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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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SOURCE Cengage Group

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Yiren Digital Accelerates Operating Efficiency Through AI Agent Deployment

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Broader AI adoption improves productivity across asset recovery and enterprise operations

BEIJING, July 23, 2026 /PRNewswire/ — Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), a leading company specializing in financial technology and artificial intelligence innovation across multiple industries in China and global markets, today announced measurable operating efficiency improvements as it continues to deploy AI agents across core enterprise workflows. Broader AI adoption is reducing manual intervention, increasing workforce productivity and creating greater operating leverage by automating high-volume processes across multiple business functions.

These deployments are a key component of Yiren Digital’s “All-in-AI” strategy and its broader transition from AI-assisted productivity toward agent-driven execution. By embedding AI agents into core workflows, the Company is creating reusable operating capabilities that can be deployed across its businesses, supporting greater efficiency and reducing the cost of extending automation into new functions.

“Our objective is not simply to automate individual tasks, but to fundamentally improve how work is performed across the enterprise,” said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. “As AI agents take on more of our high-volume, demanding workflows, the productivity gains are becoming a structural part of how we run the business, not a one-time efficiency project. We will continue to deepen AI integration across our existing businesses while extending reusable capabilities into additional verticals.”

The AI deployments are supported by the Company’s proprietary enterprise AI architecture, including MagiCube 2.0, its upgraded multi-agent platform. The platform provides common infrastructure for agents deployed across marketing, customer service, capital operations, risk management, compliance and research and development, with more than 10 reusable foundational capabilities, supporting enterprise-wide execution.

Measurable Operating Impact

Lower manual intervention: The human handling rate in asset-recovery operations decreased from 45.0% to 24.9%, representing a 20.1-percentage-point decline, an approximately 44.6% relative reduction in manual intervention.

Higher staff productivity: The number of service tickets handled per asset-recovery staff member within the applicable Month 1 workflow increased from 358 to 525, an improvement of approximately 47%.

Expanded agent adoption: AI agents accounted for 81% of service tickets within eligible Day 1 asset-recovery workflows in 2025, up from 50% in 2024. The Company also deployed AI agents selectively in later-stage workflows, accounting for 20% of eligible service tickets at Day 4, 14% at Day 16 and 20% at Month 2. Each percentage is calculated separately for the relevant stage and should not be interpreted as a sequential adoption trend.

Enterprise-wide reuse: MagiCube 2.0 supports agent deployment across six enterprise functions, allowing the Company to apply common AI capabilities to a broader range of regulated and high-volume workflows.

Enterprise-scale AI execution: The Fengchao AI voice agent processes approximately 1,500 hours of real-time speech-to-text activity each day. The LingShu intelligent marketing platform executes more than 1,700 tasks daily and generates individualized communication content in an average of 0.6 seconds.

Building Enterprise Operating Leverage Through AI

As AI deployment expands across the enterprise, Yiren Digital is increasingly shifting repetitive, high-volume tasks from human-assisted processes toward agent-driven execution. By combining AI agents with centralized orchestration and governance, the Company is improving operating consistency, strengthening workforce productivity and creating reusable capabilities that increase operating leverage as AI is deployed across additional business functions.

Yiren Digital plans to continue expanding agent-driven workflows across its credit and insurance operations, as part of its ongoing All-in-AI strategy, while strengthening the shared architecture and governance that support enterprise-wide AI deployment. These capabilities are designed to scale across multiple use cases and provide a foundation for the Company’s broader expansion into AI application-layer opportunities, including AI entertainment and AI-assisted language learning.

About Yiren Digital

Yiren Digital Ltd. is a leading company specializing in financial technology and artificial intelligence innovation across multiple industries in China and global markets. The Company leverages advanced artificial intelligence and emerging technologies to enhance customer experience, optimize capital efficiency, and expand financial inclusion. Following the regulatory filing of its in-house developed Large Language Model Zhiyu, and the significant enhancement of its MagiCube Agent platform, Yiren Digital is establishing a new growth engine to accelerate its evolution into an AI-native, multi-industry operating platform extending beyond traditional financial services. For more information, please visit https://ir.yiren.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “hope,” “going forward,” “intend,” “ought to,” “plan,” “project,” “potential,” “seek,” “may,” “might,” “can,” “could,” “will,” “would,” “shall,” “should,” “is likely to” and the negative form of these words and other similar expressions. This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident,” and similar expressions. Forward-looking statements are based on management’s current expectations, assumptions, and assessments of current market and operating conditions. These statements involve inherent risks, uncertainties, and other factors, many of which are outside the control of the Company, and which could cause actual results to differ materially from those expressed or implied in such statements. Actual results may differ materially from those expressed or implied in forward-looking statements due to a variety of factors and other risks described in the Company’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release. The Company undertakes no, and expressly disclaims any, obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable law.

