Company Overview of Cengage Learning, Inc.
Cengage Learning, Inc. operates as an educational content, technology, and services company for the higher education and K–12, professional, and library markets worldwide. The company focuses on providing content, personalized services, and course-driven digital solutions that accelerate student engagement and transform the learning experience. It offers engagement services in the areas of automotive and trucking, beauty and wellness, business and economics, career education, computing and information technology, emergency services, health care and nursing, humanities and social sciences, mathematics and science, paralegal, and trades; and culinary, hospitality, travel, and tourism. The comp...
20 Channel Center Street
Boston, MA 02210
Founded in 1994
Key Executives for Cengage Learning, Inc.
Chief Executive Officer and Director
President of International
Chief Strategy Officer and Executive Vice President
Compensation as of Fiscal Year 2015.
Cengage Learning, Inc. Key Developments
Cengage Learning, Inc. Expands MindTap Interactive Learning Programmes with New Digital Solutions for the EMEA Market
Sep 3 15
Cengage Learning announced the expansion of its EMEA-specific interactive learning programme for MindTap, adding to its existing 450-strong range of customisable, cloud-based online courses with two new titles. The MindTap solution involves a powerful combination of personalised content and on-the-go access which encourages interactivity, increases student engagement and improves learning outcomes. MindTap supports lecturers by enabling them to create a personalised learning experience for their students by blending course material, lectures, videos and documents with eBook content to create a fully personalised learning path accessible anytime, anywhere - on desktops, laptops, tablets or mobile phones. Students' performance, activities, and comprehension can then be tracked in real-time, allowing opportunities for early intervention and helping to facilitate a consistent approach when team teaching. The summary of student scores can be shared with students keen to see their current standing within a class, at the lecturer's discretion. As well as receiving this instant feedback, MindTap also supports lecturers and students with a calendar for documenting due dates for assignments and readings and a week by week view for managing workloads. Other key functions include a ReadSpeaker text-to-speech functionality, gradebook functionality and analytics. Designed to work alongside, or independently of, a wide range of Virtual Learning Environments (VLEs), MindTap can also be used for summative assessment. At its core is MindTap Reader, an e-Book with interactive study tools such as book marking, annotations, note sharing, highlighting and print options. Students can navigate through a customised dashboard of readings, assignments, and other course information. The new EMEA MindTap courses accompany two market leading titles in their respective fields. Management and Cost Accounting by Colin Drury, and Economics by N. Gregory Mankiw and Mark P. Taylor are widely used across higher education institutions (HEIs) on management accounting and introductory economics courses.
Cengage Learning Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2014
Feb 18 15
Cengage Learning reported earnings results for the third quarter and nine months ended December 31, 2014. For the quarter, the company reported on GAAP basis, third quarter revenue decreased by $39.7 million to $374.9 million. While $3.7 million of this decline was due to the continued flow-through of the fresh-start accounting adjustment to deferred revenue. Operating loss for the quarter was $27.4 million compared to operating income of $48.6 million in third quarter last year. $45.8 million of the decline was due to the flow-through of a portion of the inventory step up recognized in connection with fresh start. For the third quarter, adjusted revenue declined $32.6 million or 7.9% to $382.3 million and adjusted EBITDA declined $23.9 million or 16.4% to $121.7 million. Adjusted revenue from domestic segment declined by 9.6% to $314.5 million. This decrease was primarily due to the expected decline in sales of standalone print products. International adjusted revenue grew 1.2% for the quarter to $67.8 million. CapEx grew $3.8 million, largely driven by increased spend on digital platforms. The company generated adjusted EBITDA less plate and CapEx of $70.8 million for the quarter, a decline of $26.5 million versus last year. Again, this decline was largely due to lower adjusted revenue.
For the nine months revenues decreased by $68.4 million to $1.3 billion, $30.8 million of this reduction was attributable to fresh-start accounting adjustments to deferred revenue, while the remainder was due to the decline in sales of print product, primarily, in third quarter. The year-to-date operating loss was $58.3 million compared with operating income of $420.8 million for the same period last year. The $479.1 million decrease was primarily due to the combination of the year-to-date flow-through of the inventory step up, the company recorded under fresh-start accounting of $242.3 million in third quarter and a favorable adjustment related to goodwill impairment of $185.4 million in third quarter last year. The company generated $1.4 billion in adjusted revenue, a slight decline of 2.5%. Adjusted EBITDA declined by $47 million to $517.1 million. The reduction was, primarily, driven by a $55.2 million decline in the domestic segment due to lower adjusted revenues, including the impact from digital sales deferrals. The decline in domestic adjusted EBITDA was partially offset by an $8.2 million increase in international. International's EBITDA performance was largely revenue-driven. CapEx grew $13.1 million, again, largely driven by increased spend on digital platforms. Year-to-date adjusted EBITDA less plate and CapEx was $354.8 million, a decline of $57.5 million versus last year. The decline was the result of the lower adjusted revenue, which was driven by the print decline and higher revenue deferrals as well as increased investments to support the execution of digital strategy. The company generated $376 million of cash from operations during the first nine months of the year.
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