Revenue Performance - Revenue for the second quarter was $427 million, down from $493 million in the prior year, primarily due to foregone revenue from divested businesses[3] - Adjusted Revenue at constant currency was $423 million, reflecting a 3% increase, with Adjusted Operating Income of $69 million, up 32%[3] - Learning segment revenue increased by 8% to $162 million, driven by 11% growth in Professional and 5% growth in Academic[6] - Research segment revenue was $262 million, up 2%, with strong growth in gold open access and modest growth in institutional models[5] - Revenue for the three months ended October 31, 2024, was $426.6 million, a decrease of 13.4% compared to $492.8 million for the same period in 2023[20] - Consolidated revenue for the three months ended October 31, 2024, was $426,595 thousand, a decrease of 13% from $492,808 thousand in the same period last year[43] - Total revenue for the Research segment for the three months ended October 31, 2024, was $261,885 thousand, a 2% increase from $257,670 thousand in the same period last year[43] - Learning segment revenue for the three months ended October 31, 2024, reached $161,514 thousand, an 8% increase compared to $148,940 thousand in the prior year[43] Earnings and Income - Adjusted EPS rose to $0.97, a 36% increase at constant currency, due to higher Adjusted Operating Income[9] - Basic earnings per share for the three months ended October 31, 2024, was $0.75, compared to a loss of $0.35 per share in the same period last year[20] - Net income for the three months ended October 31, 2024, was $40.5 million, compared to a net loss of $19.4 million in the same period last year[20] - The company reported a net gain of $6.2 million on the sale of businesses and assets for the six months ended October 31, 2024, compared to a loss of $127.3 million in the prior year[27] - Net income for the six months ended October 2024 was $39,022, compared to a loss of $111,709 for the same period in 2023[54] Financial Outlook - The company reaffirmed its Fiscal 2025 revenue outlook of $1,650 million to $1,690 million, with expected low to mid-single digit growth in Research and low-single digit growth in Learning[12] - Adjusted EBITDA for Fiscal 2025 is projected to be between $385 million and $410 million, up from $369 million in Fiscal 2024[12] - Free Cash Flow is expected to be approximately $125 million, compared to $114 million in the previous year[12] Costs and Expenses - Total costs and expenses for the three months ended October 31, 2024, were $362.5 million, down from $446.6 million in the prior year, reflecting a decrease of 18.8%[20] - The company reported a restructuring charge of $3,627 thousand for the three months ended October 31, 2024, compared to $25,102 thousand in the same period last year, indicating an 86% decrease[43] - The company reported a significant reduction in restructuring charges by 80% to $7,497 compared to $37,225 in the previous period[48] Divestitures and Impairments - The company recognized a pretax loss of $51.5 million on the sale of CrossKnowledge, with cumulative impairment charges of $51.0 million related to this divestiture[22] - The company completed the sale of Wiley Edge with a total pretax loss of $18.6 million, recognizing a net gain of $0.8 million in the six months ended October 31, 2024[23] - The total pretax loss on the sale of University Services was approximately $105.6 million in the six months ended October 31, 2024[32] - The company recorded a held-for-sale pretax impairment charge of $34.8 million related to University Services in the three months ended October 31, 2023[35] Cash Flow and Assets - Net cash used in operating activities increased to $(93,992) for the six months ended October 2024, up from $(83,486) in 2023[54] - Net cash used in investing activities decreased to $(44,489) for the six months ended October 2024, from $(51,917) in 2023[54] - Cash, cash equivalents, and restricted cash at the end of the period were $75,586, a decrease from $99,618 at the end of 2023[54] - Total assets decreased to $2,608,858 from $2,725,495, with current assets dropping to $370,313 from $454,042[51] - Current liabilities were reduced to $561,471 from $873,282, while long-term debt increased to $951,010 from $767,096[51] Shareholder Returns - The company allocated $64 million toward dividends and share repurchases, an increase from $61 million in the prior year[10]

