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Houghton Mifflin Harcourt Announces Fourth Quarter and Full Year 2020 Results, Achieved 2020 Billings at the Top End of its Revised Guidance Range and Positive Free Cash Flow

February 25, 2021
SaaS billings growth of 142% and digital platform usage growth of 306% as HMH continues transformation to K-12 pure-play learning technology company; Successful achievement of HMH 2020 strategy lays foundation for Digital First, Connected future

BOSTON, Feb. 25, 2021 /PRNewswire/ -- Learning technology company Houghton Mifflin Harcourt ("HMH" or the "Company") (Nasdaq: HMHC) today announced financial results for the fourth quarter and full year ended December 31, 2020 and introduced new operational metrics HMH will use to track growth in recurring revenue and progress on connected solutions selling.

"As we head into a new year focused on executing against our Digital First, Connected strategy, we are supporting teaching and learning nationwide in every environment. HMH has unsurpassed reach to the nation's schools and we continue to see strong growth in important key performance indicators, including accelerating digital adoption of our platforms and tools, positioning HMH amongst the largest and fastest growing companies in the edtech market," said Jack Lynch, President and Chief Executive Officer of Houghton Mifflin Harcourt.

Q4 2020 Headlines:

HMH achieved 2020 billings at the top end of its revised guidance range and positive free cash flow, outperforming its revised guidance range for 2020. Additionally:

  • Continued momentum with SaaS billings growth of 142% and digital platform user growth of 306% for full year 2020
  • Annualized Recurring Revenue (ARR) 1 of $58 million in 2020; HMH will report its Net Retention Rate (NRR) beginning in the first quarter of 2021
  • Connected Sales1 made up 50% of Education segment billings in 2020


Three Months Ended December 31,



Years Ended December 31,


(in millions of dollars)


2020



2019



Change



2020



2019



Change


Net sales


$

204



$

241




(15.7)

%


$

1,031



$

1,391




(25.8)

%

Change in deferred revenue



(48)




(41)




(18.6)

%



58




201




(71.0)

%

Billings 1



155




201




(22.6)

%



1,089




1,591




(31.5)

%

Impairment charge for goodwill



17






NM




279






NM


Net loss



(83)




(125)




33.5

%



(480)




(214)



NM


Adjusted EBITDA 2



16




(4)



NM




132




166




(20.5)

%

Pre-publication or content development costs



(10)




(21)




52.4

%



(61)




(103)




40.2

%

Net cash provided by operating activities



40




128




(68.6)

%



115




255




(54.8)

%

Free cash flow 2



14




96




(85.0)

%



3




115




(97.4)

%


1     An operating measure. Please refer to "Operating Metrics" for an explanation.

2     Non-GAAP measure, please refer to Use of Non-GAAP Financial Measures for an explanation and reconciliation.


NM = not meaningful

Joe Abbott, HMH's Chief Financial Officer said, "During the quarter, we also continued to manage our expenses with discipline, and as a result, delivered higher adjusted EBITDA margins for the fourth quarter and for the full year. Additionally, we generated positive cash flow during the fourth quarter, resulting in positive free cash flow for the full year."

Outlook:

HMH expects 2021 billings in a range of $1.10 billion to $1.15 billion resulting in an unlevered free cash flow margin in a range of 9% to 11%.

Full year 2020 Financial Results:

Net Sales:  HMH reported net sales of $1,031 million for the full year of 2020, down 26% compared to $1,391 million in 2019. The net sales decrease was driven by a $371 million decrease in our Education segment, offset by a $12 million increase in our HMH Books & Media segment. Within our Education segment, the decrease was primarily due to lower net sales in Extensions, which decreased $252 million from $632 million in 2019 to $380 million, due to lower sales and a difficult comparison to prior year Texas K-6 sales coupled with the impact of the COVID-19 pandemic in 2020. Also, contributing to the decrease was lower professional services with the decline of the in-person learning environment as a result of the COVID-19 pandemic. Further, there were lower net sales from Core Solutions which decreased by $119 million from $578 million in 2019 to $459 million, primarily due to the smaller new adoption market opportunity in Texas ELA, along with the impact of the COVID-19 pandemic. Within our HMH Books & Media segment, the increase in net sales was primarily due to an increase in licensing revenue of $13 million, which includes $10 million of licensing revenue from a new production series and $3 million from the Carmen Sandiego series on Netflix.  

