(Commission File Number) | (IRS Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: | ( | |||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
JOHN WILEY & SONS, INC. | ||||||||||||||
(Registrant) | ||||||||||||||
By | /s/ Brian A. Napack | |||||||||||||
Brian A. Napack | ||||||||||||||
President and Chief Executive Officer | ||||||||||||||
By | /s/ Christina Van Tassell | |||||||||||||
Christina Van Tassell | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
Dated: September 1, 2023 |
Q123 | Q223 | Q323 | Q423 | FY23 | FY22 | ||||||||||||||||||||||||||||||
Research: | |||||||||||||||||||||||||||||||||||
Revenue, net | |||||||||||||||||||||||||||||||||||
Research Publishing | $ | 239,523 | $ | 232,641 | $ | 213,720 | $ | 240,889 | $ | 926,773 | $ | 963,715 | |||||||||||||||||||||||
Research Solutions | 35,390 | 38,718 | 39,880 | 39,550 | 153,538 | 147,628 | |||||||||||||||||||||||||||||
Total Revenue, net | $ | 274,913 | $ | 271,359 | $ | 253,600 | $ | 280,439 | $ | 1,080,311 | $ | 1,111,343 | |||||||||||||||||||||||
Contribution to Profit | $ | 69,023 | $ | 73,279 | $ | 56,860 | $ | 82,640 | $ | 281,802 | $ | 294,989 | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Restructuring charges | 81 | 1,179 | 317 | 605 | 2,182 | 238 | |||||||||||||||||||||||||||||
Non-GAAP Adjusted Contribution to Profit | $ | 69,104 | $ | 74,458 | $ | 57,177 | $ | 83,245 | $ | 283,984 | $ | 295,227 | |||||||||||||||||||||||
Depreciation and amortization | 23,801 | 23,384 | 23,123 | 22,700 | 93,008 | 94,899 | |||||||||||||||||||||||||||||
Non-GAAP Adjusted EBITDA | $ | 92,905 | $ | 97,842 | $ | 80,300 | $ | 105,945 | $ | 376,992 | $ | 390,126 | |||||||||||||||||||||||
Learning: | |||||||||||||||||||||||||||||||||||
Revenue, net | |||||||||||||||||||||||||||||||||||
Academic | $ | 58,748 | $ | 82,256 | $ | 82,822 | $ | 80,807 | $ | 304,633 | $ | 331,931 | |||||||||||||||||||||||
Professional | 60,899 | 57,393 | 60,421 | 63,049 | 241,762 | 249,277 | |||||||||||||||||||||||||||||
Total Revenue, net | $ | 119,647 | $ | 139,649 | $ | 143,243 | $ | 143,856 | $ | 546,395 | $ | 581,208 | |||||||||||||||||||||||
Contribution to Profit | $ | 610 | $ | 29,912 | $ | 28,453 | $ | 33,387 | $ | 92,362 | $ | 111,530 | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Restructuring charges (credits) | 3,131 | 3,664 | 1,415 | (472) | 7,738 | (418) | |||||||||||||||||||||||||||||
Non-GAAP Adjusted Contribution to Profit | $ | 3,741 | $ | 33,576 | $ | 29,868 | $ | 32,915 | $ | 100,100 | $ | 111,112 | |||||||||||||||||||||||
Depreciation and amortization | 14,055 | 13,900 | 14,490 | 15,253 | 57,698 | 58,691 | |||||||||||||||||||||||||||||
Non-GAAP Adjusted EBITDA | $ | 17,796 | $ | 47,476 | $ | 44,358 | $ | 48,168 | $ | 157,798 | $ | 169,803 | |||||||||||||||||||||||
Held for Sale or Sold: | |||||||||||||||||||||||||||||||||||
Total Revenue, net | $ | 93,009 | $ | 103,828 | $ | 94,525 | $ | 101,832 | $ | 393,194 | $ | 390,377 | |||||||||||||||||||||||
Contribution to Profit | $ | (22,194) | $ | 6,581 | $ | (103,873) | $ | 10,641 | $ | (108,845) | $ | 4,123 | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Restructuring charges (credits) | 3,492 | 281 | 508 | 1,356 | 5,637 | (29) | |||||||||||||||||||||||||||||
Impairment of goodwill | — | — | 99,800 | — | 99,800 | — | |||||||||||||||||||||||||||||
Accelerated amortization of an intangible asset | 4,594 | — | — | — | 4,594 | — | |||||||||||||||||||||||||||||
Non-GAAP Adjusted Contribution to Profit | $ | (14,108) | $ | 6,862 | $ | (3,565) | $ | 11,997 | $ | 1,186 | $ | 4,094 | |||||||||||||||||||||||
Depreciation and amortization | 11,673 | 11,227 | 10,890 | 7,701 | 41,491 | 45,027 | |||||||||||||||||||||||||||||
Non-GAAP Adjusted EBITDA | $ | (2,435) | $ | 18,089 | $ | 7,325 | $ | 19,698 | $ | 42,677 | $ | 49,121 | |||||||||||||||||||||||
Corporate Expenses: | $ | (64,404) | $ | (52,333) | $ | (48,496) | $ | (44,196) | $ | (209,429) | $ | (191,366) | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Restructuring charges (credits) | 15,737 | 8,832 | 6,567 | 2,696 | 33,832 | (1,218) | |||||||||||||||||||||||||||||
