you, Michael, Starting start financial and Cengage our XXXX. good to we've Group Thank fiscal the morning. with a had good highlights,
Our up prior with $XXX sales net quarter a trailing $X X% over adjusted revenues underpinned were first digital digital, basis. cash Growth XX% million, over continued to the XX-month in for is year. billion on the by momentum at
million adjusted Our in compared $X cash to prior first quarter the $X was period. ELPP million
is The smallest business quarter cycle, our XX% and profit less nominal than in contribution. first generating revenue of annual quarter the
customer driven in strategy, inherent the part results dynamics, which business, QX seasonality combined our channel in digital performance. reflects by our of This and variability typically in with higher changing demand year-over-year
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through momentum Looking QX positive we XXXX end the developing the overall at and year this, full line group unchanged. which with revenues pipelines with across underlying are expectations reflect our in the of and business sales results continuation of saw a the fiscal orders
performance strong first strong our by to adjusted units significant quarter boosted was timing. can revenue business was underlying driven favorable a while Turning very sales In in this you by million Growth segments, $XXX cash order see up was in secondary, start. X%. solid quarter, the all contributed Academic, Cengage that to
of performing million, and out XX% XXXX. Infosec Cengage with up both and the In well Work, EdXGo were revenues businesses growth $XX adjusted coming fiscal accelerating cash
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mitigate customers. significant reflecting supply $XX order and quarter with adjusted cash actions also finished took up issues to we ordering successfully business This from excellent last secondary million. experienced XX% effects, early timing includes year, Our an chain to revenues
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regions the Sales large East, in the and digit and Middle school US doubled over Europe, prior double Latin in Africa America wins K-XX districts, year growth. driven by maintained more than while
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to due renewals year cash revenue with July timing adjusted large the million, flat achieved to prior compared customers Research year. XXX in of last June signing number of of early renewals the a to
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revenues Miladys growth Australia. other broadly in underlying flat this weakness would shift, with have Before in been offsetting
the largely outflow outflow of timing and royalties, change flow an business, of by flow, QX utilization drive Turning compared impacted in principally the in year. free expense the $XXX cash prior cycle incentives, other an million reflects of annual QX for which is normal was to of the which levered in capital. to relative cash working million payments, $XXX the Cash
the and inventory season Working fall receivable temporarily chain risks end due higher year key reflecting ahead buildup high backorder remains intentional QX, of and the accounts to capital to mitigate than at a the of supply of ago. selling
driving to We compared fiscal unwind improved expect fiscal meaningfully these temporary impacts operating over to XX. progressively conversion XXXX, cash
first has million, our sheet quarter the of $XXX facility. undrawn liquidity maintained including a and with $XXX structure. at business total million of our liquidity of and strong the cash total end ABL capital position balance The to Turning
we build the dynamics now driven previous in consistent period our As cash are strong the the of and in June-July, year, years. progressively cash our balance the liquidity beyond of inherent positions expected by to with business low in generation patterns seasonal are
of which address notes As expect was was sheet months. to over and significantly the used million May quarter $XX XX. of deleveraged issue of $XXX $XXX preferred in the in we million to previously remaining the reported, on balance were the redeem net we proceeds outstanding equity the following notes completed million June, The coming
of issue With times profitability, at preferred the in issue, terms leverage XX% fulfill preferred the at dividends times in payment end of the X.X equity Under same year. the to at benefit the arrears, payable was last or the X.X to quarter kind. elect of can time compared growth the in in the and quarterly net cash company
The July. partial in first the covering period quarterly early dividend from of paid June $X XX, May million to in in cash was completion
assess will context of payments our and related We requirements. overall future strategy dividend in liquidity
our To close, we fiscal XXXX. guidance are full reconfirming for year
We expect with year accelerating and to deliver select another Group moderating and of growth in academic compared adjusted Cengage fiscal revenue rates growth to in Cengage steady XXXX cash work
year the whilst performance our ELPP operating as to anticipate We temporary at margins maintaining cash expansion positions normalize working least solid as the capital ELPP expect progresses. unwind and
quarter's the the we go behind sales Thank with and an provide strong momentum. into business next fall call with of will which We results with selling the during season detailed of guidance benefits us, more you. update