Billings1:  Billings for 2020 decreased $502 million, or 32%, from 2019. The billings decrease was driven by a $515 million decrease in our Education segment offset by a $13 million increase in our HMH Books & Media segment. Within our Education segment, the decrease was primarily due to lower Core Solutions billings which decreased $306 million due to the smaller new adoption market opportunity in Texas ELA, along with the impact of the COVID-19 pandemic. Further, Extensions billings decreased by $209 million due to lower billings of the Heinemann products due to a difficult comparison to prior year Texas K-6 billings coupled with the impact of the COVID-19 pandemic in 2020 and reduced face-to-face delivery of professional services. HMH Books & Media billings increased primarily due to an increase in licensing revenue of $13 million, which includes $10 million of licensing revenue from a new production series and $3 million from the Carmen Sandiego series on Netflix.

Cost of Sales:  Overall cost of sales decreased by $200 million to $644 million in 2020 from $844 million in 2019, primarily due to lower billings and to a lesser extent, lower amortization expense.

Selling and Administrative Costs:  Selling and administrative costs decreased by $185 million in 2020, primarily due to lower labor costs of $77 million, resulting from cost savings associated with our employee furlough initiative in response to COVID-19, our 2020 Restructuring Plan and a freeze on hiring. Further, there was a decrease in variable expenses of $52 million, including reduced commissions and transportation expenses due to lower billings and $44 million of lower discretionary costs related to travel, decreased marketing activities and other expense reduction measures. There was also lower depreciation expense of $11 million.

Restructuring/severance: Our restructuring/severance and other charges for the full year ended December 31, 2020 increased by $12 million primarily due to severance costs associated with the 2020 restructuring plan.

Operating Loss:  Operating loss for 2020 was $429 million, a $266 million unfavorable change from the $163 million operating loss in 2019 primarily due to a non-cash impairment charge for goodwill in 2020 of $279 million. This charge was a direct result of the adverse impact that the COVID-19 pandemic had on our Company. Additionally, lower net sales contributed to the operating loss. Partially offsetting the unfavorable operating loss was a decrease in selling and administrative expenses.

Net Loss:  Net loss of $480 million for 2020 was a $266 million unfavorable change from the net loss of $214 million in 2019, due primarily to the same factors impacting operating loss along with an increase in interest expense of $17 million resulting from the debt refinancing during the fourth quarter of 2019 and a favorable change in income taxes of $17 million due primarily to the non-cash impairment on goodwill.

Adjusted EBITDA:  Adjusted EBITDA for 2020 was $132 million, a $34 million unfavorable change from $166 million in 2019.  

Cash Flows and Liquidity:  Net cash provided by operating activities for 2020 was $115 million compared with $255 million in 2019. HMH's free cash flow, defined as net cash from operating activities minus capital expenditures, for 2020 was $3 million, a $112 million unfavorable change compared to $115 million in 2019. The primary driver of the unfavorable change in net cash provided by operating activities and free cash flow was the COVID-19 pandemic in 2020.

As of February 25, 2021, there were no amounts outstanding under our revolving credit facility. We expect our net cash from operations combined with our cash and cash equivalents and borrowing availability under our revolving credit facility to provide sufficient liquidity to fund our current obligations, capital spending, debt service requirements and working capital requirements over at least the next twelve months.

Conference Call:

At 9:30 a.m. ET on Thursday, February 25, 2021, HMH will host a conference call to discuss the results and management's outlook with its investors. The call will be webcast live at ir.hmhco.com. The following information is provided for investors who would like to participate:

Toll Free: (844) 835-6565
International: (484) 653-6719
Passcode: 1675959  
Moderator: Brian Shipman, Senior Vice President, Investor Relations
Webcast Link: https://edge.media-server.com/mmc/p/oyi49sqv   

An archived webcast with the accompanying slides will be available at ir.hmhco.com for one year for those unable to participate in the live event. An audio replay of this conference call will also be available until March 7, 2021 via the following telephone numbers: (855) 859-2056 in the United States and (404) 537-3406 internationally using passcode 1675959.

