Starting the the to highlights Cengage the the with financial quarter full and Thank year. Group in ring results you, morning. Michael, and fourth good fiscal
good fourth going of Fourth into cash portfolio a Our 'XX. delivered last revenues were same million, $XXX strong fiscal quarter 'XX quarter with businesses the and year. out fiscal adjusted closed up on successfully momentum X% quarter
finish fourth business X%, Higher the X%. strong with growth revenues over spring to quarter enrollment by back successful favorable revenues of quarter performance complemented was EBITDA Group's This up healthy the the a cash up contributed Cengage with underpinned up academic $XXX Select by revenues, fourth digital and was Work Ed institutional All XX% XX% U.S. trends. and million, in units on Academics period. grew where up was X%. for adjusted prior season sustained the
of All full cash and growth marginally units, adjusted close, reached With and year. Work top the Select up the delivered that's guidance. $X.XXX year the X% revenues in billion, ahead of strong year end our Academic, business full
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across and Higher were delivered months cash year improved season. to first underlining Turning $XXX million. the of All compared in our strength fiscal on up the performance 'XX, revenues revenue performance growth Cengage business spring further adjusted full the X Academic portfolio. Growth to our U.S. based of Ed the segments. X% strength to the in business units
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declines underlying believe sales its The parts. channel adjusted print performance have the a of business been outweighing trajectory reflects and and and Ed print bundled returns net ever stand-alone the is by sales from which U.S. of the of products combination digital X%, delayed up sales impacted cash key digital to stand-alone in smaller performance million. excluding to We in fiscal declined 'XX, of million, timing better as bundle products revenue growth bundles, sustained net as whereas growth base. of bundled return $XX reflects by In Higher X% print $XXX reached and the
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momentum one-time of driver further strategic institutional In took and we the the significant our full sustainable. rebasing sustained. East reimportation region, and most Higher positive we in underscore the see positive adjusted of U.S. year-over-year in revenue where Recent Europe, decline digital actions These The cash was and into U.S. in of Ed, sales Africa if positive pipeline, X%. return business 'XX. growth fiscal actions trends to that the those record proven down to could million, tailwinds our a The $XXX Middle and year was represent expectation markets mitigate channel Higher provide is International Ed enrollment growth pricing
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channel These have drive leading product the future in have of the initiatives, new We market ongoing BXB strong on significant deepening continued ahead to our through expanding and innovation. which academic go-to-market in position focused runway and proven growth strategies the fundamentals commercial initiatives channels. and extending
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was to investment its profitability growth of we with momentum point Cengage strong growth has revenue we to quarter. economics in has the business 'XX, accelerating fiscal going firmly adjusted 'XX, the of during and business EBITDA through the sales the and inherent enable period unit of as growth high the business support and scale come year $XX a end Work deliver reflects great to Work fiscal rapidly year double-digit effectively. to inflection the the fixed whilst to to continuing increase expect moving fourth investments into into Full million. Cengage key the profit and strong cycle This the cash of our moderation margins.
learning our a products, Geographic had meeting Cengage needs the K-XX penetration, meaningfully growth, revenues to delivering partnership contributed its Society was double-digit excellent our established double-digit year EBITDA new and English exclusive leading underpinned strong revenue U.S. differentiated an by geographic we long-term increasing XX% Select, to nonnative where National leveraging margin. million. highly and digital All led speakers. regions In year, and have growth Full by a position, digital platform. English language with adjusted Language with cash high growth, Growth $XXX expanding grew of Teaching
up representing in core digital we $XX in digital of digital and revenues. with large were moderated XX% accounted Middle adjusted Fiscal which double-digit marginal increased $XX Latin revenue product market America our regions, also markets In margin adoption Africa, SPARK XX%, Education successfully was in solid of by as mix, Across points XX% was effective annual users growth from basis growing Europe, improved a EBITDA million, the platform. improvement East of new drive and ELT being with contract, up to and XXX year-over-year Ministry scale. and for by 'XX Asia in million growth. sales cash growth over and over continue decline delivered Digital double-digit other net to penetration
be underlying fiscal in the Education operating existing Ministry undertaken momentum. expected by with sustained changes licensing model to arrangements. of strong moderate with strong into dampened Whilst the revenue do being manufacturing across growth momentum goes out, growth expect arrangement 'XX ELT We markets with are expected all in overall content and underlying the to distribution EMEA. play arrangements future will under core
significant rebasing profit we any As a the of revenues on around by $XX this, of base. without impact a onetime result million expect
final new rate, a e-book Full in year XX% held in renewal otherwise year. recovering had back which strong the U.S. X $XXX encouraging Growth reached timing marginal delivered months sales with differences, temporary first was Performance of by the a the strong Research ahead weaker driven the subscription growth demand. results and of sales. million, domestic Asia growth where underpinned of quarter was by solid prior database saw print through revenues as and archives X% reverse. offset the combined drag to we subscriptions in signs where strong market,
