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John Wiley & Sons(WLY) - 2026 Q1 - Earnings Call Transcript
2025-09-04 15:02
Financial Data and Key Metrics Changes - Adjusted revenue grew by 1% and adjusted EPS rose by 2%, while adjusted EBITDA decreased by 3% [34][46] - Free cash flow was a use of $100 million, an improvement from a use of $107 million last year [43] - The net debt to EBITDA ratio improved to 1.9 compared to 2.0 in the prior year period [45] Business Line Data and Key Metrics Changes - Research segment delivered solid 5% growth driven by AI demand, with AI licensing revenue reaching $29 million, up from $17 million in the prior year [38][13] - Research Publishing declined by 1% due to a tough comp, but Gold Open Access revenue grew by double digits [40][12] - Learning revenue declined by 8% due to lower AI revenue and market-related softness in professional publishing [40] Market Data and Key Metrics Changes - The academic market remains steady, with no early signals of enrollment challenges [18] - Professional publishing faced market headwinds around consumer spending in the retail channel [18] - Strong Open Access growth is expected to continue, driven by accelerating demand and output worldwide [17] Company Strategy and Development Direction - The company is focusing on leading in research and driving above-market growth in submissions and output [10] - A key strategic partnership with Anthropic was announced to integrate institutional library subscriptions into AI tools [7] - The company aims to capture transformational opportunities in AI, with a focus on corporate R&D markets [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year outlook, driven by research trends and AI momentum [17] - The company is monitoring corporate spending trends and expects cost savings to ramp up in Q2 [18][43] - Management noted that the first quarter is seasonally the smallest and does not reflect the overall year performance [75] Other Important Information - The company increased its annual dividend for the thirty-second consecutive year [7] - A $250 million share repurchase authorization was approved, a 25% increase over the previous program [8] - The company received approximately $120 million in cash proceeds from a divestiture, which was used to reduce debt [46] Q&A Session Summary Question: Can you provide more color regarding the agreement with Anthropic? - The partnership focuses on integrating high-quality content into research and learning tools for students [56][58] Question: Does the agreement change the way you plan to invest in AI-related opportunities? - The vision is to integrate Wiley's content with AI tools, with many more projects in the pipeline [61][62] Question: How much of the $16 million revenue related to NEXUS is Wiley's content versus outside content? - The total deal size was $20 million, reflecting a blend of Wiley content and partner content [70] Question: Where are we for journal renewals in calendar 2025? - The outlook for renewals is positive, with no concerns noted so far [72][73] Question: What is the impact of the higher Nexus-related revenue on fiscal 2026 margin outlook? - The impact is considered de minimis, as the focus remains on the profitability of the core business [90] Question: What are the priorities for capital allocation? - The company maintains a disciplined approach, focusing on dividends, share buybacks, and debt reduction [92][93]
John Wiley & Sons(WLY) - 2026 Q1 - Earnings Call Transcript
2025-09-04 15:00
Financial Data and Key Metrics Changes - Adjusted revenue grew by 1% and adjusted EPS rose by 2%, while adjusted EBITDA decreased by 3% [35][36] - Free cash flow was a use of $100 million, an improvement from a use of $107 million last year [43] - The net debt to EBITDA ratio improved to 1.9 compared to 2.0 in the prior year period [45] Business Line Data and Key Metrics Changes - Research Publishing declined by 1% due to a tough comparison from the previous year, but Gold Open Access revenue grew by double digits [39][40] - Research Solutions grew by 44%, driven by the Nexus AI project [39] - Learning revenue declined by 8% due to lower AI revenue and market-related softness in professional publishing [40] Market Data and Key Metrics Changes - The academic market remains steady with no early signals of enrollment challenges, while professional publishing has encountered market headwinds [20] - The company reported strong growth in submissions and output, with submissions up 25% year-over-year [78] Company Strategy and Development Direction - The company is focusing on leading in research and driving above-market growth in submissions and output [11] - A strategic partnership with Anthropic was announced to enhance AI integration into scholarly research [7] - The company aims to define how the industry approaches knowledge licensing and partnership in the AI space [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year outlook, driven by research trends and AI momentum [18] - The company is monitoring corporate spending trends and expects cost savings to ramp up in Q2 [20][42] - Management noted that the first quarter is seasonally the smallest and does not reflect the overall year performance [78] Other Important Information - The company increased its annual dividend for the thirty-second consecutive year [7] - A new $250 million share repurchase authorization was approved, a 25% increase over the previous program [8][45] - The company received approximately $120 million in cash proceeds from the University Services divestiture, which will reduce debt [46] Q&A Session Summary Question: Can you provide more details about the agreement with Anthropic? - The partnership focuses on integrating high-quality content into research tools for students and researchers, enhancing AI safety and learning experiences [58][60] Question: How does the agreement affect investment in AI-related growth opportunities? - The agreement represents a first step in tighter content integration and is expected to lead to more projects in the future [63][64] Question: What is the revenue model for the Nexus project? - The revenue model is primarily to underpin the value of institutional library subscriptions and as a potential upsell vector [61] Question: What is the status of journal renewals for calendar 2025? - The renewal season is just beginning, and the outlook is positive with no current concerns [73][76] Question: Why did research publishing revenue decline despite increased submissions? - The decline is attributed to a tough comparison from the previous year and the seasonal nature of the business [78][81] Question: What is the outlook for professional publishing? - There has been softness in retail channels, but the company is monitoring the situation closely [86][88] Question: How will the Nexus-related revenue impact fiscal 2026 margin outlook? - The impact is expected to be de minimis, as the focus remains on the profitability of the core business [91]
John Wiley & Sons(WLY) - 2026 Q1 - Earnings Call Presentation
2025-09-04 14:00
First Quarter 2026 Earnings Review NON-GAAP FINANCIAL MEASURES Wiley provides non-GAAP financial measures and performance results such as: Management believes non-GAAP financial measures, which exclude the impact of restructuring charges and credits and certain other items, and the impact of divestitures and 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 ...