View original content:https://www.prnewswire.com/news-releases/yiren-digital-accelerates-operating-efficiency-through-ai-agent-deployment-302833201.html

SOURCE Yiren Digital Ltd.

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Infinium Edge Launches EdgeSites™, a New Infrastructure Model for Deploying AI Compute at Existing Commercial and Industrial Facilities

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EdgeSites delivers operational AI infrastructure in existing powered buildings — factory-built data center modules, waterless cooling, and ready in months without new construction or grid interconnection required.

SACRAMENTO, Calif., July 23, 2026 /PRNewswire/ — Infinium Edge™ today announced Infinium EdgeSites™, a development program that utilizes existing commercial and industrial facilities to deploy operational AI compute infrastructure. Built around Infinium Edge’s proprietary Edge Thermal Vectoring™ immersion cooling platform, EdgeSites enables high-density GPU deployments in existing buildings that were never designed as data centers — without new construction, without cooling water infrastructure, and without the multi-year grid interconnection timelines that constrain conventional large-scale data center development.

More than 20 million commercial and industrial electricity customers in the US are served by electrical infrastructure sized to peak demand – which industry research shows are utilized at only 40-60% on average. That unused headroom, capacity already contracted, energized, and sitting behind the meter, can support high-density AI compute without adding new load to the grid or waiting on a new interconnection.

At the center of the program is the Vector ONE™ — Edge’s factory-built, self-contained immersion cooling system designed to house 1 MW of AI compute capacity. Vector ONE units are engineered for deployment in standard commercial and industrial buildings, either indoors or outdoors, arriving pre-integrated, fully commissioned and require no municipal water connection. Installations are modular and scalable: additional units can be commissioned as site power and demand allow, without rebuilding the underlying infrastructure and occupy up to 70% less floor space than air-cooled equivalents.

Built for the Shift to Inference

As inference moves to displace training as the dominant AI workload, the growth opportunity is shifting towards small, distributed data centers that can be deployed quickly and sited where demand originates. Conventional data center developments are under compounding pressure from long utility interconnection queues, sometimes lasting years, pressure around water use, and general community and regulatory opposition enacting restrictions. Community opposition and regulatory friction delayed or blocked an estimated $156 billion in planned U.S. data center capacity in 2025 alone.

EdgeSites is purpose-built for the structural shift to inference and addresses key issues stalling conventional data center developments today. Each Vector ONE unit delivers 1 MW of inference-ready capacity inside an existing building, in a market that already has established electrical infrastructure, in a timeline measured in months rather than years. Multiple units can be used in tandem to deploy up to 10 MW of capacity at a single site.  The program converts the distributed inventory of underutilized industrial or commercial electrical capacity in the United States into a nationally scaled inference network. Vector ONE’s dry-cooler loop consumes no municipal water, making EdgeSites viable in markets where evaporative cooling has been restricted or banned.

“The data center industry has been answering an infrastructure shortage with a construction playbook — build new facilities, secure new grid connections, wait years for capacity to come online,” said Robert Schuetzle, CEO of Infinium. “That model cannot keep pace with AI deployment timelines. Infinium EdgeSites operate around different premises: the power already exists, the buildings already exist, and the technology now exists to put them to work. We are making operational what the industry has been treating as stranded.”

Deploying EdgeSites

As demand for AI compute continues to outpace available infrastructure and focuses on distributed inference needs, Infinium Edge is expanding the EdgeSites network with qualified host locations and compute partners.

Commercial and industrial property owners of industrial sites, distribution centers, warehouses, or large commercial properties with available electrical capacity benefit from receiving lease income from infrastructure they already own or control. Infinium Edge manages all aspects of site development and operations for installing and deploying the Vector ONE system. No capital investment or operational responsibility is required from the host.

