McGraw Hill, Inc.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 11, 2026
MH$10.76+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; dollars in thousands)
| Nine Months Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities | ||
| Net income (loss) | $85,587 | $71,028 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
| Depreciation (including amortization of technology costs) | 62,218 | 50,448 |
| Amortization of intangibles | 169,167 | 180,692 |
| Amortization of product development costs | 44,962 | 44,703 |
| Amortization of deferred royalties | 67,654 | 65,280 |
| Amortization of deferred commission costs | 15,983 | 12,735 |
| Stock-based compensation | 31,737 | — |
| Credit losses on accounts receivable | (529) | (2,556) |
| Unrealized (gain) loss on interest rate cap | — | 235 |
| Inventory obsolescence | 8,300 | 9,784 |
| Deferred income taxes | 845 | (1,184) |
| Amortization of debt discount | 9,947 | 14,989 |
| Amortization of deferred financing costs | 3,744 | 8,782 |
| (Gain) loss on extinguishment of debt | 24,544 | 2,719 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 100,633 | (433) |
| Inventories | (3,132) | 51,996 |
| Prepaid and other current assets | (92,827) | (127,245) |
| Accounts payable and accrued expenses | (25,268) | 40,152 |
| Deferred revenue | 18,964 | 238,561 |
| Other current liabilities | (42,123) | 30,653 |
| Other changes in operating assets and liabilities, net | (3,109) | (3,870) |
| Cash provided by (used for) operating activities | 477,297 | 687,469 |
| Investing activities | ||
| Product development expenditures | (76,680) | (60,476) |
| Capital expenditures | (61,039) | (42,621) |
| Cash provided by (used for) investing activities | (137,719) | (103,097) |
| Financing activities | ||
| Payment of A&E Term Loan Facility | (595,575) | (103,292) |
| Payment of Term Loan Facility | — | (754,875) |
| Borrowings on 2024 Secured Notes | — | 650,000 |
| Payment of finance lease obligations | (5,912) | (7,708) |
| Payment of deferred financing costs | — | (24,027) |
| Proceeds from issuance of common stock in Initial Public Offering, net of underwriting discounts | 392,862 | — |
| Deferred Initial Public Offering costs | (7,037) | — |
| Cash provided by (used for) financing activities | (215,662) | (239,902) |
| Effect of exchange rate changes on cash | 646 | 896 |
| Net change in cash and cash equivalents | 124,562 | 345,366 |
| Cash and cash equivalents, at the beginning of the period | 389,830 | 203,618 |
| Cash and cash equivalents, at the end of the period | $514,392 | $548,984 |
| Supplemental disclosures | ||
| Cash paid for interest expense | $124,679 | $173,392 |
| Cash paid for income taxes | 73,832 | 33,401 |
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