Thank you, and morning. good Michael,
Cengage Turning Group to highlights. the financial
in QX successful of revenues cash X% were $XXX continued well and resulting to onwards the the adjusted season. first prior period. up Our out revenues ahead to half through fall perform million, to close XX% business in quarter of second $XXX million, October a
in to key a first over XX% around remains or a XX-month half the total. with and billion trailing engine basis on million of up digital annual net Digital of sales representing of the sales growth net $XXX $X XX%
First strong cash half reflecting revenue the flow-through adjusted of XX%, $XXX up million, growth. was ELPP
first first being almost our ordinarily half chain confirmed back performance the resulted deferred teaching supply benefits was effects, The orders language held and from timing half in second our that million to significant secondary 'XX, would sales performance which half of in the been by In issues in $XX half. fulfilled English fiscal have notably businesses. first
risks mitigation this in growth normalization we fiscal to and in of back full early chain favorable year boost ordering ELT. and half relative timing have successful and In These addition to first orders also expectations. secondary year, of experienced our supply returns
this of Cengage account timing with for Group effects expectations is strength line portfolio. these underlining across in of half performance our Taking our our overall sales the the businesses, underlying year, first
We EBITDA business is the operating metric have our with We than a our the Consistent increasingly we believe integrated prepublication relevant Adjusted XX%. in representing business to continued half become important highlights. of reached costs with which development. for of this and model we we performance. stable cash the in level also reasonably million, added have adjusted was between a XX% to this, the cash evolution comparative CapEx, digital spend and annual with together $XXX an EBITDA digital expect reflects margin This predominantly revenues. have of a annual first less as highly product that, prepublication of financial amounts assessments of
business with into to timing first year Ed, expected underlying second to across in the reimportation our reflects half good progress business growth dilutive growth. benefits performance are secondary, secondary, moderate performance was unit full up in significant half, solid the the revenue order performance U.S. driven reverse was cash in of adjusted the growth, portfolio. effects, softness by and in the U.S. Academic the by illustrates market. improving the million expectation our of international driven which Our sales Higher in Stripping growth Cengage Overall Academic, and to strategy stem out X%. the In in timing $XXX returning consistent
Cengage revenues business $XX profitability fiscal as into and XX%, Work, coming moving out million, growth of were In up expected. accelerating adjusted cash 'XX with the
cash adjusted XX%. revenues million, $XXX Select, Cengage In up were
solid sustained also this orders benefits Research, significant driven sales is ELT, effects in which timing by the in from growth and Beyond returns.
the In the from Cengage Academic, quarter reached U.S. sales for million, adjusted $XXX deferred second benefiting X% cash with ahead, ed higher revenue orders for channel first from quarter.
First behind $XXX half million, sales with prior revenues flat. period adjusted marginally net the reached
year-over-year and U.S. U.S. at the returning increasing institutional business Ed penetration. the trailing expectation XX-month by half the underlying to high cash of Higher first Higher driven in in digital The give us adjusted were of that progressively continuing a of momentum revenues flat the basis, performance our revenues through drivers Ed business $XXX On confidence million, growth. performance and
This broadly is key year-over-year institutional Trailing institutional revenues October, billing. XX-month growth. selling closed month we positive which XX% were trend million, $XXX our sustained in in was the cycle the for season out fall fall as representing
translates to improved headline undergraduate our into by benefit growth figure Clearinghouse X% We our the from is in the of performance In around Student that benefiting addition, fall. this enrollment National business. X% enrollment estimate released recently
actions by revenue order prior In the channel of address half is sales Africa region. sales timing Europe, but million, and in into This International to consequence reflects Higher the and was U.S. a the we in the of Ed, returns decline and cash $XX uplift reimportation driven pricing has partly which otherwise a East adjusted first behind period. Middle believe U.S., been some This X% weakness result is
in the as the year, moderate year-over-year decline timing revenue the down reverse we overall EMEA. by For driven international effects full to expect with
first cash closed million. adjusted up revenues $XXX XX% business secondary The with to half
combination being of this delays chain half this order mitigated fiscal as timing by a performance year. ordering of supply in issues the first impacted which through performance result includes effects half were first 'XX The the earlier year order and significant fulfillment
high year we math compensating core social growth Florida in back-to-school now wins adoption. 'XX XX% is we deliver good season, cycle. full focus, its in This mid-single-digit range. the strong studies Florida, the over reflects a large the our also for through programs, strategic CTE where together to revenue secondary selling business are which which this expect school and in The momentum have notable year AP in business seen well underlying driving fiscal and middle Nevada in is and After and
Cengage ahead revenues net prior Work second EdXGo prior are momentum period, growth XX% cash sales the of advanced ahead through to quarter, first by training half million of XX% the driving the $XX products. $XX sustained career million, of strong year. the adjusted driven
we whilst strategies. pricing also BXB channel models, deeper growth in strong educational commercial capturing with course improving are integration underpinned through new per expansion, Here, enrollment partners, by yield
awareness security grew sales reflects in Performance growth been first X% in lower software net the effects performance. upskilling which million. business, the has Infosec, business, combination by the boot $XX camps timing back As in by and double-digit held of moderated reskilling to where half year-to-date growth
accelerate the effectiveness reverse Infosec focused the effects and growth gather expected year capacity as marketing our timing remainder to of on this is momentum. and capabilities and increasing sales through initiatives of
progress key this expectation is with marginally well to pilots in grow will to continue it ready-to-hire invest The continuing 'XX meeting contribute we with that while and and the offering. fiscal business milestones to in revenue
Cengage the unit which and sector. Work inherent acquisition our scaling customer others business the cash into 'XX, strong adjusted of sustainably low with moved business the $X differentiates first in from in million. profitability with of its many costs, This ELPP firmly fiscal reflects half and economics has effective
Work margin For expected the contribution further. first we sustain to expect revenue Cengage half improve its largely full to and profit with year, growth its
Cengage second English Language the Teaching maintained has its momentum In growth through sales quarter. Select, strong
and This revenues and reflects XX% $XX underlying covering businesses cash regional million, and driven wins adjusted prior performance large U.S. a were by year. Latin Middle ahead school Europe, East of districts half in America in First strong K-XX the the the Africa.
