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Cengage Group Announces Fourth Quarter and Full Year Fiscal 2024 Results

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Adjusted Cash Revenue grew 5% to $1.54 billion in Fiscal 2024

Adjusted Cash EBITDA up 10% to $461 million in Fiscal 2024

Strong momentum underpins positive outlook for Fiscal 25 – expect robust top line growth and accelerating adjusted cash EBITDA margin expansion  

BOSTON, June 6, 2024 /PRNewswire/ — Cengage Group, a leading global education and technology company, announced its financial results for the fourth quarter and full year ended March 31, 2024. Adjusted Cash Revenue for fiscal year 2024 was $1.54 billion, a 5% increase over the prior fiscal year. Adjusted Cash EBITDA was $461 million, a 10% increase over fiscal year 2023, with EBITDA margin expanding by over 120 basis points to 30%.

“We had a strong fourth quarter, accelerating our growth and successfully closing out fiscal 24 with full year financial results just ahead of the top end of our guidance range,” said Michael Hansen, Chief Executive Officer, Cengage Group. Hansen continued, “All three business units contributed to this strong performance, with Academic revenues growing 2% underpinned by US Higher Education’s return to growth, 19% growth from Work and 8% growth from Select, propelled by another excellent year for our English Language Teaching business. These results mark the third consecutive year of increased revenue and profitability, underlining the strength of our portfolio of businesses.”

Hansen added, “In our Q3 results, we shared a strategic initiative to implement a new operating model to support future growth and improve profitability. We have now executed these plans and expect to achieve incremental cost savings of $60M in fiscal 25, accelerating our profit growth and margin expansion. Over fiscal 25 and 26, we expect to generate total incremental savings of $90-100 million. We have good sales and profit momentum coming into the new fiscal year and are excited about the growth opportunities we see across our global business.”

Cengage Group Fiscal 2024 Financial Results

$ millions

FY 23

FY 24

Delta

Adjusted Cash
Revenue

$1,461

$1,535

5 %

Digital Net Sales

$1,048

$1,145

9 %

Adjusted Cash
EBITDA

$421

$461

10 %

Adjusted Cash
EBITDA Margin

29 %

30 %

122bps

Unlevered Free
Cash Flow

$252

$317

Net Leverage

4.5x

3.0x

 

Cengage Group Fourth Quarter 2024 Financial Results

$ millions

Q4 23

Q4 24

Delta

Adjusted Cash
Revenue

$383

$413

8 %

Digital Net Sales

$284

$336

18 %

Adjusted Cash
EBITDA

$112

$134

19 %

Financial & Business Highlights

FY 24 Adjusted Cash Revenue of $1.54 billion, up 5% year over year

Cengage Academic adjusted cash revenue was $922 million, a 2% increase over the prior year. This reflects a return to growth in US Higher Education, driven by our digital and institutional strategy, and strong growth in Secondary, which together outweighed sales weakness in International Higher Education.

US Higher Education – Revenues of $613 million were up 3% over the prior year driven by sustained digital growth. Sales of digital products excluding bundles grew 7% to $526 million, maintaining the momentum of recent years, and outweighing the drag of print and bundle products. Institutional sales again grew over 20% and now represent 43% of the total.Secondary – Revenue grew 7% to $197 million driven by core middle and high school programs, a highly resilient performance against a weaker market backdrop.International Higher Education – Revenue declined by 9% to $111 million, the principal driver of which was pricing and channel actions taken in Europe to stem re-importation to the US.

Cengage Work adjusted cash revenue reached $126 million, a 19% increase over last year. The sustained high growth is built on leading positions in high demand job verticals, most notably allied healthcare and cybersecurity, and differentiated go-to-market and product strategies. Cengage Work reached an important inflection point in fiscal 24, moving firmly into profitability and contributing $10 million to Adjusted Cash EBITDA. This reflects the inherent strong unit economics and effective scaling of the business.

Cengage Select adjusted cash revenue was up 8% to $460 million compared with fiscal 2023. This reflects an excellent year for English Language Teaching and strong growth in the Milady business, on top of another robust performance in Research.

English Language Teaching (ELT) adjusted cash revenues grew 18% to $164 million, reflecting strong growth across all regions and increasing adoption of the SPARK digital learning platform, introduced last year.Research adjusted cash revenue was up 2% to $217 million, underpinned by high database subscription renewal rates in the US and improving demand in Asia.

