time charges, adjusted operating income decreased by $3.4 million, as a result of lower revenues, partly offset by benefits from the segment’s improved cost structure. While fourth-quarter revenues remained below the prior year, the rate of decline improved in the second half of fiscal 2026 compared to the first half of the year, as the segment advanced its product, marketing and sales strategies following its repositioning.
Entertainment
Segment revenues increased 42% to $21.0 million, reflecting higher production services revenues. Segment operating income was $0.4 million, which included one-time charges of $0.4 million, compared to an operating loss of $3.0 million in the prior year period, which included one-time charges of $0.9 million. Excluding one-time charges, adjusted segment operating income improved $2.9 million to $0.8 million, primarily reflecting higher revenues.
International
International revenues decreased 13% to $69.6 million, excluding favorable foreign currency exchange of $3.1 million, primarily reflecting lower Trade revenues against a more challenging comparison with the prior-year publishing schedule. Segment operating income was $2.9 million, which included one-time charges of $0.2 million, compared to $3.7 million in the prior year period, which included one-time charges of $2.4 million. Excluding one-time charges, adjusted operating income decreased by $3.0 million to $3.1 million primarily reflecting lower revenues, partly offset by cost management.
Overhead
Overhead costs were $39.2 million, which included one-time charges of $5.4 million, compared to $35.5 million in the prior year period, which included one-time charges of $5.4 million. Excluding one-time charges, adjusted overhead costs increased $3.7 million to $33.8 million. On a comparable basis, reflecting the pro forma impact of the sale-leaseback transactions in both periods, adjusted overhead costs were approximately in line with the prior-year period.
Fiscal 2026 Full Year Review
In $ millions (except per share data)
Full Year
Change
Fiscal 2026
Fiscal 2025
$
%
Revenues
$
1,581.9
$
1,625.5
$
(43.6)
(3) %
Operating income (loss)
$
15.2
$
15.8
$
(0.6)
(4) %
Earnings (loss) before taxes
$
85.2
$
(1.3)
$
86.5
NM
Diluted earnings (loss) per share
$
2.34
$
(0.07)
$
2.41
NM
Operating income (loss), ex. one-time items* (1)
$
47.1
$
35.8
$
11.3
32 %
Diluted earnings (loss) per share, ex. one-time items*
$
1.87
$
0.48
$
1.39
NM
Adjusted EBITDA* (1)
$
151.5
$
145.4
$
6.1
4 %
Pro forma Adjusted operating income* (2)
$
35.3
$
19.9
$
15.4
77 %
Pro forma Adjusted EBITDA* (2)
$
132.4
$
115.3
$
17.1
15 %
* Please refer to the non-GAAP financial tables attached
(1)
Fiscal 2026 full-year Operating income excluding one-time items and Adjusted EBITDA include net costs
of $7.2 and $14.5, respectively, related to the sale-leaseback transactions completed in December 2025.
(2)
Pro forma Adjusted operating income and Pro forma Adjusted EBITDA reflect the full-period impact of
the sale-leaseback transactions in each period presented. The Company refers to these measures in
this release as results “on a comparable basis.” See Table 7 for the reconciliation to Adjusted operating
income and Adjusted EBITDA.
Revenues decreased 3% to $1,581.9 million, primarily reflecting lower revenues in Education and lower Consolidated Trade revenues against a more challenging comparison with the prior-year publishing schedule, partly offset by strong performance in Book Fairs and higher Entertainment revenues.
Operating Income decreased 4% to $15.2 million, compared to $15.8 million a year ago, including $31.9 million and $20.0 million in one-time charges in each period, respectively. Excluding one-time charges in both periods, adjusted operating income increased $11.3 million to $47.1 million. On a comparable basis, reflecting the full-year impact of the sale-leaseback transactions in both periods, adjusted operating income increased $15.4 million to $35.3 million, compared to $19.9 million in the prior year. Adjusted EBITDA increased $6.1 million, or 4%, to $151.5 million, in-line with the Company’s guidance. On the same comparable basis, Adjusted EBITDA increased 15%, or $17.1 million, to $132.4 million from $115.3 million. The improvement on a comparable basis primarily reflected strong performance in Children’s Book Publishing and Distribution and International, as well as lower adjusted overhead costs, which more than offset the impact of lower sales in Education.
