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]
John Wiley & Sons(WLYB) - 2025 Q2 - Quarterly Results