WLY 8-K
John Wiley & Sons, Inc. (WLY)
8-K
2021-03-04
For: 2021-03-04
View Original
Added on
April 10, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934
(Date of Report)
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
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Commission File Number
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IRS Employer Identification Number
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Address of principal executive offices
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Zip Code
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Registrant’s telephone number, including area code:
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(
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Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02: RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On March 4, 2021, John Wiley & Sons Inc., a New York corporation (the “Company”), issued a press release announcing the Company’s financial results for
the third quarter fiscal year 2021. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
ITEM 7.01 REGULATION FD DISCLOSURE
On March 4, 2021, the Company held its third quarter fiscal 2021 earnings conference call. The Company is furnishing as Exhibit 99.2 to this Current Report
on Form 8-K the presentation materials that were provided and discussed during the earnings conference call.
The information in these Items 2.02 and 7.01, including the exhibits hereto, (x) shall not be deemed to be “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section and (y) shall not be incorporated by reference into any filing of the Company with the Securities and Exchange Commission, whether made before or
after the date hereof, regardless of any general incorporation language in such filings (unless the Company specifically states that the information or exhibits in this particular report are incorporated by reference). The furnishing of the
information set forth in this report is not intended to, and does not, constitute a determination or admission as to the materiality or completeness of such information.
ITEM 9.01: FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit No. Description
99.1 - Press release dated March 4, 2021 “Wiley Reports Third Quarter Fiscal 2021 Results.”
99.2 - Presentation materials dated March 4, 2021.
104 - Cover Page Interactive Data File (embedded within the Inline XBRL
document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
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JOHN WILEY & SONS, INC.
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Registrant
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By
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/s/ Brian A. Napack
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Brian A. Napack
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President and
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Chief Executive Officer
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By
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/s/ John A. Kritzmacher
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John A. Kritzmacher
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Executive Vice President and
Chief Financial Officer
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Dated: March 4, 2021
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Wiley Reports Third Quarter Fiscal 2021 Results
March 4, 2021 - Hoboken, NJ – John Wiley & Sons, Inc. (NYSE: JW-A and JW-B), a global leader in research and
education, today announced results for the third quarter ended January 31, 2021.
THIRD QUARTER SUMMARY
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●
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GAAP Results: Revenue of $483 million (+3%)
and EPS of $0.39 (-$0.24) due to restructuring charges of $0.28 primarily related to real estate capacity reduction
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●
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Full Year Outlook raised for Revenue,
Adjusted EBITDA, Adjusted EPS and Free Cash Flow
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“Wiley’s strategic focus and solid execution in open research and online education continue to yield strong results,” said Brian Napack, President and CEO.
“During the quarter, we accelerated our Research growth strategy with the acquisition of Hindawi, a rapidly-growing leader in open access publishing, and we strengthened the Wiley network with new university and corporate partners for online degree
and talent development services.”
THIRD QUARTER PERFORMANCE
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GAAP Measures
Unaudited ($millions except for EPS)
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Q3 2021
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Q3 2020
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Change
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|||||||||
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Revenue
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$
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482.9
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$
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467.1
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3
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%
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Diluted EPS
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$
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0.39
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$
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0.63
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(38
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%)
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Non-GAAP Measures
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Q3 2021
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Q3 2020
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Change
Constant Currency
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Revenue
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$
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482.9
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$
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467.1
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2
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%
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Adjusted EBITDA
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$
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104.3
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$
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95.5
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7
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%
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Adjusted EPS
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$
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0.68
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$
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0.68
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6
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%
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Excluding acquisitions and currency impact, revenue declined 1% for the quarter.
Wiley recorded a favorable FX variance of $7.6 million in revenue and $2.1 million in Adjusted EBITDA, and an unfavorable FX variance of $0.04 per share in Adjusted EPS.
Revenue
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●
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●
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Academic & Professional Learning declined
2% as reported and 4% at constant currency mainly due to COVID-19 impact on test prep and in-person corporate training, and a decline in print book revenue, which offset continued growth in digital content and courseware.
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●
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Education Services increased 25% as reported
and 24% at constant currency, driven by organic revenue growth of 13% from strong online enrollment and new student starts, and the two-month inorganic contribution from mthree (+$8 million).
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Adjusted EBITDA
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●
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Research Publishing & Platforms was even
with the prior year at constant currency, as revenue growth, operational efficiencies, and COVID-related expense savings were offset by higher royalties and one-time charges associated with the Hindawi acquisition.
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Academic & Professional Learning rose 2%
at constant currency, reflecting business optimization gains and COVID-related expense savings.
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Education Services rose $12 million to $13
million, driven by revenue growth and business optimization initiatives, notably sustained improvement in student acquisition costs. Adjusted EBITDA margin for the quarter was 19%, up from 2% in the prior year.
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Adjusted Corporate Expenses rose 19% to $44 million mainly due to higher employment-related expenses.
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EPS
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●
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GAAP EPS of $0.39 declined from $0.63 in the
prior year, reflecting restructuring charges of $0.28 per share, primarily related to a previously disclosed reduction in Wiley’s real estate footprint.
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Adjusted EPS of $0.68 compared to $0.68 in
the prior year with operating income growth and lower interest expense partially offset by higher FX transaction losses mostly related to the funding of the Hindawi acquisition. In the quarter, the Hindawi acquisition was dilutive to EPS
by approximately $0.12 per share.
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Balance Sheet and Liquidity
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Net debt-to-EBITDA ratio (trailing twelve
months) at quarter-end was 2.2 as compared to 1.8 at the end of the year-ago period.
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Available liquidity was approximately $620 million at quarter-end, including $91 million of cash on hand and $529 million
of undrawn credit capacity.
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Cash Flow (YTD)
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●
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Free Cash Flow less Product Development
Spending was $80 million compared to $5 million in the prior year, reflecting the improvement in Net Cash Provided by Operating Activities and lower capital expenditures.
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Share repurchases resumed in January
following the announcement of the Hindawi acquisition. During the brief remaining trading period, Wiley spent approximately $7 million to acquire 146,852 shares at an average cost per share of $48.09.