Revenue Performance - For the three months ended July 31, 2024, consolidated revenue was $403.8 million, a decrease of 10% compared to the prior year, while adjusted revenue increased by 6% to $389.6 million on a constant currency basis [129][130]. - The company generated over 83% of its revenue from digital products and services for the year ended April 30, 2024, with 48% of revenue being recurring [124]. - Total Learning Revenue increased by $15.0 million, or 14%, compared to the prior year, driven by a $21 million content rights project for training GenAI models [165]. - Revenue for Held for Sale or Sold decreased by $69.7 million, or 83%, due to the sale of University Services and Wiley Edge businesses [169]. Profitability and Income - The operating income for the same period was $29.0 million, a significant improvement from the prior year operating loss of $16.4 million [129][139]. - Adjusted EBITDA for the three months ended July 31, 2024, was $72.6 million, reflecting a 22% increase compared to the prior year [129][142]. - Adjusted operating income increased by 83% on a constant currency basis compared to the prior year, driven by higher adjusted revenue [139]. - The company reported a diluted loss per share of $(0.03) for the three months ended July 31, 2024, a significant improvement from a loss of $(1.67) per share in the prior year [158]. - Non-GAAP Adjusted Income Before Taxes for the three months ended July 31, 2024, was $33.97 million, compared to $19.65 million in the prior year [153]. - The company’s Adjusted EPS increased by 74% on a constant currency basis, primarily due to an increase in Adjusted Operating Income [159]. Cost Management - Cost of sales decreased by 30% to $109.2 million, primarily due to the sale of non-core businesses, including University Services and Wiley Edge [132]. - The Global Restructuring Program is expected to yield annualized cost savings of approximately $75 million, with $70 million anticipated to be realized in the current fiscal year [136]. - Adjusted Corporate Expenses increased by 2% on a constant currency basis, mainly due to higher technology-related costs [171]. - Adjusted EBITDA rose by 60% on a constant currency basis, primarily due to revenue performance and reduced employee costs following restructuring [166]. Impairments and Charges - The company recorded a goodwill impairment of $26.7 million for the three months ended July 31, 2023, impacting prior year results [134]. - The company recognized cumulative impairment charges of $19.4 million related to the sale of Wiley Edge in the year ended April 30, 2024 [148]. - As of July 31, 2024, the total impairment charge for CrossKnowledge was $51.0 million, including a reduction of $4.4 million in the three months ended July 31, 2024 [150]. Cash Flow and Financing - Free cash flow less product development spending was $(106.6) million for the three months ended July 31, 2024, compared to $(106.2) million in the prior year [179]. - Net cash used in operating activities was $(88.7) million for the three months ended July 31, 2024, compared to $(82.3) million in the prior year [178]. - Net cash used in investing activities was $23.8 million for the three months ended July 31, 2024, a decrease from $25.7 million in the prior year [185]. - Net cash provided by financing activities decreased to $101.6 million for the three months ended July 31, 2024, from $105.8 million in the prior year, primarily due to a $2.5 million increase in cash used for share repurchases and a $1.7 million decrease in net borrowings [186]. - The company had approximately $918.6 million of debt outstanding as of July 31, 2024, with $388.1 million of unused borrowing capacity [176]. Tax and Interest - Interest expense for the three months ended July 31, 2024, was $12.8 million, an increase from $11.3 million in the prior year due to a higher effective interest rate [143]. - The US GAAP effective tax rate for the three months ended July 31, 2024, was 106.2%, significantly higher than 13.5% for the same period in 2023, primarily due to valuation allowance on deferred tax assets [156]. Foreign Exchange and Market Impact - The company experienced foreign exchange transaction losses of $1.6 million for the three months ended July 31, 2023, primarily due to changes in foreign exchange rates [145]. - Foreign currency translation gains were approximately $15.0 million for the three months ended July 31, 2024, compared to $11.2 million in the prior year, primarily due to fluctuations in the US dollar relative to the British pound sterling [191]. Inventory and Sales Returns - The increase in inventories was $7,578,000 as of July 31, 2024, down from $7,833,000 in April 2024 [194]. - Print book sales return reserve net liability balance decreased to $13,480,000 from $14,448,000 in the previous quarter [194]. - Estimated allowance for print book sales returns could affect net income by approximately $0.6 million with a one percent change in the estimated sales return rate [194]. Shareholder Returns - Quarterly dividend increased to $1.41 per share annualized compared to $1.40 per share annualized in the previous year [186]. - Class A shares repurchased totaled 295,000 at an average price of $42.34, compared to 301,000 shares at an average price of $33.25 in the prior year [186].

