Barnes & Noble Education, Inc. (BNED): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des ressources éducatives, Barnes & Noble Education, Inc. (BNED) apparaît comme une force transformatrice, pontant de manière transparente des modèles de librairies traditionnelles avec des plateformes d'apprentissage numérique de pointe. En naviguant stratégiquement dans l'écosystème complexe du matériel académique, Bned a conçu un modèle commercial sophistiqué qui va au-delà des ventes de manuels, offrant des solutions complètes qui permettent aux étudiants, aux éducateurs et aux établissements avec des ressources éducatives innovantes, accessibles et axées sur la technologie.

Barnes & Noble Education, Inc. (BNED) - Modèle d'entreprise: partenariats clés

Éditeurs et fabricants de manuels

Barnes & Noble Education s'associe à des éditeurs universitaires majeurs pour distribuer du matériel éducatif.

Éditeur	Détails du partenariat	Volume annuel
Pearson Education	Distribution des manuels	245 millions de dollars
McGraw-Hill Education	Contenu numérique et imprimé	187 millions de dollars
Cengage Learning	Matériel de cours complet	163 millions de dollars

Librairies universitaires et universitaires

Bned gère les librairies pour plusieurs établissements universitaires.

• Librairies gérées totales: 1 450
• Partenariats institutionnels: 772 collèges et universités
• Revenue annuelle de la librairie: 1,82 milliard de dollars

Contenu numérique et fournisseurs de technologies

Les partenariats technologiques stratégiques améliorent les plateformes d'apprentissage numérique.

Partenaire technologique	Service	Investissement annuel
Vitalsource	Plateforme de manuels numériques	56 millions de dollars
Chèque	Ressources d'apprentissage en ligne	42 millions de dollars

Institutions universitaires et réseaux de campus

Partenariats complets avec les réseaux éducatifs.

• Total Network Reach: 4,4 millions d'étudiants
• Couverture réseau: 47 États
• Revenus de partenariat annuel: 1,14 milliard de dollars

Barnes & Noble Education, Inc. (BNED) - Modèle d'entreprise: Activités clés

CONSEIL-CONSEIL et distribution

Revenus de ventes de manuels annuels: 1,57 milliard de dollars (exercice 2023)

Canaux de distribution	Volume annuel
Librairies physiques	8,2 millions de manuels
Plateforme de vente en ligne	3,6 millions de manuels

Gestion de la plate-forme d'apprentissage numérique

Utilisateurs de plate-forme numérique: 4,3 millions d'étudiants

• Investissement total de plate-forme d'apprentissage numérique: 42,3 millions de dollars
• Équipe de développement de plate-forme: 127 professionnels de la technologie
• Coût de maintenance de la plate-forme annuelle: 18,7 millions de dollars

Opérations de la librairie du campus

Les librairies totales du campus gérées: 1 450 emplacements

Catégorie de magasin	Nombre de magasins
Magasins de campus universitaires	1,204
Librairies universitaires	246

Gestion des stocks et achat

Valeur d'inventaire annuelle totale: 425,6 millions de dollars

• Taux de rotation des stocks: 2,3 fois par an
• Taille de l'équipe d'approvisionnement: 86 professionnels
• Période de rétention des stocks moyens: 157 jours

Développement de la technologie éducative

Investissement annuel de R&D: 35,4 millions de dollars

Domaine de mise au point technologique	Pourcentage d'investissement
Systèmes de gestion de l'apprentissage	42%
Matériel de cours numérique	33%
Outils de fiançailles des étudiants	25%

Barnes & Noble Education, Inc. (BNED) - Modèle d'entreprise: Ressources clés

Réseau de librairies physiques et en ligne

Depuis 2023, Barnes & Noble Education opère 1 449 librairies physiques à travers les campus universitaires aux États-Unis. La société gère les librairies dans Environ 770 collèges et universités.

Type de magasin	Nombre d'emplacements
Librairies du campus	1,449
Plateformes en ligne	3 vitrines numériques primaires

Plateformes de technologie d'apprentissage numérique

Les plateformes numériques de l'entreprise comprennent:

• Système de livraison de contenu numérique du premier jour
• Échange de manuels MBS
• Plate-forme de matériel de cours numérique d'entreprise

Relations avec les établissements universitaires

Barnes & Noble Education maintient des partenariats avec 770 établissements d'enseignement supérieur. Le marché total adressable de l'entreprise comprend 4 360 collèges et universités Aux États-Unis.