Legal settlement | — | — | 3,671 | — | 3,671 | — | |||||||||||||||||||||||||||||
Non-GAAP Adjusted Contribution to Profit | $ | (48,667) | $ | (43,501) | $ | (38,258) | $ | (41,500) | $ | (171,926) | $ | (192,584) | |||||||||||||||||||||||
Depreciation and amortization | 4,156 | 3,910 | 3,939 | 4,457 | 16,462 | 16,553 | |||||||||||||||||||||||||||||
Non-GAAP Adjusted EBITDA | $ | (44,511) | $ | (39,591) | $ | (34,319) | $ | (37,043) | $ | (155,464) | $ | (176,031) | |||||||||||||||||||||||
Consolidated Results: | |||||||||||||||||||||||||||||||||||
Revenue, net | $ | 487,569 | $ | 514,836 | $ | 491,368 | $ | 526,127 | $ | 2,019,900 | $ | 2,082,928 | |||||||||||||||||||||||
Less: Held for Sale or Sold Segment | (93,009) | (103,828) | (94,525) | (101,832) | (393,194) | (390,377) | |||||||||||||||||||||||||||||
Adjusted Revenue | $ | 394,560 | $ | 411,008 | $ | 396,843 | $ | 424,295 | $ | 1,626,706 | $ | 1,692,551 | |||||||||||||||||||||||
Operating (Loss) Income | $ | (16,965) | $ | 57,439 | $ | (67,056) | $ | 82,472 | $ | 55,890 | $ | 219,276 | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Restructuring charges (credits) | 22,441 | 13,956 | 8,807 | 4,185 | 49,389 | (1,427) | |||||||||||||||||||||||||||||
Impairment of goodwill | — | — | 99,800 | — | 99,800 | — | |||||||||||||||||||||||||||||
Legal settlement | — | — | 3,671 | — | 3,671 | — | |||||||||||||||||||||||||||||
Accelerated amortization of an intangible asset | 4,594 | — | — | — | 4,594 | — | |||||||||||||||||||||||||||||
Held for Sale or Sold Segment Adjusted Contribution to Profit | 14,108 | (6,862) | 3,565 | (11,997) | (1,186) | (4,094) | |||||||||||||||||||||||||||||
Non-GAAP Adjusted Operating Income | $ | 24,178 | $ | 64,533 | $ | 48,787 | $ | 74,660 | $ | 212,158 | $ | 213,755 | |||||||||||||||||||||||
Depreciation and amortization | 53,685 | 52,421 | 52,442 | 50,111 | 208,659 | 215,170 | |||||||||||||||||||||||||||||
Less: Held for Sale or Sold Segment depreciation and amortization | (11,673) | (11,227) | (10,890) | (7,701) | (41,491) | (45,027) | |||||||||||||||||||||||||||||
Non-GAAP Adjusted EBITDA | $ | 66,190 | $ | 105,727 | $ | 90,339 | $ | 117,070 | $ | 379,326 | $ | 383,898 | |||||||||||||||||||||||
Reconciliation of US GAAP EPS to Non-GAAP Adjusted EPS | |||||||||||||||||||||||||||||||||||
US GAAP (Loss) Earnings Per Share - Diluted | $ | (0.32) | $ | 0.68 | $ | (1.29) | $ | 1.22 | $ | 0.31 | $ | 2.62 | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Impairment of goodwill | — | — | 1.69 | 0.09 | 1.77 | — | |||||||||||||||||||||||||||||
Legal settlement | — | — | 0.05 | — | 0.05 | — | |||||||||||||||||||||||||||||
Pension income related to the wind up of the Russia plan | — | — | — | (0.02) | (0.02) | — | |||||||||||||||||||||||||||||
Restructuring and related charges (credits) | 0.30 | 0.19 | 0.12 | 0.06 | 0.66 | (0.02) | |||||||||||||||||||||||||||||
Foreign exchange losses (gains) on intercompany transactions, including the write off of certain cumulative translation adjustments | 0.01 | 0.03 | (0.03) | (0.01) | 0.01 | 0.02 | |||||||||||||||||||||||||||||
Amortization of acquired intangible assets | 0.36 | 0.30 | 0.29 | 0.26 | 1.21 | 1.21 | |||||||||||||||||||||||||||||
Gain on sale of businesses and certain assets | — | — | — | (0.11) | (0.11) | (0.05) | |||||||||||||||||||||||||||||
Income tax adjustments | — | — | — | (0.04) | (0.04) | 0.38 | |||||||||||||||||||||||||||||
Held for Sale or Sold segment Adjusted Net Loss (Income) (2) | 0.10 | (0.18) | (0.04) | (0.26) | (0.36) | (0.41) | |||||||||||||||||||||||||||||
EPS impact of using weighted-average dilutive shares for adjusted EPS calculation | 0.01 | — | 0.02 | — | — | — | |||||||||||||||||||||||||||||
Non-GAAP Adjusted Earnings Per Share - Diluted | $ | 0.46 | $ | 1.02 | $ | 0.81 | $ | 1.19 | $ | 3.48 | $ | 3.75 | |||||||||||||||||||||||
Notes: | ||
(1) All amounts are approximate due to rounding. | ||
(2) Our Adjusted EPS excludes the Adjusted Net Loss (Income) of our Held for Sale or Sold segment. |
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