Revenue Performance - Revenue for Q1 2025 was $404 million, a decrease of 10% year-over-year, while adjusted revenue at constant currency was $390 million, an increase of 6%[2] - Total net revenue for the three months ended July 31, 2024, was $403,809,000, a decrease of 10% compared to $451,013,000 for the same period in 2023[30] - Adjusted revenue, net, excluding the held-for-sale segment, increased by 6% to $389,623,000 from $367,124,000 year-over-year[30] Segment Performance - Research segment revenue was $265 million, up 3% year-over-year, driven by growth in open access and institutional licensing models[3] - Learning segment revenue increased by 14% to $124 million, primarily due to a $16 million contribution from a GenAI content rights project[4] - The Learning segment's total net revenue increased by 14% to $124,314,000, driven by a 24% increase in Academic revenue[30] - The Research Publishing segment generated $230,951,000 in revenue, reflecting a 4% increase from $223,000,000 in the previous year[30] Earnings and Profitability - Adjusted EBITDA for Q1 was $73 million, reflecting a 22% increase year-over-year, with an adjusted EBITDA margin of 18.7%[2] - Adjusted EPS rose to $0.47, a 74% increase compared to the prior year[7] - Non-GAAP Adjusted Earnings Per Share (EPS) for the three months ended July 31, 2024, was $0.47, compared to $0.27 in the same period of 2023[20] - The company reported a Non-GAAP Adjusted EBITDA of $72.615 million for the three months ended July 31, 2024, with an adjusted EBITDA margin of 18.6%, up from 16.3% in the same period of 2023[28] - The adjusted EBITDA margin for the Learning segment improved to 27.2% from 19.4% year-over-year[30] Financial Outlook - The company reaffirmed its Fiscal 2025 revenue outlook of $1,650 million to $1,690 million, with adjusted EBITDA expected to be between $385 million and $410 million[10] - Capital expenditures for Fiscal 2025 are projected to be $130 million, up from $93 million in Fiscal 2024, to support research publishing platform work and infrastructure modernization[9] Cash Flow and Debt - Net cash used in operating activities was $88,712,000, compared to $82,335,000 in the same period last year[34] - Cash and cash equivalents decreased to $82,545,000 from $83,249,000 as of April 30, 2024[32] - Total assets decreased to $2,652,058,000 from $2,725,495,000 since April 30, 2024[32] - The net debt-to-EBITDA ratio at the end of the quarter was 2.0, compared to 1.9 in the previous year[8] Impairments and Losses - The company recorded a pretax noncash goodwill impairment of $26.7 million in fiscal year 2024, including $11.4 million for University Services and $15.3 million for CrossKnowledge[18] - The company recorded a pretax impairment of $51,000,000 related to CrossKnowledge, impacting the held-for-sale assets[33] - The total pretax loss on the sale of University Services was approximately $105.6 million for the three months ended July 31, 2024[25] - The company completed the sale of Wiley Edge on May 31, 2024, resulting in a pretax loss of $19.6 million[25] Shareholder Returns - The company allocated $32 million towards dividends and share repurchases, an increase from $29 million in the prior year[8] Non-GAAP Measures - The company emphasizes the use of non-GAAP performance measures to provide supplemental indicators of operating performance and financial position[37] - Adjusted EPS, Adjusted Revenue, and Adjusted Operating Income are key non-GAAP metrics used for performance evaluation[39] - Free Cash Flow less Product Development Spending is crucial for assessing long-term shareholder value creation[40] - Non-GAAP performance measures may not be comparable to similar measures used by other companies and should not be viewed as alternatives to US GAAP measures[42]

Revenue Breakdown - Research revenue accounted for approximately 56% of consolidated revenue for the year ended April 30, 2024, with a 31.8% Adjusted EBITDA margin[28]. - Learning segment accounted for approximately 31% of consolidated revenue for the year ended April 30, 2024, with a 34.9% Adjusted EBITDA margin[46]. - The Held for Sale or Sold segment accounted for approximately 13% of consolidated revenue for the year ended April 30, 2024, with a 12.6% Adjusted EBITDA margin[64]. - Approximately 96% of Research revenue is generated by digital and online products and services for fiscal year 2024[28]. - Approximately 59% of Learning revenue is from digital and online products and services for fiscal year 2024[46]. - The company recorded $892.8 million in research publishing revenue for the year ended April 30, 2024, primarily from journal subscriptions[387]. - Revenue for the year ended April 30, 2024, was $1,872,987, a decrease of 7.3% from $2,019,900 in 2023[402]. Digital Transformation - The company continues to implement strategies to efficiently manage print revenue declines while driving growth in digital lines of business[49]. - The transformation from a traditional publishing model to a digital content provider may disrupt business activities and affect financial performance[120]. - The company offers two Open Access