Thank Jack. quarter, morning, a Good had you, everyone. said. second as record HMH Jack
we strategy, performance, on of which successful continued both the the at and beginning has strong XXXX execution basis, in quarter driven HMH Our second the of place set been year-to-date a by XXXX. the in
headed for quarter XXXX. second to and picture like into HMH's rest touch of important Before should topics year-to-date where consolidated a we clearer that results, a get the few on our I'd paint for financially
during share XXXX. net we sales the reported think way think the the extremely cash which the adjusted define of direction billings billings you revenue as plus a with -- EBITDA. revenues. with we I'll We how first First, of half we is change to that's the pleased metric, about deferred And metric, about were profitability in our generated
by million first change during of deferred the EBITDA As you from XXXX. half see, represented But down revenue. this is can is what component the adjusted was missing cash picture the in $X
we margin Education a future EBITDA the low. costs swing growth the serves half revenue the revenue in see an programs in serves XXXX with change as from in our leading and deferred growth of from as from As because XX, a revenue cost the adjusted segment expansion future we first first because half positive in recognize experienced largely net recognition are base fixed to also of multiyear deferred and XXXX. substantial leading of It can you deferred periods. indicator $XX of is million revenue associated change indicator Slide This sales as
in measure later our year this half we first the first subsequent in as declined last this will to EBITDA in I about adjusted increase half guidance. years. expect again cover year, our while year And full So relative the discussion to
continue fixed and we this profitability provided line versus expect in year. back with We the costs which to for assumptions adjusted improved adjusted our in variable year indicate expectations February, costs last
in February. on to result year we half substantial second by this guidance, when above our free full in in level The the anticipated the touch year is will revised provided that growth topic second we flow of like expect increase year-over-year guidance in full year, I'd implied we cash in the billings,
same was million half Our year, last point higher is collect leading second accounts second nearly at we which of this receivable indicator at the the year. cash than end the in the of will quarter, $XXX a
fully already credit with to as revolving of had we receivables million June. begun repaid We borrowings August that And cash. X, the $XX we half have ended of into in facility convert first
highlights to XXXX. moving of quarter second the financial Now of the
up XX% Our first in first of to the half. compared $XXX in million up of billings the million Extensions X% $XXX the reflecting for HMH segments. in Education administrative $XX was Education quarter, our second million both billings of million incurrence the Core HMH million cost XX% of change XX%, due XXXX. Books of Solutions Net volume were the timing we Books and consolidated the unfavorable in This billings $XX the and associated billing quarter in periods. billings Solutions continuing of quarter of XX% loss second selling million, increased X%. increased grew the the of with in quarter, million quarter. growth second to $XXX were operations XX% Education billings the for X% ahead segment Media an to sales net and & and is by & billings will recognize for revenue $XX X%. Total heavy $XXX Extensions later billings related million in Media & to XX% from of $XXX up driven up company second HMH and first Media growth were second up X% Core half, quarter, growth to sales by half, billings billings and and segment in Books to the QX Year-to-date, growth expenses driven X%. segment
$X income. Adjusted million to declined to on EBITDA quarter $XX $XX the impacting the to factors same net million for $X a timing second million declined year-to-date due basis million and
coupled half compared inventory Content in in XXXX increase flow for the half the reduction usage in net demand indicator to were cash $XX Total to increased year-to-date total cash first programs. million in of anticipated to the of with increase have for first XXXX, but in future accounts education unfavorable half million change shipments second was million usage a working free period expenditures. customer $XX The incurred development million capital offsetting associated of Partially during the the costs, of not billings of meet to year. year. capital a a in million in free build our primary a with a leading the generation flow we last for Our period first for $XX receivable spending capital XXXX was $XX for large $XXX months million net first The compared of $XXX was half strong the for working of the cash last capital the cash, was expenditures of year. collected which the same year. last compared an of same is yet driver X in for balance
basis, given strong XXXX. year-to-date we our mentioned, a guidance billings HMH for Jack had As performance quarter are in the raising the and on
to $X.XX billion For at from year, the billion, year. billings to now between company-wide of be the billion up $X.XX $X.XX the of expectation to we full billion beginning our $X.XX expect
capital expenditures Our outlook for content total development and spend unchanged. remains
expectations. digits our the underlying guidance, All strong mid-single XX%, Core of We for we February despite have exhibited increase the & additional half. and growth to assumptions grow in updated modest in grow cash Books billings business relative now first this other a Solutions decline remain expect assumptions flow revised Extensions to billings to in our the and free a to XX% Media, unchanged, this including range to HMH
comparable last year. a reminder, because Sandiego from have a segment and As in the we Carmen benefited income tough half of licensing we Orwell for second half second this
Now for wanted key I several before you handing to the last highlighting back revisit Jack, that quarters. in call our financial to trends been we the have business over the
are successfully we executing seeing adoption strategy. on growth in of new executing in First, our results and and of fundamentals, the our billings this the our flow share, second cash strategy year enrolling
costs. initiatives, we're makes operating including drive more to business the our shift enhancements, our development efficient, operational in development structure more excellence Next, savings with improve model content spend our continuing to cost which model, and which a software-like to
level remains math the and the we territory. least returning open Florida will new XXXX, year which Lastly, our outlook in market an We spending adoption its to hold anticipate year see at multiyear the elevated of attractive. through growth adoption,
Our are Extensions to cash the well portfolio flow grow. positioned positive continues have new the us durable, to through innovative drive free help introduced solutions And cycle. we
call that, to back with Jack. turn I'll And the over
