EX-99.1 2 wly-2025131xex991.htm EX-99.1 Document

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Research Growth and AI Licensing Drive Wiley’s Third Quarter 2025 Results
Reaffirming Fiscal 2025 outlook at mid-to-high end of ranges from strong performance and profit improvement year-to-date; raising Fiscal 2026 margin target

March 6, 2025 - Hoboken, NJ – Wiley (NYSE: WLY), one of the world’s largest publishers and a trusted leader in research and learning, today reported results for the third quarter ended January 31, 2025.

•Third quarter reported revenue of $405 million vs. $461 million due to foregone revenue from divested businesses; Adjusted Revenue (excluding divestitures) +1.2% at constant currency as expected; Research +5.2% constant currency
•Third quarter Operating Income $52 million vs. ($46 million); Adjusted Operating Income +27% with margin up 280bps. Earnings Per Share (EPS) up $1.65 to ($0.43); Adjusted EPS +39% and Adjusted EBITDA +4%
•Year-to-date reported revenue of $1,235 million vs. $1,405 million due to foregone revenue from divested businesses; Adjusted Revenue (excluding divestitures) +3.5% at constant currency
•Year-to-date Operating Income of $145 million vs. ($17 million); Adjusted Operating Income +38% with margin up 330 basis points. Earnings Per Share (EPS) of $0.29 vs. ($4.10); Adjusted EPS +43%, Adjusted EBITDA +12%, Cash from Operations +115% to $52 million and Free Cash Flow +$44 million

“We continue to deliver disciplined growth and material margin expansion as we capitalize on the global demand for scientific research and responsible AI model development,” said Matthew Kissner, Wiley President and CEO. “Our recurring revenue Research business has not only proven to be resilient across economic cycles but poised for continued expansion; our authoritative content and data-driven insights are increasingly coveted by corporations for their research and development initiatives, including AI enablement; and our strong execution and cost re-engineering efforts continue to deliver tangible results, with significant margin and cash flow improvement this year and raised margin expectations for Fiscal 2026.”

RESEARCH
•Revenue of $268 million was up 4% as reported and 5% at constant currency driven by growth in open access, solutions, and AI licensing. During the quarter, Wiley executed two landmark recurring revenue agreements, including India (“one nation, one subscription” expanding access to over 6,000 institutions) and Brazil (transformational agreement expanding access to over 430 institutions). Leading indicators remain strong year-to-date, with submissions up 18% and output up 8%. Wiley also expanded a previously executed content licensing project for training this quarter valued at $9 million. For the nine months, Research revenue was up 3% as reported and at constant currency. Excluding AI revenue, Research revenue rose 2% in the quarter and year-to-date, both at constant currency.
•Adjusted EBITDA of $88 million was up 11% as reported and 12% at constant currency due to revenue growth. Adjusted EBITDA margin for the quarter rose to 32.7% from 30.9% in the prior year period. Year-to-date, Research Adjusted EBITDA margin was up 30 basis points to 31.1%.

LEARNING
•Revenue of $137 million was down 6% as reported and at constant currency. Year-over-year results were impacted by a $6 million licensing renewal in the prior year and softness in Academic. At constant currency, Academic was down 9% in a seasonally small quarter and Professional was down 1%. For the nine months, Learning revenue was up 5%, or 4% at constant currency driven by AI licensing. Excluding AI licensing revenue, Learning revenue declined 0.6% year-to-date at constant currency.
•Adjusted EBITDA of $49 million was down 5% as reported and at constant currency due to revenue performance. Adjusted EBITDA margin for the quarter rose to 35.4% from 35.1% in the prior year. Year-to-date, Learning Adjusted EBITDA margin was up over 400 basis points to 35.3%.

CORPORATE EXPENSES
•Corporate expenses declined by $3 million due to lower depreciation and amortization but rose $3 million on an Adjusted EBITDA basis due to enterprise modernization and consulting fees related to strategic initiatives, including the re-engineering of our cost structure. Adjusted Corporate Expenses are the portion of shared services costs not allocated to segments.




EARNINGS PER SHARE
•GAAP EPS was a loss of ($0.43) compared to a loss of ($2.08) in the prior year period. The quarterly loss was primarily due to the previously disclosed non-cash income tax adjustment as a consequence of the US valuation allowance related to our divested businesses, a further loss on the sale of our Wiley Edge business, and restructuring charges. See the accompanying reconciliation table for more information.
•Adjusted EPS of $0.84 was up 39% at constant currency due to higher adjusted operating income and a lower effective tax rate.