Donate today: Scripps Howard Fund matches contributions to "If You Give a Child a Book
Prnewswire· 2025-09-03 10:00
CINCINNATI, Sept. 3, 2025 /PRNewswire/ -- Donations made today to the Scripps Howard Fund's "If You Give a Child a Book …" campaign will be matched. The Fund will double the first $200,000 in donations received on Wednesday, Sept. 3, to the childhood literacy initiative, which provides free books to children in low-income schools across the United States.A $12 donation today will provide four books instead of two.Donate today: Make a difference and double your impact. Scripps Howard Fund "If You Give a ...
X @The Economist
The Economist· 2025-09-02 17:05
We’re looking for a writer to join us in London for 12 months https://t.co/rTpBW0dZi9 ...
Transforming into a Creator Unicorn: AI Era Strategies | Wenshe (Binghe) Lou | TEDxCSTU
TEDx Talks· 2025-08-25 16:28
AI与内容创作的机遇 - AI工具赋能创作者,使其能够独立地将文字转化为视频,开辟了新的内容创作模式 [5] - AI电影和电视作品的出现,虽然在呈现效果上不如工业化制作,但优于漫画,为小说改编提供了新的形式 [8] - 优质文学作品仍然是所有产品的基础,而AI降低了制作成本和投资风险,为创作者提供了机会 [10] - AI工具的日益强大,预示着创作者利用AI完成个人电影、电视作品甚至成为内容独角兽的时代已经到来 [11] - AI革命将赋能大量创作者,构建其个人品牌 [15] 行业挑战与应对 - 传统文学作品的传播模式面临挑战,视觉改编成为触达受众的更有效方式 [2] - 疫情后,中国的出版和电影行业衰退,促使作者寻求变革,AI工具的出现带来了新的可能性 [4] - 仅依靠写作生存的道路将越来越窄,创作者需要拥抱AI工具,掌握新的技能,如拍摄、编辑、音乐制作和导演等 [5][18] - 尽管AI视频质量不断提高,但与工业化电影之间仍存在差距,创作者需要思考如何弥合这一差距,并让观众愿意付费观看 [6] - 在算法和算力达到理想状态后,结合生物识别技术的身份验证将成为可能,付费观看行为将更加便捷 [16] 商业模式与未来展望 - 作者通过AI制作的短片获得了广泛关注和好评,证明了AI内容创作的可行性 [9] - 作者的科幻小说已确定制作100集的AI短剧,并获得了投资和AI公司的赞助,预示着AI内容商业化的前景 [14] - 未来,专业作家、导演和编剧将成为最有价值的讲述者,因为他们最了解自己的作品,能够真实地表达 [17] - 创作者应拥抱AI工具,抓住变革性机遇,超越传统限制,提升创作水平 [19]
X @The Economist
The Economist· 2025-08-19 09:40
Most of the reported speech in the book sounds like a Hollywood script rather than real life. Industry figures have noted that many publishers have no fact-checkers https://t.co/7k5ScTA22a ...
Velshi Banned Book Club: Author Angie Thomas and a big win against censorship in Florida
MSNBC· 2025-08-16 18:55
So, I don't have one specific book for today's meeting of the Veland Book Club, but I've got a story. It wasn't written by an author, but some authors played a big role in it. The story is non-fiction and very American, at least very contemporary American.It's a story that affects millions of children and their families and their communities. It's a story of perseverance, of tactic, of bravery, and it's a story with a happy ending. And it starts like this.In May of 2023, Florida expanded upon its notorious ...
