CAMBIUM LEARNING GROUP, INC. (ABCD) [Rocket]

In millions, except per share items	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11	Dec-31-10
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Learning A-Z	75.1	66.0	55.2	44.4	33.5	26.2
Voyager Sopris Learning	55.2	62.6	69.6	79.2	90.3	96.9	122.8	142.7
ExploreLearning	27.9	23.7	20.2	18.1	16.3	14.3
Cambium Learning Technologies							49.5	38.6
Other					10.4	11.2
Total revenues [+]	158.2	152.4	144.9	141.7	150.5	148.6	172.3	181.3
Products	155.3	148.6	138.2	133.3	138.3	130.2	151.8	160.8
Services	2.8	3.8	6.7	8.4	12.2	18.4	20.4	20.5
Revenue growth [+]	3.8%	5.1%	2.2%	-5.8%	1.3%	-13.8%	-5.0%	79.4%
Learning A-Z	13.8%	19.7%	24.3%	32.6%	27.9%
Voyager Sopris Learning	-11.8%	-10.1%	-12.2%	-12.3%	-6.7%	-21.1%	-14.0%
ExploreLearning	17.3%	17.7%	11.2%	11.4%	14.0%
Cambium Learning Technologies							28.3%
Cost of goods sold [+]	91.9	97.4	98.5	113.8	194.3	205.2	217.4	180.4
Cost of product sales	26.0	27.8	27.2	32.1	38.3	33.3	34.0	41.6
Cost of services	1.6	2.4	4.2	5.8	8.4	17.7	19.2	18.3
Amortization of intangibles	18.0	18.1	17.4	18.3	17.5	24.7	27.8	28.5
Transportation costs	0.8	0.9	1.1	1.5	1.7	2.8	2.3	3.6
Depreciation and amortization					17.5	24.7	27.8	28.5
Gross profit	66.3	54.9	46.5	28.0	-43.8	-56.6	-45.1	0.9
Gross margin	41.9%	36.0%	32.1%	19.7%	-29.1%	-38.1%	-26.2%	0.5%
Selling, general and administrative [+]	70.1	68.3	64.2	60.8	63.6	67.8	69.2	69.8
Sales and marketing	49.5	47.2	44.1	41.4	42.2	46.4	45.7	46.0
General and administrative	20.6	21.1	20.1	19.4	21.3	21.4	23.5	23.9
Research and development	13.7	12.9	10.9	11.1	9.8	10.9	9.9	10.6
Other operating expenses	-45.5	-48.3	-48.7	-56.1	-128.3	-134.5	-138.4	-88.8
EBITDA [+]	46.1	40.2	37.4	30.5	28.6	23.9	42.0	37.8
EBITDA growth	14.7%	7.3%	22.6%	6.7%	19.6%	-43.0%	11.2%	189.0%
EBITDA margin	29.1%	26.4%	25.8%	21.5%	19.0%	16.1%	24.4%	20.8%
Depreciation	20.7	20.9	20.4	21.4	21.1	28.9	32.2	33.1
EBITA	25.3	19.3	17.0	9.1	7.5	-5.0	9.8	4.6
EBITA margin	16.0%	12.7%	11.8%	6.4%	5.0%	-3.3%	5.7%	2.5%
Amortization of intangibles	0.0	0.7	0.8	1.0	1.3	2.0	2.9	4.5
EBIT [+]	25.3	18.6	16.2	8.0	6.2	-7.0	7.0	0.1
EBIT growth	35.9%	15.0%	101.2%	29.9%	-188.7%	-200.3%	8088.2%	-100.6%
EBIT margin	16.0%	12.2%	11.2%	5.7%	4.1%	-4.7%	4.0%	0.0%
Non-recurring items [+]	4.3				2.2	109.0	38.8
Asset impairment	4.3				2.2	100.6	37.6
Interest expense, net [+]	4.8	7.2	14.0	17.7	18.8	18.7	18.4	17.3
Interest expense	4.9	7.2	14.0	17.7	19.0	19.1	19.2	17.3
Interest income	0.0	0.0	0.0	0.0	0.2	0.4	0.7	0.0
Other income (expense), net [+]	-0.4	-0.7	-3.3	0.3	0.8	1.1	0.8	0.7
Gain (loss) on investments						0.0
Gain (loss) on debt retirement	-0.4	-0.7	-4.0	-0.9
Other			0.7	1.2	0.8	1.1	0.8	0.7
Pre-tax income	15.8	10.7	-1.1	-9.4	-14.1	-133.5	-49.4	-16.5
Income taxes	-29.3	0.3	0.2	0.6	0.2	0.3	0.0	-0.6
Tax rate		2.7%						3.5%
Net income	45.1	10.4	-1.3	-10.0	-14.3	-133.8	-49.4	-16.0
Net margin	28.5%	6.8%	-0.9%	-7.0%	-9.5%	-90.1%	-28.7%	-8.8%

Basic EPS [+]	$0.97	$0.23	($0.03)	($0.22)	($0.30)	($2.71)	($1.07)	($0.36)
Growth	326.8%	-881.8%	-86.7%	-28.0%	-88.8%	152.8%	197.7%	-77.9%
Diluted EPS [+]	$0.95	$0.22	($0.03)	($0.22)	($0.30)	($2.71)	($1.07)	($0.36)
Growth	328.6%	-859.4%	-86.7%	-28.0%	-88.8%	152.8%	197.7%	-77.9%

Shares outstanding (basic) [+]	46.4	45.9	45.6	45.6	47.0	49.4	46.1	44.3
Growth	1.2%	0.7%	-0.2%	-3.0%	-4.8%	7.0%	4.1%	101.5%
Shares outstanding (diluted) [+]	47.6	47.2	45.6	45.6	47.0	49.4	46.1	44.3
Growth	0.8%	3.7%	-0.2%	-3.0%	-4.8%	7.0%	4.1%	101.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.