Lakeshore Learning Materials LLC

Overview Key strengths Key risks Leader in early childhood and K-5 educational products. Susceptible to changes in public funding priorities. Sticky customer base with majority of revenue derived from repeat customer orders. High working capital requirements resulting in long cash conversion cycles. Consistent cash flow. Leverage event risk given financial sponsor majority ownership. Revenue increased 35% and 24.5% in the first and second quarters of fiscal year 2022, respectively. The company continues to experience strong demand from higher order sizes and favorable product mix. The company?s direct sales channel, comprised of public and private institutions, contributed most of the year-over-year growth in the first half of fiscal 2022, given the ramp up in spending by states and school districts on

...Lakeshore continues to experience strong demand given supportive federal COVID-19 relief spending allocated to states and school districts. Revenue increased 35% and 24.5% in the first and second quarters of fiscal year 2022, respectively. The company continues to experience strong demand from higher order sizes and favorable product mix. The company's direct sales channel, comprised of public and private institutions, contributed most of the year-over-year growth in the first half of fiscal 2022, given the ramp up in spending by states and school districts on school classrooms. As a result, S&P Global Ratings-adjusted EBITDA increased about 27% for the 12 months ended June 30, 2022, from the same prior-year period. We estimate S&P Global Ratings-adjusted...

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