Capital Position and Liquidity
In $ millions
Full Year
Change
Fiscal 2026
Fiscal 2025
$
%
Net cash provided by operating activities
$
50.9
$
124.2
$
(73.3)
(59) %
Net proceeds from sale and lease transactions (1)
452.4
—
452.4
NM
Additions to property, plant and equipment and
prepublication expenditures
(66.3)
(76.7)
10.4
14 %
Net borrowings (repayments) of film related obligations
(1.0)
(18.3)
17.3
95 %
Free cash flow (use)*
$
436.0
$
29.2
$
406.8
NM
Net cash (debt)*
$
48.9
$
(136.6)
$
185.5
136 %
NM – Not Meaningful
* Please refer to the non-GAAP financial tables attached
(1) Excludes tax impact from sale-leaseback transactions.
Net cash provided by operating activities was $50.9 million, compared to $124.2 million in the prior year period, primarily reflecting higher tax payments associated with the sale-leaseback transactions, as well as higher severance-related payments as part of cost savings initiatives. Free cash flow was $436.0 million in fiscal 2026, compared to $29.2 million in the prior year period, primarily reflecting over $400 million in net proceeds from the Company’s sale-leaseback transactions.
The Company ended fiscal 2026 with net cash of $48.9 million compared to a net debt position of $136.6 million at the end of fiscal 2025, primarily reflecting the net proceeds from the sale-leaseback transactions, partly offset by significant capital returns to shareholders.
In fiscal 2026, the Company returned approximately $288.6 million to shareholders through share repurchases and dividends. This included the repurchase of 7,336,966 shares of common stock for $268.6 million, including shares purchased through the Company’s modified Dutch auction tender offer and open-market repurchases, and $20.0 million of dividends, including $4.6 million in the fourth quarter.
At May 31, 2026, $183.0 million remained authorized for future repurchases under the Company’s stock repurchase program. The Company expects to continue purchasing shares, from time to time as conditions allow, on the open market or in negotiated private transactions.
Additional Information
To supplement our financial statements presented in accordance with GAAP, we include certain non-GAAP calculations and presentations including, as noted above, “Adjusted EBITDA, “Adjusted Operating Income”, and “Free Cash Flow”. Please refer to the non-GAAP financial tables attached to this press release for supporting details on the impact of one-time items on operating income, net income and diluted EPS, and the use of non-GAAP financial measures included in this release. This information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with GAAP.
Conference Call
The Company will hold a conference call to discuss its results at 4:30 p.m. ET today, July 23, 2026. Peter Warwick, Scholastic President and Chief Executive Officer, and Haji Glover, the Company’s Chief Financial Officer, Executive Vice President, will moderate the call.
A live webcast of the call can be accessed at https://edge.media-server.com/mmc/p/n2mcunuo. To access the conference call by phone, please go to https://register-conf.media-server.com/register/BIe4453c04814b4def819b83eaf92a8731, which will provide dial-in details. To avoid delays, participants are encouraged to dial into the conference call five minutes ahead of the scheduled start time. Shortly following the call, an archived webcast and accompanying slides from the conference call will be posted at investor.scholastic.com.
About Scholastic
For more than 100 years, Scholastic Corporation (NASDAQ: SCHL) has been meeting children where they are – at school, at home and in their communities – by creating quality content and experiences, all beginning with literacy. Scholastic delivers stories, characters, and learning moments that empower all kids to become lifelong readers and learners through bestselling children’s books, literacy- and knowledge-building resources for schools including classroom magazines, and award-winning, entertaining children’s media. As the world’s largest publisher and distributor of children’s books through school-based book clubs and book fairs, classroom libraries, school and public libraries, retail, and online, and with a global reach into more than 135 countries, Scholastic encourages the personal and intellectual growth of all children, while nurturing a lifelong relationship with reading, themselves, and the world around them. Learn more at www.scholastic.com.
Forward-Looking Statements
This news release contains certain forward-looking statements relating to future periods. Such forward-looking statements are subject to various risks and uncertainties, including the conditions of the children’s book and educational materials markets generally and acceptance of the Company’s products within those markets, and other risks and factors identified from time to time in the Company’s filings with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated.