BALANCE SHEET, CASH FLOW, AND CAPITAL ALLOCATION (YTD)
•Net Debt-to-EBITDA Ratio (Trailing Twelve Months) was 2.0 compared to 1.9 in year-ago period.
•Net Cash provided by Operating Activities was up $28 million to $52 million mainly due to improved operating performance and timing of working capital.
•Free Cash Flow was up $44 million to a use of $1 million, driven by improved operating performance, lower capex, and the timing of working capital. Free Cash Flow is typically a use through nine months due to timing.
•Returns to Shareholders: Wiley allocated $93 million toward dividends and share repurchases, up from $87 million in the prior year. $35 million was allocated to share repurchases.

FISCAL 2025 OUTLOOK
Wiley is reaffirming its Fiscal 2025 growth outlook in the mid-to-high end of its ranges:
•Revenue: middle of range, equating to top line growth of approximately 3%. Research and Learning are reaffirmed at low-to-mid single digit and low single digit growth, respectively
•Adjusted EBITDA: middle of range, equating to high-single digit growth over prior year
•Adjusted EBITDA margin: high end of range of 23-24%
•Adjusted EPS: high end of range, equating to strong double-digit growth over prior year
•Free Cash Flow: reaffirmed at $125 million, equating to growth of approximately 10% over prior year

MetricFiscal 2024 ResultsFiscal 2025 OutlookQ3 2025 Update
Adj. Revenue*$1,617$1,650 to $1,690Middle of range
Adj. EBITDA*
     Margin
$369
22.8%
$385 to $410
23-24%
Middle of range
High end of range
Adj. EPS*$2.78$3.25 to $3.60High end of range
Free Cash Flow$114Approx. $125Reaffirmed
*Excludes held for sale or sold businesses. Wiley’s fiscal year runs from May 1 to April 30. Refer to our Annual Report on Form 10-K for the fiscal year ended April 30, 2024 for our Non-GAAP reconciliations to US GAAP results.

FISCAL 2026 TARGETS
The Company is raising its Fiscal 2026 margin target and reaffirming its Fiscal 2026 revenue and cash flow targets. Wiley will disclose its full guidance for Fiscal 2026 in June 2025.
1.Reaffirming low-to-mid single digit revenue growth
2.Raising Adjusted EBITDA Margin target to 25%+ from a range of 24-25%
3.Reaffirming Free Cash Flow of $200 million

EARNINGS CONFERENCE CALL
Wiley will conduct a conference call with investors to discuss this earnings release today at 10:00 am (ET). You can access this via webcast at investors.wiley.com, or directly at https://events.q4inc.com/attendee/253283908. U.S. callers, please dial (888) 210-3346 and enter the participant code 2521217#. International, please dial (646) 960-0253 and enter participant code 2521217#.

ABOUT WILEY
Wiley (NYSE: WLY) is one of the world’s largest publishers and a trusted leader in research and learning. Our industry-leading content, services, platforms, and knowledge networks are tailored to meet the evolving needs of our customers and partners, including researchers, students, instructors, professionals, institutions, and corporations. We enable knowledge-seekers to transform today’s biggest obstacles into tomorrow’s brightest opportunities. For more than two centuries, Wiley has been delivering on its timeless mission to unlock human potential. Visit us at Wiley.com and investors.wiley.com




*NON-GAAP FINANCIAL MEASURES
Wiley provides non-GAAP financial measures and performance results such as “Adjusted EPS,” “Adjusted Operating Income,” “Adjusted EBITDA,” “Adjusted Income before Taxes,” “Adjusted Income Tax Provision,” “Adjusted Effective Income Tax Rate,” “Free Cash Flow less Product Development Spending,” “organic revenue,” “Adjusted Revenue,” and results on a Constant Currency basis to assess underlying business performance and trends. 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 supplementary information. We have not provided our 2025 outlook for the most directly comparable U.S. GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity, and low visibility with respect to certain items, including restructuring charges and credits, gains and losses on foreign currency, and other gains and losses. These items are uncertain, depend on various factors, and could be material to our consolidated results computed in accordance with U.S. GAAP.

FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking statements concerning the Company's operations, performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the Company and are subject to change based on many important factors. Such factors include, but are not limited to: (i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial stability of key online retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii) the Company's ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquired operations and realize expected opportunities; (x) the ability to realize operating savings over time and in fiscal year 2025 in connection with our multiyear Global Restructuring Program and planned and completed dispositions; (xi) cyber risk and the failure to maintain the integrity of our operational or security systems or infrastructure, or those of third parties with which we do business; (xii) as a result of acquisitions, we have and may record a significant amount of goodwill and other identifiable intangible assets and we may never realize the full carrying value of these assets; (xiii) our ability to leverage artificial intelligence technologies in our products and services, including generative artificial intelligence, large language models, machine learning, and other artificial intelligence tools; and (xiv) other factors detailed from time to time in our filings with the SEC. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.

CATEGORY: EARNINGS RELEASES









JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1) (2)
CONDENSED CONSOLIDATED STATEMENTS OF NET (LOSS) INCOME
(Dollars in thousands, except per share information)
(unaudited)

Three Months Ended
January 31,		Nine Months Ended
January 31,
2025202420252024
Revenue, net$404,626 $460,705 $1,235,030 $1,404,526 
Costs and expenses:
  Cost of sales104,219 143,662 320,439 456,377 
  Operating and administrative expenses229,960 253,375 717,670 761,458 
  Impairment of goodwill(3)
— 81,754 — 108,449 
  Restructuring and related charges5,574 14,808 13,071 52,033 
  Amortization of intangible assets13,042 13,517 38,913 42,730 
Total costs and expenses352,795 507,116 1,090,093 1,421,047 
Operating income (loss)51,831 (46,411)144,937 (16,521)
As a % of revenue12.8 %-10.1 %11.7 %-1.2 %
Interest expense(14,027)(13,321)(41,277)(37,592)
Net foreign exchange transaction (losses) gains(4,222)488 (7,316)(3,489)
Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale(3)
(15,930)(52,404)(9,760)(179,747)
Other income (expense), net1,021 (648)4,029 (3,700)
Income (loss) before taxes18,673 (112,296)90,613 (241,049)
Provision (benefit) for income taxes41,627 1,579 74,545 (15,465)
Effective tax rate222.9 %-1.4 %82.3 %6.4 %
Net (loss) income$(22,954)$(113,875)$16,068 $(225,584)
As a % of revenue-5.7 %-24.7 %1.3 %-16.1 %
(Loss) earnings per share
Basic$(0.43)$(2.08)$0.30 $(4.10)
Diluted(4)
$(0.43)$(2.08)$0.29 $(4.10)
Weighted average number of common shares outstanding
Basic53,952 54,812 54,173 55,061 
Diluted(4)
53,952 54,812 54,815 55,061 


Notes:
(1) The supplementary information included in this press release for the three and nine months ended January 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
(2) All amounts are approximate due to rounding.
(3) Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale
For the three and nine months ended January 31, 2025 and 2024, we recorded net pretax loss on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2025202420252024
Wiley Edge $(15,566)$(20,676)$(14,778)$(20,676)
University Services(639)(25,946)850 (101,412)
CrossKnowledge275 (5,782)4,197 (56,159)
Tuition Manager— — 120 (1,500)
Sale of assets— — (149)— 
Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale$(15,930)$(52,404)$(9,760)$(179,747)

As previously announced in fiscal year 2024, we executed a plan to divest non-core businesses included in our Held for Sale or Sold segment, including University Services, Wiley Edge, and CrossKnowledge. These three businesses met the held-for-sale criteria starting in the first quarter of fiscal year 2024. We measured each disposal group at the lower of carrying value or fair value less costs to sell prior to its disposition.

On January 1, 2024, we completed the sale of University Services. On May 31, 2024, we completed the sale of Wiley Edge, with the exception of its India operations which sold on August 31, 2024. On August 31, 2024, we completed the sale of CrossKnowledge. On May 31, 2023, we completed the sale of Tuition Manager.

In the three months ended January 31, 2025, we recognized a net loss of $15.6 million for Wiley Edge primarily due to subsequent changes in the fair value less costs to sell. We reduced the fair value of the contingent consideration in the form of an earnout from $15.0 million to zero as of January 31, 2025, as current market conditions have significantly lowered expected gross profit below the payment threshold required in the agreement.