publishing models, including Hybrid Open Access and fully open access journals, to meet the needs of researchers[39]. Financial Performance - Net loss for the year was $200,319 compared to a net income of $17,233 in 2023, representing a significant decline[405]. - Operating income decreased to $52,261 in 2024 from $55,890 in 2023, reflecting a decline of 3%[402]. - Total costs and expenses for 2024 were $1,820,726, down from $1,964,010 in 2023, indicating a reduction of 7.3%[402]. - The company reported an impairment of goodwill amounting to $108,449 in 2024, compared to $99,800 in 2023[402]. - Basic loss per share for 2024 was $(3.65), compared to earnings per share of $0.31 in 2023[402]. Assets and Liabilities - As of April 30, 2024, total assets decreased to $2,725.5 million from $3,108.8 million in 2023, reflecting a decline of approximately 12.3%[400]. - The company’s total liabilities decreased to $1,985.8 million in 2024 from $2,063.8 million in 2023, a decrease of about 3.8%[400]. - The company reported a total shareholders' equity of $739.7 million as of April 30, 2024, down from $1,045.0 million in 2023, indicating a decrease of approximately 29.2%[400]. Operational Changes - The company reorganized its segments into Research, Learning, and Held for Sale or Sold, with no changes to consolidated financial results[416]. - The company completed the sale of University Services on January 1, 2024, which previously provided education technology and support services[65]. - The sale of Wiley Edge, excluding its India operation, was completed on May 31, 2024, with the India operation expected to finalize later in 2024[66]. Employee and Diversity Initiatives - As of April 30, 2024, the company employed approximately 6,400 colleagues worldwide, with 870 placement candidates in the Wiley Edge product offering[68]. - Global gender representation shows 57% of colleagues are female, with 43% of senior leaders being female (Vice President and above)[70]. - The company is focused on four diversity, equity, and inclusion (DEI) strategic pillars to foster an inclusive culture and support underrepresented communities[75]. Environmental and Social Responsibility - The company aims to achieve net-zero emissions by 2040, having been CarbonNeutral® certified for three consecutive years starting February 2021[81]. - The company is actively engaging with suppliers to ensure they meet high standards for environmental sustainability and responsible energy consumption[82]. Risks and Challenges - The company faces emerging legal and ethical issues related to generative AI, which could adversely affect its business and financial condition[92]. - Cybersecurity risks remain a significant concern, with potential impacts on business operations and financial results due to cyberattacks[114]. - The company has invested heavily in cybersecurity tools and resources to protect its systems, but vulnerabilities still exist[115]. - The company is highly dependent on retaining key talent, as loss of such talent could significantly impact performance and financial results[103]. - A reduction in college enrollment could negatively impact demand for the company's higher education products, affecting financial results[102]. Market and Economic Conditions - The shift towards digital content has led to increased customer expectations for lower-priced products, which may reduce the company's revenue[99]. - The company has experienced cost increases due to inflation, which may adversely impact its consolidated financial position and results of operations[135]. - The company is exposed to significant risks from global economic, public health, and geopolitical conditions, which could negatively impact its consolidated financial positions and results of operations[150]. Tax and Compliance - Changes in global and local tax laws could materially impact the company's consolidated financial position and results of operations[141]. - The company may face severe penalties of up to 4% of worldwide revenue or €20 million for non-compliance with GDPR regulations[146]. - The company is subject to potential taxes in jurisdictions where it has sales, which could impact its consolidated financial position[144].

Financial Performance - Fiscal Year 2024 GAAP revenue was $1,873 million, a decrease of 7% year-over-year, while adjusted revenue at constant currency was $1,617 million, down 1%[7] - Fourth Quarter Adjusted EBITDA was $94 million, down 11% year-over-year, with an adjusted EBITDA margin of 34.6%[7] - Full Year Adjusted EPS was $2.78, a decrease of 19% compared to the previous year, while Fourth Quarter Adjusted EPS was $1.21, up 2% at constant currency[15] - Net Income for the three months ended April 30, 2024, was $25.3 million, a decrease of 63.1% compared to $68.3 million in the same period of 2023[50] - Non-GAAP Adjusted EBITDA for the year ended April 30, 2024, was $368.6 million, down 2.0% from $379.3 million in 2023[61] - Total Revenue for the three months ended April 30, 2024, was $468.5 million, a decline of 11% from $526.1 million in the same period of 2023[54] - Net loss for the year ended April 30, 