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FISCAL YEAR 2021 OUTLOOK
Based on performance through nine months, Wiley is raising its full year outlook for Revenue, Adjusted EBITDA, Adjusted EPS, and Free Cash Flow. The updated
outlook assumes that current foreign exchange rates prevail through the end of the fiscal year. The outlook also includes the projected fourth quarter impact of the Hindawi acquisition. For the full year, the Company continues to anticipate
low-single digit revenue growth overall, which includes low-single digit growth in Research, a mid-single digit decline in Academic & Professional Learning, and double-digit growth in Education Services (mid-to-high single digit growth on an
organic basis).
Updated projected performance ranges for consolidated Revenue, Adjusted EBITDA, Adjusted EPS, and Free Cash Flow are as follows:
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Metric
($millions, except EPS)
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Fiscal 2020
Actual
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Fiscal 2021
Previous Outlook
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Fiscal 2021
Current Outlook
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Revenue
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$1,831
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$1,865 - $1,885
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Raised, $1,900 - $1,920
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Adjusted EBITDA
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$356
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$380 - $395
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Raised, $395 - $410
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Adjusted EPS
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$2.40
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$2.50 - $2.70
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Raised, $2.60 - $2.75
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Free Cash Flow
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$173
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$175 - $200
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Raised, $200 - $225
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●
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Current outlook reflects actual currency impact to date, current exchange rates sustained through Q4 (Euro at $1.18 and Pound
Sterling at $1.32), and the approximate four-month impact of the Hindawi acquisition (Revenue +$10M, Adjusted EBITDA neutral, and Adjusted EPS -$0.15).
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Scheduled for today, March 4 at 10:00 a.m. (ET). Access the webcast directly at https://event.on24.com/wcc/r/3036824/A98F5D273A4855BB2457F285ACDA49A7,
or at Wiley.com under Investor Relations - Events and Presentations at https://www.wiley.com/en-us/investors. U.S. callers, please dial (844) 418-0103 and enter the participant code 7251548#. International callers, please dial (236) 714-3019 and enter the participant code 7251548#.
ABOUT WILEY
Wiley drives the world forward with research and education. Through publishing, platforms, and services, we help researchers, professionals, students,
universities, and corporations to achieve their goals in an ever-changing world. And for more than 200 years, we have delivered consistent performance to all our stakeholders. The Company's website can be accessed at www.wiley.com.
NON-GAAP FINANCIAL MEASURES
Wiley provides non-GAAP financial measures and performance
results such as “Adjusted EPS,” “Adjusted Revenue,” “Adjusted Operating Income,” “Adjusted EBITDA,” “Adjusted CTP,” “Free Cash Flow less Product Development Spending,” “organic revenue,” and results on a Constant Currency basis to assess underlying
business performance and trends. Management believes non-GAAP financial measures, which exclude the impact of restructuring charges and credits and certain other items, and the impact of acquisitions
provide a useful comparable basis to analyze operating results and earnings. See the reconciliations of non-GAAP financial measures and explanations of the uses of non-GAAP measures in the supplementary information.
FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking statements concerning the Company's operations, performance, and financial condition. Reliance should not be
placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to
uncertainties and contingencies, many of which are beyond the control of the Company and are subject to change based on many important factors. Such factors include, but are not limited to: (i) the level of investment in new technologies and
products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial
stability of key online retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii) the Company's ability to protect its copyrights and
other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquired operations and realize expected opportunities; (x) the Company’s ability to realize operating savings over time and in fiscal year 2021 in
connection with our multi-year Business Optimization Program; (xi) the impact of COVID-19 on our operations, performance, and financial condition; and (xii) other factors detailed from time to time in the Company's filings with the Securities and
Exchange Commission. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.
Investor Contact:
Brian Campbell
201.748.6874
Media Contact:
Katie Roberts
602.373.7233
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JOHN WILEY & SONS, INC.
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SUPPLEMENTARY INFORMATION (1)(2)
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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(in thousands, except per share data)
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(unaudited)
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Three Months Ended
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Nine Months Ended
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January 31,
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January 31,
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|||||||||||||||
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2021
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2020
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2021
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2020
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Revenue, net
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$
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482,912
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$
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467,131
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$
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1,405,249
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$
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1,356,866
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Costs and expenses:
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Cost of sales
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157,636
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153,924
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457,298
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440,433
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||||||||||||
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Operating and administrative expenses
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251,242
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245,683
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735,778
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736,233
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||||||||||||
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Restructuring and related charges
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20,675
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3,298
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24,813
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18,034
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||||||||||||
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Amortization of intangibles
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19,032
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15,732
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53,089
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45,722
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||||||||||||
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Total Costs and Expenses
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448,585
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418,637
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1,270,978
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1,240,422
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||||||||||||
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Operating Income
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34,327
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48,494
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134,271
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116,444
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||||||||||||
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As a % of revenue
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7.1
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%
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10.4
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%
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9.6
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%
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8.6
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%
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||||||||
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Interest expense
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(4,853
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)
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(6,309
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)
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(13,928
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)
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(19,173
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)
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||||||||
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Foreign exchange transaction losses
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(5,694
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)
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(1,745
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)
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(6,473
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)
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(1,761
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)
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||||||||
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Other income
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3,612
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4,232
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11,769
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9,602
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||||||||||||
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Income Before Taxes
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27,392
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44,672
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125,639
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105,112
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||||||||||||
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Provision for income taxes
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5,231
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9,229
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18,712
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21,355
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||||||||||||
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Effective tax rate
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19.1
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%
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20.7
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%
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14.9
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%
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20.3
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%
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||||||||
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Net Income
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$
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22,161
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$
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35,443
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$
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106,927
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$
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83,757
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||||||||
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As a % of revenue
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4.6
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%
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7.6
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%
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7.6
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%
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6.2
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%
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||||||||
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Weighted Average Number of Common Shares Outstanding
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||||||||||||||||
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Basic
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55,984
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56,073
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55,967
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56,312
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Diluted
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56,332
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56,503
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56,230
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56,698
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Earnings Per Share
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||||||||||||||||
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Basic
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$
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0.40
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$
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0.63
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$
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1.91
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$
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1.49
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||||||||
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Diluted
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$
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0.39
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$
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0.63
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$
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1.90
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$
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1.48
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Notes:
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(1) The supplementary information included in this press release for the three and nine months ended January 31, 2021 is preliminary and subject to
change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
In the three months ended January 31, 2021, we completed the acquisition of Hindawi, which is included in our Research Publishing and Platforms
segment results.