FY 24 Adjusted Cash EBITDA grew 10% to $461 million over $421 million in the prior fiscal year.

Adjusted Cash EBITDA margin expanded by 122 basis points to 30% in fiscal 24, reflecting increasing scale benefits and cost efficiencies and the transition to profitability of Cengage Work.

Balance Sheet

Over the course of fiscal 24, Cengage Group successfully reset the capital structure of the company. Through the Q1 Apollo led $530 million preferred equity issue and the Q4 refinancing of its $1.6 billion term loan and new $200 million revolving credit facility, Cengage Group has meaningfully reduced net leverage, extended facility maturities and improved commercial terms, to provide significantly increased financial flexibility to support its growth strategy.

In March 2024, the company successfully refinanced its $1.6 billion term loan, extending maturity to 2031 and improving commercial terms, and replaced its asset backed line of credit with a new five-year $200 million revolving facility.Net leverage at the end of the fiscal year was 3.0x, significantly improving by 1.5 turns from 4.5x last year.

About Cengage Group

Cengage Group, a global education technology company serving millions of learners, provides affordable, quality digital products and services that equip students with the skills and competencies needed to be job ready. For more than 100 years, we have enabled the power and joy of learning with trusted, engaging content, and now, integrated digital platforms. We serve the higher education, workforce skills, secondary education, English language teaching and research markets worldwide. Through our scalable technology, including MindTap and Cengage Unlimited, we support all learners who seek to improve their lives and achieve their dreams through education. Visit us at www.cengagegroup.com or find us on LinkedIn or X.

Forward Looking Statement

This press release, the investor presentation and related discussion on the investor call contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “assess,” “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “estimate,” “project,” “foresee,” “likely,” “focus,” “grow,” “achieve,” “deliver,” “execute,” “gain,” or “anticipate” or similar expressions that concern our strategies, objectives, plans or goals. All statements that are not strictly historical in nature are forward-looking. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results and financial condition may differ from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Many factors could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. You should consider such factors, many of which are outlined in the “Risk Factors” section of our FY23 Annual Report for the fiscal year ended March 31, 2023, and in our quarterly reports for the quarters ended June 30, 2023, September 30, 2023 and December 31, 2023, and the “Special Note Regarding Forward-Looking Statements” section of the same report. The Company’s Fiscal Year 2024 Annual Report for the fiscal year ended March 31, 2024, will be posted to the Company’s website shortly. Such reports can be accessed at cengagegroup.com/investors. We cannot assure you that forward-looking statements will prove to be accurate, as actual actions, results and future events could differ materially from those anticipated or implied by such statements. Any forward-looking statement made by us in this press release, the investor presentation and related discussion on the investor call, is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.

This release contains non-GAAP financial measures. See the appendix in the investor presentation available at cengagegroup.com/investors for a definition of these non-GAAP financial measures and reconciliation to GAAP reporting measures.

Contacts

Emily Featherston, Sr. Director, Corporate Communications

Emily.featherston@cengage.com 

 

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Global Security & Technology Summit Unveils Month-Long Program of Activities Ahead of December Event

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RIYADH, Saudi Arabia, Oct. 24, 2026 /PRNewswire/ — The Organizing Committee of the Global Security & Technology Summit (GSTS) held an introductory session today at the Ministry of Interior’s headquarters in Riyadh, bringing together representatives from the government, private, and nonprofit sectors to introduce the program of activities leading up to the summit. The upcoming summit will be held in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, under the supervision of HRH Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior, and organized by the Ministry of Interior in cooperation with Tuwaiq Academy.

During the session, the Organizing Committee presented the comprehensive GSTS program, comprising three key components: GSTS Month, running from November 1 to 30, 2026; the Global Security & Innovation Fair (SAIF), taking place from November 24 to 26, 2026; and the main Summit, scheduled for December 18 to 20, 2026, in Riyadh. Together, these events form an integrated program designed to advance security and technology innovation, strengthen national capabilities, and foster international cooperation.