In the second quarter of fiscal year 2025, we sold a facility which was reflected in Technology, property, and equipment, net in our Unaudited Condensed Consolidated Statements of Financial Position.

Impairment of goodwill
In fiscal year 2024, we reorganized our segments and recorded pretax noncash goodwill impairments of $108.4 million which included $81.7 million related to Wiley Edge, $11.4 million related to University Services, and $15.3 million related to CrossKnowledge.
(4) In calculating diluted net loss per common share for the three months ended January 31, 2025 and the three and nine months ended January 31, 2024, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was antidilutive. This occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive.



JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1) (2)
RECONCILIATION OF US GAAP MEASURES to NON-GAAP MEASURES
(unaudited)
Reconciliation of US GAAP (Loss) Earnings per Share to Non-GAAP Adjusted EPS
 Three Months Ended
January 31,		Nine Months Ended
January 31,
 2025202420252024
US GAAP (Loss) Earnings Per Share - Diluted$(0.43)$(2.08)$0.29 $(4.10)
Adjustments:
Impairment of goodwill — 1.48 — 1.90 
Restructuring and related charges0.09 0.20 0.21 0.70 
Foreign exchange losses (gains) on intercompany transactions, including the write off of certain cumulative translation adjustments (3)
0.09 (0.03)0.09 0.02 
Amortization of acquired intangible assets (4)
0.20 0.22 0.62 0.65 
Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale (5)
0.29 0.83 0.20 2.77 
Held for Sale or Sold segment Adjusted Net (Income) Loss (5)
— (0.05)0.05 (0.39)
Income tax adjustments0.58 — 0.82 — 
EPS impact of using weighted-average dilutive shares for adjusted EPS calculation (6)
0.02 0.02 — 0.04 
Non-GAAP Adjusted Earnings Per Share - Diluted$0.84 $0.59 $2.28 $1.59 
Reconciliation of US GAAP Income (Loss) Before Taxes to Non-GAAP Adjusted Income Before Taxes
(amounts in thousands)
Three Months Ended
January 31,		Nine Months Ended
January 31,
2025202420252024
US GAAP Income (Loss) Before Taxes$18,673 $(112,296)$90,613 $(241,049)
  Pretax Impact of Adjustments:
Impairment of goodwill — 81,754 — 108,449 
Restructuring and related charges5,574 14,808 13,071 52,033 
Foreign exchange losses (gains) on intercompany transactions, including the write off of certain cumulative translation adjustments (3)
5,239 (2,128)5,590 1,089 
Amortization of acquired intangible assets (4)
13,042 13,580 38,956 44,550 
Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale (5)
15,930 52,404 9,760 179,747 
Held for Sale or Sold segment Adjusted (Income) Loss Before Taxes (5)
— (4,120)3,578 (28,253)
Non-GAAP Adjusted Income Before Taxes$58,458 $44,002 $161,568 $116,566 
Reconciliation of US GAAP Income Tax Provision (Benefit) to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate
US GAAP Income Tax Provision (Benefit)$41,627 $1,579 $74,545 $(15,465)
 Income Tax Impact of Adjustments (7)
Impairment of goodwill — — — 2,697 
Restructuring and related charges404 3,985 1,315 13,237 
Foreign exchange losses (gains) on intercompany transactions, including the write off of certain cumulative translation adjustments (3)
260 (742)599 112 
Amortization of acquired intangible assets (4)
1,910 1,152 5,511 8,668 
Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale (5)
154 6,508 (1,360)25,711 
Held for Sale or Sold segment Adjusted Tax (Provision) Benefit (5)
— (1,252)887 (6,518)
 Income Tax Adjustments
Impact of valuation allowance on the US GAAP effective tax rate (8)
(31,744)— (44,863)— 
Non-GAAP Adjusted Income Tax Provision $12,611 $11,230 $36,634 $28,442 
US GAAP Effective Tax Rate222.9 %-1.4 %82.3 %6.4 %
Non-GAAP Adjusted Effective Tax Rate21.6 %25.5 %22.7 %24.4 %
Notes:
(1) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors. The supplementary information included in this press release for the three and nine months ended January 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
(2) All amounts are approximate due to rounding.
(3) In fiscal year 2023 due to the closure of our operations in Russia, the Russia entity was deemed substantially liquidated. In the three and nine months ended January 31, 2025, we wrote off an additional $0.1 million and $0.4 million, respectively, of cumulative translation adjustments in earnings. In the three and nine months ended January 31, 2024, we wrote off an additional $0.2 million and $0.8 million, respectively, of cumulative translation adjustments in earnings. These amounts are reflected in Net foreign exchange transaction (losses) gains on our Condensed Consolidated Statements of Net (Loss) Income.
(4) Reflects the amortization of intangible assets established on the opening balance sheet for an acquired business. This includes the amortization of intangible assets such as developed technology, customer relationships, tradenames, etc., which is reflected in the "Amortization of intangible assets" line in the Condensed Consolidated Statements of Net (Loss) Income. It also includes the amortization of acquired product development assets, which is reflected in Cost of sales in the Condensed Consolidated Statements of Net (Loss) Income.
(5) For the three and nine months ended January 31, 2025 and 2024, we recorded net pretax loss on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2025202420252024
Wiley Edge $15,566 $20,676 $14,778 $20,676 
University Services639 25,946 (850)101,412 
CrossKnowledge(275)5,782 (4,197)56,159 
Tuition Manager— — (120)1,500 
Sale of assets— — 149 — 
Net pretax loss on sale of businesses, assets, and impairment charges related to assets held-for-sale$15,930 $52,404 $9,760 $179,747 
For the three and nine months ended January 31, 2025 and 2024, we recorded income tax benefit (provision) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2025202420252024
Wiley Edge $154 $— $(1,330)$— 
University Services— 6,508 — 25,337 
CrossKnowledge— — — — 
Tuition Manager— — (30)374 
Sale of assets— — — — 
Benefit (provision) on sale of businesses, assets, and impairment charges related to assets held-for-sale$154 $6,508 $(1,360)$25,711 
In addition, our Adjusted EPS excludes the Adjusted Net Income or Loss of our Held for Sale or Sold segment.
(6) Represents the impact of using diluted weighted-average number of common shares outstanding (54.6 million shares for the three months ended January 31, 2025 and 55.3 million and 55.6 million shares for the three and nine months ended January 31, 2024, respectively) included in the Non-GAAP Adjusted EPS calculation in order to apply the dilutive impact on adjusted net income due to the effect of unvested restricted stock units and other stock awards. This impact occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive.
(7) For the three and nine months ended January 31, 2025 and 2024, substantially all of the tax impact was from deferred taxes.
(8) In the nine months ended January 31, 2025, there was an impact on the US GAAP effective tax rate due to the valuation allowance on deferred tax assets in the US of $44.9 million, which includes an adjustment of $31.7 million in the three months ended January 31, 2025.


JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1)
RECONCILIATION OF US GAAP NET (LOSS) INCOME TO NON-GAAP EBITDA AND ADJUSTED EBITDA
(unaudited)
Three Months Ended
January 31,		Nine Months Ended
January 31,
2025202420252024
Net (Loss) Income$(22,954)$(113,875)$16,068 $(225,584)
Interest expense14,027 13,321 41,277 37,592 
Provision (benefit) for income taxes41,627 1,579 74,545 (15,465)
Depreciation and amortization36,474 45,474 110,445 129,376 
Non-GAAP EBITDA69,174 (53,501)242,335 (74,081)
Impairment of goodwill— 81,754 — 108,449 
Restructuring and related charges5,574 14,808 13,071 52,033 
Net foreign exchange transaction losses (gains)4,222 (488)7,316 3,489 
Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale15,930 52,404 9,760 179,747 
Other (income) expense, net(1,021)648 (4,029)3,700 
Held for Sale or Sold segment Adjusted EBITDA (2)
— (4,118)3,578 (29,739)
Non-GAAP Adjusted EBITDA$93,879 $91,507 $272,031 $243,598 
Adjusted EBITDA Margin23.2 %22.7 %22.3 %20.7 %
Notes:
(1) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors. The supplementary information included in this press release for the three and nine months ended January 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
(2) Our Non-GAAP Adjusted EBITDA excludes the Held for Sale or Sold segment Non-GAAP Adjusted EBITDA.


JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1) (2)
SEGMENT RESULTS
(in thousands)
(unaudited)
% Change
Three Months Ended
January 31,		Favorable (Unfavorable)
20252024Reported Constant
Currency
Research:  
Revenue, net  
Research Publishing$225,874 $216,586 4 %5 %
Research Solutions41,670 39,613 5 %6 %
Total Revenue, net$267,544 $256,199 4 %5 %
Non-GAAP Adjusted Operating Income $65,669 $57,098 15 %17 %
Depreciation and amortization21,918 22,029 1 %0 %
Non-GAAP Adjusted EBITDA$87,587 $79,127 11 %12 %
Adjusted EBITDA margin32.7 %30.9 % 
    
Learning:    
Revenue, net    
Academic $78,795 $87,216 -10 %-9 %
Professional58,287 59,118 -1 %-1 %
Total Revenue, net$137,082 $146,334 -6 %-6 %
Non-GAAP Adjusted Operating Income$37,764 $37,513 1 %1 %
Depreciation and amortization10,761 13,812 22 %22 %
Non-GAAP Adjusted EBITDA$48,525 $51,325 -5 %-5 %
Adjusted EBITDA margin35.4 %35.1 % 
    
Held for Sale or Sold:    
Revenue, net$— $58,172 ##
Non-GAAP Adjusted Operating Income$— $4,118 ##
Depreciation and amortization— — ##
Non-GAAP Adjusted EBITDA$— $4,118 ##
Adjusted EBITDA margin0.0 %7.1 %
Corporate Expenses:
Non-GAAP Adjusted Corporate Expenses$(46,028)$(48,578)5 %5 %
Depreciation and amortization3,795 9,633 61 %61 %
Non-GAAP Adjusted EBITDA$(42,233)$(38,945)-8 %-9 %
Consolidated Results:    
Revenue, net$404,626 $460,705 -12 %-12 %
Less: Held for Sale or Sold Segment (3)
— (58,172)##
Adjusted Revenue, net$404,626 $402,533 1 %1 %
Operating Income (Loss)$51,831 $(46,411)##
Adjustments:
Restructuring charges5,574 14,808 62 %62 %
Impairment of goodwill — 81,754 ##
Held for Sale or Sold Segment Adjusted Operating Income (3)
— (4,118)##
Non-GAAP Adjusted Operating Income$57,405 $46,033 25 %27 %
Adjusted Operating Income margin14.2 %11.4 %
Depreciation and amortization36,474 45,474 20 %19 %
Less: Held for Sale or Sold Segment depreciation and amortization (3)
— — ##
Non-GAAP Adjusted EBITDA$93,879 $91,507 3 %4 %
Adjusted EBITDA margin23.2 %22.7 % 

Notes:
(1) The supplementary information included in this press release for the three and nine months ended January 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
(2) All amounts are approximate due to rounding.
(3) Our Adjusted Revenue, Adjusted Operating Income and Adjusted EBITDA excludes the impact of our Held for Sale or Sold segment Revenue, Adjusted Operating Income or Loss and Adjusted EBITDA results.
# Variance greater than 100%



JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1) (2)
SEGMENT RESULTS
(in thousands)
(unaudited)
% Change
Nine Months Ended
January 31,		Favorable (Unfavorable)
20252024Reported Constant
Currency
Research:  
Revenue, net  
Research Publishing$679,492 $659,329 3 %3 %
Research Solutions115,246 112,344 3 %3 %
Total Revenue, net$794,738 $771,673 3 %3 %
Non-GAAP Adjusted Operating Income $180,412 $169,481 6 %7 %
Depreciation and amortization66,999 67,909 1 %2 %
Non-GAAP Adjusted EBITDA$247,411 $237,390 4 %5 %
Adjusted EBITDA margin31.1 %30.8 % 
    
Learning:    
Revenue, net    
Academic $233,547 $224,633 4 %4 %
Professional189,363 179,961 5 %5 %
Total Revenue, net$422,910 $404,594 5 %4 %
Non-GAAP Adjusted Operating Income$116,135 $85,051 37 %36 %
Depreciation and amortization32,952 41,338 20 %20 %
Non-GAAP Adjusted EBITDA$149,087 $126,389 18 %17 %
Adjusted EBITDA margin35.3 %31.2 % 
    