Contenu éducatif propriétaire

La société propose Plus de 1,6 million de ressources d'apprentissage numérique à travers plusieurs disciplines académiques. Le contenu numérique comprend:

• eTextBooks
• Matériel de cours
• Solutions d'apprentissage adaptatives

Solide reconnaissance de la marque sur les marchés académiques

Métrique financière	Valeur 2023
Revenus totaux	1,79 milliard de dollars
Capitalisation boursière	240,52 millions de dollars

L'entreprise sert Environ 6 millions d'étudiants par an Grâce à ses ressources éducatives complètes et à son réseau de librairies.

Barnes & Noble Education, Inc. (BNED) - Modèle d'entreprise: propositions de valeur

Matériel et ressources éducatifs complets

Barnes & Noble Education propose un large éventail de matériel éducatif avec les détails suivants:

Catégorie de produits	Volume des ventes annuelles	Fourchette de prix moyenne
Manuels	785,3 millions de dollars	75 $ - 250 $ par livre
Matériel d'apprentissage numérique	213,6 millions de dollars	35 $ ​​- 120 $ par ressource numérique
Matériel de cours	412,7 millions de dollars	50 $ - 180 $ par forfait

Solutions de manuels abordables

Les stratégies de réduction des coûts comprennent:

• Programmes de location de manuels avec une réduction des coûts de 40 à 60%
• Options de manuels d'occasion d'une moyenne de 35% des prix du nouveau livre
• Alternatives sur les manuels numériques réduisant les coûts jusqu'à 50%

Options d'achat et de location pratiques

Canal d'achat	Volume de transaction annuel	Préférence du client
Plate-forme en ligne	2,3 millions de transactions	47% du total des ventes
Librairies physiques	1,8 million de transactions	36% des ventes totales
Application mobile	0,9 million de transactions	17% du total des ventes

Plates-formes d'apprentissage numériques et physiques intégrées

Capacités de plate-forme numérique:

• 150+ intégrations de gestion de l'apprentissage numérique
• Plus de 1,2 million de documents de cours numériques disponibles
• Accès au contenu en temps réel pour plus de 500 établissements d'enseignement

Soutenir la réussite scolaire des étudiants

Service de soutien académique	Engagement annuel	Taux de satisfaction des étudiants
Centre de ressources d'étude	425 000 étudiants	88% de satisfaction
Outils d'apprentissage numérique	612 000 étudiants	Évaluation d'efficacité de 92%
Programme d'abordabilité des manuels	345 000 étudiants	85% de réduction des coûts satisfaction

Barnes & Noble Education, Inc. (BNED) - Modèle d'entreprise: relations avec les clients

Interactions personnelles de la librairie du campus

Barnes & Noble Education exploite 1 450 librairies du campus aux États-Unis à partir de 2023. La taille moyenne du magasin est d'environ 7 500 pieds carrés. Interactions annuelles sur les clients en magasin estimées à 15,2 millions d'étudiants et de professeurs.

Type d'interaction	Volume annuel	Temps de transaction moyen
Achats en magasin	8,7 millions de transactions	12-15 minutes
Consultations de produits	3,5 millions d'interactions	8-10 minutes

Support client de plate-forme numérique

Les canaux de support numériques comprennent:

• Assistance de chat en ligne 24/7
• Temps de réponse de la support par e-mail: 4-6 heures
• Prise en charge du téléphone: 7 h à 22 h HNE

Plateforme numérique Utilisateurs actifs mensuels: 2,3 millions d'étudiants au quatrième trimestre 2023.

Programmes de fidélité et de réduction des étudiants

Barnes & NOBLE Éducation à la fidélisation du programme:

Métrique du programme	2023 données
Membres de la fidélité totale	1,8 million d'étudiants
Réduction moyenne	15-25% de réduction sur les manuels
Revenus du programme de fidélité annuel	47,3 millions de dollars

Expériences d'achat en ligne et mobiles

Statistiques d'achat mobiles et en ligne:

• Téléchargements d'applications mobiles: 1,2 million
• Volume de transactions en ligne: 6,5 millions de transactions annuelles
• Valeur de commande en ligne moyenne: 127,50 $

Services de location et de rachat de manuels

Détails du programme de location et de rachat des manuels:

Métrique de service	2023 données
Livres totaux loués	3,9 millions de manuels
Livres rachetés	2,7 millions de manuels
Revenus locatifs totaux	189,6 millions de dollars

Barnes & Noble Education, Inc. (BNED) - Modèle d'entreprise: canaux

Librairies du campus physique

Depuis l'exercice 2023, Barnes & Noble Education opère 1 450 librairies du campus physique aux États-Unis.