SCHL: Financial
Table 1
Scholastic Corporation
Consolidated Statements of Operations
(Unaudited)
(In $ Millions, except shares and per share data)
Three months ended
Twelve months ended
05/31/26
05/31/25
05/31/26
05/31/25
Revenues
$
476.1
$
508.3
$
1,581.9
$
1,625.5
Operating costs and expenses:
Cost of goods sold
190.4
207.3
689.8
718.8
Selling, general and administrative expenses
219.7
227.8
807.2
822.3
Depreciation and amortization
13.1
17.2
58.8
65.7
Asset impairments and write downs
1.5
2.5
10.9
2.9
Total operating costs and expenses
424.7
454.8
1,566.7
1,609.7
Operating income (loss)
51.4
53.5
15.2
15.8
Interest income (expense), net
(0.9)
(4.3)
(11.2)
(16.0)
Other components of net periodic benefit (cost)
(0.3)
(0.3)
(1.3)
(1.1)
Loss on sale of investments
(17.2)
—
(17.2)
—
Gain (loss) on sale and leaseback transactions
(18.5)
—
99.7
—
Earnings (loss) before income taxes
14.5
48.9
85.2
(1.3)
Provision (benefit) for income taxes
5.1
33.5
28.5
0.6
Net income (loss)
$
9.4
$
15.4
$
56.7
$
(1.9)
Basic and diluted earnings (loss) per share of Class A and
Common Stock (1)
Basic
$
0.46
$
0.59
$
2.39
$
(0.07)
Diluted
$
0.45
$
0.59
$
2.34
$
(0.07)
Basic weighted average shares outstanding
20,343
26,113
23,698
27,631
Diluted weighted average shares outstanding
20,992
26,209
24,222
27,907
(1)
Earnings (loss) per share are calculated on non-rounded net income (loss) and shares outstanding.
Recalculating earnings per share based on numbers rounded to millions may not yield the results as
presented.
Table 2
Scholastic Corporation
Segment Results, Excluding One-Time Items
(Unaudited)
(In $ Millions)
Three months ended
Change
Twelve months ended
Change
05/31/26
05/31/25
$
%
05/31/26
05/31/25
$
%
Children’s Book Publishing
and Distribution
Revenues
Book Clubs
$
12.2
$
13.1
$
(0.9)
(7) %
$
57.1
$
64.2
$
(7.1)
(11) %
Book Fairs
186.6
177.8
8.8
5 %
576.0
548.3
27.7
5 %
School Reading Events
198.8
190.9
7.9
4 %
633.1
612.5
20.6
3 %
Consolidated Trade
77.5
97.3
(19.8)
(20) %
331.1
351.4
(20.3)
(6) %
Total Revenues
276.3
288.2
(11.9)
(4) %
964.2
963.9
0.3
0 %
Operating income (loss) ex.
one-time items *
60.3
58.2
2.1
4 %
143.7
131.3
12.4
9 %
Adjusted operating margin *
21.8 %
20.2 %
14.9 %
13.6 %
Education
Revenues
109.2
125.7
(16.5)
(13) %
267.6
309.8
(42.2)
(14) %
Operating income (loss) ex.
one-time items *
27.9
31.3
(3.4)
(11) %
0.2
6.9
(6.7)
(97) %
Adjusted operating margin *
25.5 %
24.9 %
0.1 %
2.2 %
Entertainment
Revenues
21.0
14.8
6.2
42 %
65.7
61.0
4.7
8 %
Operating income (loss) ex.
one-time items *
0.8
(2.1)
2.9
138 %
(9.3)
(7.2)
(2.1)
(29) %
Adjusted operating margin *
3.8 %
NM
NM
NM
International
Revenues
69.6
76.8
(7.2)
(9) %
277.2
279.6
(2.4)
(1) %
Operating income (loss) ex.
one-time items *
3.1
6.1
(3.0)
(49) %
7.1
2.9
4.2
145 %
Adjusted operating margin *
4.5 %
7.9 %
2.6 %
1.0 %
Overhead
Revenues
—
2.8
(2.8)
(100) %
7.2
11.2
(4.0)
(36) %
Operating income (loss) ex.
one-time items *
(33.8)
(30.1)
(3.7)
(12) %
(94.6)
(98.1)
3.5
4 %
Operating income (loss) ex.
one-time items *
$
58.3
63.4
(5.1)
(8) %
$
47.1
35.8
11.3
32 %
Adjusted operating margin *
12.2 %
12.5 %
3.0 %
2.2 %
NM – Not meaningful
* Please refer to Table 4 for one-time items and a reconciliation of the non-GAAP financials.
