Cengage thank morning, financial Michael. Good I'll Fourth and Group's you, begin Year and with highlights. Full Quarter
units the notable X% to back XX% comparable contributed was increase Higher fiscal in Cengage sales, improvement have strong 'XX. Fourth Academics by QX. momentum underpinned was quarter highlight. over declines from quarter institutional spring year. which strong All the This last growth quarter quarter up Education, business on QX million, results was US revenues timing and Our finish adjusted the $XXX strong successful the X% over a continued with progressed of fourth shift moderating which to cash and revenue enrollment season, in a the also a
of prior $XX Cengage in increase quarter global to XX% over benefits earlier the portfolio across revenue actions the strong costs million, ELPP cost ELPP growth cash the continue taken a and quarter period. the business. Group's performance adjusted trajectory the broadly the moderate reflects as flat was from fourth our in year The
cash a for ahead forma months guidance. $X.XXX and revenue billion slightly pro year full Adjusted basis on financial the was up reported X% our XX and X% as of
growth. Our net of a the digital and time, up total billion XX% strategy driver overall pro key for net surpassed is representing a sales basis forma Digital of X% first sales. $X on
digital good opportunity portfolio the have significant for continued momentum We with growth. whole across
also over We XX full X% a margin the of our and basis fourth our pro margin ELPP by year forma expansion points. with prior marginally forma was delivered X% representing pro million, the the growth. of of for an guidance year increase consecutive ELPP improving end ahead year $XXX top and
business and Work ongoing optimization notably of in our cost In expanding most our have meaningful systems model funded simplification and Cengage margins, significant Academic. the through drove savings, in-year global investments which Cengage operating in we
business all Turning units, of in adjusted to fiscal our revenues 'XX. posted which higher cash three
In forma of Academic XX% on Cengage On strong year. a revenue ahead fiscal basis in Select up XX% pro year. million finish Academic, the prior the and the year. fourth Work a $XXX period. on Cengage With Cengage to strong X% a increase its grew quarter, over Cengage the back was final adjusted full ended the for was in XX% quarter, and the cash basis reported a X%
of compared year in fourth $XXX IR. international million, Full $XXX U.S. secondary, revenue last revenue Academic was The last results supplemented year. strong a growth $XXX compared were solid Ed strong in X% High driven million cash performance with Cengage to up in with by million a adjusted year. adjusted by quarter cash had
This in effects performance and the through shifted to QX, season reflects institutional underlying from strong improved driven business. spring QX timing as growth by revenue
X%, U.S. a adjusted from in year, revenues full fiscal including cash Higher the For were licensing Ed X% sales down 'XX. drag
to background unit driven year academic of the 'XX fiscal solid in decline estimate moderating print business sales. we given the of performance The our Against in at our X% outweighed combination overall by over reflects the enrollment, digital progress mix. declines sharp which in X% customer a
digital flat $XXX a sales direct-to-student units prior in $XX $XXX strong were increased print flat rates. bundles Overall net offset by Unlimited, by in comparable declines against XX%. despite Our at sales from with net drag and units both which million, were digital growth being significant million, Cengage inclusive to million down or access digital growing Cengage Institutional with broadly continued institutional were in by XX% Unlimited year-over-year business. year bundles the
a business sales overall the marketing product trajectory by initiatives winning We adoption to Higher of next sell-through through return the driven and firmly through is strategy. is couple improving growth to sales, focused believe our our share digital years, aggressively This growing on Ed U.S. business. by over institutional on and business
protection benign season unmonetized reducing a enrollment through fuse seats coming out and spring engaging with environment. the our IP. momentum and of And assuming of With strong
expect fiscal higher US 'XX. improve and to performance Ed 'XX in progressively We fiscal
the for of exception which the $XXX revenue regions from year-over-year cash international increased with million. X% adjusted to were lower enrollments. ahead Ed, to face year Higher International In All headwinds continued Australia,
leveraged Middle International, penetration. in Europe, net XX% products reflecting growth and sales penetration. Overall, Education in and the print lower sustained U.S. Across the compared Higher to as of benefits digital Africa of we returns, by was in improvement region fiscal successfully driven strong increases represent Digital capabilities 'XX digital products double-digit XX% to broader from improve digital have East,
to Our secondary revenues excellent year adjusted million. business finished with cash of an XX% $XXX
our in our XX%, accounts school product now for business, programs high secondary, strategic XX%. core Advanced and of which new while technical XX% sales were and Elementary up less education XX%, legacy core launches. middle our than were placement programs Excluding growth driven by and over was career over
around in state XX% in cycle. high to Our state Math a up Program represents Florida success due which sales were adoption the the adoption, point large map
Learning, Texas In Math, large X the further state with adoptions. Big we frame which for of partnership have we expected a recently Ideas California and an exclusive time the years extended covering
Moving business in a our growth on key driver to Cengage Work, is which portfolio.