Use of Non-GAAP Financial Measures:

To supplement our financial statements presented in accordance with Generally Accepted Accounting Principles (GAAP) and to provide additional insights into our performance (for a completed period and/or on a forward-looking basis), we have presented adjusted EBITDA and free cash flow. These measures are not prepared in accordance with GAAP. This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. Management believes that the presentation of these non-GAAP measures provides useful information to investors regarding our results of operations and/or our expected results of operations because it assists both investors and management in analyzing and benchmarking the performance and value of our business.

Management believes that the presentation of adjusted EBITDA provides useful information to our investors and management as an indicator of our performance that is not affected by debt restructurings, fluctuations in interest rates or effective tax rates, gain or losses on investments, non-cash charges and impairment charges, or levels of depreciation or amortization along with costs such as severance, separation and facility closure costs, acquisition/disposition-related activity costs, restructuring costs and integration costs. Accordingly, management believes that this measure is useful for comparing our performance from period to period and makes decisions based on it. In addition, targets in adjusted EBITDA (further adjusted to include the change in deferred revenue) are used as performance measures to determine certain incentive compensation of management. Management also believes that the presentation of free cash flow provides useful information to our investors because management regularly reviews these metrics as an important indicator of how much cash is generated by general business operations, excluding capital expenditures, and makes decisions based on it.

Other companies may define these non-GAAP measures differently and, as a result, our use of these non-GAAP measures may not be directly comparable to adjusted EBITDA and free cash flow used by other companies. Although we use these non-GAAP measures as financial measures to assess our business, the use of non-GAAP measures is limited as they include and/or do not include certain items not included and/or included in the most directly comparable GAAP measure. Adjusted EBITDA should be considered in addition to, and not as a substitute for, net income or loss prepared in accordance with GAAP as a measure of performance; and free cash flow should be considered in addition to, and not as a substitute for, net cash from operating activities prepared in accordance with GAAP. Adjusted EBITDA is not intended to be a measure of liquidity nor is free cash flow intended to be a measure of residual cash flow available for discretionary use. You are cautioned not to place undue reliance on these non-GAAP measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures (to the extent available without unreasonable efforts in the case of forward-looking measures) and related disclosure is provided in the appendix to this news release.

Operating Metrics:

Annualized Recurring Revenue (ARR) for a given period is the annualized revenues derived from termed subscription contracts existing at the end of the period. ARR excludes contracts that are one-time in nature. ARR is currently one of the key performance metrics being used by management to assess the health and trajectory of our business. ARR does not have a standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of U.S. GAAP revenue, deferred revenue and unbilled revenue and is not intended to be combined with or to replace those items. ARR does not represent revenue for any particular period or remaining revenue that will be recognized in future periods. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers. 

Connected Sales are billings from the sale of core, intervention, supplemental, assessment and service offerings hosted on or transitioning to be hosted on our Ed: Your Friend in Learning® teaching and learning platform.

Billings is an operating measure which we derive from net sales taking into account the change in deferred revenue. Education and HMH Books & Media segment billings represent an operating measure which we derive from net sales taking into account the change in deferred revenue. Billings for Core Solutions and Extensions is an operating measure based on invoiced sales adjusted for returns, other publishing income and change in deferred revenue.

About Houghton Mifflin Harcourt

Houghton Mifflin Harcourt (Nasdaq: HMHC) is a learning technology company committed to delivering connected solutions that engage learners, empower educators and improve student outcomes. As a leading provider of K–12 core curriculum, supplemental and intervention solutions, and professional learning services, HMH partners with educators and school districts to uncover solutions that unlock students' potential and extend teachers' capabilities. HMH serves more than 50 million students and 3 million educators in 150 countries, while its award-winning children's books, novels, non-fiction, and reference titles are enjoyed by readers throughout the world. For more information, visit www.hmhco.com.  

Follow HMH on TwitterFacebook and YouTube.