Table 3
Scholastic Corporation
Supplemental Information
(Unaudited)
(In $ Millions)
Selected Balance Sheet Items
05/31/26
05/31/25
Cash and cash equivalents
$
134.9
$
124.0
Accounts receivable, net
236.4
273.4
Inventories, net
265.0
250.2
Accounts payable
144.2
157.3
Deferred revenue
179.2
178.8
Accrued royalties
50.3
69.1
Film related obligations
17.1
18.3
Lines of credit and long-term debt
80.5
256.2
Net cash (debt) (1)
48.9
(136.6)
Total stockholders’ equity
750.8
946.5
Selected Cash Flow Items
Three months ended
Twelve months ended
05/31/26
05/31/25
05/31/26
05/31/25
Net cash provided by (used in) operating activities
$
90.0
$
106.9
$
50.9
$
124.2
Net proceeds from sale and lease transactions (3)
—
—
452.4
—
Property, plant and equipment additions
(15.0)
(12.3)
(48.4)
(52.2)
Prepublication expenditures
(4.9)
(8.7)
(17.9)
(24.5)
Net borrowings (repayments) of film related obligations
(0.1)
0.3
(1.0)
(18.3)
Free cash flow (use) (2)
$
70.0
$
86.2
$
436.0
$
29.2
(1)
Net cash (debt) is defined by the Company as cash and cash equivalents less production cash of $5.5
and $4.4 as of May 31, 2026 and May 31, 2025, respectively, net of lines of credit and short-term and
long-term-debt. Film related obligations are not included. The Company utilizes this non-GAAP financial
measure, and believes it is useful to investors, as an indicator of the Company’s effective leverage and
financing needs.
(2)
Free cash flow (use) is defined by the Company as net cash provided by or used in operating activities
(which includes royalty advances) and cash acquired through acquisitions and from the sale of assets,
reduced by spending on property, plant and equipment and prepublication costs and adjusted for net
cash flows from film related obligations. The Company believes that this non-GAAP financial measure
is useful to investors as an indicator of cash flow available for debt repayment and other investing
activities, such as acquisitions. The Company utilizes free cash flow as a further indicator of operating
performance and for planning investing activities.
(3)
Excludes tax impact from sale-leaseback transactions.
Table 4
Scholastic Corporation
Supplemental Results – Excluding One-Time Items
(Unaudited)
(In $ Millions, except per share data)
Three months ended
05/31/2026
05/31/2025
Reported
One-time
items
Excluding
One-time
items
Reported
One-time
items
Excluding
One-time
items
Diluted earnings (loss) per share (1)
$
0.45
$
1.79
$
2.19
$
0.59
$
0.29
$
0.87
Net income (loss) (2)
$
9.4
$
36.5
$
45.9
$
15.4
$
7.5
$
22.9
Earnings (loss) before income taxes (3)
$
14.5
$
42.6
$
57.1
$
48.9
$
9.9
$
58.8
Children’s Book Publishing and
Distribution (4)
$
60.3
$
—
$
60.3
$
57.6
$
0.6
$
58.2
Education (5)
27.0
0.9
27.9
30.7
0.6
31.3
Entertainment(6)
0.4
0.4
0.8
(3.0)
0.9
(2.1)
International (7)
2.9
0.2
3.1
3.7
2.4
6.1
Overhead (8)
(39.2)
5.4
(33.8)
(35.5)
5.4
(30.1)
Operating income (loss)
$
51.4
$
6.9
$
58.3
$
53.5
$
9.9
$
63.4
Twelve months ended
05/31/2026
05/31/2025
Reported
One-time
items
Excluding
One-time
items
Reported
One-time
items
Excluding
One-time
items
Diluted earnings (loss) per share (1)
$
2.34
$
(0.47)
$
1.87
$
(0.07)
$
0.55
$
0.48
Net income (loss) (2)
$
56.7
$
(11.3)
$
45.4
$
(1.9)
$
15.2
$
13.3
Earnings (loss) before income taxes (3)
$
85.2
$
(50.6)
$
34.6
$
(1.3)
$
20.0
$
18.7
Children’s Book Publishing and
Distribution (4)
$
142.9
$
0.8
$
143.7
$
130.7
$
0.6
$
131.3
Education (5)
(4.1)
4.3
0.2
6.3
0.6
6.9
Entertainment(6)
(16.1)
6.8
(9.3)
(12.1)
4.9
(7.2)
International (7)
6.4
0.7
7.1
(1.0)
3.9
2.9
Overhead (8)
(113.9)
19.3
(94.6)
(108.1)
10.0
(98.1)
Operating income (loss)
$
15.2
$
31.9
$
47.1
$
15.8
$
20.0
$
35.8
(1)
Earnings (loss) per share are calculated on non-rounded net income (loss) and shares outstanding. Recalculating
earnings per share based on rounded numbers may not yield the results as presented.
