John Wiley & Sons 8K Wiley Reports Second Quarter Fiscal 2021 Results | WLY 8 Dec 20

Brian Napack, President & CEOJohn Kritzmacher, Executive Vice President & CFO

Safe Harbor StatementThis presentation 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 many 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 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 Company’s ability to realize operating savings over time and in fiscal year 2021 in connection with our multi-year Business Optimization Program; (xi) the impact of COVID-19 on our operations, performance, and financial condition; and (xii) other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances. Non-GAAP MeasuresIn this presentation, management provides 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 Contribution to Profit (“Adjusted CTP”) and margin;Adjusted EBITDA;Organic revenue; andResults on a constant currency (“CC”) basis.Management believes non-GAAP financial measures, which exclude the impact of restructuring charges and credits and other items, provide supplementary information to support analyzing operating results and earnings and are 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. Results on a constant currency basis removes distortion from the effects of foreign currency movements to provide better comparability of our business trends from period to period. We measure our performance before the impact of foreign currency (or at “constant currency” “CC”), which means that we apply the same foreign currency exchange rates for the current and equivalent prior period.

ResearchGrowth in R&D spending will be sustained in the post-pandemic world Research essential to universities and corporations; fields of study expanding Demand to publish and access research content increasing at record pace COVID-19 accelerating global demand for research and educationLeading position in digital platforms, tech-enabled services and career-enhancing education EducationPandemic driving demand for online learning, digital curriculum, and affordable pathways Education counter-cyclical driving reskilling, upskilling, certification Growing demand to fill critical skill gaps such as IT and digital education

Business Review

Research Publishing and Platforms up 5%, reflecting record gains in open access and increasing profitability Education Services showing strong growth in new student starts and enrollment; Q2 and year-to-date EBITDA margins of 21% and 17% (trending ahead of FY22 target of 15%) Academic & Professional Learning: Education Publishing slightly positive revenue growth with continued market share gains1 and digital growth exceeding print declines; Professional Learning challenged by COVID-driven bookstore closures and suspension of in-person training Business optimization gains and COVID-related expense savings driving overall cost savings Free Cash Flow up $32M (1H) primarily due to improved earnings Consistent strategies paying off with strong performanceLead in Open Research; accelerate profitable growth in Ed Services; return Ed Publishing to growth 1Source MPI

Second Quarter 2021 Summary Revenue+4%*$491M Adj. EBITDA+7%* $120M Adj. EPS+12%*$1.00 Revenue performance driven by:Robust demand to publish peer-reviewed research and access it through our platformsIncreasing uptake of digital content and courseware Growing student demand for online degrees and university demand for education servicesEarnings performance driven by: Research and Education Services revenue and adjusted EBITDA growthBusiness optimization savings and COVID-related savings in T&E, events and facilities *At constant currency. Revenue essentially flat excluding acquisitions** Includes $14 million ($0.25/share) discrete tax benefit related to US CARES Act GAAP EPS+54%**$1.22

Publishing revenue +5% driven by open access performance – unprecedented growth in article submissions, output and usage Platforms revenue +11% reflecting new client launches and 98% retentionCorporate solutions up on strength of career centers (job boards for researchers)EBITDA improvement (37% margin) from revenue growth, operational efficiency gains and COVID-related savings Research Publishing & Platforms Continued strong momentum in Open Access and Platforms Article Output +22% Revenue +5% $251M Adj. EBITDA+14%$94M Change at constant currency Revenue +7% as reported YoY TTM Article Acceptance Rate 26%

Research Publishing & Platforms – Rest of Year Two objectives: successfully close calendar year ‘21 subscription renewals and capitalize on the continued strong demand to publish CY21 subscription pricing pressure modest thus far with approximately 20% of renewals signed; university libraries navigating a challenging financial environmentSubscription pricing pressure expected to be offset by open access growth, driven by strong demand to publish and increasing submit-to-publish conversion ratesStrong platform growth to continue – leading position, long-term contracts, very high recurring revenuePublishing efficiency initiatives accelerating, resulting in reduced publishing cycle times and increased researcher satisfaction