Contact

Investor Relations
Brian S. Shipman, CFA
SVP, Investor Relations
(212) 592-1177
brian.shipman@hmhco.com

Media Relations
Bianca Olson
SVP, Corporate Affairs
(617) 351-3841
bianca.olson@hmhco.com

Forward-Looking Statements

The statements contained herein include forward-looking statements, which involve risks and uncertainties. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "projects," "anticipates," "expects," "could," "intends," "may," "will," "should," "forecast," "intend," "plan," "potential," "project," "target" or, in each case, their negative, or other variations or comparable terminology. Forward-looking statements include all statements that are not statements of historical facts. They include statements regarding our intentions, beliefs or current expectations concerning, among other things: 2021 outlook for billings and unlevered free cash flow margin; the expected impact of our Digital First, Connected strategy and the actions described in this press release; the expected impact of the COVID-19 pandemic; our future results of operations, financial condition, liquidity, prospects, growth and strategies; the timing, structure and expected impact of our operational efficiency and cost-reduction initiatives and the estimated savings and amounts expected to be incurred in connection therewith; and potential business decisions. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. We caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements are based upon information available to us on the date of this report.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that actual results may differ materially from those made in or suggested by the forward-looking statements contained herein. In addition, even if actual results are consistent with the forward-looking statements contained herein, those results or developments may not be indicative of results or developments in subsequent periods.

Important factors that could cause actual results to vary from expectations include, but are not limited to: the duration and severity of the COVID-19 pandemic and its impact on the federal, state and local economies and on K-12 schools; the rate and state of technological change; state requirements related to digital instructional materials; our ability to execute on our Digital First, Connected growth strategy; increases in our operating costs; management and personnel changes; timing, higher costs and unintended consequences of our operational efficiency and cost-reduction initiatives, including the actions described in this press release; our ability to sell the HMH Books & Media business and the terms of any such potential sale; and other factors discussed in the "Risk Factors" section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. In light of these risks, uncertainties and assumptions, the forward-looking events described herein may not occur.

We undertake no obligation, and do not expect, to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained herein.

Houghton Mifflin Harcourt Company

Consolidated Balance Sheets




December 31,


(in thousands of dollars, except share information)


2020



2019


Assets









Current assets









Cash and cash equivalents


$

281,200



$

296,353


Accounts receivable, net



152,832




184,425


Inventories



166,963




213,059


Prepaid expenses and other assets



19,931




19,257


Total current assets



620,926




713,094











Property, plant, and equipment, net



93,202




100,388


Pre-publication costs, net



203,149




268,197


Royalty advances to authors, net



42,485




44,743


Goodwill



437,977




716,977


Other intangible assets, net



428,584




474,225


Operating lease assets



126,850




132,247


Deferred income taxes



2,415




2,520


Deferred commissions



30,659




29,291


Other assets



34,879




31,490


Total assets


$

2,021,126



$

2,513,172


Liabilities and Stockholders' Equity









Current liabilities









Current portion of long-term debt


$

19,000



$

19,000


Accounts payable



49,104




52,128


Royalties payable



50,771




72,985


Salaries, wages, and commissions payable



21,944




54,938


Deferred revenue



342,605




305,285


Interest payable



11,017




3,826


Severance and other charges



19,590




12,407


Accrued pension benefits



1,593





Accrued postretirement benefits



1,555




1,571


Operating lease liabilities



9,669




8,685


Other liabilities



24,973




24,325


Total current liabilities



551,821




555,150











Long-term debt, net of discount and issuance costs



624,692




638,187


Operating lease liabilities



132,014




134,994


Long-term deferred revenue



562,679




542,821


Accrued pension benefits



24,061




23,648


Accrued postretirement benefits



16,566




15,113


Deferred income taxes



16,411




30,871


Other liabilities



2,419




6,028


Total liabilities



1,930,663




1,946,812


Commitments and contingencies









Stockholders' equity









Preferred stock, $0.01 par value: 20,000,000 shares authorized; no shares issued
     
and outstanding at December 31, 2020 and 2019







Common stock, $0.01 par value: 380,000,000 shares authorized; 150,459,034 and
     
148,928,328 shares issued at December 31, 2020 and 2019, respectively; 125,852,000
     
and 124,351,294 shares outstanding at December 31, 2020 and 2019, respectively



1,505




1,489


Treasury stock, 24,577,034 shares as of December 31, 2020 and 2019, respectively, at cost