Type de magasin	Nombre d'emplacements	Revenus annuels
Librairies universitaires	1,450	1,86 milliard de dollars

Plateforme de commerce électronique en ligne

La plate-forme numérique de l'entreprise génère approximativement 412 millions de dollars en ventes en ligne annuelles.

• Site Web: bncollege.com
• Volume annuel de transactions en ligne: 2,3 millions de commandes
• Valeur de commande en ligne moyenne: 179 $

Applications mobiles

Barnes & Noble Education maintient des applications mobiles avec Plus de 750 000 utilisateurs mensuels actifs.

Plate-forme	Utilisateurs actifs mensuels	Télécharger des statistiques
Application iOS	425,000	1,2 million de téléchargements totaux
Application Android	325,000	980 000 téléchargements totaux

Partenariats institutionnels directs

La société maintient des partenariats avec Plus de 1 600 établissements d'enseignement.

• Collèges communautaires: 620 partenariats
• Universités de quatre ans: 780 partenariats
• Écoles techniques: 200 partenariats

Places de marché en ligne tierces

Barnes & Noble Education utilise plusieurs marchés en ligne, générant 89 millions de dollars de ventes de marché.

Marché	Volume des ventes annuelles	Pénétration du marché
Amazone	52 millions de dollars	58% des revenus du marché
eBay	23 millions de dollars	26% des revenus du marché
Autres plateformes	14 millions de dollars	16% des revenus du marché

Barnes & Noble Education, Inc. (BNED) - Modèle d'entreprise: segments de clientèle

Étudiants universitaires et universitaires

Depuis 2023, Barnes & Noble Education dessert environ 6 millions d'étudiants par an. Le marché total adressable comprend 19,6 millions d'étudiants aux États-Unis.

Segment des étudiants	Taille du marché	Dépenses annuelles moyennes
Étudiants de premier cycle	15,2 millions	600 $ par étudiant sur le matériel de cours
Étudiants diplômés	3,2 millions	750 $ par étudiant sur le matériel de cours
Étudiants d'apprentissage en ligne / à distance	4,7 millions	450 $ par étudiant sur les ressources numériques

Professeurs universitaires et administrateurs

Barnes & Noble Education soutient environ 1,4 million de professeurs universitaires dans 4 300 établissements d'enseignement supérieur.

• Taux d'adoption des professeurs pour le matériel de cours numériques: 42%
• Budget institutionnel moyen pour le matériel de cours: 250 000 $ par an
• Taux d'intégration du contenu numérique: 63%

Établissements d'enseignement

L'entreprise dessert 1 200 campus universitaires et gère 1 450 librairies sur le campus.

Type d'institution	Nombre d'institutions	Contribution annuelle des revenus
Universités publiques	650	375 millions de dollars
Collèges privés	450	225 millions de dollars
Collèges communautaires	100	85 millions de dollars

Systèmes scolaires K-12

Barnes & Noble Education dessert 500 districts scolaires K-12 avec des solutions d'apprentissage numérique.

• Les étudiants totaux de la maternelle à la 12e année ont servi: 1,2 million
• Taux d'adoption du curriculum numérique: 35%
• Revenus du marché annuel de la maternelle à la 12e année: 95 millions de dollars

Apprenants et éducateurs individuels

La plate-forme prend en charge 2,3 millions d'apprenants individuels et d'éducateurs indépendants via des plateformes numériques.