Fall student enrollment down 4% overall - better than anticipatedEducation Publishing accelerated growth in digital content and courseware more than offset print decline; market share1 up 25% over the past 24 monthsTest Prep and Professional Learning, particularly in-person corporate training, adversely impacted by COVID-related disruption; Dummies franchise a bright spotEBITDA decline mainly from revenue performance, partly offset by business optimization initiatives and COVID-related savings. Adjusted EBITDA margin at 29% Academic & Professional Learning Strong digital growth offset by COVID-related impact on print books, test prep, and in-person training Revenue -5%$171M Adj. EBITDA-10%$49M Change at constant currency +32% Digital Content Revenue YoY 1Source MPI: Market share calculated based of TTM as of October sourced by MPI; MPI track sales from six Publishers (Wiley Cengage, Pearson, Macmillan and Oxford University Press) for products developed and marketed to the US post-secondary education market +46% zyBooks Courseware Revenue YoY

Academic & Professional Learning – Rest of Year Rapid digital content and courseware growth to continue, showing the effectiveness of our strategiesPrint book declines to continue but impact on total business diminishing New business models and pricing initiatives generating momentum. in line with strategies Test prep and corporate training under continued pressure from cancelled exams and suspension of in-person instruction; corporate training recovery gaining momentum through virtual delivery Organization simplification and workflow improvements to drive efficiency and effectiveness gains, particularly go-to-market and product development

Education Services organic growth of 6% from strong enrollment and program launches, offset by lower sales of unbundled services Two new full-service partners – La Trobe University (Australia) and University of Montana (US); University of Wyoming (US) signed as unbundled services partnermthree inorganic contribution of $13M in revenue for the quarterProfitable growth realized- Adjusted EBITDA margin of 21% (1H +17%) Education ServicesProfitable growth strategy yielding strong results; university interest accelerating Revenue +27%$69M Adj. EBITDA+94%$15M Change at constant currencyRevenue at constant currency up 6% excluding mthree acquisition (+$13M) Enrollments +13% Q2 ’21 67 University Partners Total

Education Services – Rest of Year Strong OPM enrollment growth to continue despite near-term enrollment uncertaintySolid pipeline of university partnerships and programsKey partners seeking online expansion opportunitiesSteady IT talent placements at mthree as corporations look to build out their tech talent capacitySustained business optimization momentum, improving student acquisition costs and sustainable gains in EBITDA margins

Financial Review John Kritzmacher, Executive Vice President & CFO

Cash Flow, Balance Sheet, and Returns to Shareholders Free Cash Flow: higher by $32M due to improved earnings partially offset by unfavorable timing of working capital. FCF historically a use in 1H due to timing of journal subscription collections Modest Leverage: Net Debt / EBITDA at 1.9 ttm Ample Liquidity: $741M including $86M cash on hand and $655M of undrawn credit capacityTargeted Investment and M&A: focused on tech-enabled products and services, as well as process optimization and automationShare Repurchases: expected to resume as global economic uncertainty subsides Free Cash Flow 1H20 1H21 Change ($156M) ($124M) +$32M Dividend Yield 3.8% Current as of Dec 7

Business Optimization Research – publishing process optimization to accelerate growth (automated cascade) and reduce costs per article (faster cycle times, increased scale efficiencies)Academic & Professional Learning – convergence and optimization of ecommerce platforms to leverage accelerated shift to digital consumption (direct to consumer)Education Services – optimization of student acquisition and marketing costs$2M restructuring charge recorded in Q2/ $4M in run rate savings expected Facilities Virtual work environment made permanent for small office locationsGlobal footprint to be reduced by around 12%Approximate $15-$20M Q3 restructuring charge to yield $7-$8M in annualized savings COVID-Related Savings Sweeping savings in travel and marketing eventsAnticipate much-reduced steady state T&E and event spending post-pandemic Business Optimization and Cost Measures

Metric FY20 FY21 Outlook* Revenue $1,831M $1,865M - $1,885M Research Publishing & Platforms Low-single digit growth Academic & Professional Learning Mid-single digit decline Education Services Double-digit growth** Adjusted EBITDA $356M $380M - $395M Adjusted EPS $2.40 $2.50 - $2.70 Free Cash Flow $173M $175M - $200M *Outlook reflects actual currency for results through Q2 and assumes current FX rates prevail for remainder of year**Mid-single digit growth on an organic basis, inclusive of mthree Full Year Outlook Increasing confidence in a challenging environment

Thank you for joining usEarnings material and events calendar at https://www.wiley.com/en-us/investorsQ3 2021 Earnings Call – MarchContact us for follow-up at: brian.campbell@wiley.com+1(201) 748-6874

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Reconciliation of Adjusted EPS

Reconciliation of Adjusted EBITDA

John Wiley & Sons (WLY) 8-KWiley Reports Second Quarter Fiscal 2021 Results