scaling invest 'XX, fiscal Throughout cybersecurity investments, strategically go-to-market, operating ready-to-hire capabilities and focus with the business verticals. span These our profitably. health And and on continued which we've accelerating the of are and the employer the job offering. to in in allied fast-growing growth recent launch segment, revenue product
gaining up in million meaningfully Our a XX% quarter growth over paying the both off basis, reaching EdXGo pro on XX fourth forma Infosec with investments momentum quarter. and are with revenue
revenue full forma through year year, growth XX% accelerating pro full basis the X% million, to For $XXX adjusted a compared QX. to reached revenue on cash
across After were extensive the up sales and quarter growth In EdXGo to fourth improved pro higher closing generation its XX% were up as on year revenues with with basis conversion academic and returning our lead boot a the ever, investments double-digit network. in full both partner net drove software camps forma best quarter our XX% Infosec, and quarter. year sales
and million, Full of first basis. QX remains strengthening resilient. markets go-to-market both a X% year $XX The into 'XX. very and drove fiscal serve in capabilities we've pipeline the investments made sales Infosec expanding reached pro the Demand going revenues forma and across strong quarter both performance upgrading the up we on the
breakeven Cengage strong momentum momentum 'XX. to notable accelerate is has sales quarter. improved achieved The Cengage the continued that to Work first evident through in ELPP through growth expect and quarter cash in QX and work the sustain we It revenue date, adjusted fourth fiscal
we positively unit economics. strong business it profits to the scales, expect this year contribute As very its to given
as growth revenue Select $XXX delivered in to for grew revenue million year of adjusted Cengage cash quarter reached in fourth increase the revenue English adjusted and teaching cash $XX XX% to cash quarter fourth of XX% million. language full XX% the million. an $XXX adjusted the
adjusted district Africa, East, over core several Europe, significant year double-digit revenue Driving the million, cash increase was regions and $XXX where expansion Education year. in of successful with full large growth prior to Ministry delivered K-XX by were XX% the led growth, by All market school wins, U.S., strong a supercharged Middle we where sales.
moderating we in back After Fiscal to exceptional scale revenues fiscal sales maintain 'XX, revenue 'XX, nevertheless expect Ministry of in double-digit growth. performance, is Education overall strong to ELT the which somewhat expected
to up momentum good continued revenue global its which with growth, penetration $XX expect We 'XX. platform, further XX% digital with the million. our drive new through from also making overall expansion cash X% of drive we fourth fiscal are and maintained adjusted learning rollout quarter in Spark margin to support revenues the digital achieved nearly Research the progress
cash driven XX% 'XX. statewide rates the sales, large For million, domestic X% strong business, lower archive the positioned outweighed by sales $XXX was a is research new with fiscal exiting going legacy With deals and the the several where 'XX. Growth was database renewal full into and revenue a fiscal sales. e-book increase healthy year, including business year strong over pipeline, U.S. at well adjusted
delivered release of revenues price new cash was product. in full were to year a new and expansion segment, customers behind with realization its growth. The cosmetology solid $XX other the core year driven adjusted of the another the X% prior of addition platform, period. conversion by In the improved This ongoing lady its digital double-digit million, of
driving domestic decline, performance. market sales the weakness outweighed Miladys Australia an overall a had difficult which with K-XX year
'XX. flow Turning Unlevered to was cash $XXX million in cash flow. free fiscal
global impacts, Our driven of to cash ongoing performance benefit business new fiscal the build-out buildup was of are by capital the impacted combination by of multiyear 'XX chain the working in systems. investments of supply reverse the expected temporary to which and
over that we paper total, million. our quarter reflects flow fourth of back $XX by the and 'XX. cash million the estimate $XX print temporarily of impacts intentional current inventory quarter fiscal supply held of In fiscal first and to buildup chain 'XX This
Principally impacts of that the balances year the collections. to with steps have $XX of delayed year, inventory million taken the million in our to end these cash a chain orders mitigate of the delayed QX because knock-on higher and most our notably actions, supply fulfillment to been ago. last selling These consolidated shortages, at year the was compared education season which $XX secondary businesses
We expect been successfully impact quarter if resulted fulfillment, $XX balances the the any collected order revenue higher the in without accounts current and through is, first The receivable cash fiscal otherwise in would course at of year. we in these of unwind balances the in collected collections adverse Around have million this which delays to worked 'XX. meaningfully however, over year-end.