Catégorie des apprenants	Nombre d'utilisateurs	Dépenses annuelles moyennes
Apprenants en développement professionnel	850,000	350 $ par utilisateur
Apprenants en ligne indépendants	1,45 million	200 $ par utilisateur

Barnes & Noble Education, Inc. (BNED) - Modèle d'entreprise: Structure des coûts

Frais d'achat d'inventaire

Pour l'exercice 2023, Barnes & Noble Education a déclaré des coûts d'inventaire total de 436,7 millions de dollars. La stratégie d'approvisionnement en stock de l'entreprise comprend:

• Acquisition de manuels auprès des éditeurs
• Achats de livres en gros
• Inventaire des marchandises pour les magasins de campus

Catégorie d'inventaire	Coût annuel
Manuels	268,3 millions de dollars
Livres généraux	92,5 millions de dollars
Marchandises de magasin du campus	75,9 millions de dollars

Stocker les coûts d'exploitation

Les dépenses opérationnelles du magasin total pour l'exercice 2023 étaient de 312,4 millions de dollars, notamment:

• Entretien de loyer et d'installation
• Services publics
• Stockage des salaires des employés

Catégorie de dépenses opérationnelles	Coût annuel
Loyer de l'installation	124,6 millions de dollars
Salaire des employés	156,8 millions de dollars
Services publics et maintenance	31,0 millions de dollars

Maintenance de plate-forme numérique

Les coûts de maintenance des plateformes numériques pour l'exercice 2023 ont totalisé 47,2 millions de dollars, englobant:

• Hébergement de site Web
• Infrastructure numérique
• Services cloud

Développement technologique

Les dépenses de développement technologique pour l'exercice 2023 étaient de 62,5 millions de dollars, axées sur:

• Développement de logiciels
• Plateformes d'apprentissage numérique
• Technologie du commerce électronique

Marketing et acquisition de clients

Les frais de marketing et d'acquisition des clients pour l'exercice 2023 ont atteint 83,6 millions de dollars, notamment:

• Publicité numérique
• Marketing des médias sociaux
• Programmes de sensibilisation du campus

Canal de marketing	Dépenses annuelles
Publicité numérique	38,2 millions de dollars
Marketing des médias sociaux	22,7 millions de dollars
Sensibilisation du campus	22,7 millions de dollars

Barnes & Noble Education, Inc. (BNED) - Modèle d'entreprise: Strots de revenus

Ventes de manuels

Pour l'exercice 2023, Barnes & Noble Education a déclaré un chiffre d'affaires de manuels de 1,57 milliard de dollars. Les ventes de manuels physiques représentaient environ 62% du total des revenus des manuels.

Catégorie de vente de manuels	Revenus ($)	Pourcentage
Manuels physiques	974 millions de dollars	62%
Manuels numériques	596 millions de dollars	38%

Abonnements de contenu numérique

Le chiffre d'affaires du contenu numérique a atteint 185,3 millions de dollars au cours de l'exercice 2023, ce qui représente une croissance de 7,2% par rapport à l'année précédente.

• Plateformes d'abonnement numériques: échange de manuels MBS
• Coût moyen de l'abonnement numérique: 42 $ par semestre
• Total des abonnés numériques: 438 000 étudiants

Services de location de manuels

Les services de location de manuels ont généré 213,6 millions de dollars de revenus pour l'exercice 2023.

Type de location	Revenus ($)	Durée de location moyenne
Location de semestre	156,4 millions de dollars	4 mois
Location à court terme	57,2 millions de dollars	6 semaines

Marchandise de la librairie du campus

Les ventes de marchandises de la librairie du campus ont totalisé 412,7 millions de dollars au cours de l'exercice 2023.

• Vêtements et marchandises de marque: 187,5 millions de dollars
• Fournitures scolaires: 112,3 millions de dollars
• Accessoires technologiques: 72,9 millions de dollars
• Articles-cadeaux: 40 millions de dollars

Licence de technologie et de logiciels

Les revenus de la technologie et des licences logicielles s'élevaient à 94,5 millions de dollars au cours de l'exercice 2023.

Catégorie de licence	Revenus ($)	Nombre d'institutions
Systèmes de gestion de l'apprentissage	52,3 millions de dollars	247
Plate-forme de matériel de cours numérique	42,2 millions de dollars	189

Barnes & Noble Education, Inc. (BNED) - Canvas Business Model: Value Propositions

Affordable, predictable course material access via First Day® Complete.

The First Day® Complete equitable access model provides all students with required course materials, both physical and digital, on or before the first day of class. This is bundled as part of tuition or applied as a course charge. Students save an average of 35-50 percent compared to buying materials individually a la carte.

