McGraw Hill (MH) Registration Filing summary

Company overview and business model

• Leading global provider of information solutions for education, serving K-12, higher education, and professional learning markets.

• Delivers personalized learning experiences using proprietary content, data-driven insights, and learning science.

• Serves approximately 60 million learners and educators annually in over 100 countries and 80 languages.

• Digital-first business model with 69% of revenue from re-occurring (subscription-based) sources.

• Invested over $2 billion in digital learning solutions over the past decade.

Financial performance and metrics

• Fiscal year ended March 31, 2025: revenue $2,101.3M, net loss $85.8M, Adjusted EBITDA $726.8M.

• Adjusted EBITDA margin improved to 34.6% in 2025 from 33.5% in 2024.

• Re-occurring revenue represented 69% of total revenue in 2025, up from 67% in 2024.

• Annual Net Dollar Retention in Higher Education and Global Professional segments at 110% and 105%, respectively, for 2025.

• Cash flow from operations was $646.3M in 2025, with $389.8M in cash and cash equivalents at year-end.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to repay a portion of the outstanding borrowings under the A&E Term Loan Facility.

• No proceeds will be received from shares sold by the selling stockholder.

• No current plans to pay dividends; future dividends subject to board discretion and compliance with debt covenants.