Held for Sale or Sold:    
Revenue, net$17,382 $228,259 -92 %-92 %
Non-GAAP Adjusted Operating (Loss) Income$(3,578)$26,302 ##
Depreciation and amortization— 3,437 ##
Non-GAAP Adjusted EBITDA$(3,578)$29,739 ##
Adjusted EBITDA margin-20.6 %13.0 %
Corporate Expenses:
Non-GAAP Adjusted Corporate Expenses$(134,961)$(136,873)1 %2 %
Depreciation and amortization10,494 16,692 37 %37 %
Non-GAAP Adjusted EBITDA$(124,467)$(120,181)-4 %-3 %
Consolidated Results:    
Revenue, net$1,235,030 $1,404,526 -12 %-12 %
Less: Held for Sale or Sold Segment (3)
(17,382)(228,259)-92 %-92 %
Adjusted Revenue, net$1,217,648 $1,176,267 4 %3 %
Operating Income (Loss)$144,937 $(16,521)##
Adjustments:
Restructuring charges13,071 52,033 75 %75 %
Impairment of goodwill— 108,449 ##
Held for Sale or Sold Segment Adjusted Operating Loss (Income) (3)
3,578 (26,302)##
Non-GAAP Adjusted Operating Income$161,586 $117,659 37 %38 %
Adjusted Operating Income margin13.3 %10.0 %
Depreciation and amortization110,445 129,376 15 %15 %
Less: Held for Sale or Sold depreciation and amortization (3)
— (3,437)##
Non-GAAP Adjusted EBITDA$272,031 $243,598 12 %12 %
Adjusted EBITDA margin22.3 %20.7 % 

# Variance greater than 100%




JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1)
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands)
(unaudited)
January 31,
2025		April 30,
2024
Assets:
Current assets
Cash and cash equivalents$104,510 $83,249 
Accounts receivable, net 184,672 224,198 
Inventories, net25,305 26,219 
Prepaid expenses and other current assets80,277 85,954 
Current assets held-for-sale— 34,422 
Total current assets394,764 454,042 
Technology, property and equipment, net164,502 192,438 
Intangible assets, net572,123 615,694 
Goodwill1,079,175 1,091,368 
Operating lease right-of-use assets66,947 69,074 
Other non-current assets322,341 283,719 
Non-current assets held-for-sale— 19,160 
Total assets$2,599,852 $2,725,495 
Liabilities and shareholders' equity:
Current liabilities
Accounts payable$53,220 $55,659 
Accrued royalties156,271 97,173 
Short-term portion of long-term debt10,000 7,500 
Contract liabilities313,278 483,778 
Accrued employment costs74,307 96,980 
Short-term portion of operating lease liabilities17,969 18,294 
Other accrued liabilities92,213 76,266 
Current liabilities held-for-sale— 37,632 
Total current liabilities717,258 873,282 
Long-term debt877,205 767,096 
Accrued pension liability69,647 70,832 
Deferred income tax liabilities94,567 97,186 
Operating lease liabilities83,602 94,386 
Other long-term liabilities72,329 71,760 
Long-term liabilities held-for-sale— 11,237 
Total liabilities1,914,608 1,985,779 
Shareholders' equity685,244 739,716 
Total liabilities and shareholders' equity$2,599,852 $2,725,495 
Notes:
(1) The supplementary information included in this press release for January 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.


JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended
January 31,
20252024
Operating activities:  
Net income (loss)$16,068 $(225,584)
Impairment of goodwill— 108,449 
Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale9,760 179,747 
Amortization of intangible assets38,913 42,730 
Amortization of product development assets12,669 17,894 
Depreciation and amortization of technology, property, and equipment58,863 68,752 
Other noncash charges67,268 50,146 
Net change in operating assets and liabilities(151,291)(217,782)
Net cash provided by operating activities52,250 24,352 
  
Investing activities:  
Additions to technology, property, and equipment (42,347)(57,275)
Product development spending(11,054)(12,324)
Businesses acquired in purchase transactions, net of cash acquired(915)(3,116)
Net cash transferred related to the sale of businesses and assets(11,239)(1,237)
Acquisitions of publication rights and other(4,139)(4,541)
Net cash used in investing activities(69,694)(78,493)
  
Financing activities:  
Net debt borrowings114,319 158,681 
Cash dividends(57,243)(57,869)
Purchases of treasury shares(35,421)(29,000)
Other2,421 (16,458)
Net cash provided by financing activities24,076 55,354 
  