Daily Journal Corporation Announces Financial Results for the Nine Months ended June 30, 2025
Globenewswire· 2025-08-14 21:00
Financial Performance - Daily Journal Corporation reported consolidated revenues of $59,286,000 for the nine months ended June 30, 2025, an increase of $9,228,000 from $50,058,000 in the prior year period, driven by higher license and maintenance fees, consulting fees, and public service fees from Journal Technologies, as well as increased advertising revenues from the Traditional Business [1] - The Traditional Business' pretax income decreased by $1,364,000 to $237,000, primarily due to increased expenses of $2,290,000, despite a revenue increase of $926,000 [2] - Journal Technologies' pretax income increased by $3,947,000 to $4,692,000, attributed to increased operating revenues of $8,302,000, partially offset by increased operating expenses of $4,355,000 [2] - Consolidated pretax income was $94,396,000, compared to $68,195,000 in the prior fiscal year period, with consolidated net income of $69,986,000 ($50.81 per share) for the nine months ended June 30, 2025, up from $51,385,000 ($37.32 per share) in the prior year [5] Marketable Securities - As of June 30, 2025, the Company held marketable securities valued at $443,011,000, including net pretax unrealized gains of $303,917,000, with a deferred tax liability of $79,260,000 for estimated income taxes due upon the sale of appreciated securities [3] Non-Operating Income - The Company's non-operating income, net of expenses, increased by $23,618,000 to $89,467,000, primarily due to net unrealized gains on marketable securities of $84,320,000, compared to realized and unrealized gains of $62,472,000 in the prior fiscal year [4] - There was also an increase in dividends and interest income of $301,000 to $6,158,000 from $5,857,000 [4] Tax Provision - For the nine months ended June 30, 2025, the Company recorded an income tax provision of $24,410,000 on the pretax income of $94,396,000, resulting in an overall effective tax rate of 25.9% [6]
Simon Property(SPG) - 2025 Q2 - Earnings Call Transcript
2025-08-13 13:02
Financial Data and Key Metrics Changes - The company reported revenue of €926 million for H1 2025, reflecting a 6% increase on an underlying basis and a 5% increase on a reported basis [30][32] - Adjusted operating profit (AOP) reached €241 million, with a 10% increase on an underlying basis and a 7% increase on a reported basis [30][34] - Free cash flow improved significantly by 51%, totaling over €200 million [6][35] - Adjusted earnings per share (EPS) increased to €0.83 from €0.57 in H1 2024, marking a 46% year-on-year increase [31][39] Business Segment Data and Key Metrics Changes - The research segment generated underlying revenue of €727 million, with a 7% revenue growth and 8% AOP growth [9][30] - The health segment reported underlying revenue of €90 million, representing a 4% growth, with AOP increasing by 19% to €15 million [12][13] - The education segment saw underlying revenue of €108 million, reflecting a 3% growth, with a strong 6.5% growth in Q2 driven by curriculum business performance [14][30] Market Data and Key Metrics Changes - The global article market grew by about 6%, while the company's article output increased by about 10%, indicating market share gains [9][10] - The full open access market experienced 9% growth, with the company outperforming at 25% growth in this segment [10][30] Company Strategy and Development Direction - The company raised its guidance for the 2025 fiscal year, reflecting positive momentum across the business, particularly in research [7][39] - Investments in AI and technology are central to the company's strategy, with a focus on enhancing the research process and improving operational efficiency [6][16] - The company aims to maintain its leadership in open access publishing, having published over 50% of primary research content open access in H1 2025 [15][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business, supported by a high share of contracted revenues and a diversified global revenue base [41][60] - The company anticipates continued growth in the research segment, with strong submission volumes and publication growth expected to drive revenue [7][39] - Management noted that the impact of AI is viewed positively, as it is expected to enhance the publication process rather than disrupt it [70][72] Other Important Information - The company has launched several AI tools to improve the research workflow, including the Nature Research Assistant, which is currently in a controlled beta phase [24][25] - The company received a gold rating from EcoVadis for sustainability, placing it in the top 5% of companies assessed [20] Q&A Session Summary Question: Market share gains in full open access - Management attributed market share gains to the quality of their portfolio, increased journal launches, and investments in research integrity and AI [46][50] Question: Margin expansion targets - Management indicated that while they aim for 100 basis points of margin expansion, current performance may limit future expectations [47][53] Question: U.S. market environment for renewals - Management expressed optimism about the U.S. renewal campaign, noting that library budgets are resilient despite fluctuations in government funding [56][60] Question: Relationship with Digital Science - Management clarified that Digital Science is treated as an independent supplier, with no special relationship affecting their operations [62] Question: Potential disruption from AI - Management believes AI will enhance their business rather than disrupt it, as they focus on responsible AI use to improve the publication process [70][72] Question: Revenue guidance changes - Management explained that the revenue guidance upgrade is due to market share gains and improved visibility from completed renewals [67][72] Question: Future demand for open access journals - Management remains confident in their ability to capture market share despite potential competition from other open access publishers [87][89] Question: Share buyback considerations - Management stated that share buybacks would be considered once leverage is within the target range and free float increases [90][91] Question: Balance sheet capacity and acquisitions - Management emphasized a focus on deleveraging and interest expense reduction, with potential acquisitions being evaluated based on strategic fit [98][99]