on through. margins we track growth expanding 'XX, of Research fiscal whilst another and revenue cost-saving its low into as single-digit its to of benefits deliver year record initiatives come Going build expect
to continues another moderated million, with for Growth revenues In segment X% was digital accounting other with the the face in K-XX, sales decline cash revenues. adjusted of up revenues year up now the in sustained Australia full X%. XX%, year a segment, momentum headwinds. were domestic XX% had by by over Milady strong $XX driven market digital annual where
cash represents cash million, up a $XX million year of rate unlevered flow cash cash XX%. Turning 'XX. against cash The or to flow performance. performance $XXX conversion fiscal operating operating free was our Full
was improved, temporary payments back significantly Operating to While parts. timing cash delays key certain in channel flow due from held
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payments At 'XX, Cengage generating over and U.S. these expected been are losses utilizing which federal income Cengage the fiscal U.S. net the $X.XX of end $XXX fiscal losses. state increases U.S. and medium billion 'XX of tax taxable operating held has to over in significant from is term. of million Cengage shield since
As our and covered earlier, year. execution of program of cost first the have over we into this the savings significantly advanced quarter the fourth quarter
of cash of largely charges in 'XX, profit total expect million, we the million fiscal $XX in costs. nonoperating and onetime loss $XX flow around are 'XX statement. items incurred which implementation in this, costs cash out Of and included paid We million which other is in $XX fiscal
annum approximately of XXXX. elected incurred elect obligations of our March arrears the at the or in balance to the to to dividend company requirements. can pay million continue cash terms X quarterly XX% kind. dividend the kind cash partial the After a of cost the 'XX. each and in including payable liquidity company will Under $XX be in meet preferred last in dividend quarterly payment the million expect context issue, rate strategy per payments in the We of in equity in $X paying fiscal of Future be payments to the assessed in to relation the XXXX in period cash, dividend June quarters, and
our Cengage's refinanced of the the page. is position strength this top The capital in generation. Over progress payment led property expectation first of next change structure $XXX that we Our over leverage a summarized cash years several on million issue the through the year liquidity preferred move Apollo forward step the given the and successfully quarter enabled to structure. fiscal current improvement have equity cash growth on entire going 'XX, of we capital past in and will steady
and adjusted a which As leverage 'XX result, fiscal a completed was $XXX basis. excess ago net Approximately of lower preferred to basis, notes, proceeds of million end decreased on senior was than cash redeemed EBITDA X.X fully in cash of from that million issue the $XX Xx at October. to turns deployed year the an same on equity
term The basis quarter, $X.X term, the months. X-year In availability revolving fourth the credit the savings boosted for replaced the loan $XXX our we $XXX by under points provides the whilst reductions to to expect by meet the total XX $X refinancing we represents business tied in up strong meaningfully of million a reductions million, a increments ended $XXX to Ending credit of of each. cash the tightening our across billion liquidity position. term cash million XX of basis to facility. XX with increased interest annually. completed line The extending net cycle. spread XX was we interest XX maturity In of in liquidity of to increased next This asset-backed providing further the loan, X-year, in This new million, also new basis X loan XXXX, year term credit which refinancing, points parallel in liquidity with the facility, with spread a points. is revolving in leverage annual
and support driving capital new runway a financial flexibility greater The the long growth. strategy to our provides execution of future in structure
Turning to outlook. the
and with 'XX profit accelerating third expansion. growth we growth of revenue margin delivered solid momentum. strong a year portfolio moved In closing, consecutive businesses 'XX, have growth fiscal Our fiscal of into with
is Our business profitable. highly and growing sustainably, predictable is
now we inflection scaled digital. a are business our reached with employment of strategies, X We sales education digital XX% for points. digital Through important and
Work business to is as meaningfully has margins business business Cengage with our Our rapidly to profits now growth and scales. U.S. Education the contributing expanding Higher returned
underpinned the we savings on the $XXX we of of deliver in Additionally, for made strides the robust momentum, strategies years. by we to inherent firmly have savings and With proven significant line to believe cost capabilities, we the sustained go-to-market of have another million from years. EBITDA are growth well execution to which $XX expansion. margin the operating savings our Group X unit next positioned model, cost X growth With growth the strong meaningfully $XX Cengage program, new our top the over are track of accelerate economics, execution year our over Cengage driven million million incremental last and and we expect deliver expected to this and incremental
operator strong continuing to is to for group of of to for will this further efficiencies EBITDA questions. and pass the and and with the future growth about combination The now operating to the cash extremely are back and cash our sponsor future shareholders. I drive working excited In business our growth work conversion capital we value customers generation. and improve summary, expected expected