GSTS Month will feature working groups, boot camps, training programs, knowledge-sharing sessions, and technical workshops across Saudi Arabia’s 13 administrative regions, delivered both in person and remotely in collaboration with specialized entities. The month-long program aims to develop national capabilities, identify emerging talent, enrich knowledge-sharing opportunities, and equip professionals with the knowledge and skills needed to develop innovative solutions to future security and technology challenges.

The main Summit will bring together global leaders, decision-makers, experts, and innovators to explore the future of security and technology, promote the integration of advanced technologies within the security sector, strengthen national capabilities, support innovation, and foster international cooperation, further positioning the Kingdom as a global hub for security and technology.

Showcasing the latest technological breakthroughs and security solutions, the summit will bring together government entities, private sector organizations, academic institutions, and research centers to facilitate knowledge exchange and collaboration across key fields, including cybersecurity, artificial intelligence (AI), the Internet of Things (IoT), smart security solutions, emerging technologies, and crisis management. The program will also feature main sessions, specialized discussions, and interactive exhibitions. Registration is available at gsts.sa.

Advisor to HRH the Minister of Interior and Chairman of the GSTS Organizing Committee, Ahmed Altowayan, stated that the summit builds on Saudi Arabia’s efforts to establish an advanced security and technology ecosystem focused on knowledge and innovation, keeping pace with rapid developments and future challenges.

Mr. Altowayan noted that the summit is a global platform for strengthening cooperation and exchanging expertise, anticipating future developments in security and technology, and developing strategic partnerships and innovative solutions that enhance the efficiency and readiness of security systems.

Vice Chairman of the GSTS Organizing Committee, Eng. Abdulaziz Alhammadi, said that the summit will offer a range of integrated programs and activities focused on enhancing national skills, encouraging innovation, and supporting international cooperation.

He added that GSTS Month will help build national capabilities, discover talent, and develop skills, with SAIF providing a platform for innovators and researchers from around the world to showcase leading technological solutions, while the main Summit will bring together leaders and experts to discuss the future of security and technology and explore new strategic partnership opportunities.

SAIF will take place at the Riyadh International Convention & Exhibition Center, bringing together innovators, researchers, technology talents, and industry experts from around the world to showcase promising innovations and projects across 14 fields of technology and innovation. The fair will provide opportunities to engage with project owners, including students, graduates, and entrepreneurs, and explore the different stages of innovation development through interactive zones, panel discussions on emerging security and innovation trends, and knowledge-sharing workshops led by specialists. Visitor registration is open to participants from within and outside the Kingdom through saifair.sa.

The introductory session also featured contributions from representatives of government, private, and nonprofit sector entities, alongside members of the media. Discussions focused on developing national capabilities in security and technology, strengthening students’ technical expertise, translating scientific research into practical solutions, and supporting Saudi companies in developing security and technology solutions and advancing digital transformation.

Organized by the Ministry of Interior in cooperation with Tuwaiq Academy, GSTS is produced by Tahaluf, with the Ministry of Education serving as Strategic Scientific Partner, Tahakom as Founding Partner, and Elm as Principal Partner.

Registration for participants from within and outside the Kingdom is available at gsts.sa.

Click here to view the media kit. 

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Axon Announces Body 5: Next-Generation Camera Built for the AI Era

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Axon Body 5 delivers 25x the AI processing power of earlier-generation cameras, with upgraded connectivity, audio and battery life to support real-time situational awareness in the field

SCOTTSDALE, Ariz., Oct. 24, 2026 /PRNewswire/ — Axon (Nasdaq: AXON), the global leader in public safety technology, today announced Axon Body 5, its newest body-worn camera designed to bring more powerful intelligence, connectivity and real-time support directly to officers in the field.

For years, Axon body cameras have helped agencies capture critical evidence and create greater transparency. Body 5 is built to help officers during the call, with information, assistance and backup on the spot.

“Officers shouldn’t have to choose between getting information and watching the scene. With Axon Body 5, they don’t,” said Rick Smith, Axon Founder and CEO. “They capture a license or document with the camera, keep their hands free and eyes up, and get information faster than writing it down and calling it in by radio. An officer fully engaged with the person in front of them, not down at a notepad, is a safer officer and a better-served community.”

Axon Body 5: Built for the AI Era

Built from the ground up for the AI era, Axon Body 5 delivers 25x the AI processing power than earlier generation Axon body cameras, alongside advancements in connectivity, audio, video and battery life. Together, these upgrades give the camera the physical power to run smarter AI features — both today and as new AI tools are developed in the future — while also making it more dependable for officers to use every day. 