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(2) All amounts are approximate due to rounding.
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JOHN WILEY & SONS, INC.
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SUPPLEMENTARY INFORMATION (1)
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RECONCILIATION OF GAAP EPS to NON-GAAP ADJUSTED EPS - DILUTED
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||||||||||||||||
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(unaudited)
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||||||||||||||||
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Three Months Ended
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Nine Months Ended
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January 31,
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January 31,
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2021
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2020
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2021
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2020
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GAAP Earnings Per Share - Diluted
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$
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0.39
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$
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0.63
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$
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1.90
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$
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1.48
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Adjustments:
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Restructuring and related charges (A)
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0.28
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0.04
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0.33
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0.24
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Foreign exchange losses (gains) on intercompany transactions (A)
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0.01
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0.01
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(0.01
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)
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0.02
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|||||||||||
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Impact of increase in U.K. statutory rate on deferred tax balances (B)
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-
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-
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0.12
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-
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Impact of U.S. CARES Act (C)
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-
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-
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(0.25
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)
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-
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Non-GAAP Adjusted Earnings Per Share - Diluted
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$
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0.68
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$
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0.68
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$
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2.09
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$
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1.74
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Notes:
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(A) The table below shows the net of tax impact of our adjustments to GAAP Earnings Per Share noted above.
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Three Months Ended
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Nine Months Ended
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|||||||||||||||
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January 31,
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January 31,
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|||||||||||||||
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(amounts in millions)
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2021
|
2020
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2021
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2020
|
||||||||||||
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Net of tax, charges related to the Business Optimization Program
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$
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15.7
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$
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2.9
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$
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18.6
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$
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13.9
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||||||||
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Net of tax, (credits) charges related to the Restructuring and Reinvestment Program
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$
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0.0
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$
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(0.4
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)
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$
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(0.2
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)
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$
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(0.2
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)
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|||||
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Net of tax, foreign exchange transaction losses (gains)
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$
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0.2
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$
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0.6
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$
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(0.7
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)
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$
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1.3
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|||||||
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(B) During the first quarter of fiscal 2021, the U.K. officially enacted legislation that increased its statutory rate from 17% to 19%. This
resulted in a $6.7 million non-cash deferred tax expense from the re-measurement of the Company’s applicable U.K. net deferred tax liabilities.
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(C) In connection with the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") and certain regulations issued in late July 2020, the
Company elected to carry back its fiscal year 2020 loss for tax purposes ("NOL") to its fiscal year 2015 and claimed a $20.7 million refund. The NOL carryback to a year when our corporate tax rate was 35%, including certain related
benefits, resulted in a $14 million tax benefit. We received the refund in February 2021.
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(1) See Explanation of Usage of Non-GAAP performance measures included in this supplementary information for additional details on the reasons why
management believes presentation of each non-GAAP performance measure provides useful information to investors. The supplementary information included in this press release for the three and nine months ended January 31, 2021 is preliminary
and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
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JOHN WILEY & SONS, INC.
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SUPPLEMENTARY INFORMATION (1)
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||||||||||||||||
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RECONCILIATION OF GAAP NET INCOME to NON-GAAP EBITDA AND ADJUSTED EBITDA
|
||||||||||||||||
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(unaudited)
|
||||||||||||||||
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Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
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January 31,
|
January 31,
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|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||
|
Net Income
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$
|
22,161
|
$
|
35,443
|
$
|
106,927
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$
|
83,757
|
||||||||
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Interest expense
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4,853
|
6,309
|
13,928
|
19,173
|
||||||||||||
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Provision for income taxes
|
5,231
|
9,229
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18,712
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21,355
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||||||||||||
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Depreciation and amortization
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49,316
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43,681
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147,253
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128,538
|
||||||||||||
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Non-GAAP EBITDA
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81,561
|
94,662
|
286,820
|
252,823
|
||||||||||||
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Restructuring and related charges
|
20,675
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3,298
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24,813
|
18,034
|
||||||||||||
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Foreign exchange transaction losses
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5,694
|
1,745
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6,473
|
1,761
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||||||||||||
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Other income
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(3,612
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)
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(4,232
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)
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(11,769
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)
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(9,602
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)
|
||||||||
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Non-GAAP Adjusted EBITDA
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$
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104,318
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$
|
95,473
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$
|
306,337
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$
|
263,016
|
||||||||
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Adjusted EBITDA Margin
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21.6
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%
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20.4
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%
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21.8
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%
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19.4
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%
|
||||||||
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Notes:
|
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(1) See Explanation of Usage of Non-GAAP performance measures included in this supplementary information for additional details on the reasons
why management believes presentation of each non-GAAP performance measure provides useful information to investors. The supplementary information included in this press release for the three and nine months ended January 31, 2021 is
preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
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JOHN WILEY & SONS, INC.
