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 markets in over 100 countries.

• Delivers personalized digital and print learning solutions, with a focus on adaptive technology and data-driven insights.

• Serves approximately 60 million learners and educators annually; 26 million paid digital users in FY2025.

• Proprietary content, advanced data science, and a large global sales force underpin competitive advantages.

• Recent investments in digital infrastructure and acquisitions (Boards & Beyond, EssayPop) expand offerings.

Financial performance and metrics

• FY2025 revenue: $2.1B (+7% YoY); net loss: $85.8M (improved from $193.0M loss in FY2024).

• Adjusted EBITDA FY2025: $726.8M (margin 34.6%), up from $656.6M in FY2024.

• 69% of revenue is re-occurring (digital subscriptions, multi-year print); digital revenue $1.4B (65% of total).

• Strong cash flow from operations: $646.3M in FY2025.

• Annual Net Dollar Retention: 110% in Higher Ed, 105% in Global Professional.

Use of proceeds and capital allocation

• Net proceeds of ~$466.6M (at $20.50/share) to repay a portion of the A&E Term Loan Facility.

• Post-offering, expected A&E Term Loan Facility balance: ~$642.9M.

• No current plans to pay dividends; focus on debt reduction and reinvestment in growth.