They say that 60 is the new 50 and 40 is the new 30. I hesitate to write that 30 is the new 20, as I appreciate the intellectual maturity and emotional intelligence I gained during that 10-year window in early adulthood. With the September/October issue, our biggest issue in over a decade, as VERANDA celebrates its 30th anniversary, it’s safe to say that the magazine, too, has earned a certain level of circumspection and discernment, but with an unjaded, spirited vigor that helps us see the best the world has to offer. It’s our hope to bring gravitas and authority to the subject of living well, while still approaching the topic with childlike wonder and bridging the two viewpoints. There’s nothing worse than a blasé, I’ve-seen-it-all editor. An anniversary shouldn’t be about wallowing in the past. A healthy bit of reflection is good for anyone, but the occasion should be about taking stock and focusing on the future and new opportunities that await. This issue features a larger dynamic logo, Oprah’s private rose garden, as well as the very first person to appear on a VERANDA cover (and it’s actually three people: Atlanta homeowner Taylea Fowler and her two adorable twins). Fine jewelry coverage has been a hallmark of the magazine for 20 years, and we expanded it for this issue, featuring 17 pieces of the most beautiful pearl jewels in the marketplace. Click Read More below for more of the story.
Global learning company Houghton Mifflin Harcourt Company (“HMH” or the “Company”) (NASDAQ: HMHC) today announced its financial results for the fourth quarter and full year ended December 31, 2014.
Full Year 2014 Financial Highlights:
Billings grew 16%, or $222 million, to $1,602 million compared with $1,380 million in the full year 2013.
Net sales were $1,372 million compared with $1,379 million in 2013, while net deferred revenue increased $230 million in 2014, driven by higher billings and strong digital sales.
Adjusted cash EBITDA, which accounts for the change in deferred revenue, increased $168 million, or 51%, to $495 million in 2014 compared to $327 million in 2013. Adjusted EBITDA was $265 million for the full year 2014 compared with $325 million in the prior year.
Net loss was $111 million for the full year 2014 and 2013.
Linda K. Zecher, HMH’s President and Chief Executive Officer, commented, “2014 was an important year for HMH and a turning point for the market in terms of digital readiness. We believe our best in class products and leading-edge digital capabilities served as a catalyst for a learning transformation within the industry and enabled us to capture 52% share of a robust new adoption market. Looking ahead to 2015, we believe our learning solutions will continue to help us maintain a leading position in the education market. Simultaneously, we plan to intensify our focus on comprehensive education services, early childhood and direct-to-consumer markets to strengthen our long-term growth potential.”