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|||||||||||||||||
|
SUPPLEMENTARY INFORMATION (1)
|
|||||||||||||||||
|
SEGMENT RESULTS
|
|||||||||||||||||
|
(in thousands)
|
|||||||||||||||||
|
(unaudited)
|
|||||||||||||||||
|
% Change
|
|||||||||||||||||
|
Three Months Ended January 31,
|
Favorable (Unfavorable)
|
||||||||||||||||
|
2021
|
2020
|
Reported
|
Constant Currency
|
||||||||||||||
|
Research Publishing & Platforms:
|
|||||||||||||||||
|
Revenue, net
|
|||||||||||||||||
|
Research Publishing
|
$
|
229,327
|
$
|
223,393
|
3
|
%
|
1
|
%
|
|||||||||
|
Research Platforms
|
10,523
|
10,163
|
4
|
%
|
4
|
%
|
|||||||||||
|
Total Revenue, net
|
$
|
239,850
|
$
|
233,556
|
3
|
%
|
1
|
%
|
|||||||||
|
Contribution to Profit
|
$
|
60,782
|
$
|
63,861
|
-5
|
%
|
-6
|
%
|
|||||||||
|
Adjustments:
|
|||||||||||||||||
|
Restructuring charges
|
83
|
40
|
|||||||||||||||
|
Non-GAAP Adjusted Contribution to Profit
|
$
|
60,865
|
$
|
63,901
|
-5
|
%
|
-6
|
%
|
|||||||||
|
Depreciation and amortization
|
20,997
|
17,056
|
|||||||||||||||
|
Non-GAAP Adjusted EBITDA
|
$
|
81,862
|
$
|
80,957
|
1
|
%
|
0
|
%
|
|||||||||
|
Adjusted EBITDA margin
|
34.1
|
%
|
34.7
|
%
|
|||||||||||||
|
Academic & Professional Learning:
|
|||||||||||||||||
|
Revenue, net
|
|||||||||||||||||
|
Education Publishing
|
$
|
98,160
|
$
|
100,982
|
-3
|
%
|
-4
|
%
|
|||||||||
|
Professional Learning
|
75,955
|
77,296
|
-2
|
%
|
-4
|
%
|
|||||||||||
|
Total Revenue, net
|
$
|
174,115
|
$
|
178,278
|
-2
|
%
|
-4
|
%
|
|||||||||
|
Contribution to Profit
|
$
|
32,606
|
$
|
28,793
|
13
|
%
|
11
|
%
|
|||||||||
|
Adjustments:
|
|||||||||||||||||
|
Restructuring charges
|
328
|
1,541
|
|||||||||||||||
|
Non-GAAP Adjusted Contribution to Profit
|
$
|
32,934
|
$
|
30,334
|
9
|
%
|
6
|
%
|
|||||||||
|
Depreciation and amortization
|
17,233
|
17,806
|
|||||||||||||||
|
Non-GAAP Adjusted EBITDA
|
$
|
50,167
|
$
|
48,140
|
4
|
%
|
2
|
%
|
|||||||||
|
Adjusted EBITDA margin
|
28.8
|
%
|
27.0
|
%
|
|||||||||||||
|
Education Services:
|
|||||||||||||||||
|
Revenue, net
|
|||||||||||||||||
|
Education Services OPM (2)
|
$
|
56,725
|
$
|
50,263
|
13
|
%
|
13
|
%
|
|||||||||
|
mthree (2)
|
12,222
|
5,034
|
#
|
#
|
|||||||||||||
|
Total Revenue, net
|
$
|
68,947
|
$
|
55,297
|
25
|
%
|
24
|
%
|
|||||||||
|
Contribution to Profit
|
$
|
5,427
|
$
|
(5,166
|
)
|
#
|
#
|
||||||||||
|
Adjustments:
|
|||||||||||||||||
|
Restructuring charges
|
71
|
4
|
|||||||||||||||
|
Non-GAAP Adjusted Contribution to Profit
|
$
|
5,498
|
$
|
(5,162
|
)
|
#
|
#
|
||||||||||
|
Depreciation and amortization
|
7,493
|
5,987
|
|||||||||||||||
|
Non-GAAP Adjusted EBITDA
|
$
|
12,991
|
$
|
825
|
#
|
#
|
|||||||||||
|
Adjusted EBITDA margin
|
18.8
|
%
|
1.5
|
%
|
|||||||||||||
|
Corporate Expenses:
|
$
|
(64,488
|
)
|
$
|
(38,994
|
)
|
-65
|
%
|
-65
|
%
|
|||||||
|
Adjustments:
|
|||||||||||||||||
|
Restructuring charges
|
20,193
|
1,713
|
|||||||||||||||
|
Non-GAAP Adjusted Corporate Expenses
|
$
|
(44,295
|
)
|
$
|
(37,281
|
)
|
-19
|
%
|
-19
|
%
|
|||||||
|
Depreciation and amortization
|
3,593
|
2,832
|
|||||||||||||||
|
Non-GAAP Adjusted EBITDA
|
$
|
(40,702
|
)
|
$
|
(34,449
|
)
|
-18
|
%
|
-18
|
%
|
|||||||
|
Consolidated Results:
|
|||||||||||||||||
|
Revenue, net
|
$
|
482,912
|
$
|
467,131
|
3
|
%
|
2
|
%
|
|||||||||
|
Operating Income
|
$
|
34,327
|
$
|
48,494
|
-29
|
%
|
-32
|
%
|
|||||||||
|
Adjustments:
|
|||||||||||||||||
|
Restructuring charges
|
20,675
|
3,298
|
|||||||||||||||
|
Non-GAAP Adjusted Operating Income
|
$
|
55,002
|
$
|
51,792
|
6
|
%
|
3
|
%
|
|||||||||
|
Depreciation and amortization
|
49,316
|
43,681
|
|||||||||||||||
|
Non-GAAP Adjusted EBITDA
|
$
|
104,318
|
$
|
95,473
|
9
|
%
|
7
|
%
|
|||||||||
|
Adjusted EBITDA margin
|
21.6
|
%
|
20.4
|
%
|
|||||||||||||
|
(1) The supplementary information included in this press release for the three and nine months ended January 31, 2021 is preliminary and
subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
|
|||||||||||||||||
|
(2) In May 2020, we moved the IT bootcamp business acquired as part of The Learning House acquisition from Education Services OPM to mthree. As
a result, the prior period revenue related to the IT bootcamp business has been included in mthree. There were no changes to our total Education Services or our consolidated financial results. The inorganic revenue from mthree in the
three and nine months ended January 31, 2021 was $7.7 million and $32.6 million, respectively.
|
|||||||||||||||||
|
# Variance greater than 100%
|
|
||||||||||||||||
|
JOHN WILEY & SONS, INC.
