9 November 2023
Boston, MA – November 9, 2023 – Cengage Group, a leading global education and technology company, reported its financial results for the second quarter and first half of Fiscal Year 2024, ended September 30, 2023. Adjusted Cash Revenue for the second quarter was $570 million, up 10% on the prior period, with Adjusted Cash EBITDA less Pre-Publication costs (ELPP) at $260 million, 13% ahead. With a strong second quarter underpinned by a successful back to school season, Adjusted Cash Revenue for the first half of Fiscal Year 2024 was $840 million, a 9% increase over the prior year. ELPP for the first half of Fiscal Year 2024 was $262 million, an increase of 14% over the first half of fiscal year 2023.
“We closed the first half of Fiscal 2024 strongly and remain on track to deliver our third consecutive year of mid-single-digit revenue growth. As we continue to drive efficiencies through our operating model and expand margins, profit growth is expected to outpace our revenue increase,” said Michael Hansen, Chief Executive Officer, Cengage Group. “Importantly, our entire portfolio of businesses contributed to our momentum as we strive for sustainable revenue growth and margin expansion across all three of our business units.”
Hansen continued, “As we enter the second half of 2024, we are acutely aware that our customers including students, instructors and administrators, seek education that delivers tangible education outcomes. Aligned to our ‘education for employment’ strategy, we are committed to delivering the products and services that customers trust to help them achieve their goals. The launch of our recent Cengage Work Outcomes Report delivers clearly stated evidence that our workforce skills programs help learners secure employment and increase their earnings potential – two of the primary goals of most who seek education to improve their lives.”