McGraw Hill Billings Rise 42% in Q1 of Fiscal 2023, Driven by K-12 Performance

COLUMBUS, Ohio, Aug. 18, 2022 /PRNewswire/ -- McGraw Hill today reported significant growth in its Q1 fiscal 2023 results driven by strong performance in its K-12 business unit. Total Q1 billings were up 42% compared to the same quarter last year, rising to $543 million. Digital billings grew by $63 million in the quarter, demonstrating the company's ongoing digital transformation with total annualized digital billings now exceeding $1.2 billion. Adjusted EBITDA increased 59% year-over-year, rising to $203 million for the quarter.