|
|||||||||||||||||
|
SUPPLEMENTARY INFORMATION (1)
|
|||||||||||||||||
|
SEGMENT RESULTS
|
|||||||||||||||||
|
(in thousands)
|
|||||||||||||||||
|
(unaudited)
|
|||||||||||||||||
|
% Change
|
|||||||||||||||||
|
Nine Months Ended January 31,
|
Favorable (Unfavorable)
|
||||||||||||||||
|
2021
|
2020
|
Reported
|
Constant Currency
|
||||||||||||||
|
Research Publishing & Platforms:
|
|||||||||||||||||
|
Revenue, net
|
|||||||||||||||||
|
Research Publishing
|
$
|
700,482
|
$
|
668,405
|
5
|
%
|
4
|
%
|
|||||||||
|
Research Platforms
|
31,512
|
29,235
|
8
|
%
|
8
|
%
|
|||||||||||
|
Total Revenue, net
|
$
|
731,994
|
$
|
697,640
|
5
|
%
|
4
|
%
|
|||||||||
|
Contribution to Profit
|
$
|
204,688
|
$
|
182,798
|
12
|
%
|
11
|
%
|
|||||||||
|
Adjustments:
|
|||||||||||||||||
|
Restructuring (credits) charges
|
(352
|
)
|
3,386
|
||||||||||||||
|
Non-GAAP Adjusted Contribution to Profit
|
$
|
204,336
|
$
|
186,184
|
10
|
%
|
9
|
%
|
|||||||||
|
Depreciation and amortization
|
60,463
|
51,246
|
|||||||||||||||
|
Non-GAAP Adjusted EBITDA
|
$
|
264,799
|
$
|
237,430
|
12
|
%
|
11
|
%
|
|||||||||
|
Adjusted EBITDA margin
|
36.2
|
%
|
34.0
|
%
|
|||||||||||||
|
Academic & Professional Learning:
|
|||||||||||||||||
|
Revenue, net
|
|||||||||||||||||
|
Education Publishing
|
$
|
265,349
|
$
|
268,246
|
-1
|
%
|
-2
|
%
|
|||||||||
|
Professional Learning
|
206,269
|
232,615
|
-11
|
%
|
-12
|
%
|
|||||||||||
|
Total Revenue, net
|
$
|
471,618
|
$
|
500,861
|
-6
|
%
|
-7
|
%
|
|||||||||
|
Contribution to Profit
|
$
|
62,104
|
$
|
68,754
|
-10
|
%
|
-12
|
%
|
|||||||||
|
Adjustments:
|
|||||||||||||||||
|
Restructuring charges
|
1,902
|
5,146
|
|||||||||||||||
|
Non-GAAP Adjusted Contribution to Profit
|
$
|
64,006
|
$
|
73,900
|
-13
|
%
|
-15
|
%
|
|||||||||
|
Depreciation and amortization
|
53,757
|
51,679
|
|||||||||||||||
|
Non-GAAP Adjusted EBITDA
|
$
|
117,763
|
$
|
125,579
|
-6
|
%
|
-8
|
%
|
|||||||||
|
Adjusted EBITDA margin
|
25.0
|
%
|
25.1
|
%
|
|||||||||||||
|
Education Services:
|
|||||||||||||||||
|
Revenue, net
|
|||||||||||||||||
|
Education Services OPM(2)
|
$
|
163,248
|
$
|
151,200
|
8
|
%
|
8
|
%
|
|||||||||
|
mthree (2)
|
38,389
|
7,165
|
#
|
#
|
|||||||||||||
|
Total Revenue, net
|
$
|
201,637
|
$
|
158,365
|
27
|
%
|
27
|
%
|
|||||||||
|
Contribution to Profit
|
$
|
13,410
|
$
|
(9,782
|
)
|
#
|
#
|
||||||||||
|
Adjustments:
|
|||||||||||||||||
|
Restructuring charges
|
294
|
1,618
|
|||||||||||||||
|
Non-GAAP Adjusted Contribution to Profit
|
$
|
13,704
|
$
|
(8,164
|
)
|
#
|
#
|
||||||||||
|
Depreciation and amortization
|
21,982
|
17,007
|
|||||||||||||||
|
Non-GAAP Adjusted EBITDA
|
$
|
35,686
|
$
|
8,843
|
#
|
#
|
|||||||||||
|
Adjusted EBITDA margin
|
17.7
|
%
|
5.6
|
%
|
|||||||||||||
|
Corporate Expenses:
|
$
|
(145,931
|
)
|
$
|
(125,326
|
)
|
-16
|
%
|
-17
|
%
|
|||||||
|
Adjustments:
|
|||||||||||||||||
|
Restructuring charges
|
22,969
|
7,884
|
|||||||||||||||
|
Non-GAAP Adjusted Corporate Expenses
|
$
|
(122,962
|
)
|
$
|
(117,442
|
)
|
-5
|
%
|
-5
|
%
|
|||||||
|
Depreciation and amortization
|
11,051
|
8,606
|
|||||||||||||||
|
Non-GAAP Adjusted EBITDA
|
$
|
(111,911
|
)
|
$
|
(108,836
|
)
|
-3
|
%
|
-3
|
%
|
|||||||
|
Consolidated Results:
|
|||||||||||||||||
|
Revenue, net
|
$
|
1,405,249
|
$
|
1,356,866
|
4
|
%
|
3
|
%
|
|||||||||
|
Operating Income
|
$
|
134,271
|
$
|
116,444
|
15
|
%
|
12
|
%
|
|||||||||
|
Adjustments:
|
|||||||||||||||||
|
Restructuring charges
|
24,813
|
18,034
|
|||||||||||||||
|
Non-GAAP Adjusted Operating Income
|
$
|
159,084
|
$
|
134,478
|
18
|
%
|
16
|
%
|
|||||||||
|
Depreciation and amortization
|
147,253
|
128,538
|
|||||||||||||||
|
Non-GAAP Adjusted EBITDA
|
$
|
306,337
|
$
|
263,016
|
16
|
%
|
15
|
%
|
|||||||||
|
Adjusted EBITDA margin
|
21.8
|
%
|
19.4
|
%
|
|||||||||||||
|
# Variance greater than 100%
|
|||||||||||||||||
|
JOHN WILEY & SONS, INC.