For the first time, Axon is also introducing two versions of its latest flagship camera: Axon Body 5 and Axon Body 5 Pro.

Both models feature several key advancements, including:

25x more processing power for AI: A powerful new computing architecture creates the capacity to support current and future AI features directly on the body camera.Enhanced video: Improved video captures clearer evidence across challenging environments, including better low-light performance.Improved connectivity: Seamless connectivity in urban and remote environments – and more precise location capability – helps officers, cameras and remote support teams stay connected when timely information matters most.Longer battery life: 20% more battery life than the previous generation helps keep the camera ready and connected throughout an officer’s shift.

The Axon Body 5 Pro will continue to gain new AI capabilities as they become available, growing along with the AI Era Plan. Additionally, new hardware features include:

A near-focus camera: An additional dedicated camera lens lets officers scan driver’s licenses to check status and search for wants or warrants in seconds, without returning to the patrol vehicle, with relevant information sent to Axon Fusus to support real-time operations.Front-facing speakers: Four additional speakers project even more powerful audio toward the person an officer is speaking with, helping real-time translations from Axon Assistant carry more clearly over heavy traffic or crowd noise. Additional memory: Extra space lets the camera run several AI tools at once, helping officers stay better informed and work faster.

Bringing More of Axon’s AI Era Into the Field

Axon Body 5 helps officers get more out of the Axon AI Era Plan by bringing smart tools right to the scene. Axon’s portfolio already supports public safety professionals across a growing range of tasks. For example, Draft One helps officers turn body-camera audio into high-quality report drafts and Axon Assistant provides voice-based information access and real-time translation.

Increasingly, Axon is also bringing AI into real-time operations.

Axon Guardian is a new category of AI features within the AI Era Plan that was specifically created to work with an officer’s field-based devices – starting with body cameras and in-car cameras – to improve safety. Guardian is designed to flag potential risks as situations unfold and create alerts when additional attention may be needed. Two of the first features include:

Escalation Detection: When an Axon Body 4 or Axon Body 5 camera is activated and recording, Guardian has the ability to detect potential conflicts in real time and create an alert in Axon Fusus. A human reviews the livestream and decides if additional support or action is needed.Approach Alert: When active on Axon Fleet 3, Guardian can detect if the door of a stopped vehicle opens and alert the officer through the in-car display and their body-worn camera.

Combined, Axon Body 5 and the expanding AI Era portfolio demonstrate the importance of AI as a critical resource to assist public safety professionals before, during and after an incident — reducing administrative burden, improving situational awareness and helping protect more lives.

Innovating Responsibly

Axon’s Responsible Innovation framework guides the development of all of its products. Designed with this in mind, Axon Body 5 and Guardian prioritize human oversight and maintain agency control over data. As a key part of the responsible innovation process, Axon’s independent Ethics and Equity Advisory Council was created to help responsibly develop and deploy new technologies with transparency, while aligning with community expectations.

General availability dates for Axon Body 5 and Axon Guardian will be announced soon. Product features and capabilities vary by configuration. For more information on Axon’s current products and services: Axon Product Catalog – Axon.com.

About Axon
Axon (Nasdaq: AXON) is the global leader in public safety technology supporting state, local, federal and international public safety agencies with technology designed to Protect Life. Complementing its mission, Axon’s growing Enterprise market focuses on protecting critical infrastructure and frontline workers across multiple industries including corporate security, hospitality, retail and healthcare. Founder-led since 1993, Axon builds products with transparency and responsibility. From TASER energy devices to today’s connected network of hardware – including cameras, drones, and robotics – cloud software, sensors, and AI-tools, the Axon ecosystem helps seamlessly protect people and places when it matters most. To ensure these technologies align with community expectations, Axon’s independent Ethics & Equity Advisory Council guides the ethical, inclusive, and accountable design of its products and services. Learn more about the EEAC and Axon’s Responsible Innovation framework at Axon Responsibility. 

Non-Axon trademarks are the property of their respective owners. Axon, TASER and the Delta Logo are trademarks of Axon Enterprise, Inc., some of which are registered in the US and other countries. For more information, visit www.axon.com/legal. All rights reserved.