(2)
In the three and twelve months ended May 31, 2026, the Company recognized a benefit of $6.1 and a provision of
$39.3, respectively, for income taxes in respect to one-time pretax items. In the three and twelve months ended May
31, 2025, the Company recognized a benefit of $2.4 and $4.8, respectively, for income taxes in respect to one-time
pretax items.
(3)
In the three and twelve months ended May 31, 2026, the Company recognized a pretax loss of $17.2 related to the
sale of its 26.2% equity interest in a U.K.-based children’s book publishing business. In the three months ended May
31, 2026, the Company recognized an adjustment of $18.5 million to the pretax gain related to the sale-leaseback
transactions. In the twelve months ended May 31, 2026, the Company recognized a pretax gain of $99.7 related to
sale-leaseback transactions involving its facilities in New York City and Jefferson City, Missouri.
(4)
In the twelve months ended May 31, 2026, the Company recognized a pretax asset impairment charge of $0.8 related
to a certain product. In the three and twelve months ended May 31, 2025, the Company recognized a pretax asset
impairment charge of $0.6 related to a digital product.
(5)
In the three and twelve months ended May 31, 2026, the Company recognized pretax asset impairment charges of
$0.9 and $4.3, respectively, related to certain education and digital products. In the three and twelve months ended May
31, 2025, the Company recognized a pretax asset impairment charge of $0.6 related to certain digital products.
(6)
In the three and twelve months ended May 31, 2026, the Company recognized other pretax expenses of $0.4 and $1.4,
respectively. In the twelve months ended May 31, 2026, the Company recognized pretax severance of $0.2 and a pretax
asset impairment charge of $5.2 primarily related to certain film and television programs in development. In the three
and twelve months ended May 31, 2025, the Company recognized pretax severance of $0.3 and $1.4, respectively,
related to cost-savings initiatives, pretax costs of $0.4 and $3.0, respectively, related to the acquisition of 9 Story Media
Group and pretax asset impairment charges of $0.2 and $0.5, respectively, related to the early exit of certain leased
office space in Canada and Ireland.
(7)
In the three and twelve months ended May 31, 2026, the Company recognized pretax severance of $0.2 and $0.7,
respectively, related to cost-savings initiatives. In the three and twelve months ended May 31, 2025, the Company
recognized pretax severance of $1.3 and $2.8, respectively, related to cost-savings initiatives and a pretax asset
impairment charge of $1.1 related to the reorganization in China.
(8)
In the three and twelve months ended May 31, 2026, the Company recognized pretax severance of $3.7 and $15.5,
respectively, related to cost-savings initiatives, and other pretax expenses of $1.7 and $3.8, respectively. In the three
and twelve months ended May 31, 2025, the Company recognized pretax severance of $3.4 and $7.6, respectively,
related to cost-savings initiatives, other pretax expenses of $1.9 and $2.3, respectively, and an asset impairment
charge of $0.1 related to the early exit of an office lease.
