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].
John Wiley & Sons(WLYB) - 2024 Q4 - Annual Report