COLUMBUS, Ohio (May 25, 2023) – McGraw Hill, a leading global education company, today reported fiscal 2023 financial results for the fiscal year ending March 31. For the fiscal year, total billings grew 18% to $2.1 billion, digital billings increased 20% to $1.2 billion and adjusted EBITDA grew 23% to $776 million with adjusted EBITDA margin expanding for the fourth consecutive year.
The company’s digital transformation continued with digital billings now comprising 60% of total billings and approaching 90% in Higher Education.
The ongoing investment in digital included the acquisition of Boards & Beyond, a provider of on-demand video libraries and comprehensive online resources for the medical education market, and the release of a new direct-to-student study app called SHARPEN that complements and seamlessly aligns with course content in Higher Education through a social media-inspired user experience for today’s students.
Additionally, use of the company’s core digital learning platforms continued to expand with paid activations of McGraw Hill Connect increasing 2% year-over-year to 6 million and unique users of ALEKS, an artificial intelligence-based program for math and chemistry, increasing 12% to 6.5 million globally.
“Fiscal year 2023 was an exciting year for McGraw Hill, highlighted by significant growth, ongoing re-investment in content development and digital capabilities, and a focus on strengthening digital recurring revenue,” said Simon Allen, McGraw Hill CEO. “Our digital-first strategy and K-to-life focus allow us to effectively serve a fundamental societal need globally. Having spent more than a decade investing in our digital ecosystem, we are a leader in driving innovation where learning and technology intersect.”