Effects of exchange rate changes on cash, cash equivalents and restricted cash(1,615)432 
Change in cash, cash equivalents and restricted cash for period5,017 1,645 
Cash, cash equivalents and restricted cash - beginning99,543 107,262 
Cash, cash equivalents and restricted cash - ending$104,560 $108,907 
CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING (2)
Nine Months Ended
January 31,
20252024
Net cash provided by operating activities$52,250 $24,352 
Less: Additions to technology, property, and equipment(42,347)(57,275)
Less: Product development spending(11,054)(12,324)
Free cash flow less product development spending$(1,151)$(45,247)
Notes:
(1) The supplementary information included in this press release for the nine months ended January 31, 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
(2) See Explanation of Usage of Non-GAAP Performance Measures included in this supplemental information.


JOHN WILEY & SONS, INC.
EXPLANATION OF USAGE OF NON-GAAP PERFORMANCE MEASURES
In this earnings release and supplemental information, management may present the following non-GAAP performance measures:
•Adjusted Earnings Per Share (Adjusted EPS);
•Free Cash Flow less Product Development Spending;
•Adjusted Revenue;
•Adjusted Operating Income and margin;
•Adjusted Income Before Taxes;
•Adjusted Income Tax Provision;
•Adjusted Effective Tax Rate;
•EBITDA, Adjusted EBITDA and margin;
•Organic revenue; and
•Results on a constant currency basis.
Management uses these non-GAAP performance measures as supplemental indicators of our operating performance and financial position as well as for internal reporting and forecasting purposes, when publicly providing our outlook, to evaluate our performance and calculate incentive compensation.
We present these non-GAAP performance measures in addition to US GAAP financial results because we believe that these non-GAAP performance measures provide useful information to certain investors and financial analysts for operational trends and comparisons over time. The use of these non-GAAP performance measures may also provide a consistent basis to evaluate operating profitability and performance trends by excluding items that we do not consider to be controllable activities for this purpose.
The performance metric used by our chief operating decision maker to evaluate performance of our reportable segments is Adjusted Operating Income. We present both Adjusted Operating Income and Adjusted EBITDA for each of our reportable segments as we believe Adjusted EBITDA provides additional useful information to certain investors and financial analysts for operational trends and comparisons over time. It removes the impact of depreciation and amortization expense, as well as presents a consistent basis to evaluate operating profitability and compare our financial performance to that of our peer companies and competitors.
For example:
•Adjusted EPS, Adjusted Revenue, Adjusted Operating Income, Adjusted Income Before Taxes, Adjusted Income Tax Provision, Adjusted Effective Tax Rate, Adjusted EBITDA, and organic revenue (excluding acquisitions) provide a more comparable basis to analyze operating results and earnings and are measures commonly used by shareholders to measure our performance.
•Free Cash Flow less Product Development Spending helps assess our ability, over the long term, to create value for our shareholders as it represents cash available to repay debt, pay common stock dividends, and fund share repurchases and acquisitions.
•Results on a constant currency basis remove distortion from the effects of foreign currency movements to provide better comparability of our business trends from period to period. We measure our performance excluding the impact of foreign currency (or at constant currency), which means that we apply the same foreign currency exchange rates for the current and equivalent prior period.
In addition, we have historically provided these or similar non-GAAP performance measures and understand that some investors and financial analysts find this information helpful in analyzing our operating margins and net income, and in comparing our financial performance to that of our peer companies and competitors. Based on interactions with investors, we also believe that our non-GAAP performance measures are regarded as useful to our investors as supplemental to our US GAAP financial results, and that there is no confusion regarding the adjustments or our operating performance to our investors due to the comprehensive nature of our disclosures.
We have not provided our 2025 outlook for the most directly comparable US GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity, and low visibility with respect to certain items, including restructuring charges and credits, gains and losses on foreign currency, and other gains and losses. These items are uncertain, depend on various factors, and could be material to our consolidated results computed in accordance with US GAAP.
Non-GAAP performance measures do not have standardized meanings prescribed by US GAAP and therefore may not be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial results under US GAAP. The adjusted metrics have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, US GAAP information. It does not purport to represent any similarly titled US GAAP information and is not an indicator of our performance under US GAAP. Non-GAAP financial metrics that we present may not be comparable with similarly titled measures used by others. Investors are cautioned against placing undue reliance on these non-GAAP measures.