|
||||||||
|
SUPPLEMENTARY INFORMATION (1)
|
||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
||||||||
|
(in thousands)
|
||||||||
|
(unaudited)
|
||||||||
|
January 31,
|
April 30,
|
|||||||
|
2021
|
2020
|
|||||||
|
Assets:
|
||||||||
|
Current Assets
|
||||||||
|
Cash and cash equivalents
|
$
|
91,321
|
$
|
202,464
|
||||
|
Accounts receivable, net
|
278,939
|
309,384
|
||||||
|
Inventories, net
|
40,685
|
43,614
|
||||||
|
Prepaid expenses and other current assets
|
84,765
|
59,465
|
||||||
|
Total Current Assets
|
495,710
|
614,927
|
||||||
|
Product Development Assets, net
|
48,528
|
53,643
|
||||||
|
Royalty Advances, net
|
43,755
|
36,710
|
||||||
|
Technology, Property and Equipment, net
|
284,638
|
298,005
|
||||||
|
Intangible Assets, net
|
1,024,887
|
807,405
|
||||||
|
Goodwill
|
1,297,059
|
1,116,790
|
||||||
|
Operating Lease Right-of-Use Assets
|
125,287
|
142,716
|
||||||
|
Other Non-Current Assets
|
106,501
|
98,598
|
||||||
|
Total Assets
|
$
|
3,426,365
|
$
|
3,168,794
|
||||
|
Liabilities and Shareholders' Equity:
|
||||||||
|
Current Liabilities
|
||||||||
|
Accounts payable
|
$
|
72,937
|
$
|
93,691
|
||||
|
Accrued royalties
|
143,884
|
87,408
|
||||||
|
Short-term portion of long-term debt
|
12,500
|
9,375
|
||||||
|
Contract liabilities
|
398,477
|
520,214
|
||||||
|
Accrued employment costs
|
103,223
|
108,448
|
||||||
|
Accrued income taxes
|
9,168
|
13,728
|
||||||
|
Short-term portion of operating lease liabilities
|
20,965
|
21,810
|
||||||
|
Other accrued liabilities
|
80,922
|
72,595
|
||||||
|
Total Current Liabilities
|
842,076
|
927,269
|
||||||
|
Long-Term Debt
|
948,241
|
765,650
|
||||||
|
Accrued Pension Liability
|
167,881
|
187,969
|
||||||
|
Deferred Income Tax Liabilities
|
164,583
|
119,127
|
||||||
|
Operating Lease Liabilities
|
153,031
|
159,782
|
||||||
|
Other Long-Term Liabilities
|
86,751
|
75,373
|
||||||
|
Total Liabilities
|
2,362,563
|
2,235,170
|
||||||
|
Shareholders' Equity
|
1,063,802
|
933,624
|
||||||
|
Total Liabilities and Shareholders' Equity
|
$
|
3,426,365
|
$
|
3,168,794
|
||||
|
(1) The supplementary information included in this press release for January 31, 2021 is preliminary and subject to change prior to the
filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
|
||||||||
|
JOHN WILEY & SONS, INC.
|
|||||||||
|
SUPPLEMENTARY INFORMATION (1)
|
|||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
|
|||||||||
|
(in thousands)
|
|||||||||
|
(unaudited)
|
|||||||||
|
Nine Months Ended
|
|||||||||
|
January 31,
|
|||||||||
|
2021
|
2020
|
||||||||
|
Operating Activities:
|
|||||||||
|
Net income
|
$
|
106,927
|
$
|
83,757
|
|||||
|
Amortization of intangibles
|
53,089
|
45,722
|
|||||||
|
Amortization of product development assets
|
25,323
|
26,653
|
|||||||
|
Depreciation and amortization of technology, property, and equipment
|
68,841
|
56,163
|
|||||||
|
Other non-cash charges and credits
|
83,995
|
51,436
|
|||||||
|
Net change in operating assets and liabilities
|
(183,349
|
)
|
(174,844
|
)
|
|||||
|
Net Cash Provided By Operating Activities
|
154,826
|
88,887
|
|||||||
|
Investing Activities:
|
|||||||||
|
Additions to technology, property, and equipment
|
(58,176
|
)
|
(65,924
|
)
|
|||||
|
Product development spending
|
(17,103
|
)
|
(17,770
|
)
|
|||||
|
Businesses acquired in purchase transactions, net of cash acquired
|
(298,590
|
)
|
(200,642
|
)
|
|||||
|
Acquisitions of publication rights and other
|
(18,524
|
)
|
(1,548
|
)
|
|||||
|
Net Cash Used in Investing Activities
|
(392,393
|
)
|
(285,884
|
)
|
|||||
|
Financing Activities:
|
|||||||||
|
Net debt borrowings
|
174,170
|
319,417
|
|||||||
|
Cash dividends
|
(57,802
|
)
|
(57,632
|
)
|
|||||
|
Purchase of treasury shares
|
(7,063
|
)
|
(35,000
|
)
|
|||||
|
Other
|
6,538
|
(5,903
|
)
|
||||||
|
Net Cash Provided By Financing Activities
|
115,843
|
220,882
|
|||||||
|
Effects of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
|
10,631
|
530
|
|||||||
|
Change in Cash, Cash Equivalents and Restricted Cash for Period
|
(111,093
|
)
|
24,415
|
||||||
|
Cash, Cash Equivalents and Restricted Cash - Beginning
|
203,047
|
93,548
|
|||||||
|
Cash, Cash Equivalents and Restricted Cash - Ending
|
$
|
91,954
|
$
|
117,963
|
|||||
|
CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING
|
|||||||||
|
Nine Months Ended
|
|||||||||
|
January 31,
|
|||||||||
|
2021
|
2020
|
||||||||
|
Net Cash Provided By Operating Activities
|
$
|
154,826
|
$
|
88,887
|
|||||
|
Less: Additions to technology, property, and equipment
|
|
(58,176
|
)
|
(65,924
|
)
|
||||
|
Less: Product development spending
|
|
(17,103
|
)
|
(17,770
|
)
|
||||
|
Free Cash Flow less Product Development Spending
|
$
|
79,547
|
$
|
5,193
|
|||||
|
See Explanation of Usage of Non-GAAP Measures included in this supplemental information.