(518,030)




(518,030)


Capital in excess of par value



4,918,542




4,906,165


Accumulated deficit



(4,255,830)




(3,775,992)


Accumulated other comprehensive loss



(55,724)




(47,272)


Total stockholders' equity



90,463




566,360


Total liabilities and stockholders' equity


$

2,021,126



$

2,513,172


 

Houghton Mifflin Harcourt Company

Consolidated Statements of Operations




(Unaudited)

Three Months Ended

December 31,



Years Ended

December 31,


(in thousands of dollars, except share and per share data)


2020



2019



2020



2019


Net sales


$

203,561



$

241,475



$

1,031,292



$

1,390,674


Costs and expenses

















Cost of sales, excluding publishing rights and

pre-publication amortization



100,677




134,695




497,816




668,108


Publishing rights amortization



4,761




6,340




20,056




26,557


Pre-publication amortization



32,137




41,375




126,180




149,515


Cost of sales



137,575




182,410




644,052




844,180


Selling and administrative



111,095




146,400




478,101




662,606


Other intangible asset amortization



6,766




5,791




25,585




25,310


Impairment charge for goodwill



17,000







279,000





Restructuring/severance and other charges



98




15,821




33,643




21,742


Operating loss



(68,973)




(108,947)




(429,089)




(163,164)


Other income (expense)

















Retirement benefits non-service (expense) income



(1,039)




42




(856)




167


Interest expense



(15,526)




(13,636)




(65,959)




(48,778)


Interest income



26




1,459




899




3,157


Change in fair value of derivative instruments



500




272




672




(899)


Gain on investments



353







2,091





Income from transition services agreement












4,248


Loss on extinguishment of debt






(4,363)







(4,363)


Loss before taxes



(84,659)




(125,173)




(492,242)




(209,632)


Income tax (benefit) expense



(1,514)




(55)




(12,404)




4,201


Net loss


$

(83,145)



$

(125,118)



$

(479,838)



$

(213,833)


Net loss per share attributable to common stockholders

















Basic and diluted


$

(0.66)



$

(1.01)



$

(3.82)



$

(1.72)


Weighted average shares outstanding

















Basic and diluted



125,867,093




124,342,086




125,455,487




124,152,984



















 

Houghton Mifflin Harcourt Company

Consolidated Statements of Cash Flows




Years Ended December 31,


(in thousands of dollars)


2020



2019


Cash flows from operating activities









Net loss


$

(479,838)



$

(213,833)


Adjustments to reconcile net loss to net cash provided by operating activities









Depreciation and amortization expense



236,489




272,692


Operating lease assets, amortization and impairments



5,397




15,949


Amortization of debt discount and deferred financing costs



6,004




4,286


Gain on investments



(2,091)





Deferred income taxes



(14,355)




4,535


Stock-based compensation expense



11,573




13,968


Impairment charge for goodwill



279,000





Loss on extinguishment of debt






4,363


Change in fair value of derivative instruments



(672)




899


Changes in operating assets and liabilities, net of acquisitions









Accounts receivable



31,593




19,182


Inventories



46,096




(28,850)


Other assets



(11,425)




(20,155)


Accounts payable and accrued expenses



(34,941)




(12,136)


Royalties payable and author advances, net



(19,956)




9,342


Deferred revenue



57,178




200,473


Interest payable



7,191




3,690


Severance and other charges



7,183




10,631


Accrued pension and postretirement benefits



3,443




(4,800)


Operating lease liabilities



(1,996)




(17,281)


Other liabilities



(10,625)




(7,980)


Net cash provided by operating activities



115,248




254,975


Cash flows from investing activities









Proceeds from sales and maturities of short-term investments






50,000


Additions to pre-publication costs



(61,331)




(102,562)


Additions to property, plant, and equipment



(50,940)




(37,561)


Acquisition of business, net of cash acquired






(5,447)


Investment in preferred stock






(750)


Net cash used in investing activities



(112,271)




(96,320)