AI companies, enterprises, and compute operators requiring infrastructure on compressed deployment timelines can access high-density, edge-proximate GPU capacity through a straightforward capacity agreement, priced by the kilowatt-month, with backup power included in the capacity fee. There is no construction to manage, no permitting process to navigate, and no cooling infrastructure to operate or maintain.

Infinium Edge manages the full program from development and installation to operation and monitoring— simplifying development and data center management for AI companies and enterprises.

Reach out to learn more and partner in EdgeSites deployments.

Inquiries: www.infinium.ai/edgesites

About Infinium Edge™
Infinium Edge™ is the advanced AI data center infrastructure platform from Infinium, delivering high-density, sustainable compute through proprietary single-phase immersion cooling technology. Infinium Edge is the only North American producer of Fischer-Tropsch immersion fluids and offers a full-stack platform — including Edge Thermal Vectoring™ platform, Vector ONE™ modular AI Factory units, ETV100 immersion fluids, and integrated monitoring systems — engineered for the thermal and operational demands of AI and high-performance computing at scale. For more information, visit www.infinium.ai.

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SOURCE Infinium

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ChipMOS SCHEDULES SECOND QUARTER 2026 FINANCIAL RESULTS SEMIANNUAL CONFERENCE CALL

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HSINCHU, July 23, 2026 /PRNewswire-FirstCall/ — ChipMOS TECHNOLOGIES INC. (“ChipMOS” or the “Company”) (Taiwan Stock Exchange: 8150 and Nasdaq: IMOS), an industry leading provider of outsourced semiconductor assembly and test services (“OSAT”), today announced that it will report second quarter 2026 results and host a semiannual conference call after the close of trading on the Taiwan Stock Exchange on Tuesday, August 11, 2026.

Investors and analysts are encouraged to participate in the semiannual conference call using the dial-in phone number noted below. A webcast and replay will be available on the Company’s website.

Date: Tuesday, August 11, 2026
Time: 3:00PM Taiwan (3:00AM New York)
Dial-In: +886-2-3396 1191
Password: 1637011 #

Semiannual Conference Call Webcast and Replay: https://www.chipmos.com/chinese/ir/info2.aspx
Replay: Starts Approximately 2 hours after the live call ends

Language: Mandarin

Note: A transcript will be provided on the Company’s website in English following the semiannual conference call to help ensure transparency, and to facilitate a better understanding of the Company’s financial results and operating environment.

About ChipMOS TECHNOLOGIES INC.:
ChipMOS TECHNOLOGIES INC. (“ChipMOS” or the “Company”) (Taiwan Stock Exchange: 8150 and Nasdaq: IMOS) (www.chipmos.com) is an industry leading provider of outsourced semiconductor assembly and test services. With advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park and Southern Taiwan Science Park in Taiwan, ChipMOS is known for its track record of excellence and history of innovation. The Company provides end-to-end assembly and test services to leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries serving virtually all end markets worldwide.

Forward-Looking Statements:
This press release may contain certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes,’ ‘expects,’ ‘anticipates,’ ‘projects,’ ‘intends,’ ‘should,’ ‘seeks,’ ‘estimates,’ ‘future’ or similar expressions or by discussion of, among other things, strategies, goals, plans or intentions. These statements may include financial projections and estimates and their underlying assumptions, statements regarding current macroeconomic conditions, including the impacts of high inflation, foreign exchange rates and risk of recession, on demand for our products, consumer confidence and financial markets generally; changes in trade regulations, policies, and agreements and the imposition of tariffs that affect our products or operations, including potential new tariffs that may be imposed and our ability to mitigate with respect to future operations, products and services, and statements regarding future performance. Actual results may differ materially in the future from those reflected in forward-looking statements contained in this document, based on a number of important factors and risks, which are more specifically identified in the Company’s most recent U.S. Securities and Exchange Commission (the “SEC”) filings. Further information regarding these risks, uncertainties and other factors are included in the Company’s most recent Annual Report on Form 20-F filed with the SEC and in its other filings with the SEC.

Contacts:

In Taiwan

Jesse Huang

ChipMOS TECHNOLOGIES INC.

+886-6-5052388 ext. 7715

IR@chipmos.com

In the U.S.

David Pasquale

Global IR Partners

+1-914-337-8801

dpasquale@globalirpartners.com

 

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SOURCE ChipMOS TECHNOLOGIES INC.

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