2024, was $200,319 thousand, compared to a net income of $17,233 thousand in the previous year[67] Cost Management and Savings - The company achieved $90 million of $130 million run-rate cost savings actions in FY24, with a focus on margin expansion and strong cash generation[6] - The company reported a restructuring charge of $11.0 million for the three months ended April 30, 2024, compared to $4.2 million in the same period of 2023[54] Revenue Segmentation - Fourth Quarter Learning revenue was $170 million, an increase of 18% year-over-year, primarily due to a $23 million GenAI content rights project[14] - Research Publishing revenue decreased by 3% to $233.5 million for the three months ended April 30, 2024, compared to $240.9 million in 2023[54] - Academic revenue increased by 22% to $98.9 million for the three months ended April 30, 2024, compared to $80.8 million in 2023[54] - Non-GAAP Adjusted Operating Income for the Learning segment increased by 75% to $57.7 million for the three months ended April 30, 2024, compared to $32.9 million in 2023[54] - Held for Sale or Sold segment revenue decreased by 73% to $27.3 million for the three months ended April 30, 2024, compared to $101.8 million in 2023[54] Debt and Cash Flow - The net debt-to-EBITDA ratio at the end of the quarter was 1.7, compared to 1.5 in the prior year[15] - The company expects Free Cash Flow to grow to approximately $125 million in FY25, up from $114 million in FY24[12] - Free cash flow less product development spending decreased from $172,958 thousand in 2023 to $114,296 thousand in 2024, a decline of approximately 33.9%[68] - The company reported a net cash provided by operating activities of $207,638 thousand for the year ended April 30, 2024, down from $277,071 thousand in 2023, a decline of about 25.1%[67] Impairments and Losses - The company recorded a pretax noncash goodwill impairment of $11.4 million for University Services and $15.3 million for CrossKnowledge in the year ended April 30, 2024[28] - A pretax noncash goodwill impairment of $81.7 million was recognized for the Wiley Edge reporting unit in the year ended April 30, 2024[29] - The total pretax loss on the sale of University Services was $107.0 million for the year ended April 30, 2024[30] - The company recorded a held-for-sale pretax impairment charge of $74.8 million related to Wiley Edge and CrossKnowledge for the year ended April 30, 2024[31] - The total impairment charge for Wiley Edge in the year ended April 30, 2024, was $19.4 million, while for CrossKnowledge it was $55.4 million[31] - The company completed the sale of University Services on January 1, 2024, resulting in an increase in the pretax loss on the sale of approximately $5.6 million[44] Future Outlook - The outlook for FY25 includes adjusted revenue guidance of $1,650 million to $1,690 million, with growth driven by Research and Learning momentum[12] - The company expects to complete the sale of CrossKnowledge in the second quarter of fiscal year 2025[27] - The company plans to continue focusing on divesting non-core businesses to streamline operations and improve financial performance[65] - The company anticipates continued focus on market expansion and new product development in the upcoming fiscal year[51] Tax and Valuation - The adjusted effective tax rate for the company was 53.2% for the year ended April 30, 2024, compared to 20.2% for the previous year[48] - The company increased the valuation allowance by $30.2 million due to the likelihood that all or a portion of its deferred tax asset may not be realized[49] Asset Management - Total assets decreased from $3,108,810 thousand in April 2023 to $2,725,495 thousand in April 2024, a decline of approximately 12.3%[63] - Current assets fell from $541,279 thousand in April 2023 to $454,042 thousand in April 2024, representing a decrease of about 16.1%[63] - Total liabilities decreased from $2,063,783 thousand in April 2023 to $1,985,779 thousand in April 2024, a reduction of about 3.8%[63] - Long-term debt increased from $743,292 thousand in April 2023 to $767,096 thousand in April 2024, an increase of approximately 3.2%[63] - Cash and cash equivalents at the end of the period were $99,543 thousand, down from $107,262 thousand in the previous year, a decrease of approximately 7.9%[67]

Revenue Performance - For the three months ended January 31, 2024, consolidated revenue decreased by $30.7 million, or 6%, compared to the prior year, with adjusted revenue increasing by 1% on a constant currency basis [197]. - Consolidated Revenue for the nine months ended January 31, 2024 decreased by $89.2 million, or 6%, compared to the prior year [251]. - Adjusted Revenue for the nine months ended January 31, 2024 was $1,176.3 million, a decrease of 3% compared to the prior year [252]. - Research Publishing revenue for the three months ended January 31, 2024, was $216.6 million, a 1% increase from $213.7 million in the prior year [237]. - Research revenue for the three months ended January 31, 2024 increased by $2.6 million, or 1%, compared to the prior year on a reported basis [238]. - Total Learning Revenue increased by $3.1 million, or 2%, compared to the prior year, driven by growth in digital courseware and content [243]. - Total Learning Revenue for the nine months ended January 31, 2024 increased by $2.1 million, or 1%, compared to the prior year [293]. - Research Publishing revenue declined by 4% to $659.3 million for the nine months ended January 31, 2024 [289]. - Research revenue for the nine months ended January 31, 2024 decreased by $28.2 million, or 4%, compared to the prior year, primarily due to the Hindawi publishing disruption [290]. Operating Performance - Operating loss for the three months ended January 31, 2024, was $46.4 million, an improvement of $20.6 million compared to the prior year [197]. - Adjusted EBITDA for the three months ended January 31, 2024, was $91.5 million, an increase of 1% compared to the prior year [197]. - Adjusted EBITDA for the Research segment was $79.1 million for the three months ended January 31, 2024, a decrease of 1% from $80.3 million in the prior year [237]. - Adjusted EBITDA for Learning increased by 15% on a constant currency basis, attributed to revenue performance and product mix [244]. - Adjusted Operating Income (OI) decreased by 14% year-over-year, primarily due to lower revenues, partially offset by reduced costs [269]. - Adjusted EBITDA decreased by 7% year-over-year, mainly attributed to the decline in Adjusted OI [270]. - Adjusted EBITDA on a constant currency basis decreased by 13% compared to the prior year, with a decrease of $31.9 million attributed to Hindawi [291]. Financial Position - As of January 31, 2024, the company had cash and cash equivalents of $108.8 million, with approximately $107.1 million, or 98%, located outside the US [301]. - The company had approximately $906.8 million of debt outstanding as of January 31, 2024, with $587.4 million of unused borrowing capacity [303]. - Net cash provided by operating activities for the nine months ended January 31, 2024 was $24.4 million, a decrease of $29.3 million compared to the prior year [308]. - Free cash flow less product development spending for the nine months ended January 31, 2024 was $(45.2) million, compared to $(21.7) million in the prior year [307]. - Net cash provided by financing activities was $55.4 million for the nine months ended January 31, 2024, a slight increase from $55.3 million in the prior year [314]. Losses and Impairments - The company recorded a net loss of $113.9 million for the three months ended January 31, 2024, compared to a net loss of $71.5 million in the same period of 2023 [219]. - The company incurred pretax losses on sale of businesses and impairment charges related to assets held-for-sale amounting to $52.4 million for the three months ended January 31, 2024 [223]. - The company recorded a pretax loss on sale of businesses and impairment charges of $179.7 million for the nine months ended January 31, 2024 [277]. - Non-GAAP Adjusted EPS decreased by 30% to $1.59 for the nine months ended January 31, 2024, from $2.29 in the prior year [287]. Tax and Interest - The US GAAP effective tax rate for the three months ended January 31, 2024, was (1.4)%, compared to 7.7% for the same period in 2023 [232]. - The US GAAP effective tax rate for the nine months ended January 31, 2024, was 6.4%, up from 2.7% in the prior year [283]. - Interest expense increased to $37.6 million for the nine months ended January 31, 2024, compared to $27.2 million in the prior year [274]. Business Sales and Restructuring - The sale of University Services was completed on January 1, 2024, for a total consideration of $122.6 million, including a $92.9 million promissory note and $17.8 million in contingent consideration [194]. - The company expects to complete the sale of Wiley Edge and CrossKnowledge by the first quarter of fiscal year 2025, with total consideration for Wiley Edge up to $62.2 million [195]. - The company anticipates annualized cost savings of approximately $65 million from its Global Restructuring Program, with $35 million expected to be realized in the current fiscal year [209]. Shareholder Returns - Quarterly dividend increased to $1.40 per share annualized compared to $1.39 per share in the previous year [315]. - Shares repurchased for Class A increased to 870,000 shares in the nine months ended January 31, 2024, from 539,000 shares in the prior year [315]. Miscellaneous - Foreign currency translation gains of approximately $25.1 million were recorded during the three months ended January 31, 2024, primarily due to fluctuations in the US dollar against the British pound sterling [321]. - Subscription agents account for approximately 15% of total annual consolidated revenue, with no single group exceeding 10% [327]. - The top 10 book customers account for approximately 12% of total consolidated revenue and 36% of accounts receivable as of January 31, 2024 [328]. - Increase in inventories, net was $7.718 million as of January 31, 2024, compared to $6.923 million in April 2023 [326]. - Print book sales return reserve net liability balance increased to $(14.971) million as of January 31, 2024, from $(14.419) million in April 2023 [326].