Cash flows from financing activities









Proceeds from term loan, net of discount






364,800


Proceeds from senior secured notes, net of discount






299,880


Borrowings under revolving credit facility



150,000




60,000


Payments of revolving credit facility



(150,000)




(60,000)


Payments of long-term debt



(19,000)




(772,000)


Payments of deferred financing fees






(8,493)


Tax withholding payments related to net share settlements of restricted stock units



(48)




(2,018)


Issuance of common stock under employee stock purchase plan



918




1,028


Net collections under transition service agreement






1,136


Net cash used in financing activities



(18,130)




(115,667)


Net increase (decrease) in cash and cash equivalents



(15,153)




42,988


Cash and cash equivalents at the beginning of the period



296,353




253,365


Cash and cash equivalents at the end of the period


$

281,200



$

296,353


 


Houghton Mifflin Harcourt Company


Non-GAAP Reconciliations (Unaudited)

Adjusted EBITDA 

Consolidated

(in thousands of dollars)






Three Months Ended
December 31,



Years Ended December 31,





2020



2019



2020



2019



Net loss


$

(83,145)



$

(125,118)



$

(479,838)



$

(213,833)



Interest expense



15,526




13,636




65,959




48,778



Interest income



(26)




(1,459)




(899)




(3,157)



Provision (benefit) for income taxes



(1,514)




(55)




(12,404)




4,201



Depreciation expense



12,699




14,530




50,715




61,475



Amortization expense – film asset



9,099




3,063




13,953




9,835



Amortization expense



43,664




53,506




171,821




201,382



Non-cash charges – goodwill impairment



17,000







279,000






Non-cash charges – stock compensation



2,822




2,874




11,573




13,968



Non-cash charges – loss on derivative instruments



(500)




(272)




(672)




899



Inventory obsolescence related to strategic transformation
plan






9,758







9,758



Fees, expenses or charges for equity offerings, debt or

   acquisitions/dispositions



714




5,596




1,080




6,327



Restructuring/severance and other charges



98




15,821




33,643




21,742



Gain on investments



(353)







(2,091)






Loss on extinguishment of debt






4,363







4,363



Adjusted EBITDA


$

16,084



$

(3,757)



$

131,840



$

165,738



Free Cash Flow

Consolidated

(in thousands of dollars)





Three Months Ended December 31,



Years Ended December 31,





2020



2019



2020



2019



Cash flows from operating activities


















Net cash provided by operating activities


$

40,082



$

127,603



$

115,248



$

254,975



Cash flows from investing activities


















Additions to pre-publication costs



(10,010)




(21,030)




(61,331)




(102,562)



Additions to property, plant, and equipment



(15,665)




(10,211)




(50,940)




(37,561)



Free Cash Flow


$

14,407



$

96,362



$

2,977



$

114,852



We are unable to reconcile forward looking cash flow (both before and after interest payments) and related margin without unreasonable efforts. Unlevered free cash flow margin is the ratio of free cash flow before interest payments to billings.    

 

Houghton Mifflin Harcourt Company

Calculation of Billings (Unaudited)


Billings (in thousands of dollars)

Consolidated





Three Months Ended

December 31,



Years Ended

December 31,





2020



2019



2020



2019



Net sales


$

203,561



$

241,475



$

1,031,292



$

1,390,674



Change in deferred revenue



(48,169)




(40,618)




58,178




200,662



Billings


$

155,392



$

200,857



$

1,089,470



$

1,591,336




Education





Three Months Ended

December 31,



Years Ended

December 31,





2020



2019



2020



2019



Net sales


$

140,979



$

189,387



$

839,553



$

1,210,646



Change in deferred revenue



(48,294)




(40,514)




58,281




201,621



Education Billings


$

92,685



$

148,873



$

897,834



$

1,412,267




HMH Books & Media





Three Months Ended

December 31,



Years Ended

December 31,





2020



2019



2020



2019



Net sales


$

62,582



$

52,088



$

191,739



$

180,028



Change in deferred revenue



125




(104)




(103)




(959)



HMH Books & Media Billings


$

62,707



$

51,984



$

191,636



$

179,069



Billings is an operating measure utilized by the Company derived as shown above.

 

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SOURCE Houghton Mifflin Harcourt

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