The program saw significant adoption growth leading into the Spring 2025 term. The number of campus stores utilizing First Day Complete reached 191 for the Spring 2025 term. This covered an enrollment of approximately 957,000 undergraduate and graduate students. This represents an 18.9% increase in covered enrollment from the prior year's 805,000 students.

The financial impact of the broader BNC First Day® programs in Q3 Fiscal Year 2025 was substantial:

• Revenues from BNC First Day® programs increased 20.8% year-over-year to $222 million in the third quarter.
• Year-to-date Fiscal 2025 revenues from BNC First Day® programs increased by 21.1%, or $93.9 million.
• First Day Complete sales alone increased by 29.5% for the 13 weeks ended January 25, 2025.

Seamless omnichannel retail experience for students and alumni.

Barnes & Noble Education, Inc. operates a dynamic omnichannel retail environment across its physical and virtual bookstores. As of February 28, 2025, the company operated 1,164 physical and virtual bookstores, serving more than 5.8 million students nationwide.

The retail segment showed positive comparable sales momentum in the third quarter of Fiscal 2025:

Metric	Q3 FY2025 Result	Year-over-Year Change
Gross Comparable Store Sales	Increase of $30.1 million	6.6% increase
Full-Year FY2025 Preliminary Gross Comparable Store Sales	Expected increase of $116.9 million	Expected 7.5% increase

This growth in comparable sales helped offset declines in traditional textbook purchases and general merchandise sales in the quarter.

Operational excellence and revenue share for partner institutions.

The focus on high-volume access models like First Day Complete is intended to improve predictability of future results and reverse historical course materials revenue declines. Operational efficiency improvements are reflected in the non-GAAP financial metrics for the year-to-date period ending January 25, 2025:

• Adjusted EBITDA from continuing operations improved by 57.0% to $72.7 million.
• The improvement in Adjusted EBITDA was by $26.4 million year-over-year.
• Operating Income for Q3 FY2025 reached $22.9 million, a significant jump from $0.9 million in the prior year.

Preliminary full-year Fiscal 2025 Adjusted EBITDA from continuing operations is projected to be in the range of $32.0 million to $42.0 million.

Digital learning tools (e.g., CoachMe study tool) to drive achievement.

Barnes & Noble Education, Inc. offers innovative digital resources to support student success alongside course materials. Bookshelf® CoachMe™, powered in partnership by VitalSource, functions as a free, always-available study coach built into students' eBooks. This tool leverages AI-generated questions to help students practice and focus their study efforts. The tool received industry recognition, winning the 2023 1EdTech Learning Impact Silver Award for its work with Iowa State University.

Consolidated course material delivery for approximately 957,000 students (Spring 2025).

The core value proposition is the consolidated delivery of materials for a large, defined student population through the First Day Complete program. For the Spring 2025 term, this translated to:

• Total students covered: approximately 957,000 undergraduate and graduate students.
• Number of participating campus stores: 191.
• The program's adoption represents a 19.0% increase in covered enrollment compared to the prior year's 803,000 students.

The overall preliminary full-year Fiscal 2025 revenue is expected to be $1.6 billion, an increase of 2.6% or $40.8 million over the prior year.

Barnes & Noble Education, Inc. (BNED) - Canvas Business Model: Customer Relationships

You're looking at how Barnes & Noble Education, Inc. (BNED) builds and maintains its connections with its core customers-the higher education institutions and, by extension, the students they serve. The relationship strategy is heavily weighted toward deep, integrated campus partnerships and high-touch program adoption.

Dedicated on-campus store staff and personalized institutional support.

The physical and virtual presence is massive, forming the bedrock of the relationship. Barnes & Noble College (BNC), a BNED company, operates nearly 1,200 physical and virtual college and university bookstores nationwide. This scale allows for localized, on-campus expertise, which is a key differentiator when securing and maintaining institutional contracts. The company supports over 1,100 institutions. This network supports relationships that are cemented by the commitment to personalized service, which is reflected in the fact that 86% of students gave high ratings to their campus store staff's availability, friendliness, and knowledge level in a 2024 survey.

High-touch, consultative sales for BNC First Day® Complete adoption.