Please visit https://investor.axon.com and https://www.axon.com/newsroom for more information.

Media Contact:
Kate MacKinnon
Vice President, Communications
press@axon.com

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In HelloNation, Custom Fabrication Expert Mark Coyle Explains a Common Mistake in Custom Aluminum Design

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The article explains why smart geometry, not thicker walls, creates stronger, more efficient aluminum components.

ROCHESTER, N.Y., Oct. 24, 2026 /PRNewswire/ — What early design choice causes many custom aluminum projects to become heavier, costlier, or harder to manufacture? That question is addressed in a HelloNation article featuring insights from Custom Fabrication Expert Mark Coyle of American Custom Metals, Inc. in Rochester, New York, that outlines how misunderstanding aluminum behavior leads designers to rely on thick walls instead of stronger geometry.

The article begins by explaining that many people assume thicker walls automatically make aluminum parts stronger. It notes that aluminum does not respond to wall thickness the way steel does. Instead, its performance is shaped by how the metal flows through the extrusion die. The article states that custom aluminum design is more effective when profiles use ribs, chambers, and flanges to create stiffness without adding unnecessary weight. This guidance helps readers understand why adding material often increases cost without improving strength.

The article also highlights that thicker walls change how aluminum moves during extrusion. When heavy areas fill more slowly, the metal cools unevenly and can develop stress that only appears later. The HelloNation piece explains that well-balanced geometry keeps extrusion smooth and predictable. This consistency makes it easier to maintain dimensional accuracy across long production runs. By focusing on geometry, custom aluminum design avoids the problems that come with slow extrusion speeds and uneven cooling.

Another insight in the article centers on how ribs and internal supports influence stability. It describes how a thin wall supported by a properly placed rib often performs better than a thick wall with no reinforcement. This happens because the rib helps distribute load, improve stiffness, and guide the aluminum as it cools. The article explains that this structural approach makes custom aluminum design more efficient and gives designers more control over how the final part behaves under pressure.

The article also shows why early collaboration between designer and fabricator prevents costly changes. It states that a fabricator familiar with extrusion can catch potential issues before a die is built. Small adjustments to corners or transitions can remove weak points or improve metal flow. The article notes that this teamwork keeps the design aligned with real-world production. By working together early, both sides reduce the risk of redesigning the die after the first test run.

Machining is another area where the article explains how wall thickness affects performance. Features such as deep pockets or sharp internal angles may require slow feed rates or special tooling. When walls are thicker than needed, those areas can become difficult to machine cleanly. The article states that thoughtful custom aluminum design makes machining more predictable. Small changes, such as adding radiused edges or sizing features to match standard tools, help shorten cycle times and prevent tool wear.

Thermal behavior receives detailed attention as well. The article explains that aluminum retains heat differently depending on the mass of each section. Thicker walls hold heat longer, which increases the chance of distortion during extrusion, machining, or finishing. When a design uses geometry to create strength, the material cools more evenly. This reduces warping and helps long profiles stay aligned. The article notes that stable cooling is important for components that require a precise fit and consistent shape throughout an entire production run.

Cost is also a key topic in the article. It states that heavier profiles increase material use, extrusion time, and tooling needs. A custom aluminum design that relies on geometry instead of mass lowers material consumption and keeps the fabrication process efficient. The article explains that lighter parts are easier to handle, ship, and assemble. This saves money across multiple stages of production and supports long-term manufacturing efficiency.

The article also notes that smart custom aluminum design creates profiles that behave predictably during extrusion and machining. Smooth transitions, balanced wall dimensions, and structural features help reduce the chance of distortion or dimensional drift. These elements also lower scrap rates and support reliable performance. By using geometry instead of excess material, designers build parts that maintain strength without compromising manufacturability.

As the article concludes, it emphasizes that avoiding thick walls is one of the best ways to improve performance and lower cost. It states that the most dependable custom aluminum components come from designs that use structural features to strengthen the profile. When designers understand how aluminum behaves at each stage of extrusion and machining, they create parts that are strong, efficient, and consistent from batch to batch. This approach turns custom aluminum design into a predictable process rather than a series of uncertain adjustments.

A Common Mistake in Custom Aluminum Design features insights from Mark Coyle, Custom Fabrication Expert of Rochester, NY, in HelloNation.

About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

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