COLUMBUS, Ohio – February 14, 2023 – McGraw Hill, a leading global education company, reported year-to-date (YTD) financial results ending December 2022 that demonstrate sustained momentum in digital billings growth, market share gains, and adjusted EBITDA margin expansion. The company reported total YTD billings growth of 19% to $1.8 billion and 23% growth in adjusted EBITDA to $756 million.
"Our year-to-date results reflect the strength of our execution and consistency of our delivery," said Simon Allen, CEO of McGraw Hill. "During the quarter, we continued to strategically invest in those parts of the business that we believe will strengthen our leadership position, sustain our strong margins and expand our digital transformation."
In the third quarter, the company completed the acquisition of Boards & Beyond, a provider of on-demand video libraries and comprehensive online resources that help medical students efficiently learn fundamentals of basic medical sciences and clinical medicine. The acquisition adds to McGraw Hill's offerings in the growing digital medical education market.
Billings in the company's K–12 group reached $1 billion for the YTD period, up 43% compared to the same period of the previous year. Growth was supported by a robust market opportunity from continued federal stimulus education funding with market share gains across both adoption and open territory markets due to increased sales of core curriculum, supplemental and intervention solutions.