from performance and favorable benefits. returning meaningful timing First sales benefits half
improvement these as to adjusted double-digit ELT business ELPP and half up expansion timing in the cash margin over combination and with timing by moderating growth, year expect effects. strong first sales with million, full the We growth. second business continued underlying another $XX XX% was our of effects a ELT driven the of favorable reverse expected year half, deliver mix to scales
effects Research also that second timing delivered a the performance moderated reversing this solid quarter. quarter QX renewal with
With deliver second good sales markets. the demand in half, U.S. and academic the fiscal Year-to-date strong sustained adjusted momentum K-XX revenue business renewal was and subscription X%, growth pipelines is healthy momentum First at the another of by growth on remains maintaining half are running XX%, up which $XXX expected cash rates, track in revenue 'XX. underpinned into year solid and going growth. to million, solid
segment, prior Other by improved year-to-date, ahead Growth QX is $XX cash X% the million, which digital Milady, reflecting drove growth an X% year. adjusted the revenues In is rebound K-XX driven demand to effects, up headwinds a pricing to first markets. with underlying on in its to business solid added and across broadly continues face revenues underpinned first print half all sales by in flat. The Australia half
to flow. Turning cash
First $XX flow, for half period. cash million operating a unlevered prior the free key cash $X was flow $XX our or business, than million the better million, in measure
second half The building the business performance the business net follows normal the the quarters cash fourth progresses. cash primarily cash the to year as outflow first seasonality of over and with in first the a progressively academic quarter
the timing of we The seasonality, the working temporary this balance to effects capital with together movement principally year-over-year reverse reflects year. which in expect
normalization be by to offsetting the supply the systems: As with broadly we ERP. infrastructure driven the investments for fiscal working issues, we the e-commerce cash working capital impact the net neutral multiyear making capital year, sustainable are in and benefits new our a CRM, of 'XX global of SaaS-based initiatives chain result, full expect and
cash-generative we of a our As our for result, business. operating the year, highly be nature approaching conversion the XX% to cash full reflecting expect
the 'XX. into for the Our with taxable we to tax payments U.S., sheltered approximately and in to NOLs future remain international by years operations. medium payments available 'XX coming the $X expected fiscal term, draw business being generate this driven and of on for to In down income are billion year as fiscal the expect we modest
reflecting to the higher redemption Our the of million with being cash senior by our on of be million, $XXX year from this notes, are October. loan, tranche unhedged; expected moderated rates term interest around is which savings costs our repaid $XX in final
we leverage run sustained expected broadly over drive bottom cost further nonoperating second operating rate be and top as cash line strategic and strengthen improve the our fiscal structurally other drive to to in 'XX. and expect to growth, to initiatives we half position our With liquidity continue
capital our structure. Turning to
X.Xx With the profitability, the in than has EBITDA is we million of in issue $XXX the a costs. to before the leverage better September. the proceeds capital structure end change delivered used and of ago. which business, at X.Xx prepublication step notes net was stood an reduced redeem of of which basis. to adjusted X.Xx year X.Xx This leverage growth the our senior and preferred been is on at have or equity Gross continuing That a
of redeem the around over of the a million strong maintaining final loan on the years the in past term October, following whilst notes have payments redemption million notes senior tranche position Further, we $XX earlier liquidity to and meet $XXX deployed senior throughout. amortization cash of excess the X
first total the million. million cash total with $XXX ended and $XXX We of of half liquidity
with half liquidity strong of positions driven over inherent to years. and business, cash are Our the build by expected the cash-generation second progressively dynamics consistent in the previous patterns
funded the to expect having ago, than position result, year end and repayments. the debt we a a in As liquidity stronger a cash year
preferred quarterly payable the arrears pick Under company cash elect period or kind. in the XX% can dividend September million elected dividends We dividend, the $XX payments having at issue, to million cash. terms partial equity to of the in in $X fulfill in June quarterly paid the
We related will to liquidity assess the payments requirements. our future of continue dividend and strategy context in
guidance fall are 'XX. year we a Closing for reconfirming and successful refining revenue full with guidance. our season year fiscal our behind us, With full
year sustain flat, performance, to Academic solid full which the its group single-digit expect Work to to and range. We Group to Underpinning to X% to third adjusted year deliver Select in deliver cash growth be of Cengage we Cengage largely growth. half a first expect land we expect revenue strong Cengage X% revenue broadly in growth the
scale, on and progressive expect growth continuing outpace our of focus continuing our operating year, solid ELPP With full the growth leverage to we productivity, driving margin revenue in expansion. record track
year. improved and expect chain cash normalization the working initiatives which we capital by supply Finally, prior driven operating performance the impacted of issues
full 'XX strong half expectations the business the and take strategic the operational performance the the we half beyond. In in into for second and growth summary, momentum underpins the of of year combination both financial and our the first
pass now will for operator to I back the questions.