|
|||||||||
|
(1) The supplementary information included in this press release for the nine months ended January 31, 2021 is preliminary and subject to
change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
|
|||||||||
|
JOHN WILEY & SONS, INC.
|
|
Explanation of Usage of NON-GAAP Performance Measures
|
|
In this earnings release and supplemental information, management may present the following non-GAAP performance measures:
|
|
● Adjusted Earnings Per Share ("Adjusted EPS");
|
|
● Free Cash Flow less Product Development Spending;
|
|
● Adjusted Revenue;
|
|
● Adjusted Operating Income and margin;
|
|
● Adjusted Contribution to Profit and margin;
|
|
● EBITDA, Adjusted EBITDA and margin;
|
|
● Organic revenue; and
|
|
● Results on a constant currency basis.
|
|
Management uses these non-GAAP performance measures as supplemental indicators of our operating performance and financial position as
well for internal reporting and forecasting purposes, when publicly providing its outlook, to evaluate the Company's performance and calculate incentive compensation. Non-GAAP performance measures do not have standardized
meanings prescribed by U.S. GAAP and therefore may not be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial results under U.S. GAAP.
|
|
The Company presents these non-GAAP performance measures in addition to U.S. GAAP financial results because it believes that these
non-GAAP performance measures provide useful information to investors and financial analysts for operational trends and comparisons over time. The use of these non-GAAP performance measures may also provide a consistent basis to
evaluate operating profitability and performance trends by excluding items that we do not consider to be controllable activities for this purpose. For example:
|
|
● Adjusted
EPS, Adjusted Revenue, Adjusted Operating Income, Adjusted Contribution to Profit, Adjusted EBITDA and organic revenue provide a more comparable basis to analyze operating results and earnings and are measures commonly used by
shareholders to measure our performance.
|
|
● Free
Cash Flow less Product Development Spending helps assess our ability, over the long term, to create value for our shareholders as it represents cash available to repay debt, pay common stock dividends and fund share repurchases
and acquisitions.
|
|
● Results
on a constant currency basis removes distortion from the effects of foreign currency movements to provide better comparability of our business trends from period to period. We measure our performance excluding the impact of
foreign currency (or at “constant currency”), which means that we apply the same foreign currency exchange rates for the current and equivalent prior period.
|
|
In addition, the Company has historically provided these or similar non-GAAP performance measures and understand that some investors and
financial analysts find this information helpful in analyzing the Company's operating margins, and net income and comparing the Company's financial performance to that of its peer companies and competitors. Based on interactions
with investors, we also believe that the Company's non-GAAP performance measures are regarded as useful to our investors as supplemental to our U.S. GAAP financial results, and that there is no confusion regarding the
adjustments or our operating performance to our investors due to the comprehensive nature of our disclosures.
|
SAFE HARBOR STATEMENTThis presentation contains certain forward-looking statements concerning the Company's
operations, performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward-looking statements are based
upon many assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the Company and are subject to change based on many important factors. Such factors include, but are not
limited to: (i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book
wholesalers and retail accounts; (v) the market position and financial stability of key retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political
conditions; (viii) the Company's ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquired operations and realize expected opportunities; (x) the Company’s
ability to realize operating savings over time and in fiscal year 2021 in connection with our multi-year Business Optimization Program; (xi) the impact of COVID-19 on our operations, performance, and financial condition; and (xii) other factors
detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances. NON-GAAP
MEASURESIn this presentation, management provides the following non-GAAP performance measures:Adjusted Earnings Per Share (“Adjusted EPS”);Free Cash Flow less Product Development Spending;Adjusted Revenue;Adjusted Operating Income and
margin;Adjusted Contribution to Profit (“Adjusted CTP”) and margin;Adjusted EBITDA;Organic revenue; andResults on a constant currency (“CC”) basis.Management believes non-GAAP financial measures, which exclude the impact of restructuring charges
and credits and other items, provide supplementary information to support analyzing operating results and earnings and are commonly used by shareholders to measure our performance. Free Cash Flow less Product Development Spending helps assess our
ability over the long term to create value for our shareholders. Results on a constant currency basis removes distortion from the effects of foreign currency movements to provide better comparability of our business trends from period to period.
We measure our performance before the impact of foreign currency (or at “constant currency” “CC”), which means that we apply the same foreign currency exchange rates for the current and equivalent prior period.
Wiley is increasing the speed, volume, and impact of research and education Business Review Wiley
is increasing the speed, accessibility, and impact of research and education
Digital and tech-enabled services growing 7% TTMShare of revenue from digital: Research – 95%Education
Services – 100%Academic & Professional – 56% and acceleratingRecurring revenue – 55% Print declining as share of portfolio but still profitableDigital enables lower cost, increased volume and attractive profitability 83%Digital Products
& Services 17%Print TTM Wiley is a digital companyStrong growth in digital content, platforms, and services
Open Research Online Education Digital Curriculum Article Output +17%OA Revenue +40%Hindawi strengthens
OA position and accelerates strategyStrategic read and publish agreements yielding strong momentum Online Enrollment +13%New Student Starts +19%New university partnerships and programs around the worldGrowing momentum for tech-talent training
and placement Digital Content Revenue +20%Digital Courseware Activations+24%WileyPLUS records 1M activations – a first in a fiscal year periodzyBooks with 325K students at 900 universities and 60%+ revenue growth Consistent strategies aligned
with accelerating growth trends YTD
Research Publishing & Platforms Revenue and profit as expected, with strong open access growth and
impact from acquisitions offsetting COVID-related subscription pressure; Q3 EBITDA margin of 34%Academic & Professional Learning Continued digital growth across the segment; profit improvement from business optimization initiatives and
COVID-related savings; Q3 EBITDA margin of 29%Education ServicesStrong organic growth and continued double-digit increases in new student starts and enrollment; Q3 EBITDA margin of 19% Focused execution driving strong momentum and earnings
growth *At constant currency **Decline driven by restructuring charges totaling $0.28/share (mostly real estate)Revenue -1% excluding impact of acquisitions and foreign exchange Revenue+2%*$483M GAAP EPS-$0.24**$0.39 Adj. EPS+6%*$0.68 Adj.
