The following is excerpted from the question-and-answer section of the transcript.
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Question: Todd Cranston Morgan - Jefferies LLC, Fixed Income Research - Analyst
: I had kind of 2 business questions in Higher Ed. The first one, Cengage Unlimited subscriptions, I think, you said they were down 8% in the first half
of '22 versus '21. Could you just talk further about that? I mean the student population in the U.S. was -- the registered students' kind of about 3%,
obviously, a lot of that was involved with the 2-year and 4-year nonprofit and -- or for-profit school, excuse me. Is that sort of a skew of the student
base that you're serving there? I was just surprised to see kind of a better mousetrap product like CU actually decline even much more than the
overall enrollment.
Question: Todd Cranston Morgan - Jefferies LLC, Fixed Income Research - Analyst
: No, I guess that's helpful. I guess I just would have thought that with -- as this continues to sort of become more pervasive within the student body
of someone who used it last year has come back than this year, they want to, obviously, have -- still have access to the materials they had before.
The new crop of students are coming in, I would have thought that, that would have grown regardless. But anyway, that's very helpful. And just
very quickly as a follow-up...
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NOVEMBER 11, 2021 / 1:30PM, CNGO.PK - Q2 2022 Cengage Learning Holdings II Inc Earnings Call
Question: Todd Cranston Morgan - Jefferies LLC, Fixed Income Research - Analyst
: That's fair. Okay. No, no. Again, really quickly then, just on pricing. I think you mentioned that sort of modest price declines realized in the period.
Is that -- are those pure price, i.e., list price changes? Or is that simply kind of a mix event where people are buying perhaps more supplemental as
a percentage of the mix? And certainly, I imagine the institutional deals offer some kind of a price break. Is that really behind the price movement?
Or is there real pure price changes?
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