Financial Performance - Wiley reported third quarter revenue of $461 million, a decrease of 6% year-over-year, with an operating loss of $46 million and an EPS loss of $2.08[6]. - Adjusted revenue, excluding held for sale segments, was $403 million, reflecting a 1% increase, while adjusted EBITDA was $92 million, also up by 1%[6]. - The company raised its full-year adjusted revenue outlook to the mid-to-high end of the range of $1,580 to $1,630 million, with adjusted EBITDA guidance increased to $335 to $355 million[10]. - For the three months ended January 31, 2024, John Wiley & Sons, Inc. reported a net loss of $113.875 million, compared to a net loss of $71.469 million in the same period of 2023[39]. - The company reported a US GAAP loss before taxes of $(112.3) million for the three months ended January 31, 2024[29]. - Total revenue for the three months ended January 31, 2024, was $460.705 million, down 6% from $491.368 million in the same period of 2023[44]. - For the nine months ended January 31, 2024, total revenue was $771.673 million, a decrease of 4% compared to $799.872 million in the same period of 2023[49]. - Total revenue for the nine months ended January 31, 2024, was $1,404,526, a decrease of 6% compared to $1,493,773 for the same period in 2023[50]. Segment Performance - Research segment revenue was $256 million, up 1% as reported, driven by modest growth in Research Publishing, while adjusted EBITDA for this segment was $79 million, down 1%[7]. - Learning segment revenue reached $146 million, up 2% as reported, with adjusted EBITDA increasing by 16% to $51 million, reflecting strong performance in digital courseware and content[7]. - Research Publishing revenue for the three months ended January 31, 2024, was $216.586 million, a 1% increase from $213.720 million in the same period of 2023[43]. - Learning segment revenue for the three months ended January 31, 2024, increased by 2% to $146.334 million, compared to $143.243 million in the prior year[43]. - The Held for Sale or Sold segment reported a revenue decline of 38%, down to $58.172 million from $94.525 million in the same period of 2023[43]. - Non-GAAP adjusted contribution to profit for the learning segment was $85,051, an increase of 27% compared to $67,185 in the previous year[50]. Impairment and Losses - The company recorded impairment charges of $82 million related to goodwill and a loss of $26 million on a completed divestiture, impacting GAAP results significantly[12]. - A pretax noncash goodwill impairment of $81.7 million was recorded for Wiley Edge in the three and nine months ended January 31, 2024[23]. - The company recorded a held-for-sale pretax impairment charge of $20.6 million for Wiley Edge and $56.2 million for CrossKnowledge in the nine months ended January 31, 2024[25]. - The company incurred restructuring charges of $14.808 million for the three months ended January 31, 2024, compared to $8.807 million in the same period of 2023, representing a 68% increase[44]. - Impairment of goodwill for the three months ended January 31, 2024, was $81.754 million, an 18% decrease from $99.800 million in the same period of 2023[44]. - The company recorded a pretax impairment of $76.8 million related to non-core businesses divested during the nine months ended January 31, 2024[54]. Cash Flow and Debt - Free cash flow less product development spending was a use of $45 million year-to-date, compared to a use of $22 million in the prior year[12]. - Free cash flow less product development spending was $(45,247) for the nine months ended January 31, 2024, compared to $(21,661) in the same period of 2023[57]. - Net debt-to-EBITDA ratio improved to 1.9 from 2.1 in the prior year, indicating better leverage[12]. - Cash and cash equivalents as of January 31, 2024, were $93,100, down from $106,714 as of April 30, 2023[52]. - Total assets decreased to $2,707,288 as of January 31, 2024, from $3,108,810 as of April 30, 2023[52]. Future Outlook - The company anticipates a strong fourth quarter driven by recovery in Research and continued outperformance in Learning, alongside accelerated in-year cost savings[3]. - The company expects to complete the sale of Wiley Edge and CrossKnowledge by the first quarter of fiscal year 2025[21]. Non-GAAP Measures - Adjusted Earnings Per Share (Adjusted EPS) and Adjusted Revenue are key metrics used to analyze operating results and earnings[67]. - Free Cash Flow less Product Development Spending indicates the cash available for debt repayment, dividends, and share repurchases[68]. - Adjusted Operating Income and margin provide insights into the company's profitability excluding certain expenses[68]. - Results on a constant currency basis enhance comparability of business trends by removing foreign currency effects[68]. - Adjusted Contribution to Profit and margin reflect the profitability of core operations[68]. - Adjusted Income Before Taxes and Adjusted Income Tax Provision are critical for understanding pre-tax earnings and tax obligations[68]. - Adjusted Effective Tax Rate offers a clearer view of the company's tax efficiency[68]. - EBITDA and Adjusted EBITDA are commonly used metrics to assess operational performance[67]. - Organic revenue growth, excluding acquisitions, is essential for evaluating the company's core business performance[68]. - Non-GAAP measures should not be viewed as alternatives to US GAAP financial results and may not be comparable with similar measures used by other companies[66].

