NEW YORK (November 30, 2021) – McGraw Hill today reported strong growth in billings in the first half of its 2022 fiscal year, which ended September 30. The company benefited from COVID-related fiscal stimulus funding in K–12 and the continued growth of higher education Inclusive Access programs.
McGraw Hill’s K–12 group reported a 33% increase in billings with strong adoptions of core curriculum programs and a 50% increase in its supplemental and intervention offerings.
In higher education, Inclusive Access programs continued to expand on college campuses as more institutions looked to reduce costs for students. Inclusive Access provides digital course materials to students by the first day of class at a cost that is as much as 70% lower than traditional print. Inclusive Access billings grew 31% year-over-year, with programs now in place on more than 1,450 campuses.
"Our continued strong performance through the first half of this year shows that the investments we have made in our digital transformation are paying off," said Simon Allen, McGraw Hill CEO. "We're well positioned to respond to educators' and learners' unique needs during a fast-changing time in the world of education. Our focus will continue to be on developing and maintaining innovative digital products that are affordable and accessible to all learners."
Digital billings for the last 12 months were more than $1 billion. With the completion earlier this month of its acquisition of Achieve3000, a leader in online supplemental and intervention materials for K-12, digital billings will increase further.
The company’s International and Global Professional groups also showed strong growth in the first half of Fiscal 2022, with digital billings increasing by 8%.
For more information about McGraw Hill and its financial performance, visit: https://investors.mheducation.com/C