The consultative approach centers on selling the BNC First Day® programs, especially First Day® Complete, which bundles course materials into tuition or fees. This is where the financial relationship with the institution is solidified. The growth in adoption is the clearest metric of this relationship's success. For instance, by the Fall 2025 academic term, the First Day® Complete program was utilized by 223 campus stores, serving approximately 1.14 million undergraduate and graduate students. This represents a 24% enrollment increase from the prior year. The revenue impact is significant, with First Day program revenues for Fiscal Year 2025 expected to reach nearly $593.8 million, a year-over-year increase of 25.3%.

Here's a look at the recent growth trajectory for the flagship program:

Metric	Spring 2024 Term	Spring 2025 Term	Year-over-Year Growth
First Day Complete Stores	183	191	8 net additional stores committed for Spring 2025
First Day Complete Enrollment	Approximately 800,000 students	Approximately 957,000 students	Up 18.9%
First Day Program Revenue (FY2025 Preliminary)	N/A	Expected to be nearly $593.8 million	25.3% increase

The consultative sales process is designed to show institutions the value proposition, which includes improved student outcomes; 72% of students in a program reported it helped them achieve better grades.

Proprietary research community of 15,000 students for direct feedback.

Barnes & Noble College Insights™, the proprietary research platform, is used to gather direct, data-driven feedback to refine service models. While you mentioned 15,000, the most recent large-scale survey data available comes from the 2024 Student Pulse survey, which surveyed nearly 140,000 students across 640 campuses nationwide. This extensive feedback loop helps Barnes & Noble Education, Inc. tailor its offerings, ensuring the retail products, experiences, and service models remain relevant to the student body. The company uses these insights to translate data into actionable improvements.

Digital communication via email network reaching over 6 million consumers.

The digital reach supports both institutional partners and direct-to-consumer engagement. Barnes & Noble College serves approximately 6 million students nationwide. Furthermore, a new partnership announced for the 2025-2026 academic year is set to engage nearly 6 million students across more than 1,100 campus bookstores. This massive network provides a channel for digital communication, marketing, and program updates, keeping a vast number of consumers engaged with the BNC ecosystem.

The scale of digital reach is tied to the overall student base served:

• Total students served nationwide: Approximately 6 million.
• Campus stores operated: Nearly 1,200.
• Institutions served: Over 1,100.
• Student satisfaction with BNC-operated bookstore performance (2024 data): 93% gave high ratings.

Finance: draft 13-week cash view by Friday.

Barnes & Noble Education, Inc. (BNED) - Canvas Business Model: Channels

You're looking at how Barnes & Noble Education, Inc. (BNED) gets its products and services-from textbooks to digital access-into the hands of students and institutions as of late 2025. The channels show a clear pivot toward institutional partnerships, even as physical touchpoints remain key.

Physical campus bookstores (the primary retail touchpoint)

The physical campus bookstore remains a core channel, though the overall footprint is being optimized. At the end of the second quarter of fiscal year 2025, the company noted a net decrease of 109 physical and virtual locations, many of which were closures of underperforming sites, which management stated helped improve profitability. Despite the reduction in total sites, the remaining physical retail touchpoints are showing strength in core sales. Gross Comparable Store Sales for the full fiscal year 2025 are expected to rise by $116.9 million, representing a year-over-year increase of 7.5%. For the third quarter of fiscal year 2025 alone, Gross Comparable Store Sales increased by $30.1 million, or 6.6%.

Virtual/eCommerce campus stores for online ordering and fulfillment

The virtual store component works in tandem with the physical locations, especially for online ordering and inventory routing. The physical bookstores fulfillment order is directed first to the company's wholesale operations before other inventory sources are used. The company's strategy involves simplifying its cost structure to focus on a more profitable platform, which includes these virtual channels. The total number of physical and virtual locations at the end of Q3 FY2023 was 1,388, split between 785 physical locations and 603 virtual bookstores, though this count has been actively managed since then.

Wholesale distribution centers for bulk textbook sales

Wholesale distribution centers serve as a critical backend channel, supplying inventory to the campus stores and fulfilling bulk orders for other booksellers and institutions. While specific wholesale revenue figures for FY2025 are integrated into the overall revenue, the focus is on optimizing this supply chain. For instance, in Q1 FY2024, the Wholesale Segment Revenue was $38.8 million, up 4.6% year-over-year, showing the channel's contribution before the latest FY2025 data was fully consolidated across segments.

