Market Overview

Houghton Mifflin Harcourt Reports Record Billings Growth in Third Quarter; Re-Affirms 2019 Guidance

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BOSTON, Oct. 31, 2019 /PRNewswire/ -- Learning company Houghton Mifflin Harcourt ("HMH" or the "Company") (NASDAQ:HMHC) today announced its financial results for the quarter ended September 30, 2019.

Houghton Mifflin Harcourt Logo (PRNewsFoto/Houghton Mifflin Harcourt)

Operating Highlights:

  • Net sales growth of 10% in Q3 and 7% YTD
  • Record billings growth across the Company of 31% in Q3 and 26% YTD
  • Core Solutions billings growth of 50% in Q3 and 48% YTD
  • Extensions billings growth of 25% in Q3 and 14% YTD driven by strong Heinemann and Services
  • Net cash provided by operating activities of $393 million in Q3 and $127 million YTD
  • Generated free cash flow of $358 million in Q3 and $18 million YTD
  • Re-affirming guidance established at Investor Update Event on October 17, 2019

 



Three Months Ended September 30,



Nine Months Ended September 30,


(in millions of dollars)


2019



2018 (1)



Change



2019



2018 (1)



Change


Net sales


$

566



$

516




9.6

%


$

1,149



$

1,073




7.1

%

Change in deferred revenue



181




55



NM




241




34



NM


Billings



747




571




30.7

%



1,390




1,108




25.5

%

Income (loss) from continuing operations



69




84




(17.5)

%



(89)




(51)




(73.7)

%

Adjusted EBITDA from continuing operations 2



149




160




(6.9)

%



169




190




(10.7)

%

Pre-publication or content development costs



(26)




(33)




20.6

%



(82)




(92)




11.6

%

Net cash provided by operating activities


393



201




95.3

%



127




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