Table 5
Scholastic Corporation
Consolidated Statements of Operations – Supplemental
Adjusted EBITDA
(Unaudited)
(In $ Millions)
Three months ended
05/31/26
05/31/25
Earnings (loss) before income taxes as reported
$
14.5
$
48.9
One-time items before income taxes
42.6
9.9
Earnings (loss) before income taxes excluding one-time items
57.1
58.8
Interest (income) expense (1)
0.9
4.5
Depreciation and amortization
26.7
27.9
Adjusted EBITDA (2)
$
84.7
$
91.2
Twelve months ended
05/31/26
05/31/25
Earnings (loss) before income taxes as reported
$
85.2
$
(1.3)
One-time items before income taxes
(50.6)
20.0
Earnings (loss) before income taxes excluding one-time items
34.6
18.7
Interest (income) expense (1)
11.6
16.4
Depreciation and amortization
105.3
110.3
Adjusted EBITDA (2)
$
151.5
$
145.4
(1)
Amounts include production loan interest amortized into cost of goods sold.
(2)
Adjusted EBITDA is defined by the Company as earnings (loss), excluding one-time items,
before interest, taxes, depreciation and amortization. The Company believes that Adjusted
EBITDA is a meaningful measure of operating profitability and useful for measuring returns
on capital investments over time as it is not distorted by unusual gains, losses, or other
items.
Table 6
Scholastic Corporation
Consolidated Statements of Operations – Supplemental
Adjusted EBITDA by Segment
(Unaudited)
(In $ Millions)
Three months ended
05/31/26
CBPD (1)
EDUC (1)
ENT (1)
INTL (1)
OVH (1)(4)
Total
Earnings (loss) before income taxes as reported
$
60.1
$
27.0
$
(0.0)
$
(14.8)
$
(57.8)
$
14.5
One-time items before income taxes
—
0.9
0.4
17.4
23.9
42.6
Earnings (loss) before income taxes excluding
one-time items
60.1
27.9
0.4
2.6
(33.9)
57.1
Interest (income) expense (2)
0.2
0.0
0.5
0.0
0.2
0.9
Depreciation and amortization (3)
8.3
6.0
8.0
2.2
2.2
26.7
Adjusted EBITDA (4)
$
68.6
$
33.9
$
8.9
$
4.8
$
(31.5)
$
84.7
Three months ended
05/31/25
CBPD (1)
EDUC (1)
ENT (1)
INTL (1)
OVH (1)
Total
Earnings (loss) before income taxes as reported
$
57.5
$
30.7
$
(2.9)
$
2.9
$
(39.3)
$
48.9
One-time items before income taxes
0.6
0.6
0.9
2.4
5.4
9.9
Earnings (loss) before income taxes excluding
one-time items
58.1
31.3
(2.0)
5.3
(33.9)
58.8
Interest (income) expense (2)
0.1
0.0
0.7
0.1
3.6
4.5
Depreciation and amortization (3)
8.0
6.2
5.0
2.0
6.7
27.9
Adjusted EBITDA
$
66.2
$
37.5
$
3.7
$
7.4
$
(23.6)
$
91.2
Twelve months ended
05/31/26
CBPD (1)
EDUC (1)
ENT (1)
INTL (1)
OVH (1)(4)
Total
Earnings (loss) before income taxes as reported
$
142.5
$
(4.1)
$
(17.9)
$
(12.9)
$
(22.4)
$
85.2
One-time items before income taxes
0.8
4.3
6.8
17.9
(80.4)
(50.6)
Earnings (loss) before income taxes excluding
one-time items
143.3
0.2
(11.1)
5.0
(102.8)
34.6
Interest (income) expense (2)
0.4
0.0
2.2
0.1
8.9
11.6
Depreciation and amortization (3)
31.2
24.9
24.4
8.1
16.7
105.3
Adjusted EBITDA (4)
$
174.9
$
25.1
$
15.5
$
13.2
$
(77.2)
$
151.5
Twelve months ended
05/31/25
CBPD (1)
EDUC (1)
ENT (1)
INTL (1)
OVH (1)
Total
Earnings (loss) before income taxes as reported
$
130.5
$
6.3
$
(14.3)
$
(3.1)
$
(120.7)
$
(1.3)
One-time items before income taxes
0.6
0.6
4.9
3.9
10.0
20.0
Earnings (loss) before income taxes excluding
one-time items
131.1
6.9
(9.4)
0.8
(110.7)
18.7
Interest (income) expense (2)
0.2
0.0
3.2
0.1
12.9
16.4
Depreciation and amortization (3)
31.1
24.8
21.5
7.9
25.0
110.3
Adjusted EBITDA
$
162.4
$
31.7
$
15.3
$
8.8
$
(72.8)
$
145.4
(1)
The Company’s segments are defined as the following: CBPD – Children’s Book Publishing and Distribution
segment; EDUC – Education segment; ENT – Entertainment segment; INTL – International segment; OVH –
unallocated overhead.