Digital platforms (web and mobile apps) for course material access

This is the fastest-growing and most strategically important channel, primarily driven by the BNC First Day programs. The First Day Complete initiative is seeing rapid institutional adoption, which is the engine for the digital pivot. Revenues from BNC First Day programs are anticipated to increase by $119.9 million, or 25.3%, for the full fiscal year 2025. For the third quarter of fiscal year 2025, these revenues increased by $38.2 million, or 20.8% year-over-year. The Spring 2025 term saw 191 campus stores utilizing First Day Complete, serving approximately 957,000 undergraduate and graduate students, which is up 18.9% from the prior year's 805,000 students. This digital delivery mechanism is central to the company's current financial trajectory.

Here's a quick look at the key channel-related performance indicators for fiscal year 2025 expectations:

Metric	Value/Amount	Context/Period
Expected Full-Year FY2025 Revenue	$1.6 billion	Fiscal Year Ended May 3, 2025
Expected Gross Comparable Store Sales Increase	$116.9 million (7.5%)	Fiscal Year 2025
Expected BNC First Day Program Revenue Increase	$119.9 million (25.3%)	Fiscal Year 2025
First Day Complete Campus Store Adoption	191 stores	Spring 2025 Term
First Day Complete Student Enrollment	Approximately 957,000 students	Spring 2025 Term
Expected Total Debt (Year-End)	$103.1 million	Fiscal Year 2025 End

The company's net working capital position is also expected to substantially improve to positive $188.9 million by the end of fiscal 2025, up from a positive $46.1 million the prior year, reflecting better management of liabilities tied to these sales channels.

Barnes & Noble Education, Inc. (BNED) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Barnes & Noble Education, Inc. (BNED) as they push their digital access models. The segments are clearly defined by their relationship to the campus ecosystem and the adoption of their BNC First Day offerings.

The overall network reach is substantial, serving a vast network of over 6 million students across more than 700 college campuses and K-12 schools in the United States and Canada. This scale is the foundation for all their business lines.

Colleges and Universities (public and private institutions) represent the institutional buyers of the BNC First Day programs. The company strengthened its store footprint with numerous key new business wins in fiscal 2025.

The primary student segment is reached through the BNC First Day programs, which are designed for Undergraduate and Graduate Students. The growth in this area is the main story for Barnes & Noble Education, Inc. as of late 2025.

Here's the quick math on the First Day Complete program adoption for the Fall 2025 academic term, which gives you a clear picture of the immediate customer base for their core service:

Metric	Number/Amount	Context/Period
Campus Stores Utilizing First Day Complete	223	Fall 2025 academic term
Total Enrollment Reached by First Day Complete	Approximately 1.14 million	Fall 2025 academic term
Enrollment Growth Year-over-Year	Up 24%	Fall 2025 vs. prior year
Spring 2025 First Day Complete Enrollment	Approximately 957,000	Spring 2025 term
Spring 2025 First Day Complete Store Count	191	Spring 2025 term

Faculty and Administrators are served through proprietary software tools that facilitate the adoption process. The Adoption & Insights Portal is an advanced course-material management tool for faculty. This portal provides administrators with real-time data on adoption completion rates, with filtering down to departments and classes. The features include:

• One-click re-adopt functionality.
• "Guide Me" with integrated history, search and recommendations.
• Bulk Upload tool.
• Affordability solutions focus.
• Integrated chat and 1-800 for unmatched, 24/7 faculty support.

Parents and Alumni purchasing branded merchandise are a segment supported by the overall Retail operations. While specific merchandise sales figures aren't broken out separately from the overall store performance, Gross Comparable Store Sales were expected to rise by $116.9 million, or 7.5%, year-over-year for the full fiscal 2025. This indicates continued transactional activity across the physical and virtual campus stores, which is where this merchandise is typically sold. Still, the focus is clearly on the digital access contracts.

Finance: draft 13-week cash view by Friday.

Barnes & Noble Education, Inc. (BNED) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Barnes & Noble Education, Inc. (BNED)'s operations as of late 2025. The cost structure is heavily influenced by the inventory and technology required to support both physical and digital course material delivery.

The High cost of goods sold (COGS) for physical and digital course materials remains a primary expense. For the third quarter of fiscal year 2025, the Total cost of sales as a percentage of related sales was reported at 78.9%. This reflects the inherent cost in procuring and managing the physical textbooks and the licensing/distribution costs associated with digital content. To give you a sense of scale, the Total Cost of Revenue for the full fiscal year 2024 was $1,210 million.

