HOUSE_OVERSIGHT_024512.jpg
1.51 MB
Extraction Summary
0
People
5
Organizations
0
Locations
2
Events
2
Relationships
2
Quotes
Document Information
Type:
Financial report / corporate filing (likely annual report or 10-k)
File Size:
1.51 MB
Summary
This document is page 79 of a financial report (stamped HOUSE_OVERSIGHT_024512) detailing the fiscal performance of KLC (Knowledge Learning Corporation) and KinderCare for the period ending December 31, 2005. It outlines expenses including salaries ($734.9M), rent ($121.1M), and general administrative costs, while noting a corporate restructuring involving KLC OpCo and KLC PropCo. While part of a larger cache likely related to investigations into Apollo Global Management (which acquired KLC) and its ties to Jeffrey Epstein, this specific page contains purely corporate financial data with no direct mention of Epstein.
Organizations (5)
| Name | Type | Context |
|---|---|---|
| KinderCare | ||
| KLC | ||
| KLC OpCo | ||
| KLC PropCo | ||
| House Oversight Committee |
Timeline (2 events)
Relationships (2)
mentions 'acquisition by KLC'
intercompany rent payable by KLC OpCo to KLC PropCo
Key Quotes (2)
"The increase in rent was largely due to a center sale-leaseback program conducted by KinderCare during 2004, prior to its acquisition by KLC."Source
HOUSE_OVERSIGHT_024512.jpg
Quote #1
"Pro forma rent does not include $96.3 million of intercompany rent payable by KLC OpCo to KLC PropCo as a result of the Real Estate Transaction."Source
HOUSE_OVERSIGHT_024512.jpg
Quote #2
Full Extracted Text
Complete text extracted from the document (2,179 characters)
Salaries, wages and benefits. Salaries, wages and benefits were $734.9 million, or 49.7% as a percentage of sales, during the 52 weeks ended December 31, 2005, compared to $725.0 million or 50.3%, for the same period in 2004.
Rent. Rent increased by $8.0 million to $121.1 million during the 52 weeks ended December 31, 2005, compared to the same period in 2004. The increase in rent was largely due to a center sale-leaseback program conducted by KinderCare during 2004, prior to its acquisition by KLC. Pro forma rent does not include $96.3 million of intercompany rent payable by KLC OpCo to KLC PropCo as a result of the Real Estate Transaction.
Other costs. Other costs include costs directly associated with the centers such as business insurance, food, marketing, maintenance, utilities, transportation and classroom and office supplies. Other costs were $281.0 million during the 52 weeks ended December 31, 2005, compared to $274.4 million in the same period last year. Other costs were 19.0% of revenue during both years.
General and administrative expenses. General and administrative expenses, which include costs associated with the field and corporate oversight and support of KLC's centers, were $126.0 million during the 52 weeks ended December 31, 2005, compared to $126.4 million for the same period in 2004. General and administrative expenses included the substantial majority of estimated temporary parallel organization costs of $28.1 million and $23.3 million in 2004 and 2005, respectively, as discussed below.
Adjusted EBITDA. Adjusted EBITDA was $238.0 million during the 52 weeks ended December 31, 2005 compared to $231.4 million in 2004. The increase in Adjusted EBITDA was primarily a result of slightly higher revenue and gross margin improvements enhanced by lower general and administrative costs before non-cash SAR accruals, net of restructuring charges and parallel organization costs. The table summarizes KLC's calculation of Adjusted EBITDA as defined in KLC's existing revolving credit agreement. See "Non-GAAP Financial Measures" for a discussion of our use of performance measures and related limitations.
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HOUSE_OVERSIGHT_024512
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