we support SaaS multiyear year, systems our implementing also the During our and long-term made significant growth. current global progress business to
investments e-commerce Levered other capital $XXX the cash with year nonoperating of and international growth. after flow free cash of of the million, principal fiscal tax working $XX modest driver and CRM, cash million systems million, $XX ERP other Our in and for payments. interest flows was
was notes losses. growth the -- income senior tax and taxable floating of year. unhedged the sheltered costs rate fiscal driven by interest partly US business term the rate offset operating by over combination which is billion in and generated cash the the US the which in With The and of increases our by loan, business net $XX in $X.X benefits reduced million amortization are of buyback 'XX,
strong a end liquidity of cash million around U.S. in the cash year. position $XXX liquidity billion and at million $XXX at of the of 'XX and fiscal taxable maintained profits has shield The equivalents future stand losses and business total to Carry-forward beyond. $X with
Net buyback deleverage on business. improved to gross amortization loan. by to Over payments by term reduced turn and the we around X.Xx the fiscal over 'XX, 'XX with million the continue fiscal $XXX X.X leverage program debt through progressively
Following towards June recently decisive the deleveraging issuance equity year-end, senior the company step the notes to during of preferred with another XXXX. the completed the capital took structure repay
On April transaction X% $XXX we the of of an minority XX, agreement closed approximately This May with shareholders. Apollo company proceeds to On XXX,XXX total a the and after preferred convertible entered issue around to XX, participating million shares Apollo issuance successfully certain to the into equity. gross OID. generated company with
through seasonal to Yesterday, and loan of notes cash approximately notes. we of redemption after our outstanding On on of the using preferred fiscal way basis, outstanding June would sheet million be fund. second X, the flow XX, in which notes, net leverage quarter redeemed intend pro This X.X. giving equity we issuance cash leaves $XX million and a $XXX redeeming XXXX on our March as at forma effect balance
cash-generative flexibility provides term transaction and performance combined the was loan of includes accelerate drive business, of refinancing the the businesses This of our with July active extended XXXX, caps two continue extended of to XXXX. actions, to strongly runway to medium our structure last in which our our to nature Cengage growth capital ABL the on facility in of term, XXXX, was management, years. building with XXXX, strong years the November These and few over which the which the
I said, for close that our With fiscal 'XX. with will guidance
and following revenues lower fiscal performance, This math units to much secondary of temporary expect large the cash rates year 'XX of Education in 'XX. revenue. achieved the following sales Behind the flattening in in in growth reflects compared fiscal select business, to fiscal expect group steady moderate Cengage Florida business in Ministry deliver ELT double-digit growth 'XX, exceptional the growth we and in the adoption 'XX. We business the adjusted in to the expected of in fiscal academic Group another
to growth ELPP out Work ELPP deliver Cengage the on these to growth maintaining expect whilst least contribute 'XX build in its coming Against accelerating we fiscal expectations, QX and solid and to margins. of at also We ELPP. momentum business expect revenue deliver positively
significant the efficiencies and through We of continue optimization evolution will opportunity. see model, to drive continue cost operating to productivity where our improvements ongoing we and
as we up position of fiscal built the cash cash the 'XX the operating continue normalize the deleverage and we and to Lastly, capital unwind of to growth performance combination working business ELPP temporary business. expect through to in generation
in 'XX, in our to fiscal excited remain our we're the portfolio our as momentum into of Heading continue we've resilience pursue business. strength in the business the significant we and markets. generated opportunities growth of about We confident
call I like the would questions. now to over turn the to for operator