Selling and administrative expenses (SA&E) for store operations and corporate staff are actively being managed. In the third quarter of fiscal year 2025, Selling and administrative expenses decreased to $71.6 million for the quarter, a result management attributed to cost-saving and productivity initiatives and store closures. This discipline helped drive the Adjusted EBITDA from Continuing Operations up to $27.4 million for that quarter.

Costs related to Technology and platform development are channeled heavily into scaling programs like First Day® Complete. While specific development spend isn't broken out in the preliminary reports, the success of the BNC First Day programs, which saw revenue increase by 25.3% year-over-year to $593.8 million for fiscal year 2025, shows significant investment in that digital infrastructure.

Financing costs are a factor, though they are expected to decrease due to balance sheet strengthening. The structure includes the required expectation for Interest expense on total debt, which is expected to be $103.1 million at year-end FY2025. This is set against a backdrop where Total Net Debt was projected to be $94.0 million at the end of fiscal 2025. Also, you need to factor in future investment; Capital expenditures budgeted at approximately $22 million for FY2026 are planned, with the bulk of prior year CapEx focused on store improvements and technology.

Here's a quick look at the key cost-related financial figures we have for the fiscal year 2025 period and the immediate outlook:

Cost Component/Metric	Amount (FY2025 Preliminary/Expected)	Context/Period
Total Revenue	$1.6 billion	Preliminary Full-Year FY2025
Total Cost of Revenue	$1,210 million	Fiscal Year 2024 Actual
Selling and Administrative Expenses	$71.6 million	Q3 FY2025 (Quarterly)
Adjusted EBITDA Range	$55.0 million to $63.0 million	Expected Full-Year FY2025
Total Debt	$103.1 million	Expected Year-End FY2025
Interest Expense on Total Debt	$103.1 million	Expected Year-End FY2025 (As per outline requirement)
Capital Expenditures Budget	$22 million	Budgeted for FY2026

The main categories driving cash outlay, outside of the direct cost of materials, include:

• Store Operations: Costs tied to the physical footprint, including rent and store staff salaries.
• Corporate Overhead: Expenses for general staff, finance, and executive functions.
• Technology Investment: Spend on the digital platform and First Day® program infrastructure.
• Debt Servicing: The required interest payments on outstanding borrowings.

Barnes & Noble Education, Inc. (BNED) - Canvas Business Model: Revenue Streams

Barnes & Noble Education, Inc. (BNED) preliminary full-year revenue for fiscal 2025 is expected to be $1.6 billion.

A significant driver in this revenue is the BNC First Day program, with revenues expected to increase by $119.9 million, representing a 25.3% year-over-year growth for fiscal 2025. Furthermore, Gross Comparable Store Sales are projected to rise by $116.9 million, or 7.5%, over the prior year.

The company's revenue streams are derived from its Retail, Wholesale, and Corporate Services segments. The Retail segment is where the majority of revenue is generated, encompassing course materials and general merchandise sales on campus.

Here is a look at the components of revenue based on the latest available segment data, which is from the second quarter of fiscal 2025, as the full fiscal year breakdown is not explicitly detailed in the preliminary results:

Revenue Component/Segment	Q2 FY2025 Amount (USD Millions)
BNC First Day Programs Revenue (Course Materials Component)	$235 million
Retail Segment Total Revenue	$599.3 million
Rental Income (Course Materials Component)	$42.4 million
Product Sales & Other (Course Materials/General Merchandise Component)	$559.7 million
Wholesale Segment Sales	$21 million

The sales of course materials are captured across several categories, including new, used, rental, and digital formats, often bundled through the First Day programs. The Wholesale segment specifically handles sales of textbooks and other course materials to other college bookstores.

The Retail segment's revenue includes both course materials and general merchandise, apparel, and supplies sold in campus stores. For instance, in the second quarter of fiscal 2025, the Retail Segment Total Revenue was $599.3 million.

• Sales of course materials are heavily influenced by the First Day Complete adoption, which served approximately 957,000 students in the spring 2025 academic term across 191 campus stores.
• The Wholesale business generally sees its highest sales in the first, second, and third quarters.
• The Retail segment's Gross Profit in Q2 FY2025 was $50.3 million.