Revenue Performance - Revenue for the three months ended October 31, 2023, decreased by $22.0 million, or 4%, compared to the prior year, with Adjusted Revenue decreasing by 2% on a constant currency basis [181]. - Revenue for the three months ended October 31, 2023, decreased by $17.6 million, or 17%, compared to the prior year, with placements declining by 40% and enrollments by 3% [220]. - For the six months ended October 31, 2023, consolidated revenue decreased by $58.6 million, or 6%, with Adjusted Revenue down 5% on a constant currency basis [225]. - Research revenue decreased by $13.7 million, or 5%, for the three months ended October 31, 2023, primarily due to the impact of the Hindawi publishing disruption [214]. - Research revenue decreased by $30.8 million, or 6%, for the six months ended October 31, 2023, compared to the prior year, with a constant currency decrease of 7% [258][259]. - Learning revenue increased by $9.3 million, or 7%, for the three months ended October 31, 2023, driven by growth in digital courseware and improved channel environment [217]. - Learning revenue was flat at $258.3 million for the six months ended October 31, 2023, compared to $259.3 million in 2022, with a constant currency decrease of 1% [261][262]. Operating Income and Expenses - Consolidated US GAAP Operating Income was $46.2 million, a decrease of 19% compared to the prior year, impacted by impairment charges of $51.9 million and restructuring charges totaling $25.1 million [185]. - Operating income for the six months ended October 31, 2023, decreased by $10.6 million, or 26%, primarily due to a decrease in revenue and goodwill impairment [239]. - Operating and administrative expenses were flat compared to the prior year, with a 2% decrease on a constant currency basis [186]. - Corporate expenses for the three months ended October 31, 2023, increased by $6.7 million, or 13%, primarily due to higher employee incentive compensation [223]. Impairment and Restructuring - The company recorded a pretax impairment charge of $51.9 million for assets held-for-sale, including $34.8 million for University Services and $17.1 million for CrossKnowledge, during the three months ended October 31, 2023 [200]. - The company recorded a pretax impairment of goodwill of $26.7 million for the six months ended October 31, 2023, due to adverse market conditions [231]. - The restructuring program aims to streamline operations and focus on profitable businesses, with a reduction in real estate square footage occupancy by approximately 28% overall [188]. - The company anticipates ongoing restructuring charges related to its Global Restructuring Program, which recorded pretax charges of $36.5 million for the six months ended October 31, 2023 [235]. Earnings and Tax Rates - US GAAP (Loss) Income Before Taxes for the three months ended October 31, 2023 was $(22,030) compared to $48,330 for the same period in 2022 [202]. - Non-GAAP Adjusted Income Before Taxes decreased to $52,913 for the three months ended October 31, 2023, down from $72,895 in the prior year [202]. - The US GAAP effective tax rate for the three months ended October 31, 2023 was 11.7%, down from 21.0% in the prior year, primarily due to held-for-sale impairments and US tax incentives [205]. - For the six months ended October 31, 2023, the US GAAP (Loss) Income Before Taxes was $(128.8) million, compared to $24.9 million in 2022, reflecting a significant decline [249]. - Non-GAAP Adjusted Income Before Taxes for the same period was $72.6 million, down from $106.6 million in 2022, indicating a decrease of approximately 32% [249]. - The US GAAP Effective Tax Rate decreased to 13.2% for the six months ended October 31, 2023, from 18.4% in 2022, primarily due to tax benefits from goodwill impairment [250][252]. Cash Flow and Debt - As of October 31, 2023, the company had cash and cash equivalents of $99.5 million, with approximately $97.3 million, or 98%, located outside the US [274]. - The company had approximately $942.6 million of debt outstanding and $552.7 million of unused borrowing capacity under its credit facilities as of October 31, 2023 [276]. - Net cash used in operating activities for the six months ended October 31, 2023 was $83.5 million, compared to $76.2 million in the prior year [278]. - Net cash used in investing activities increased to $51.9 million, primarily due to acquisitions of publication rights and technology [286]. - Net cash provided by financing activities was $129.7 million, a decrease from $151.6 million in the prior year, mainly due to reduced long-term debt borrowings [287]. Foreign Exchange and Inventory - The company reported foreign exchange transaction losses of $(2.4) million for the three months ended October 31, 2023, primarily due to losses on intercompany accounts [198]. - Foreign currency translation losses for the three and six months ended October 31, 2023, were approximately $(33.9) million and $(22.7) million, respectively, primarily due to fluctuations in the US dollar against the British pound sterling and euro [294]. - As of October 31, 2023, the company reported an increase in inventories to $7,603 million from $6,923 million as of April 30, 2023 [298]. Outlook and Projections - The company reaffirms its Fiscal Year 2024 outlook for Adjusted Revenue between $1,580 million to $1,630 million and Adjusted EBITDA between $305 million to $330 million [269]. - Adjusted EPS is projected to be between $2.05 to $2.40, reflecting lower adjusted operating income and higher interest expense [272]. - The company expects Hindawi revenue to decline by $35 million to $40 million for fiscal year 2024, with recovery anticipated in fiscal year 2025 [259].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to _____ Commission File No. 001-11507 JOHN WILEY & SONS, INC. (Exact name of Registrant as specified in its charter) | New York | 13-5593032 | | --- | --- | | (Stat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: April 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 001-11507 JOHN WILEY & SONS, INC. (Exact name of Registrant as specified in its charter) | New York | 13-5593032 | | --- ...