EBITDA+7%* $104M Third Quarter Performance
Publishing revenue +1% as expected Open access growth offsetting modest pricing pressure in
subscriptionsStrong momentum in corporate solutions (career centers)Platforms’ revenue +4% reflecting new client launches and 99% retentionEBITDA performance muted by planned investment in process optimization and automation; Adjusted EBITDA
margin at 34% for quarter Research Publishing & Platforms Growth in Open Access (OA) and Platforms offsetting modest COVID-related subscription pricing pressure Change at constant currency Revenue -2% excluding acquisitions and impact of
FX Revenue+1%$240M Adj. EBITDAEven$82M Article Output+17%YTD Content Usage+20%YoY
Research – Spotlight on HindawiAcquisition of rapidly growing OA publisher brings substantial revenue
synergy and operational efficiencies Highly complementary with over 200 high-quality OA journalsAccelerates article cascade strategy with expanded portfolio optionsAdds highly-effective, low-cost infrastructure for increased publishing speed and
capacity and author-friendly workflowsOA publishing services complement Wiley’s Research Platforms business and society partnerships FY20 Revenue$38M FY20 Rev Growth+50% FY20 EBITDA%45% “We assign this move a positive rating because Wiley’s
expectations of synergistic revenue opportunities across a larger pool of diversified customers are realistic…Open access favors publishers with extensive, diverse portfolios of OA articles, proven thought leadership, and an appetite for
innovation.” Hindawi’s fiscal year ending December 31, 2020. EBITDA excludes acquisition costs. -Research Industry Analyst
Academic & Professional LearningContinued momentum in digital courseware and further recovery in
Professional Learning Education Publishing -4% with continued digital growth offset by declines in printed course material and COVID-related declines in test prepProfessional Learning -4% with signs of recovery in corporate e-learning and
training and in trade publishingEBITDA growth mainly from business optimization initiatives and COVID-related savings; Adjusted EBITDA margin at 29% for quarter Change at constant currency Revenue-4%$174M Adj. EBITDA+2%$50M Digital Content
Revenue+10%YoY Courseware Activations+20%YoY
Education Services organic revenue growth of 13% from strong enrollment and program launchesFour
full-service partners added – Tel Aviv (Israel), Lebanese American (Lebanon), New Mexico Highlands (US) and Spring Hill (US); New York University (US) added as unbundled services partnermthree momentum increasing – new Fortune 500 corporate
clients, solid pipeline and 10%+ placement growth over prior quarterAdjusted EBITDA margin at 19% for quarter Change at constant currencyRevenue at constant currency up 13% excluding mthree acquisition (+$7M) Education ServicesProfitable growth
strategy yielding strong results; online university program demand accelerating Revenue+24%$69M Adj. EBITDA+$12M$13M Enrollment+15%YoY New Student Starts+29%YoY
Financial ReviewJohn KritzmacherEVP & CFO
Cash Flow, Balance Sheet, and Returns to Shareholders Free Cash Flow: $80M (vs. $5M in prior year period)
due to improved earnings, working capital timing and lower capexCapex: $75M YTD (vs. $84M in prior year period) focused on tech-enabled products and services, as well as process optimization and automationModest Leverage: Net Debt/EBITDA 2.2 TTM
inclusive of $298M Hindawi acquisitionAmple Liquidity: $620M including $91M cash on hand and $529M of undrawn credit capacityShare Repurchases: resumed in early January; acquired 147K shares at average cost of $48.09/ share Capital Allocation
Business Optimization and Cost Measures Research: end-to-end publishing process optimization, including
automating cascade, accelerating time-to-publish, increasing scale efficiencies and reducing overall cost per article; Hindawi acquisition a catalyst for further gainsAcademic & Professional Learning: build out of ecommerce capabilities to
leverage accelerated shift to direct-to-consumerEducation Services: optimization of student journey, from inquiry to enrollment Virtual work environment made permanent for small office locations; hybrid model planned for larger facilitiesGlobal
footprint reduced by 12%$21M restructuring charge to yield ~$8M in annualized savings Continued savings in travel and marketing eventsAnticipate much-reduced steady state travel and event spending post-pandemic Business
Optimization Facilities COVID-Related Savings
Fiscal 2020Actual Fiscal 2021 Previous Outlook Fiscal 2021 Current
Outlook Revenue $1,831M $1,865-$1,885M Raised, $1,900-$1,920M Adjusted EBITDA $356M $380-$395M Raised, $395-$410M Adjusted EPS $2.40 $2.50-$2.70 Raised, $2.60-$2.75 Free Cash Flow $173M $175-$200M Raised, $200-$225M Full Year
Outlook Raised Current outlook reflects actual currency impact to date, current exchange rates sustained through Q4 (Euro at $1.18 and Pound Sterling at $1.32), and the approximate four-month impact of the Hindawi acquisition
(Revenue +$10M, Adjusted EBITDA neutral, and Adjusted EPS -$0.15).
Key Takeaways Continued strong momentum in Research publishing output and digital platforms Increasing
adoption of digital content and courseware across Academic & Professional Strong growth in online enrollment and career-focused degree programs in Education Services Expanding network of universities, societies and corporate
partners Advancing core growth strategies through targeted M&A Raised full year outlook for revenue, earnings, and cash flow
Thanks for joining us Earnings material and events calendar at https://www.wiley.com/en-us/investorsQ4
2021 Earnings Call – JuneContact us for follow-up at [email protected] | +1(201) 748-6874
Appendix – Reconciliation of Adjusted EPS
Appendix – Reconciliation of Adjusted EBITDA