(2)
Amounts include production loan interest amortized into cost of goods sold.
(3)
Depreciation and amortization in the Children’s Book Publishing and Distribution, Education and International
segments includes amounts allocated from overhead.
(4)
Adjusted EBITDA for unallocated overhead and total includes the net cost impact of the sale-leaseback
transactions of $7.8 and $14.5 for the three and twelve months ended May 31, 2026, respectively.
Table 7
Scholastic Corporation
Pro Forma Supplemental Information
(Unaudited)
(In $ Millions)
Three months ended
Change
05/31/26
05/31/25
$
%
Adjusted unallocated overhead
$
(33.8)
$
(30.1)
$
(3.7)
(12) %
Incremental full-year impact of sale-leaseback transactions
—
(3.9)
3.9
Pro forma Adjusted unallocated overhead (1)
$
(33.8)
$
(34.0)
$
0.2
1 %
Adjusted operating income
$
58.3
$
63.4
$
(5.1)
(8) %
Incremental full-year impact of sale-leaseback transactions
—
(3.9)
3.9
Pro forma Adjusted operating income (1) (2)
$
58.3
$
59.5
$
(1.2)
(2) %
Adjusted EBITDA
$
84.7
$
91.2
$
(6.5)
(7) %
Incremental full-year impact of sale-leaseback transactions
—
(7.5)
7.5
Pro forma Adjusted EBITDA (1) (2)
$
84.7
$
83.7
$
1.0
1 %
Twelve months ended
Change
05/31/26
05/31/25
$
%
Adjusted unallocated overhead
$
(94.6)
$
(98.1)
$
3.5
4 %
Incremental full-year impact of sale-leaseback transactions
(11.8)
(15.9)
4.1
Pro forma Adjusted unallocated overhead (1)
$
(106.4)
$
(114.0)
$
7.6
7 %
Adjusted operating income
$
47.1
$
35.8
$
11.3
32 %
Incremental full-year impact of sale-leaseback transactions
(11.8)
(15.9)
4.1
Pro forma Adjusted operating income (1) (2)
$
35.3
$
19.9
$
15.4
77 %
Adjusted EBITDA
$
151.5
$
145.4
$
6.1
4 %
Incremental full-year impact of sale-leaseback transactions
(19.1)
(30.1)
11.0
Pro forma Adjusted EBITDA (1) (2)
$
132.4
$
115.3
$
17.1
15 %
(1)
Pro forma Adjusted unallocated overhead, Pro forma Adjusted operating income and Pro forma Adjusted
EBITDA reflect the net impacts of the sale-leaseback transactions as if the transactions had occurred on
June 1, 2024, the beginning of fiscal 2025. Fiscal 2026 reported results include the actual impact beginning
upon completion of the transactions in December 2025. The incremental adjustments shown above reflect
the additional impact for the portion of fiscal 2026 prior to completion of the transactions. Fiscal 2025
reported results include no impact from the transactions.
(2)
For fiscal 2026, the full-year pro forma cost impact was $19.0 on Adjusted operating income, consisting of
$7.2 recognized in reported fiscal 2026 results and $11.8 of incremental adjustments. For fiscal 2026, the
full-year pro forma cost impact on Adjusted EBITDA was $33.6, consisting of $14.5 recognized in reported
fiscal 2026 results and $19.1 of incremental adjustments. For fiscal 2025, the full-year pro forma cost
impacts were $15.9 on Adjusted operating income and $30.1 on Adjusted EBITDA.
View original content to download multimedia:https://www.prnewswire.com/news-releases/scholastic-reports-fourth-quarter-and-fiscal-2026-results-302833617.html
SOURCE Scholastic Corporation
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