McGraw-Hill reported its 2018 Q4 and full-year earnings and annual report today, with overall 2018 revenue of $1.6 billion. This is the fifth straight year of sales decline for the company, down from $1.83 billion in 2014. For the quarter, performance was “generally in-line with expectations,” with total billings down to $302 million from $340 million (11 percent decline) and adjusted EBITDA to $(25) million from $(5) million. The year as a whole was weighed down by “substantial headwinds” in the K-12 adoption market, which significantly impacted EBITDA — as well as by investment in new Higher Ed “affordability initiatives” […]
